Role of AR and VR in Metaverse Development

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In the last few years, the world has witnessed lots of advancements in technology , and the metaverse is one of them. The metaverse has revolutionized businesses and the lives of people in numerous ways. With that, we are now entering the era where augmented reality (AR) and virtual reality (VR) are being incorporated into the metaverse.   The encapsulation of AR/VR in metaverse technology has opened up new opportunities for businesses and humanity. But, before we dive deep into the blog, let us see what statistics  say. Global spending on the metaverse and AR/VR technologies can reach $72.8 billion in 2024 . A report from Statista says that the metaverse market can show a growth rate of 15.4% from 2023 to 2030. Now that we have discussed the statistics related to AR, VR, and the metaverse, let us explore the role of AR and VR in metaverse development.   How is AR/VR reshaping the metaverse? The main idea behind the integration of AR and VR
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What is the Metaverse: The Future of Digital Connection

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"Metaverse is a sum of two words, Meta and Verse. "Meta" means beyond and "Verse" means Universe, so the metaverse means "beyond the universe". The term "metaverse" was first introduced in Snow Crash, a novel by Neal Stephenson in 1992."


In October 2021, CEO Mark Zuckerberg introduced his vision of encapsulating 3D and 2D worlds into one virtual world; and changed Facebook's stock market ticker symbol from FB to META. 



Technically, a metaverse is a 3D spatial virtual world that encapsulates physical and digital reality. It can change the future of business models by giving rise to new innovative opportunities. Many organizations are currently working to create their metaverse or mixed reality environments. 

Metaverse technology is bringing in the era of an independent virtual economy supported by digital currencies and non-fungible tokens (NFTs). 


"A constellation of various technologies"


The metaverse is a blend of technologies like Augmented Reality (AR), Virtual Reality (VR), Spatial Computing, Artificial Intelligence (AI), Head Mounted Displays (HMDs), 5G, and the Internet of Things (IoT).


Now, let's see what the stats have to say.


A report given by PWC says, "Almost 70% of businesses plan to integrate the metaverse into their organizational activities". 


Additionally, 63% of companies across the globe say that they are actively engaged with the metaverse and will fully embed the technology in their organizational activities within a year. The report further said, "25% of Indian businesses are all set to embed Metaverse into their business, while 47% will take 2 - 3 years". 


Other stats say that the metaverse market is expected to be worth $800 billion by 2024 and can grow at a CAGR of 13.1% per year. And 25% of people will spend an hour in the metaverse, and 30% of companies will offer services and products for the metaverse by 2026.


Metaverse Platforms


Here are a few metaverse technology platforms:


  • The Sandbox: It is a community-driven virtual 3D gaming platform hosted on the Ethereum blockchain network. Players can buy, sell, create digital assets, and enjoy virtual experiences on this platform.



    Photo: The Sandbox

  • Decentraland: A virtual real estate platform built on blockchain where users can buy, sell, trade, and develop virtual land using the native cryptocurrency of Decentraland, MANA. 



    Photo: Forbes

  • Bloktopia: A polygon-supported metaverse designed as a decentralized VR skyscraper built out of 21 million bitcoins. It aims to become an educational and entertainment hub for crypto users.



    Photo: Multiversx

  • Metahero: A blend of blockchain and high-end 3D meta-scanning technology that enable users to create their NFT avatars. Users can further move their avatars into the metaverse without creating them in the virtual world.



    Photo: GlobeNewswire

  • Meta Horizon World: A virtual reality platform that allows users to host business meetings or participate in numerous virtual activities including games.



    Photo: XR Today


Applications of Metaverse


Metaverse allows businesses to find better innovative ways to keep their employees or customers engaged. 


Here are a few potential applications that can be seen in real life.


Remote Work: Metaverse allows employees to work together, regardless of their geographical location. A study says that 94% of employees feel more productive while working remotely. And 75% of employees said that they are experiencing a great work-life balance working remotely. 


Playing Games: People have already started playing games in the metaverse. The gaming metaverse is powered by VR/AR trends and technology. A study shows that 52% of U.S. gamers think that the metaverse will revolutionize the gaming industry. 


Better Communication: 3D avatars will be the main source of interaction in the metaverse. According to Mark, these avatars will overtake profile pictures in popularity. Moreover, the avatars will change based on your activities. 


Improved Education: The metaverse offers teachers completely brand-new and cutting-edge teaching strategies. It is going to be a fun way to learn and teach. Additionally, the metaverse allows you to teleport to any location at any time and helps build better student-teacher relationships. 


Enhanced Entertainment: Metaverse allows users to create virtual space and place digital objects in the real world, lets people interact conveniently with each other, and can change the ways live events such as concerts and sports events take place.


[Also Read: Role of AR/VR in the Metaverse]


The Future of Metaverse

Metaverse holds the potential to change the world, but it is difficult to predict whether it can reinvent the workspace or not. However, the metaverse seems to be exceptionally important and can become incredibly critical in the future. But, we can not ignore the fact that it is powerful enough to encourage people to spend more and more time online, which can lead to a wide range of consequences on economic growth, social interactions, and other sectors.


To know more, visit Founder's Letter.


Let me know your thoughts on the metaverse in the comment section below.




Author:

Garima Thakur

garima.thakur6@gmail.com


Check out my other blog: Heal with Neri













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