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Everything you need to know about Metaverse: Why should we care about it?

Is Metaverse a thing, exactly?

Good question. The term "Metaverse" is an essential buzzword in technology, business, and finance. Like all buzzwords, its definition is fuzzy, contested, and shaped by the ambitions of the users.

Imagine a virtual world where everyone can live, work, shop, and interact with others -- all from their couch in the physical world. It is called the metaverse.

Metaverse is nothing new. The 1992 book Snow Crash was the first to mention it. Later, many businesses created community-based online networks on the idea, most notably Second Life, which was introduced in 2003.

People use avatars to represent themselves, connect with each other, and expand the community in the metaverse. In the metaverse, digital currency is used to acquire various items, such as apparel, shielding, and weapons for video games. Using a VR headset and controllers, users can also pleasantly and freely explore the metaverse.

What is the difference between the internet and the metaverse?

The internet consists of billions of computers, servers, and other electrical devices. Once online, internet users are able to chat with one other, see and interact with websites, and purchase and trade products and services.

There are billions of computers, millions of servers, and other electronic devices connected to the internet. Access enables users to interact with web pages, communicate with each other, and buy and exchange products or services.

The metaverse doesn't compete with the internet. It builds on it. In the metaverse, users traverse virtual worlds using technologies such as virtual reality (VR), augmented reality (AR), AI, social media, and digital currency. The internet is something that people "browse" but can "live" in the metaverse. The metaverse enhances the internet rather than competing with it. Utilizing tools like virtual reality (VR), augmented reality (AR), artificial intelligence (AI), social media, and digital currency, users navigate a virtual world that mirrors elements of the actual world in the metaverse. "Browsing" the internet is what it is called. Individuals can "live" in the metaverse.

Even nations might expand their influence throughout the metaverse. For instance, Barbados intends to establish a diplomatic embassy in the metaverse, specifically in the virtual community Decentral, whereas most nations have a comparatively static online presence.

Numerous services paving the way for the development of the metaverse have emerged due to the internet's expansion.

Thus according to Ben Bajarin, an analyst at Creative Strategies, "In gaming, you see Roblox, Minecraft, and other immersive video games — and even Zoom — foretell what the metaverse is supposed to give. You even have a virtual identity on social media.

Thus according to Ben Bajarin, an analyst at Creative Strategies, "In gaming, you see Roblox, Minecraft, and other immersive video games — and even Zoom — foretell what the metaverse is designed to offer. You even have a virtual identity on social media.

Metaverse companies: Here are various businesses, each having a unique vision for the metaverse.

Facebook


Facebook CEO Mark Zuckerberg said in an open letter that his company's investment in the metaverse signified a fundamental shift and was a component of a new vision for the social media behemoth that was intended to "bring the metaverse to life." Additionally, he asserted that Facebook is a firm that puts the metaverse ahead of Facebook. This is a significant shift since it signals the eventual removal of the requirement for Facebook accounts to access other metaverse services. Facebook has already sold millions of its Oculus VR headsets for using the metaverse, among other non-Facebook products.

In the Meta release, Zuckerberg claimed that Facebook aims to accelerate building the core technologies needed to "bring the metaverse to life," including social platforms and creative tools. Facebook introduced Horizon Worlds, a virtual reality environment that users may explore as an avatar, and tools for developers to produce other virtual worlds after the Meta news broke in late 2021.

Epic Games


Following a $1 billion round of fundraising in 2021, Epic Games, the company behind the immensely successful online shooter game series Fortnite (350 million users) and the game development tool Unreal Engine, intended to establish a claim in the metaverse. Sony Group Corp. contributed $200 million to this.

In contrast to Facebook, Epic Games intends to create a community where users can communicate with companies and one another without a news feed full of advertisements.

Kenichiro Yoshida, chairman, president, and CEO of Sony Group Corp., said, "I strongly feel that this corresponds with our objective to fill the world with emotion, using the force of creativity and technology."

Microsoft


Microsoft Teams, the software giant's alternative to Zoom for online meetings, is getting the metaverse. According to Microsoft, additional features for Microsoft Teams will be available in 2022. Users of the new service may participate in shared, collaborative holographic experiences during virtual meetings from various physical locations.

According to Microsoft, Mesh would enable users to create a personalized avatar of themselves and create a virtual presence on any device. In addition to a set of AI-powered tools for avatars, session management, spatial rendering, synchronization across many users, and "holoportation" Mesh for Microsoft is a platform for developers that was previously announced. Using the 3D capture technique known as holoportation, users may reconstruct and send high-quality 3D models of individuals in real-time.

Microsoft has already worked with Accenture to develop immersive environments that support Mesh. Roughly 100,000 people work at Accenture each year, and Mesh assists in this process.

Recruits meet on Teams to learn how to create a digital avatar and access One Accenture Park, a shared virtual environment that is part of the onboarding processes. Employees can use digital monorails to access other displays, and staff can access central meeting rooms and virtual boardrooms in the area.