A beginner’s guide to metaverse experiences

The word ‘metaverse’ is cropping up more and more in everyday conversations and encounters. Since Facebook changed its name to ‘Meta’ in 2021 and more companies have begun to explore virtual reality technology, there has been a significant increase in interest in metaverse technology and its application in the modern world.?

MIMIO is at the forefront of the growing exploration into metaverse technology and its uptake in the public sphere. Our pioneering AI-powered platform is enabling a new form of social interaction – one that uses metaverse experiences to create a more authentic, realistic, and human engagement online.?

But what actually is a ‘metaverse experience’? And what does this growing trend mean for us, both in the virtual world and the real one?

What does ‘metaverse’ mean?

The ‘metaverse’ refers to the world of digital virtual reality. Broadly speaking, the metaverse is a series of interconnected virtual spaces in which people can live, work, shop, and interact.?

To think of it another way, Web 2.0, our current internet, is a network of computers, services, and devices through which people can browse, communicate with others, and make purchases. The metaverse is the next step beyond this – a 3D version of the web, it is a place in which we can do more than just browse, but live.

What does a metaverse experience look like?

The idea of virtual reality is commonly associated with the traditional headsets, goggles, and gloves we saw in the first application of virtual reality in online gaming. In truth, this is rapidly becoming an outdated concept. You might be surprised to know that you are probably already engaging in the metaverse without even realizing.

We’ve all seen the digital avatars now available in our phone keyboards when using social media and chat apps. These avatars are an early prototype of an application of the metaverse in social media.

Praveena Dhanalakota, founder and CEO of MIMIO, comments that metaverse technology is the future of online interactions and social media.

“The next evolution of media, including social media, will be driven by digital content generated or modified by AI, and will transform the production, consumption, and distribution of content across all platforms.”?–Praveena Dhanalakota

MIMIO is building the first personality engine using AI technology to create an authentic digital copy of anyone’s personality, modeling an individual’s specific voice, linguistic style, and image into a digital twin, or avatar. These Personalities can be deployed across social media to interact with individuals as a real human would, bringing a new dimension of authenticity to the online world.?

And that’s not all. The entertainment industry has made moves to use virtual reality in sport, music, and cinema. ABBA’s recent London concert was conducted entirely via holograms, bringing a metaverse experience to thousands of fans without any use of headsets or VR goggles.?

Manchester City football club has also been discussing the potential to build a virtual stadium where fans can watch matches virtually - a step up from FIFA tournaments and online gaming models.

These are just some examples of what a metaverse experience is, but the potential of metaverse technology is yet untapped, and we are only just beginning to see how it could be deployed across the public and private sectors.?

What does the future look like?

It’s hard to say exactly what the future will look like or how quick the uptake of metaverse technology will be. Co-founder and CTO of MIMIO, Srinivas Jaini, says that there is still a long way to go in terms of developing the technology and infrastructure that will enable widespread adoption of metaverse experiences.

One thing's for sure though: It’s coming sooner than people think.

There is already evidence of the potential of metaverse technology across a wide range of industries beyond entertainment. A number of governments have begun to explore metaverse technology as a means of diplomatic relations, such as Israel’s virtual embassy in Korea. Barbados has expressed plans to do the same.?

Various online education platforms are also looking to incorporate metaverse technology to create a more interactive e-learning experience.

Bill Gates, founder of Microsoft, predicts that businesses will soon be using metaverse technology for virtual meetings. Earlier this year Microsoft Teams announced the launch of Mesh, a new suite of virtual reality tools that enables colleagues to join a collaborative holographic experience, deploy avatars, and engage with productivity tools.?

With companies like Meta, Microsoft, and Nvidia actively focusing on metaverse technology investment and development, it’s only a matter of time before it becomes a common application in business, entertainment, education, and government sectors.

What about cryptocurrency and web3?

The development of web3 is placing cryptocurrencies and blockchain at its core. Instead of a centralized network controlled by a handful of large entities, web3 is built on a model of decentralization that gives power and privacy back to individuals, and cryptocurrency is enabling this. Cryptocurrencies enable individuals to share ownership of the web through purchase of NFTs (non-fungible tokens), thus creating a network of hundreds of small shareholders rather than a few monopolies.

Crucially, an infrastructure based on cryptocurrency and a decentralized model of the web means that individuals also have greater control over their data and privacy.?

MIMIO is an example of how this plays out for individuals. The user has complete control over the use of their digital avatar in the online world, giving autonomy and security back to the user.

“At MIMIO, our approach prioritizes trust and safety. People come first – that’s why on our platform,?people own their data.”?–Praveena Dhanalakota

This new era of ownership and security in web3 is only possible through the decentralization that shared ownership and cryptocurrency enables.

Beyond this, cryptocurrency also has the potential to play a central role in the everyday interactions of metaverse experiences.??

“There is also going to be an e-commerce trend that we haven’t seen before – changing how we shop and how we make purchases online. There’s room for a lot of innovation in this space.”?–Srinivas Jaini

NFTs hold value in the virtual world and can be used to purchase or trade goods or objects virtually. For metaverse experiences, this means that individuals can trade, buy and sell goods, bringing another layer of social interaction and even potentially economic value to the metaverse. This application of cryptocurrency could play out in a number of different ways yet to be seen.

So what’s next?

Companies like us, MIMIO, are already deploying metaverse technology with a clear vision for deployment across social media to enhance online interactions.?

With over 50 million content creators and a growing market value for social media and entertainment, it’s no surprise that there is already serious innovation and investment into metaverse technology in this sector, and it won’t be long before other sectors catch-up.

Interested in learning more? We invite you to have a conversation with us to learn more about the future of personal AI and about partnering with MIMIO to build it.