What is the metaverse? 5 values that the metaverse will demonstrate

The term “metaverse” was coined by Neal Stephenson in his 1992 science fiction novel Snow Crash, where it referred to a virtual shared space where users could interact with each other and virtual objects.

And after the former Facebook changed its name to Meta in October 2021, awareness of the word “metaverse” expanded greatly. Since then, tech giants and large existing companies have announced their entry into the metaverse one after another.

This blog will explore the concept of the metaverse and how it is being brought to life through technologies such as virtual and augmented reality.

Definition of the metaverse

The term “metaverse” is used in various contexts that sometimes bring some confusion among people. Therefore, we define the term “metaverse” in this blog.

Metaverse is a “new virtual world” that replicates what can be done in the real world but also makes what cannot be done possible.

In the metaverse, things we can normally do in the real world can be done and things we can’t do in the real world such as activities beyond physical law can also be done.

What makes the metaverse?

Based on this definition, the elements that make up the metaverse can be divided into three main categories:
M-World, XR, and Web3.

M-World

M-World means the 3D virtual world where people can interact with others socially by using their own avatars. Experiences that can be done in the real world are also possible in M-World.

Metaverse can be achieved when anyone can experience M-World like a real world through XR.

3000-5000 million active users

XR: VR/AR/MR

The term “XR(Extended Reality)” is an all-inclusive term of VR(Virtual Reality), AR(Augumented Reality), and MR(Mixed Reality).

XR technology enables people to experience M-World by showing digital objects realistically and creating a real spacial depth. Currently, headsets or glasses are required to enter M-World.

Web3

Web3 is the third generation of the World Wide Web. This technology enables economic activities in the virtual world.

For instance, NFT(Non-fungible token) allows us to have unique digital assets that cannot be copied, substituted, or subdivided. Participants can benefit by exchanging these digital assets in M-World because the scarcity ensured by the NFT brings value even in the virtual space.

These three components make up the metaverse where individuals or companies can socially interact and spend time like a real world.

5 values that the metaverse will demonstrate

1. No physical constrain

Virtual worlds, by definition, exist only in a computer-generated or virtual space. Because of this, there are no physical constraints in a virtual world.

The old people who is facing difficulty in working in a real world and anyone who can’t go out can be able to play an active role by operating avatars from home. Since all activities are done in a virtual world, this solution is easier to be implemented than physical robotics teleoperation with manipulation.

2. Firms’ innovations in value chain

The next trend is MX(Metaverse transformation). Companies that succeeded in DX(Digital transformation) can evolve further by MX. All activities in the metaverse will be collected as data and available for analysis. With the evolution of AI for those analyses, the efficiency and quality of corporate activities in the value chain will benefit.

3. New digital experience

Products or services offered by companies will be available in the metaverse. This means there will be a completely new ecosystem and many economic activities.

For example, walking around in the store in a virtual world, that cannot be achieved in a browser, will acceralate the consumption on eCommerce.

4. Evolution of Communication

The way of communication will evolve from static images and videos on social media to interactive real-time communication through the metaverse. People can share time and common space beyond physical contains, which can result in diverse communities all over the world.

The quality of working from home will be almost same as how we work in the office thanks to the real-time interaction in the virtual world.

5. No inferiority complex

Everyone can choose their own avatar in the metaverse. Hence, no one will suffer from their own sexuality, age, nationality, ethnicity, religion…any restrictions that you can’t avoid in the real world.

In other words, people can have multiple personalities by creating several avatars in the metaverse. Thus, you can live as a different character from yourself in the real world.

Conclusion

In conclusion, the metaverse is a “new virtual world” that replicates what can be done in the real world but also makes what cannot be done possible.. As you can see, the metaverse will bring a lot of benefits to our lives, that you cannot experience without the metaverse technology.

We will explore how the company should enter this metaverse trend or industry in the next blog. So if you are interested in this topic, read the next blog! (Coming soon)

Do not be left behind in this big wave. Flatline Agency can help your business to achieve MX(Metaverse transformation). Get in touch with us today!