In this digital age, people are seemingly bombarded with various novel technologies on a daily basis. Just in 2021, the term “Non-fungible Tokens (NFTs)” or “cryptocurrency” was the most popular topic that grabbed the headlines. Besides, people were also familiar with Blockchain, AI Technology, etc. However, everything has gradually changed. Despite the fact that the aforementioned technologies are still in use, it was taken over by Metaverse at the end of 2021. In the coming years, the Metaverse is considered an amazing and exceedingly promising trend. According to one research, its overall market value is predicted to reach $828.95 billion by 2028, which is unquestionably amazing. So, what is the Metaverse universe? Is it merely marketing bluster or a game-changing technological breakthrough worth paying attention to? Check it out to learn more!
1. What Is The Metaverse?
Metaverse mixes virtual reality and digital second life, two concepts that have been around for a long time. For decades, technologists have envisioned a world in which digital lives play as important a part as physical ones. They hoped they could communicate with their loved ones, coworkers, and friends in a virtual environment. They could also spend money on digital avatar clothing and accessories. And the term "Metaverse" has become widely used after Mark Zuckerberg, the CEO of Facebook, changed the name of his company to Meta in order to dip his toes into the Metaverse realm.
The metaverse is a network of interconnected real-time generated 3D virtual worlds that may be accessed via appropriate AR/VR devices. It also makes use of platforms like social networking, online gaming, and even NFTs and cryptocurrencies, which allow users to engage in a wide range of virtual experiences. People can build and personalize their own digital representations (avatars) in the metaverse, including hair color, clothing, accessories, and other body features.
2. Uncover Key Technologies To Power The Metaverse
a. AR/ VR
Augmented Reality and Virtual Reality are at the heart of the Metaverse world. Their usage will coincide with the metaverse's expansion and contribute to the development of more features. In terms of Virtual Reality, it will create computer-generated virtual environments in which users will be able to hear, feel, and interact with others using VR headsets, sensors, and gloves. Metaverse virtual reality can transport you to any location in a matter of seconds by utilizing a combination of hardware devices and software solutions to create an immersive environment.
Meanwhile, Metaverse AR will enable you to view your surroundings through interactive digital visuals, providing you with extraordinary and one-of-a-kind experiences. In fact, some leading brands have used augmented reality to provide us with new ways to interact with the world. For example, IKEA uses augmented reality to allow customers to see how their furniture will look in their homes. Furthermore, the global augmented reality market is expected to reach $97.76 billion by 2028, and it is likely to hear about new advances in Metaverse Augmented Reality very soon.
The second innovation to mention is definitely Blockchain Integration. Blockchain technology, with its numerous advantages such as immutable and transparent transactions, decentralization in data storage, and security, will undoubtedly become the key technology in the virtual universe. Such a world can also rely on NFT Development to provide digital proof of ownership for assets in the metaverse. Avatars, objects, skills, and other digital assets are all likely to be presented in the form of Metaverse NFTs.
c. AI Technology
AI Technology can be used to collect data to make predictions and aid in the creation of avatars, natural language processing and translation, and world generation. Furthermore, AI can be used in conjunction with AR and VR to improve the user experience. It can pay close attention to sensors that measure our bioelectrical and muscular patterns, then transfer such information to Metaverse Developers in order to improve the technology.
d. Internet of Things
IoT can be applied to the virtual world to seamlessly connect the 3D world to a large number of real-world devices. This enables the creation of real-time metaverse simulations. IoT could use AI and machine learning to manage the data it collects to further optimize the metaverse environment.
e. 3D Reconstruction
The Metaverse requires three-dimensional environments in order to be a truly immersive platform. And 3D reconstruction technology can create natural-looking spaces that are as close to reality as possible. IT experts can use 3D reconstruction to create accurate 3D photorealistic models of the physical world, such as buildings, locations, and objects. Then, using 3D spatial data and 4K HD photography, a virtual replica in the metaverse is created. Thanks to it, the second life in the Metaverse world would be real as the physical one, which would help to enhance the experience of digital users.
3. Are There Any Challenges Of Metaverse?
- Privacy Challenges: Every Internet user has always been concerned about data privacy and security. And the existence of the Metaverse necessitates a radical shift in cyber security measures. More approaches should be used by Tech Vendors to ensure more accurate identification and enhanced security.
- Intellectual Property Ownership: In the beginning, content creators may have difficulty in keeping track of their property ownership. Therefore, Metaverse developers must build a system that can provide digital asset verification similar to NFT proof of ownership in the real world.
- Currency and Payment Systems: The metaverse may create its own version of the virtual market, utilizing fiat money and cryptocurrencies to ensure their fast and secure exchange. This will necessitate the development of a new, one-of-a-kind transaction verification system to ensure the financial security of users.
- Identity: In the real world, it is extremely easy to distinguish between one and another. But how do you identify a person when interacting with them in the virtual world? There could be another person or a bot attempting to imitate your existence.
4. Final Thoughts
It can’t be denied that Metaverse can be an innovation that shapes our future lives. Although the creation of this virtual universe poses some threats, it still has a huge potential to develop. Therefore, the sooner you step into the race, the better it would be.
Whether you are planning to develop a full-fledged metaverse project or simply wish to take your first steps into the metaverse, SotaTek can help you. As a leading Outsourcing Company in Vietnam with several global offices in the USA, Australia, and Japan, our 660+ employees have the experience to deliver the best Tech solutions for our clients, regardless of any project size. We can assist you to launch NFT development as well as develop Blockchain games (as our Bunicorn project) in the metaverse that will help you remain ahead of the curve and better understand the new world. So, let’s contact us now and get a consultation. We are happy to collaborate with you to shape the future!