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What is the Metaverse?
Metaverse is a virtual space that people can inhabit and use for socializing, business, work and leisure. It is often associated with virtual reality (VR) headsets and augmented reality smart glasses, but the concept goes well beyond that.
The technology visionaries behind the metaverse see it as a stunningly realistic 3D digital world where people can take their identities, currencies and experiences with them wherever they go, not tied to a specific platform. They envision the metaverse as a place where customers and employees can meet and interact with each other in immersive, interactive ways that are far more realistic than today’s web experiences. It is also envisioned as a place where enterprises can deliver immersive training, conduct business meetings with clients or potential customers and assess operations on the other side of the globe, as if they were physically there.
The foundations for the metaverse are being laid with back-end technologies like blockchains, virtual reality and augmented reality. Non-fungible tokens, or NFTs, are being used as a way to authenticate and store value in the metaverse. Gaming companies are developing games that incentivize players with NFTs that they can sell outside of the game for profit.
The metaverse is not yet fully realized, but it is expected to grow into an $800 billion market by 2024, with tech titans like Facebook and Microsoft investing heavily. Ensure that your company is prepared to capitalize on this emerging landscape by getting up to speed on the key concepts and technologies—including cryptocurrencies, NFTs and decentralized autonomous organizations—that are important to understanding the metaverse.