The metaverse is a real-time, three-dimensional world that is accessible through Virtual Reality (VR) headwear. The metaverse also called ‘the immersive internet’ is a multi-technology that incorporates the hardware infrastructure with immersive technology, blockchain technology, computer vision, and universal interfaces. Globally, the metaverse is still in the developing stage as stakeholders work to figure out its innovative and practical applications apart from the gaming industry where it is currently thriving.
The concept of the metaverse is the integration of the human, physical, and digital worlds to create a virtual world parallel to the real world; breaking the limitation of space and time.
The Metaverse Economy
The advent of the Metaverse has opened up the technological space with a myriad of innovations.
The application of the metaverse includes gaming, tourism, building a smart city, entertainment, remote working, education and social networking amongst others. Internet penetration, increase in smart devices, development of blockchain technology; and the growth of Web 3.0 combined have paved the way for metaverse to take shape.
Gaming is considered to be the entry point to the Metaverse world. Realising this, brands and industries such as fashion, music, cosmetics, sports, and education, are already partnering with gaming industries to incorporate their brands into the gameplay. Transportation, defence, and smart cities are joining the metaverse world much later.
According to CB Insights’ Industry Analyst Consensus published in April 2022, the Metaverse could be worth US$1 trillion by the end of the decade.
The development of Metaverse applications like gaming, virtual learning, entertainment, socialisation, and tourism is inadvertently growing the Metaverse economy and changing the way people lead their lives.