The Metaverse is on a roll and going by its interest, it will grow tremendously in the coming years. Brands, corporates, celebrities, and individuals, all are seeking more information and trying to comprehend how their lives and businesses will be redefined by this digital world.
All sectors, from gaming to education, seek to consolidate and launch their own metaverse services. Customers will be enthralled by the novel experiences that they will avail themselves of. For instance, JP Morgan first Metaverse Bank and has set up a lounge in the shopping district of “Metajuku” on Decentraland.
Similarly, the education metaverse is bringing forth new pedagogical models and opening up newer and unimaginable promising opportunities for learners and all stakeholders in the educational ecosystem. Edverse is one of the world’s leading organizations creating cutting-edge metaverse-enabled learning spaces.
- Bloomberg reports that Metaverses would be generating revenues of approx. $800 billion by 2024. The Metaverse revenues capped at $500 billion in 2020.
- By the next four years, 25% of the world’s population will spend an hour in the Metaverse daily.
- Again by 2026, 30% of companies will have an established presence in the Metaverse. JP Morgan has estimated that the Metaverse market will be a $1 trillion market in the near future.
Technology Stack in Metaverse Development
The metaverse is a 3D digital world built that functions like the real physical world. Any activity done here can be replicated there. You can shop, have job interviews, attend school, attend upskilling training programs, and learn to repair broken machinery and a can do all other everyday activities. Many leading tech companies are working on metaverse development. Prominent names include Meta, Google, Apple, Microsoft etc.
Let’s take a detailed look at some of the major ones.
- Virtual Reality and Augmented Reality
- Gartner estimates that as Metaverse Development gains more traction, the spending on its associated technologies –VR and AR will rise from $12 billion in 2020 to $72.8 billion in 2024.
- Statista claims the global XR market comprising AR, VR, and MR will rise from $ 28 billion in 2021 to over $250 billion by 2028.
Virtual Reality and Augmented Reality are the frontline technologies empowering metaverse development. These are not only associated with the metaverse but have been trending as standalone technologies as well. Almost every industry sector has been deploying and reaping the benefits of these interactive and immersive technologies.
With the help of AR/ VR, the metaverse will offer highly interactive and immersive 3-D simulated environments. This is an experience like no other. The user feels like he is within the digital environment, while actually, the user is seated in the physical space. The physical space could be anywhere, home, office, college, even the park!!
The metaverse opens the doorway to the next Internet iteration, and VR will offer interactivity and a 3D experience.
Read: Metaverse in Education
- Metaverse Development with Blockchain Technology
Blockchain is the foundational technology of the Metaverse. It has proved to be a stellar technology and has gathered a lot of interest and enthusiasm in the last few years. It is no surprise that most Metaverses will be built using blockchain. Blockchain creates safer, secure, and decentralized digital environments, leading to its popularity.
- com reported 620.369 million blockchain transactions in 2021.
- IDC, in its 2020 report, estimated that the spending on blockchain solutions will reach $17.9 billion by 2024.
- Blockchain will contribute to 1.4% of global GDP, amounting to $1.76 trillion by 2030.
Moreover, blockchain is also the supporting technology for cryptocurrencies and NFTs. NFTs are used for buying and selling and enable Metaverse transactions. For instance, if an individual or organization wishes to purchase metaverse land, they will transact using cryptocurrency, and the sale of ownership will be provided as an NFT.
Blockchain and NFTs are central technologies vital to metaverse development.
- Artificial intelligence
Artificial intelligence is a vigorous technology making strong headway in all domains. Its usage has expanded so much that it has become a norm in most sectors. It enables machines to imitate some aspects of the cognitive behavior of humans and respond appropriately. For example, retail shopping bots, self-driving vehicles, and Facebook and Netflix suggestions are all AI-programmed tools. It takes the pressure of routine and monotonous tasks and renders them into computers, leaving humans free to act upon more productive jobs.
Let’s look at some figures to corroborate our estimation of its growing importance.
- In 2021, the worldwide market for AI was USD 93.5 billion and will grow to 38.1% by 2030.
Its role in the development of the metaverse is highly significant. It enhances the inclusivity aspect and offers a more intuitive experience to users. By deploying AI, the metaverse can offer various helpful tools like automated translation, image recognition, brain-computer interface, etc. AI-powered Metaverses gain the added advantage of data analysis and predictive systems. Users don’t miss out on the fun of creating avatars with AI-enabled tools as well to represent their unique identities in the metaverse. !!
The metaverse is still taking shape and can develop in numerous ways. The development of the metaverse will be strongly impacted by the factors such as research, policies, investments and the technologies used.
The two worlds- physical and virtual will exist side by side. Consumer behavior will also change as the virtual world grows and becomes more prominent. The metaverse will give rise to new education and business models. Metaverse learning systems will drive a knowledge economy, while enterprise metaverse will create a new global economy.
Knowledge dissemination and talent appreciation will be high in the 3D virtual world. Businesses and educational centers will be left out if they do not adapt and upgrade to the new era of the metaverse.
For more information on the various advantages the metaverse can offer learners and enterprises interested in investing in the educational space, contact Edverse.