The Metaverse emerged as a technological enigma when Mark Zuckerberg announced it in October 2021 as his new project. Now in 2023, the Metaverse remains a hot topic, sparking endless opinions and capturing the curiosity of many. This is why, at Habber Tec, we have taken the initiative to shed light on this new technological phenomenon in an informative way.

What is the Metaverse?

The term “Metaverse” was coined by author Neal Stephenson in his 1992 novel Snow Crash. At that time, the Metaverse was considered to be fictional, merely an idea on paper. But… is it still fiction today?

To begin with, it’s important to understand what it entails. The Metaverse is a permanent immersive cyberspace, where users interact as avatars within this digital world, merging the real and virtual realms into a single, unique space. The Metaverse is not a physical space, much like the internet isn’t, but rather, just as the internet enables interaction beyond physical or temporal limitations via hardware such as computer, mobile, or tablet screens, the Metaverse enables the same interaction—without the barrier of a screen.

However, specific hardware for virtual reality, such as headsets, gloves, controllers, and suits, is required. These devices detect body movements and represent them in real-time within the digital world. Augmented reality hardware, while not exclusive to the Metaverse, is also essential. Technologies like webcams, smartphones, tablets, and AR glasses allow users to experience the Metaverse from their own perspective. This immersive technology goes beyond an independent screen; it becomes part of the user’s experience.

The Metaverse: Fiction or Reality?

Returning to the earlier question—Is the Metaverse still fiction in 2023? Let’s explore some recent examples:

Barbados Embassy in the Metaverse: The first embassy created in the Metaverse raises questions about sovereignty and the possibility of diplomatic and international recognition within the Metaverse.

The Metaverse at 4YFN 2023: Held in Barcelona from 27 February to 2 March, this event showcased the role of the Metaverse in education. Esade Business School demonstrated how the Metaverse can enhance classroom experiences for both teachers and students.

Gaming companies and the Metaverse: Several companies in the gaming industry are already working on this innovation, such as Roblox, Niantic Labs, Epic Games, and Nvidia. The Metaverse offers a new way of gaming where players experience the game far more immersively than they would through a screen.

These initiatives make the Metaverse feel more tangible than ever, but there is still a long road ahead. Like any new technological project, it will gradually reveal its potential while continuously evolving to reach its full utility.

What Technologies Does the Metaverse Use?

Most active projects aligned with the Metaverse concept rely on the following technologies:

Virtual Reality: As mentioned earlier, VR is key to achieving immersion in the Metaverse. Hardware such as VR headsets enables fluid experiences with motion-detection devices.

NFTs (Non-Fungible Tokens): These are unique and irreplaceable digital assets that operate on blockchain technology. Unlike money, which is fungible and interchangeable, NFTs are non-fungible. While technologically linked to cryptocurrencies, NFTs are their opposite; for instance, Bitcoin is fungible, whereas an NFT is not.

Blockchain: This numerical structure securely stores information in a nearly immutable way. It is a publicly accessible digital ledger that can be shared without restrictions and maintains an unalterable record of transactions.

3D Technology: With a long history in the film and gaming industries, 3D technology plays a significant role in creating immersive Metaverse environments.

What Benefits Does the Metaverse Offer Businesses?

The Metaverse allows companies to create their own virtual spaces, customisable to their preferences and needs. This is already a reality, with major brands like Nike investing in the Metaverse. For example, Nike created Nikeland, an interactive virtual space that, according to the company, has been visited by nearly seven million people. This doesn’t just impact consumers but also employees, as the Metaverse aims to be a critical workplace tool. It promotes virtual workspaces where meetings, conferences, and training sessions can be held. With more companies embracing remote work, the Metaverse is a natural extension of this need for interpersonal communication, enabling collaboration without requiring shared physical spaces.

Another example is the auction house Sotheby’s, which launched its own platform for digital collectors called Sotheby’s Metaverse. This platform features an exclusive collection of NFTs and serves as a virtual space not only for viewing and exploring but also as a functional channel for selling non-fungible tokens. Users can create profiles, receive unique avatars, and make payments using a variety of cryptocurrencies or even traditional cash.

How Could the Metaverse Transform the World?

This technological phenomenon is proving to be a shift in how we perceive the world—a transition from the physical to an immersive digital realm. For many, this step may be challenging. However, with the right evolution, the Metaverse could become an alternative to our physical lives and integrate into our everyday virtual experiences, albeit as a long-term possibility and from a perspective of healthy speculation.

Change has never been easy, and the Metaverse could impact our lives in various ways depending on how quickly individuals and businesses adopt it. These applications could include:

Social and entertainment needs: Gaming, travel, tourism, and social networks.

Educational purposes: Classes, academic activities, and research.

Professional uses: Meetings, remote work, and corporate activities.

Commerce: Purchasing physical or digital goods (e.g., showcasing products via the Metaverse).

Healthcare: Enabling specialists worldwide to collaborate in real time.

With time and development, the Metaverse will likely offer many more possibilities.

It’s understandable that the Metaverse inspires both praise and scepticism. The world of technology and innovation is characterised by its constant flux, and the Metaverse is no exception. Like any groundbreaking initiative, it faces challenges that must be overcome. At Habber Tec, we welcome all technological advancements with open arms and remain attentive to developments in the Metaverse.

Let’s see what surprises the Metaverse holds for all of us!