The metaverse has been a growing buzzword, with businesses and consumers eager to understand what it is and how it works. As our understanding of the metaverse evolved, so has its potential. In this blog we provide background on the origin of the metaverse and its application, we share its advantages for both businesses and consumers, and take a deep dive at how tech companies are helping to build it.
The term “metaverse” originates from the 1992 science fiction novel ‘Snow Crash’ by American author Neal Stephenson. The novel introduces the metaverse as a virtual urban environment or world that is accessed through a global fiber-optic network. Terminals with virtual reality (VR) goggles give access to users, who can then purchase virtual real estate and interact with other users.
With regards to the real future of the concept, there are different opinions on what the metaverse will become. The general consensus is that the metaverse will be a realistic and interactive 3D virtual space where experiences and data would generally be recorded on a blockchain. Its future will largely be decided with the directions taken by companies that are heavily invested in the development of metaverse applications as well as VR/AR hardware.
The most famous company with interest and investment in the metaverse is Facebook (now known as Meta). In 2014, Meta paid $2 Billion for Oculus VR. Since then, the company has been developing metaverse interactive programs known as ‘Horizon Worlds’ that are accessible using Meta VR goggles and hardware. In 2022 the company released Meta Quest Pro VR hardware as well as opened their first VR store. Mark Zuckerburg (Meta Founder and CEO) stated this year that Meta’s target is 1 billion active metaverse users.
Microsoft also dove into the metaverse with a focus on building metaverse work environments. The most notable project is known as Microsoft Mesh, which is designed to integrate with Microsoft Teams and offers a mixed-reality overlay for improving collaboration in virtual spaces for teams. Microsoft acquired the VR platform AltspaceVR with the intention of utilizing the technology for the development of Microsoft Mesh. Earlier in 2022, Microsoft also acquired gaming giant Activision, motivated by the intention to expand Microsoft’s gaming infrastructure for metaverse applications.
Google developed their own virtual-augmented reality hardware/software with the 2014 release of Google Glass. The product was widely considered a failure due to a number of factors including privacy concerns, glitches, and marketing issues. Interestingly, there was a general lack of clarity to consumers about the use for Google Glass. After Google’s original ‘failed’ attempt, there is a lack of public knowledge about the projects that the tech giant Google is planning with regards to the metaverse. What is known is that this year Google has set up a $39.5 billion private equity firm for funding Google metaverse projects.
Magic Leap was founded in 2010 with the goal of providing the consumer market with a goggle-eyed headset. During the 2010s, the company raised around $2.6 billion which was used to open an engineering office in Seattle, headed by previously mentioned author Neal Stephenson. Currently Magic Leap is pivoting from consumer markets to enterprise for their newest augmented reality goggles known as Magic Leap 2. CTO Julie Larson-Green recently stated that “the new headset, its associated sensors, and smarts, are meant to be used by companies to guide employees through work procedures, or by professionals who want to perform a complicated operation virtually before they do it in reality.” Microsoft has also experimented in this space with their Microsoft HoloLens program.
The video gaming industry has begun to delve into a rudimentary version of this concept. Fortnite is an online shooter game with personal avatars and engagement with other players' avatars. Fortnite players have the ability to earn online currency through gameplay, and to unlock outfits for their avatar. There is also a simulation game known as Second Life, that is similar to the concept introduced in Neal Stephenson’s 1992 novel. Users in this game experience virtual reality in which their avatar can participate in real-life activities including eating, bathing, and shopping.
Some other presently accessible metaverse-based VR programs include:
These applications offer virtual worlds for gaming, creating, interacting, as well as trading digital currency and NFTs, and they run using cryptocurrency blockchain or previously existing gaming platforms like the Unity Engine. Most of them are accessible using Oculus and Meta Quest VR hardware.
According to venture capitalist Matthew Ball, “the metaverse will grow the digital economy, which is the primary growth driver of the world economy.” This opinion may be a driving force for many of the companies that have heavily invested in developing metaverse applications.
