What is Metaverse - Web 3.0
Posted on 13-May-2022
What is Metaverse?
The term ‘metaverse’ is a portmanteau that combines the words ‘meta’ and ‘universe.’ It is used primarily to refer to an anticipated future iteration of the internet that’s often hailed as Web 3.0. This evolution of the internet is expected to see the rise of online 3-D or virtually integrated environments that provide users access to virtual reality and augmented reality experiences.
Image Src: OEME
The Metaverse is our new world, but virtual, with a few embellishments of course. The Metaverse can be an exact replica of the physical world, or it can be a virtual world with features unlike anything seen in the real world.
Facebook rebranded itself to Meta in August 2021 to align with the future of Metaverse. Meta CEO Mark Zuckerberg explains the Metaverse as:
"A blend of Virtual Reality (VR), Augmented Reality (AR), and Artificial Intelligence (AI). You can move from object to object, world to world using augmented reality." - Mark Zuckerberg, CEO, Meta
In the vision for the metaverse articulated by social media and technology companies, devices like virtual reality headsets, digital glasses, smartphones, and other devices will allow users access to 3-D virtual or augmented reality environments where they can work, connect with friends, conduct business, visit remote locations, and access educational opportunities, all in an environment mediated by technology in new and immersive ways.
The metaverse is not just one type of experience. Instead, it refers to a continuum of immersive digital experiences that will be available to users in the future and which will allow them to engage in a range of different activities in completely digital spaces. That could mean participating in a massive virtual reality multiplayer game accessed through a VR headset or experiencing integrated digital and physical spaces such as location-specific immersive digital content from business users who are visiting via digital glasses or smartphones.
Popstar Ariana Grande appeared in Fortnite’s Rift Tour event | Imag- Epic Games
4 Metaverse Examples
There are several companies that currently have metaverse products or services available to consumers or who have announced they are creating them. Here are some examples:
1) Second Life
Founded in 2003, Second Life, the once-popular online massively multiplayer game, allowed players to live another life within a virtual world. The concept was an early metaverse experience created by the San Francisco firm Linden Lab and was one of the first popular examples of the virtual economy as users bought tokens to buy things in the game.
2) Snap
Snapchat (SNAP) has been creating augmented reality filters since the app first launched. Their photo filters allow users to manipulate the world via their phone camera. In 2021, they launched augmented reality glasses which can be used to augment users' experience of reality outside their app.
3) Epic Games
Epic Games is the creator of the popular digital game Fortnight. While the company started with video games, they have now moved to create virtual social experiences like music concerts or dance parties. These allow users to have an immersive virtual experience.
4) Medical Learning
Medical learning companies are deploying virtual reality and augmented reality to disrupt medical learning, allowing for the simulation of the patient and surgical interactions and allowing students to practice new techniques.
Exhibit 1: Evolution of Decentralized Web
Source: Goldman Sachs Global Investment Research
Exhibit 2: Metaverse Google Search Interest
Source: Google Trends, Goldman Sachs Global Investment Research
Exhibit 3: Global Games Market
Source: Newzoo, Goldman Sachs Global Investment Research
Exhibit 4: Global Players
Source: Newzoo, Goldman Sachs Global Investment Research
Exhibit 5: Metaverse features and benefits
Source: Newzoo, Goldman Sachs Global Investment Research
