HomeWhat Is the Definition of the Metaverse?

What Is the Definition of the Metaverse?

The Metaverse is a fairly new concept & people still struggle to fully understand what it is – there are lots of ways of defining the Metaverse

Mark
Updated: January 16, 2023

Since Mark Zuckerberg rebranded Facebook’s holding company into Meta, people have become more aware of the term “Metaverse.” For some, the concept can be confusing. Is the Metaverse an invention by Zuckerberg and his team at Facebook? Or is it, like the Internet, a technology built on top of numerous other innovations responsible for its functioning?

The general definition of the Metaverse is that of a virtual world designed to be similar to the real world. One can only access this “fantasy world” through advanced technologies. However, that is a very broad description and does not pinpoint what the Metaverse can mean and what it makes available to the end users.

The Metaverse Can Mean Many Things!

Various companies put forth differing definitions of what the Metaverse is. These interpretations are based directly on the types of products or services these parties aim to introduce into the space.

As a result, there currently is no set description that can encompass exactly the Metaverse’s scope and how it would impact people’s lives. There are, however, various goals that companies and organizations are aiming for when designing technologies intended for deployment into this virtual ecosystem. These goals, in turn, drive these parties’ individual definitions of what the Metaverse can be.

Below are some of the definitions of the Metaverse that you may encounter when discussing this new technology with friends and fellow enthusiasts.

Read our Metaverse ‘in simple terms’ article here.

A Virtual World That You Can Develop

One of the capabilities the Metaverse offers users is the skill to set up and build their own virtual space. This refers to the digital worlds made available to players by games like Roblox, World of Warcraft, and Second Life, among others.

However, there is a significant difference between the Metaverse’s real estate aspect and the games mentioned above. In the Metaverse, users have the opportunity to invest in digital real estate properties and earn money from those like they would in the real world. Individuals can purchase land in cyberspace using either fiat or cryptocurrency, develop the property according to their preferences, and flip or sell them off for a profit.

In other words, the Metaverse can provide people interested in real estate development and marketing a venue to pursue their interests without having to go out and look for actual properties. Aspiring land developers and landscapers can also use the Meta world to practice their skills before applying them to the real world.

how much does the metaverse cost

A World That Transforms the Retail Experience

The COVID-19 pandemic has demonstrated how disruptive and transformative e-commerce can be. When the whole world went into quarantine, e-commerce continued to thrive, thanks to the sudden growth in demand from people locked inside their homes.

Because of this, big-name retailers, especially Walmart, are also seeing the value of maintaining a presence on the virtual market. in 2022, the massive retailer launched Walmart Land and Walmart’s Universe of Play on the famous virtual world, Roblox. Both offer exclusive content and immersive experiences designed to capture young shoppers, who can collect non-fungible tokens and virtual toys for free.

For now, Walmart’s virtual paradise within the Roblox platform has no revenue-generating features. However, Walmart may roll out features in the future that can allow Roblox users to shop for real goods through an in-world store.

A Space to Collaborate and Share Ideas

Cloud computing has proven to be a very effective tool for remote collaboration. With an account at services like Microsoft OneDrive, Google Drive, and other similar platforms, organizations can ensure everyone has access to what they need to remain productive. Productivity remains high even if team members are not gathered in a single office.

Meta Platforms Inc., the rebranded Facebook, aims to extend online collaboration into the virtual space. Right now, the company is busy developing virtual reality devices that users can use to plug into the Metaverse, where they can hold seemingly realistic virtual meetings with their colleagues. One of these devices, the Meta Quest Pro, came out this month.

The Meta Quest Pro comes in a complete set that includes the headset, controllers, stylus tips, and a charging dock. The device is available in the United Kingdom through Argos, Currys, and Amazon.

Meta Guest Pro

A Place to Play Games In

As mentioned above, the Metaverse concept grew from virtual gaming worlds like Roblox and Second Life. It’s only fitting that the idea would include gaming opportunities that involve similar environments.

There are various methods that the Meta world can theoretically enhance the gamer’s experience. For instance, augmented reality or AR can add virtual objects to the real world that can only be viewed through specialized screens. This may sound familiar because it has a precedent; this approach made Pokemon GO an explosive hit among players six years ago.

Of course, there’s also virtual reality. With a special headset like Meta’s Quest Pro, users can immerse themselves in a fully three-dimensional game world that offers many opportunities to explore within that space’s expanse.

An Educational Tool

Aside from being a genuinely absorbing gaming experience venue, the Metaverse can supplement classroom teaching. Both AR and VR can provide educators with the means to build lessons that are not only informative but also engaging and immersive.

Before the Internet, the best way to show students how a specific process works is to organize experiments within the laboratory. Sometimes, the school may allow teachers to take their learners out for a field trip. However, both of these options are resource-intensive and, sometimes, unsafe.

These limitations severely restrict the student’s learning and deny them the chance to see the real-world applications of the lessons. With the Metaverse, teachers can design presentations that provide more information and are more engaging than traditional classes.

For instance, a science teacher can create a VR presentation demonstrating a volcanic eruption’s destructive power. The technology can give students a closer and more realistic look at the process without having to explore the insides of an actual volcano. This technique shows them what the eruption looks like up close and inspires awe and appreciation for one of nature’s most potent landforms.

Education in the metaverse

Conclusion

At this point, the Metaverse is still a nascent concept yet to fully get on its feet. Each stakeholder has their own idea of what the virtual space should look like and how it should be used to provide users with unique experiences.

However, the goal of these companies is the same – to develop the technology so that consumers can have a new and more exciting way of living. It’s exciting to think about what these developers can create and contribute to the Metaverse in the future!

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