The most clear example is in the gaming industry, due to the worldwide interest and successful applications already in existence. Existing metaverse gaming and VR life experiences have proven to broaden consumers' exposure to concepts such as cryptocurrency and NFT to increase usership and monetary value. Companies that created Bloktopia and Otherside benefit by using their own native cryptocurrency for in-game purchases, leading to value increases based on usership. Programs such as Axie Infinity and Battle Infinity are run on cryptocurrency blockchain structures, but serve as both NFT virtual collecting communities and virtual gaming worlds.
Socialization is another interesting application of the metaverse. Blocktopia, for instance, is set up as a virtual reality skyscraper. Each floor of the building allows for different virtual activities. There are floors dedicated to meetings and presentations, while another floor offers shared virtual reality concerts.
Making improvements to the virtual work environment has been put on the front burner globally due to the pandemic. As mentioned, Microsoft has been taking the lead in using the metaverse to improve collaboration for teams. The advancements in capability for VR and AR hardware will absolutely aid in the journey of improving metaverse-connected work environments.
Virtual and in-person education has the potential to make serious strides with the immersion and expansion of the metaverse. Classrooms would no longer be limited by location. Students could use VR headsets to explore the world, historical eras, even space. Augmented and mixed-reality technology could improve field trips, or even allow students to earn credits for awards or opportunities. Additionally, the companies developing metaverse education programs will benefit from a future workforce with quality education.
At Dura Digital we continually experiment and invest in future technologies like the metaverse with the hope of providing insights and awareness of new tech that can help you transform your business. Contact our team today for more details on how we can enable you and your organization in your digital innovation journey.
The metaverse has been a growing buzzword, with businesses and consumers eager to understand what it is and how it works. As our understanding of the metaverse evolved, so has its potential. In this blog we provide background on the origin of the metaverse and its application, we share its advantages for both businesses and consumers, and take a deep dive at how tech companies are helping to build it.
The term “metaverse” originates from the 1992 science fiction novel ‘Snow Crash’ by American author Neal Stephenson. The novel introduces the metaverse as a virtual urban environment or world that is accessed through a global fiber-optic network. Terminals with virtual reality (VR) goggles give access to users, who can then purchase virtual real estate and interact with other users.
With regards to the real future of the concept, there are different opinions on what the metaverse will become. The general consensus is that the metaverse will be a realistic and interactive 3D virtual space where experiences and data would generally be recorded on a blockchain. Its future will largely be decided with the directions taken by companies that are heavily invested in the development of metaverse applications as well as VR/AR hardware.
The most famous company with interest and investment in the metaverse is Facebook (now known as Meta). In 2014, Meta paid $2 Billion for Oculus VR. Since then, the company has been developing metaverse interactive programs known as ‘Horizon Worlds’ that are accessible using Meta VR goggles and hardware. In 2022 the company released Meta Quest Pro VR hardware as well as opened their first VR store. Mark Zuckerburg (Meta Founder and CEO) stated this year that Meta’s target is 1 billion active metaverse users.
Microsoft also dove into the metaverse with a focus on building metaverse work environments. The most notable project is known as Microsoft Mesh, which is designed to integrate with Microsoft Teams and offers a mixed-reality overlay for improving collaboration in virtual spaces for teams. Microsoft acquired the VR platform AltspaceVR with the intention of utilizing the technology for the development of Microsoft Mesh. Earlier in 2022, Microsoft also acquired gaming giant Activision, motivated by the intention to expand Microsoft’s gaming infrastructure for metaverse applications.
Google developed their own virtual-augmented reality hardware/software with the 2014 release of Google Glass. The product was widely considered a failure due to a number of factors including privacy concerns, glitches, and marketing issues. Interestingly, there was a general lack of clarity to consumers about the use for Google Glass. After Google’s original ‘failed’ attempt, there is a lack of public knowledge about the projects that the tech giant Google is planning with regards to the metaverse. What is known is that this year Google has set up a $39.5 billion private equity firm for funding Google metaverse projects.
