What is the Metaverse?

Metaverse

A Metaverse is a virtual world that you can enter using VR or AR technology. Typically, this takes the form of high-tech goggles and other gear, but some platforms are accessible on your phone or gaming consoles.

Tech companies are developing various kinds of 3D technology to create metaverse worlds that people can explore, socialize and interact with. These include real-time collaboration software and blockchain-based decentralized finance tools.

There are also many different ways to experience the metaverse, including through mobile apps and gaming consoles like PlayStation. Some platforms, such as Roblox and Fortnite, are available on your smartphone with or without VR technology, while others like Minecraft require a headset to enter.

The Metaverse Has Its Own Digital Currency

Non-fungible tokens (NFTs) are being developed to enable players to sell their virtual items for cryptocurrency, giving the in-game economy a more tangible value. Some games, such as Fortnite and Roblox, may offer this feature in the near future.

Creating a Metaverse for Work

The metaverse has the potential to replace remote meetings that are currently conducted via video conferencing, and instead enable employees to interact with each other in virtual spaces. Employees can use digital avatars to participate in virtual meetings, and they can even set up 3D rooms for team collaboration, Forrester analyst J.P. Gownder told CNBC.

Increasingly, businesses are experimenting with metaverse capabilities in order to boost their productivity and reduce travel costs. For example, the healthcare industry is starting to integrate augmented reality into doctor’s offices to help doctors see patients on screen and perform tests that normally would be performed in person.