INSIGHTS
Hold on tight, we are heading into the Metaverse!
For devoted science fiction fans, the term “Metaverse” might ring familiar as an idea introduced in Neal Stephenson’s 1992 now-classic novel Snow Crash. In the story, the Metaverse can be described as an enormous (think earth-sized) virtual world where individuals from all over the physical world can jack into a network and materialize as an avatar to play and work. As an alternative to the physical world, the Metaverse inhabitants could socialize with other millions of avatars, and defy the restrictions imposed by such real-world nuisances as gravity. Moreover, the Metaverse could indeed serve as a blueprint for an entire alternative world economy, using its own currencies to enable trade in digital goods and services.
So much for science fiction. Today, the Metaverse is quickly being ushered into reality through extended reality (XR) technologies such as Virtual Reality (VR) and its sibling Augmented Reality (AR), and we have reached a truly revolutionary inflection point. Benefiting from the exponential growth in (super)computing power such as advanced Graphics Processing Units, or GPUs, VR is more accessible than ever before, especially as the cost of headsets become more affordable to a wider market. What once was a technology mostly followed by video game enthusiasts, VR has proven capable of transforming entire industries, from healthcare to defense.
As more people use extended reality (XR) technologies, the idea of the Metaverse as a unifying concept becomes ever more intriguing. Creators, gamers, and businesses all have a potential stake to claim in rapidly unfolding virtual reality worlds. Digital assets, in particular, will likely play a pivotal role by enabling global transactions for situations in retail shopping, investment in virtual infrastructure, and entertainment venues such as virtual concerts. Underlying the metaverse buildup is an economy that is both concentrated within these new frameworks and globally reaching. Barriers to transaction efficiency are being dismantled, as the blockchain plays a central role in the functioning of payment mechanisms, allowing users worldwide to work and play in the emerging metaverse.
To understand how central the metaverse is in the evolution of the internet and, as an extension social media, one can point to recent comments by Mark Zuckerberg who explained to investment analysts and journalists about Facebook’s plans to reorient its focus:
“In the coming years, I expect people will transition from seeing us primarily as a social media company to seeing us as a metaverse company … In many ways the metaverse is the ultimate expression of social technology.”
Hearing these words from the founder of one of the world’s most prolific technology companies underscores the emerging (virtual) reality that individuals and organizations around the world will be increasingly concentrating their daily lives.
Of course, as with any new technological concept, there will be detractors who either refuse to participate or even demonize its impact on society-at-large. Some might suggest that the metaverse may herald a new dystopian era, where traditional fabrics are pulled at the seams, resulting in a less “human” society. This argument, which contends “real” communication is fundamental to our species’ functioning, ignores the enormous successes of the internet, which has enabled the connectivity of people from around the world in such a profound way. While there are certainly some less than ideal side effects that the internet has brought, with the erosion of privacy and increased social isolation to name a few, it is difficult to imagine the world without it. It is likely that we will look back to this period similarly in the next decade, once the world embraces the metaverse fully, understanding the benefits it brings to billions worldwide.
One thing is certain- the metaverse has arrived and is here to stay. The question remains as to how it will evolve: Will the masses become passive observers in the creation of these new virtual worlds, or will people recognize the enormous opportunities at our doorstep right now, and take an active role in building a worldwide network that will captivate our collective imagination? Early adopters of the internet were seen to be on the verge of something big, but it was difficult to perceive the fundamental impact it would have on our world. Even though there are some fundamental restrictions to online freedom, the internet has enabled our species to progress in a relatively open, global direction. As an evolution of the internet, there is no reason to believe that the metaverse will be any different, and I am beyond excited to be at the forefront of this world-changing development. It is my hope that you, too, will embrace the extraordinary opportunity unfolding before our eyes (and through our Virtual Reality lenses!)
-David Karg, SPATIAL FUTURE Founder