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Welcome to the exciting world of the metaverse. So, do you know the concept behind this technology? Consider it the next edition of the internet, which seamlessly integrates our physical and digital lives. Metaverse is multi-dimensional technology that can be a game platform, a virtual shopping location, a training tool, an advertising conduit, a digital school, and a portal to totally new virtual experiences.
While the metaverse is still being defined, its potential to usher in the next wave of digital upheaval is undeniable. In the first five months of 2022, over $120 billion was invested in metaverse technology and infrastructure. This is more than double the $57 billion invested in 2021 overall.
Metaverse Is Blurring The Line Between Virtual & Real Life
New forms of all-encompassing entertainment experiences have appeared recently that try to provide everything. Everything competes with everything else for a portion of our attention. It's Fortnite vs. Netflix vs. TikTok. And, as we've seen with social media platforms, this is how the metaverse will most likely be.
Metaverse uses ground-breaking technologies like VR, AR, AI, and Blockchain to offer users a novel and unique experience. Many platforms are keeping them upfront to provide development services in this area, like Softtik Technologies. Metaverse might not have an official definition, but it has already started blurring the lines between the physical and virtual world. Let’s examine some real-life activities that have already entered the metaverse.
1. Virtual Concerts
Virtual concerts are events that take place within the Metaverse cyberspace and simulate a physical live event experience. They are equally enjoyable and vibrant, even though each participant observes alone since they interact in virtual space. Some people confuse virtual appearances like 3D holograms with the metaverse, which is wrong.
These 3D holograms projected on the glass were present in 2009. In 2012, these holograms were even used for Tupac Shakur's performance in Coachella. The appeal is gaining popularity in the music industry, particularly in light of the industry's struggles in the face of a global epidemic. The artists performing in the metaverse can take all the money without splitting it with anyone.
The music industry's revenue had been dwindling, with many live concerts canceled, but several musicians found a way around the constraints. Notable singers like Travis Scott performed a successful virtual concert worth $20 million at the 2020 Fortnite event. In October 2021, Ariana Grande performed at a virtual concert, gathering 78 million people worldwide.
Setting a business in metaverse can generate a revenue stream for any industry, but metaverse is not all about money. The medical sector was one of the few pioneers who adopted the metaverse at its early stages. During the global pandemic, World Health Organization (WHO) adopted innovative technologies and Augmented Reality (AR) to train Coronavirus responders.
For the past few years, psychiatrists have utilized Virtual Reality (VR) to treat soldiers with PTSD (Post-Traumatic Stress Disorder). Virtual Reality can easily simulate human anatomy, which many medical institutes have utilized to train practitioners. Some institutes like UConn Health are already using Oculus to show their students how Orthopedic surgery is performed.
3. Gaming & Fitness
Humans are always known for pushing the boundaries and experimenting to find new solutions to problems in their way. Metaverse games use various technologies, leaving users with varying participation requirements. The most basic ones necessitate an internet connection, a mobile device or PC, and a VR headset.
Other versions, such as the blockchain-based and play-to-earn Metaverse games, require using a blockchain wallet to manage one's coins. Players have numerous wallet alternatives depending on the games they want to play. They can swap game stuff with their peers in exchange for cryptocurrency. Metaverse is enhancing human experiences beyond physical restrictions.
Physical fitness is another niche that the metaverse can change for the sake of humanity. Mark Zuckerberg, CEO of Meta, talked about how the metaverse can revolutionize the physical using VR. Users can get instructions from the pros without having an actual basketball in the game.
Picture a classroom full of students while the history teacher delivers a lecture on the Harappa civilization, the Indian subcontinent's earliest known urban culture. Instead of reading from a book, the teacher brings the kids to Harappa in Punjab and Mohenjo-Daro near the Indus River in Sindh. A timeline of events is shown in front of the students; they walk around the places, discovering, asking questions, and learning.
Few Western institutions and Indian startups are already working on this technology to make learning easy and exciting. Metaverse holds a spectacular future for everyone.
5. Metaverse Bars
In the real world, it's common for friends to gather at a bar to catch up over drinks and darts or pool. With the emergence of Metaverse bars such as the Miller Lite Metaverse bar in Decentraland, the rise of Metaverse could herald the end of bars. Anyone interested in the bar fixtures can join his friends and watch sports events in a virtual environment.
Bars in the virtual world have a classic setting where people can enjoy digital instruments and click selfies without being drunk. You can hire a metaverse development company to create virtual bars for you or the project community to hang out.
The Metaverse enables people to connect with things in ways that e-commerce or online retailers do not allow. Users’ avatars can enter a virtual store, walk around the aisles, try on clothing or shoes, and make direct cryptocurrency purchases. Users can purchase virtual things for their avatars or make a real-world purchase and have the product delivered later.
Many famous brands are entering the metaverse space to engage with their consumers differently. In the future, this trend will also soar in popularity.
The Metaverse enables new means of inspiration and productivity. It also provides a 3D, realistic environment in which users can visually simulate their ideas without being constrained by the limits of the real world.
Based on the increasing adoption and constant backing from big tech corporations such as Meta, Microsoft, Google, and Apple, it's clear that the Metaverse is here to stay. Everything appears futuristic and fascinating, but it can also be frightening, depending on who you are.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.