Magic Leap was founded in 2010 with the goal of providing the consumer market with a goggle-eyed headset. During the 2010s, the company raised around $2.6 billion which was used to open an engineering office in Seattle, headed by previously mentioned author Neal Stephenson. Currently Magic Leap is pivoting from consumer markets to enterprise for their newest augmented reality goggles known as Magic Leap 2. CTO Julie Larson-Green recently stated that “the new headset, its associated sensors, and smarts, are meant to be used by companies to guide employees through work procedures, or by professionals who want to perform a complicated operation virtually before they do it in reality.” Microsoft has also experimented in this space with their Microsoft HoloLens program.
The video gaming industry has begun to delve into a rudimentary version of this concept. Fortnite is an online shooter game with personal avatars and engagement with other players' avatars. Fortnite players have the ability to earn online currency through gameplay, and to unlock outfits for their avatar. There is also a simulation game known as Second Life, that is similar to the concept introduced in Neal Stephenson’s 1992 novel. Users in this game experience virtual reality in which their avatar can participate in real-life activities including eating, bathing, and shopping.
Some other presently accessible metaverse-based VR programs include:
These applications offer virtual worlds for gaming, creating, interacting, as well as trading digital currency and NFTs, and they run using cryptocurrency blockchain or previously existing gaming platforms like the Unity Engine. Most of them are accessible using Oculus and Meta Quest VR hardware.
According to venture capitalist Matthew Ball, “the metaverse will grow the digital economy, which is the primary growth driver of the world economy.” This opinion may be a driving force for many of the companies that have heavily invested in developing metaverse applications.
The most clear example is in the gaming industry, due to the worldwide interest and successful applications already in existence. Existing metaverse gaming and VR life experiences have proven to broaden consumers' exposure to concepts such as cryptocurrency and NFT to increase usership and monetary value. Companies that created Bloktopia and Otherside benefit by using their own native cryptocurrency for in-game purchases, leading to value increases based on usership. Programs such as Axie Infinity and Battle Infinity are run on cryptocurrency blockchain structures, but serve as both NFT virtual collecting communities and virtual gaming worlds.
Socialization is another interesting application of the metaverse. Blocktopia, for instance, is set up as a virtual reality skyscraper. Each floor of the building allows for different virtual activities. There are floors dedicated to meetings and presentations, while another floor offers shared virtual reality concerts.
Making improvements to the virtual work environment has been put on the front burner globally due to the pandemic. As mentioned, Microsoft has been taking the lead in using the metaverse to improve collaboration for teams. The advancements in capability for VR and AR hardware will absolutely aid in the journey of improving metaverse-connected work environments.
Virtual and in-person education has the potential to make serious strides with the immersion and expansion of the metaverse. Classrooms would no longer be limited by location. Students could use VR headsets to explore the world, historical eras, even space. Augmented and mixed-reality technology could improve field trips, or even allow students to earn credits for awards or opportunities. Additionally, the companies developing metaverse education programs will benefit from a future workforce with quality education.
At Dura Digital we continually experiment and invest in future technologies like the metaverse with the hope of providing insights and awareness of new tech that can help you transform your business. Contact our team today for more details on how we can enable you and your organization in your digital innovation journey.
2212 Queen Anne Ave. N #923
Seattle, WA 98109
José Ellauri 938
Montevideo, CP 11300
7630 119th Street NW
Edmonton, AB T6G 1W3
2212 Queen Anne Ave. N #923
Seattle, WA 98109
José Ellauri 938
Montevideo, CP 11300
7630 119th Street NW
Edmonton, AB T6G 1W3
2212 Queen Anne Ave. N #923
Seattle, WA 98109
José Ellauri 938
Montevideo, CP 11300
7630 119th Street NW
Edmonton, AB T6G 1W3
2212 Queen Anne Ave. N #923
Seattle, WA 98109
José Ellauri 938
Montevideo, CP 11300
7630 119th Street NW
Edmonton, AB T6G 1W3
