Metaverse simply explained: that's behind the hype

Metaverse simply explained: that's behind the hype

 

For some time now, there has been increasing talk about the Metaverse on social media platforms, but also in the news. This is a kind of digital world that is intended to create new opportunities for companies as well as private individuals in terms of marketing or business models.

The most important things summarized

• Online games resemble the idea of ​​​​a Metaverse environment
• Experts see a fully developed metaverse only in 20 years due to the required computing power
• According to forecasts, the concept should have a market potential of more than 500 billion US dollars
• The created 3D spaces are used for playing, working, travelling and socializing

What is the Metaverse?

This is a new concept with different versions, which is why there is no uniform definition. Simply put, however, the metaverse is a kind of virtual parallel world in which everything that also works, in reality, is possible. In this virtual world, it should be possible for internet users to communicate and interact with each other.

The goal is to create a blend of the virtual world with real-world elements. The idea for the Metaverse came from the need to be able to merge different areas of the Internet. For example, there are some sites where it is possible to watch a video, but this cannot be shared or integrated everywhere. Then again there is, for example, an online currency, but this is not applicable everywhere.

The aim of the metaverse is to have a single currency, just like in the real world, that can be used anywhere, and the ability to easily switch from one company or site to another without having to leave sites. This virtual world should not be controlled by anyone.

How does the Metaverse work?

So far there are only different ideas about the metaverse, so it is not yet possible to estimate how this new version will be integrated into life. In principle, however, everything should be possible in this virtual world at the same time. For example, you can already watch a video on one device and minimize it so that you can buy something at the same time. Of course, this isn't possible in the real world because you can't physically be in different places at the same time.

One of the most important parts of the Metaverse will be the augmented reality glasses. With this, the virtual world feels as if you had actually experienced certain things.

Where did the idea come from?

While the Metaverse sounds like a novel invention, it was foreseen over 50 years ago. In various science fiction novels, for example, there has already been talking of wireless devices or digital assistants. So far, the technology in this area was of course not mature enough.

There are also already different games that present the idea of ​​a metaverse, such as "Second Life". In this game, there are virtual rooms in which the characters lead an ordinary life that you control yourself. So-called massively multiplayer online games such as World of Warcraft or Minecraft also create virtual spaces in which to play and interact with other people.

What is the Significance of the Metaverse for E-commerce?

Not only private individuals will be present in this new virtual world. Companies will also establish themselves there. It will thus become a virtual world for social and business activities. The internet makes it much easier for companies to reach customers. A large proportion of activities are now carried out on mobile phones, such as shopping or watching videos. With the Metaverse, other things will now be possible as well.

This makes it even easier for companies to market their products around the world. However, this virtual world also creates new needs for products that can create a new market and new revenue opportunities.

The Metaverse requires Enormous Computing Power

Even though the metaverse is within reach, there are still technological problems that have not yet made such a virtual world possible. An example of this is the required computing power. Experts are of the opinion that this must offer 1000 times more than is currently the case.

The reason for this is that everything should be possible in this parallel world, such as gaming, shopping or travel. More powerful chips are therefore also required. This is the only way to create a deceptively real virtual world.

For example, Nvidia will soon be introducing a new graphics card that is said to have 24 GB of memory and 10,752 CUDA processing units. But a memory with 2 TB is currently being developed. In addition to the hardware, work is also being done on a new type of software that will offer even more security and a minimum of errors.

Metaverse FAQ

In the following, the most common and important questions about the metaverse are answered.

Is a metaverse really necessary?
With any new technology, there are always critics. The reason for this is that many fear that novel inventions will completely take over and change life. There is therefore no actual need for the metaverse either. However, it can revolutionize the internet.

Used correctly, it will likely be able to break through international borders and make shopping or sightseeing from anywhere possible and easy. Over time, new benefits will automatically emerge from this. Before the invention of the television, for example, one could not have imagined the possibility of advertising on this scale.

What will the Metaverse look like?
It is not yet possible to assess exactly what this new virtual world will look like. This will likely arise spontaneously, depending on what is possible. Many believe it will be some kind of 3D version of the current internet that we know. Thus, shops will no longer be visitable on individual pages but will be present as in the real world.