What is the Metaverse: A Glimpse Into the Internet of the Future
Christopher Dru, MBA
Executive Communicator and Strategic Advisor at Lockheed Martin
If you haven’t heard the term “metaverse” mentioned in the news or media you probably will soon. It’s an important concept to grasp as its underlying technology may alter the way in which we (and future generations) communicate on the internet. Billions of dollars are being invested by public companies and institutional and retail investors to develop and mature the metaverse infrastructure. While these bets may seem speculative to some, others (including Fortune 100 companies) see the metaverse as a natural evolution of the internet and an undeniable paradigm shift in human communication.
To understand the metaverse, it’s easiest to list chronologically how users have consumed information on the internet since its inception. Think back to the 1990s when service providers such as AOL offered “walled gardens” for users to access the internet. These services provided users with controlled and centralized access to the internet via a proprietary platform. Websites were typically read-only and contained lots of text with minimal pictures or video (due to bandwidth limitations). This stage of the internet, referred to as Web 1.0, focused on the dissemination of information from an author (e.g., the website owner) to an audience (e.g., the user). There was little two-way communication between the author and user.
In the early to mid-2010s, the idea of social networking and community began to trend. Websites such as Friendster and Myspace captured the market with well-timed platforms that allowed authors and users to freely interact in a simple and open format. Affordable high-speed internet paved the way for future media giants like YouTube to blossom, granting any internet user the ability to upload, share, and consume video with the world. This stage of the internet, referred to as Web 2.0, is characterized by the shift from one-way, text-based communication to robust, multi-channel communication through multiple formats such as text, pictures, and high-definition streaming audio and video.
As you may have guessed, our journey along the internet evolution has approached Web 3.0 – and with it, the metaverse. Disruptive and innovative technologies such as augmented reality (AR), virtual reality (VR), blockchain, decentralized autonomous organizations (DAOs), decentralized finance (DeFi), cryptocurrency, and non-fungible tokens (NFTs) are transforming the internet as we know it. Just as high-speed internet allowed us to consume movies and videos on the internet, virtual reality headsets will allow users to enter new realms of unthinkable realism to communicate, work, and play like never before. Wearable augmented reality devices will connect you with instant search features and internet capabilities instantaneously – no need to pull out your phone. Blockchain and cryptocurrencies will fuel online transactions and provide the transparency, accountability, security, and trust needed to support billions of online users and trillions of transactions. Non-fungible tokens will act as unique collectibles, deeds, and claims of ownership to online or physical assets.
You may be thinking these ideas sound farfetched or may cite the failures of previous virtual and augmented reality product disappointments. Virtual reality technology has been around since the 1990s and has had its gimmicks. However, the technology has evolved immensely over the decades and multi-billion dollar companies such as NVIDIA, Google, Microsoft, HTC, and Unity are spearheading research and development to iterate and perfect the most immersive virtual experiences to date. Advancements in internet speeds with the propagation of 5G technology will only benefit our growing virtual environment.
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The metaverse is the amalgamation of these new technologies that allow users to communicate, interact, transact, share, collaborate, entertain, learn, train, work, and play like never before. The era of interacting with flat, two-dimensional screens is limited. As virtual reality peripherals become increasingly more affordable and ubiquitous, users will enjoy a richer and more efficient means of communication through these devices. Virtual collaborative environments may be designed for employees to work from home while enjoying the benefits of in-person office space. Entertainment will evolve in the form of digital concerts and events. In 2020, artist Travis Scott hosted a concert in the video game “Fortnite” that was attended by over 12 million players. Other famous artists such as Justin Bieber have already performed digitally in the metaverse and the list keeps growing. Attendees often cite these virtual experiences as “spectacular” or “unforgettable”. The events allow the audience to interact and move freely in an environment with their favorite artists – unbound by the limitations of physical reality.
Personalization and customization are key tenets of the metaverse. As a user, you will have the option to interact with the online community through an ‘avatar’ – your custom character that can be based strictly on your true identity or something fantastically different. You can have as many avatars as you wish. For example, you may have an avatar that sports a suit and tie for work meetings and one that looks like anything you can imagine for recreational use. These avatars can be outfitted with digital clothing and accessories purchased from online artists and retailers. Even digital real estate may be purchased to build homes to house your digital collectibles and art. This may sound ridiculous but the metaverse is already boasting a thriving and liquid market. In December 2021, a firm recently acquired digital land to the tune of $2.5 million in the Decentraland metaverse. According to the digital currency investment firm Grayscale, goods and services in the worldwide metaverse will exceed $1 trillion – vastly surpassing the annual revenue of any current publicly-traded company.
The metaverse is a novel and intriguing concept still in its infancy. There’s a wealth of opportunities to learn, explore, and potentially profit from this exciting advancement in internet communication. Be on the lookout for future articles as we dive deeper into Web 3.0 technologies. If you’re interested in learning more about the metaverse, I highly suggest watching the following videos:
Leading Executive Strategy & Business Transformation
2 年Thanks for sharing an insightful piece on the Metaverse Christopher Dru, MBA. Many of us will recall the earlier days of CompuServe, IRC, BBS and 9600 baud. We were all connecting to others and sharing, collaborating. It's great to see this continue through emerging technology. I do worry we have created more walled-gardens with platforms that do not integrate and result in information silos.