Metaverse: Technology of the Future

The term ‘metaverse’ was coined by Neal Stephenson in the science fiction novel ‘Snow Crash’ in 1992. It is a combination of “meta" (beyond) and “verse" from "universe" which denotes the next-generation Internet technology in which user’s avatars will interact with each other through software applications in a 3D virtual space.

• It is a set of interconnected, experiential 3D virtual worlds in which people can socialize in real-time to form a persistent mix of virtual and physical world. One of the key features of the metaverse is its ability to replicate the physical world within its virtual environment. Individuals interact with one another in real time and can move in and out of the Metaverse at their own will.

Characteristics of Metaverse

• Multi-technology – It integrates a variety of new technologies and provides an immersive experience based on augmented reality technology, generates a virtual image of the real world based on digital twin technology (a virtual model designed to replicate physical world), and also builds an economic system based on blockchain technology.
• Novel Social Interaction – It is a new type of social interaction which includes economic and cultural systems closely related to reality.
• Hyper Spatiotemporality – It refers to a virtual world parallel to the real world. It breaks the boundaries of time and space and offers users an open, free and immersive experience.

Opportunities in the Metaverse

A number of new technologies have combined together to enable the vision of the metaverse. Technological tools such as augmented reality (AR) and virtual reality (VR) headsets and the use of blockchain and NFTs provides the following opportunities in the Metaverse -

• Economic Activities – The metaverse enables the people to carry out economic activities such as buy and sell a piece of virtual land and purchase other assets which are in the form of digital Non Fungible Tokens. Various MNCs have bought virtual space in the Metaverse so they can create virtual stores and other experiences.
  • With increasing economic activities, it will be a boost to the economy, particularly the service sector. People can earn their livings providing services. For e.g. Virtual plots of land can be rented to people who want to organise an event in the metaverse. A major virtual concert was held in Fortnite which was seen by 45 million people and grossed around $20 million, including sales of merchandise.
• Ease of Business–In the metaverse, users will be able to test their products in a virtual environment at lower cost. Working of factories or industrial spaces can be carried out at lower costs, which then can be replicated in the real world. Nike is already building an ecosystem of avatars, spaces and digital products for the consumers in Metaverse. JPMorgan has become the world’s first bank to set up shop in the metaverse.
• Improved Accessibility – Global communication and cooperation among countries has increased with the rise of globalization, but geographical distance increases the cost of interaction between countries. Metaverse will improve accessibility of the globalised world defying physical barriers. It will also improve market access for small and emerging economies.
• Promote Equality – Factors such as race, gender, disability, etc. acts as hindrances to equality. Metaverse can help in building a fair, equal and sustainable society. It can improve the quality of democracy by allowing participants to propose and vote on the policies governing the metaverse.
• Preserve Culture – It is an excellent approach for cultural communication and protection. Virtual museums can be created and the art works in them can be kept in digital forms which will prevent damages due to weathering, manmade damage or natural disasters.
• Education – The technology will help promote education which is immersive, simulating realistic scenes to improve understanding.It will also improve access to education for the marginalised and vulnerable communities who are deprived of education due to geography and distance.
• Resource Efficiency – As Metaverse can digitally map the physical world, it can help in improving the efficiency of resource utilization and prevent wastage of precious natural resources. It can also be used to generate awareness among the people about the importance of nature and biodiversity.

Metaverse is the technology of future which seeks to open up new horizons of human creativity and technological advancements. The integration of virtual and real world will depend largely upon the data protection measures, regulatory enforcement and creating safe spaces for vulnerable communities such as women, adolescents and making it more equitable.