01/26/2023 | Press release | Distributed by Public on 01/26/2023 01:14
The second post in this series looks at the concepts powering the metaverse, what the tech giants are doing in the space, and the potential market size and business models that will drive its evolution.
Check out post 1 for my introductory post: The Metaverse: Changing How We Live and Interact Forever.
Enter the metaverse, a virtual world with the promise to revolutionize our lives to become an extension of the physical world.
2022 emerged as the year of the Metaverse, a technology-based augmented reality space poised to change how we live and interact for forever. In the Metaverse, people are able to enter a collection of immersive digital worlds, which they can then explore in the form of cartoon or digital avatars.
With augmented- or virtual-reality headsets, people will be able to do whatever they do in the physical world with a sense of 3D presence that hasn't been available in online experiences so far.
Think of it as an Internet that you won't just look at, but also live in with your digital avatar inhabiting the metaverse. Instead of watching or reading about something you're interested in, you'll experience it and digitally perform corresponding actions alongside other people who also want to be part of that experience.
Imagine you need to stay in touch with your family through video calls. That's the closest thing possible today, which isn't really close enough. As your family sits together, plays games, or digs into a meal, you may feel left out if you're not with them. The metaverse promises to change that. Here you can meet with your family in a virtual space and you can play that game in a digital avatar. Actual movements and conversations can take place. This is what the metaverse will offer - experiences, not just sight and sound.
The metaverse concept isn't really new. Many video games like Roblox, Fortnite, and Grand Theft Auto have already build their own virtual worlds, with their own economies, currencies, storylines, and characters.
The metaverse too may have some of these gaming elements, but it won't be just another kind of video game - it will be a complete new cyber space where reality meets imagination. The characters will be real humans but the world entirely fictional, made up of a virtual elements that create a completely parallel real life.
Judging by the kind of investments we're seeing today, it's safe to say there will be many choices of metaverses. With different virtual worlds in the making, a number of tech heavyweights are already active in this new digital virtual space.
✓ Facebook changed its name to Meta to reposition itself and stay ahead of the curve, envisioning a utopian future in which billions of people inhabit immersive digital environments working, socializing, and gaming inside virtual and augmented worlds.
✓ Apple is working on an Advanced Virtual Reality gadget that it says could revolutionize the metaverse experience.
✓ Google is reported to be working on an innovative Augmented Reality device and may create a separate and unique metaverse platform.
✓ Microsoft has also joined the race and is creating a digital world called "Mesh", aiming to incorporate virtual experiences into Microsoft teams. On January 18, 2022, the company announced its intention to acquire gaming company Activision Blizzard for over US$68 billion.
✓ Disney is creating its own metaverse to act as an extension of Disney films and its streaming service. Disney-patented metaverse technology for theme parks is expected to project 3D images of visitors.
✓ Huawei is partnering up with multiple companies to explore metaverse applications, including Perfect World (China), Beijing Shougang Park, and Tiny Island Productions (Singapore).
✓ Alibaba has applied for the trademarks "Ali Yuan Universe" and "Taobao Yuan Universe."
✓ In May 2021, the South Korean government established the national Metaverse Alliance to bring different virtual worlds under one umbrella.
✓ In 2022, The Unitary Parliamentary Republic of Barbados approved the establishment of the world's first metaverse embassy.
✓ In the US, the city of Santa Monica in California partnered with Metaverse Company to launch a digital version of Santa Monica, becoming first US city to enter the metaverse.
Almost everything, everywhere is gradually finding its place in the metaverse - it's no longer just an experiment by few tech geeks and is instead becoming an inevitable alternative to reality.
According to Emergen Research, the global Metaverse market size was US$ 63.08 billion in 2021, and is expected to reach US$1.61 trillion in 2030 with an average CAGR of 43.3% during the forecast period, 2021-2028. A recent report by crypto asset manager Grayscale estimates the digital world may grow into a US$1 trillion business in the near future
In the first few months after Facebook announced that it would be making its move in the metaverse, prices of virtual reality plots shot up by 500%.
From the perspective of the development of the Internet, 3D and multimedia have always been general evolution trends. From text messages and images to videos and live broadcasts, the Internet has been developing in a vivid direction.
From a technical point of view, blockchain brings executable property rights to all digital assets. And thus the metaverse combines two complementary paradigms: blockchain and increasingly rich content.
So, what business models are we seeing take shape?
So, what do you think? Will the metaverse really make our virtual lives better or will it manipulate our perception of reality? Drop us a comment below.
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Disclaimer: Any views and/or opinions expressed in this post by individual authors or contributors are their personal views and/or opinions and do not necessarily reflect the views and/or opinions of Huawei Technologies.