How the metaverse changes the way we perceive the digital world

Everyone is talking about the metaverse these days. But what is it and why is there such a stir around it? In fact, there is currently no precise definition of the term «metaverse», but it can be defined as a way for people to interact and trade in the digital universe through virtual and augmented reality.

The idea of ​​a metaverse comes from science fiction, called Snow Crash by Neal Stevenson (1992). The Metaverse there was the next iteration of the Internet and combined physical, augmented, and virtual reality.

The metaverse began to be actively mentioned in the early 2000s, when the game Second Life appeared, where users can create realistic avatars, contact other players, create and own virtual items, and even earn money. But the game soon lost the interest of a wide audience, currently, it has 1 million members, which is very low amount compared to social networks.

Last year, the technology giant Facebook drew attention to the topic of the metaverse, changing its name to Meta. The brainchild of Mark Zuckerberg is already investing in virtual reality, and in 2014 it even acquired the company Oculus, which produces VR headsets. One of Meta’s projects is Infinite Office, which will allow you to work from home using the Oculus Quest.

Another tech giant, Microsoft, has a Mesh platform that can be accessed via a VR headset, tablet, PC, or smartphone. Virtual avatars from the Altspace VR social media exist inside Mesh, but the company’s goal is to create «holoportation» so that people virtually exist in this environment as themselves rather than as avatars.

As we can see, the beginnings of metaverses already exist, including in the online games Minecraft and Roblox. The last one was founded in 2004 and contains dozens of games that allow you to build houses and work. Roblox teamed up with shoe company Vans to create Vans World, a virtual skateboard park where avatars can change clothes. Gucci Garden was also created on the platform for trying on or purchasing clothes or accessories from the famous Italian brand.

Many companies aspire to the metaverse. The world’s largest retailer, Walmart, recently opened an agency in Roblox. Thus, the company is testing new marketing channels designed for buyers under the age of 25. What can be done in a virtual agency? Shopping in virtual stores, going to music concerts, dressing your avatars in clothes from Walmart.

If you look at the results of their work, it will become clear that this is quite a player in the metaverse of the future, because Roblox garnered over 10 billion hours of playing time in the first quarter of 2021.

Brands such as Nike and Mcdonald’s are already developing in the metaverse as a channel of interaction with the audience. It is already clear that in future, the business that is most likely to adapt to the new virtual worlds will have success.

Now it is possible to connect to metaworlds with the help of VR technologies, such as glasses or helmets, but it is too early to talk about the metaverse itself, which will be a collection of metaworlds.

The Dubai Metaverse Assembly conference took place on September 28 and 29 in Dubai, where representatives of leading companies and governments talked about their vision of the metaverse in speeches and panel discussions. For example, experts predict that the digital economy will be shaped by the youngest generation. They are expected to generate $33 trillion in revenue in the next decade, and most of that revenue will be spent online (particularly through the metaverse).

According to Mark Zaleski, managing director, and partner of BCG Digital, the metaverse is a completely different dimension, and early adopters, who will be the first to believe in this incredible world and start working on it, will win. Some early adopters of the metaverse are already making fortunes in the virtual world. There are even companies that spend millions of dollars on virtual lands. However, according to Ziad Trabulsi, director of business engineering for Reality Labs at Meta, we are in the early 1980s of the Internet in terms of today’s metaverse. As Khalfan Belhoul points out, we haven’t even «scratched» the surface of the metaverse yet.

Innovative technologies such as the creation of Bitcoin in the 2000s changed the financial services industry. They can be used in the metaverse for continuous data transfer. An example of the use of blockchain technologies that allow tracking the ownership of a particular digital asset is NFT, or non-fungible tokens. The trading volume of NFTs surpassed $13 billion in 2021, according to The Block Research.

Let’s take for example Decentraland — built on the Ethereum blockchain, where you can buy virtual real estate — LAND measuring 16x16 meters, which will be stored in the form of NFT. Decentraland has its own market, where you can buy and sell real estate and digital goods, and even sell unique names for other users.

Another example is Everyrealm, a virtual real estate fund that created REITs from 3,000 NFT assets in 25 different metaverses and raised $60M.

Some experts consider the metaverse as an impossible reality because people will play «make-believe» while experiencing imaginary worlds. But others, such as Mary Spio, the founder of CEEK, tell that the metaverse «will enable content creators to connect with audiences in a whole new way». Immersive virtual reality metaverse will allow us to step into a movie, or a team game, spend time closely with our favorite bands and singers, and enjoy live events. This gives so many opportunities for brands to communicate with their audience and create new spaces for them, and also provide new services. But that’s not all. The metaverse could change the way we work, study, or even receive medical care.

Thumbay Group, a UAE healthcare company, has announced the launch of the world’s first metaverse hospital. Patients will be able to visit doctors for consultations using avatars. The fee for consultations will not differ from similar services in the company’s physical clinics. The company is also implementing AR and VR technologies to create an opportunity for patients who are paralyzed or undergoing long-term treatment to stay in touch with their families. Virtual and augmented reality headsets will help patients virtually go home, which can speed up their recovery.

Moreover, experts predict that there would be VR technologies will replace some medicine and treatment. Unlike most drugs and surgical procedures, VR headsets have far fewer side effects — mostly nausea and motion sickness.

The use of augmented reality and virtual reality will change education and training, as well as processes and procedures. VR allows medical students to literally step into the human body, providing a complete representation and enabling the reproduction of actual procedures. AR is also being introduced to provide students with hands-on learning, such as simulating patient and surgical room encounters, allowing medical students to visualize and practice new techniques.

The metaverse will change not only medical students’ attitudes toward education but all students in general. According to The Times, Ukrainian company DAN.IT whose employees moved to the UK after the start of the full-scale invasion offers live online courses in areas including data analytics, machine learning, and programming in a 360-degree virtual space. The aim of the company is to help plug the skills gap in the tech sector. The project was inspired by technologies used in Mamram, the Israel Defence Force’s elite computer unit.

Of course, the metaverse has many advantages, such as creating new economies or digital governments, which can help the world to become even closer and erase borders. Still, the physical interaction between people is at great risk. Today young people are in less and less get in contact with each other, preferring the screen of their smartphones. They lose their social skills and emotional intelligence and gain weight. Therefore, an important task is to make sure that the metaverse will be a safe environment that will put the person and his/her/their physical and psychological comfort in the first place as much as data protection. However, we must understand that we need to protect ourselves from fraud in this environment and minimize cybercrime in the new reality.

I admire the development of the metaverse idea and see a future where every human on the planet will be able to connect to a completely different dimension and feel safe. We have yet to find out what role the governments of the future will play in this system. And I’m observing these processes with great enthusiasm.