What Is the Metaverse? What Are the Benefits of the Metaverse?
25 Aug, 2022
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Over the past several decades, the world of technology has been focusing more and more on developing tools that can create virtual twins of objects, people, spaces, environments, and more. So far, scientists have been able to develop new technologies that can manipulate the sense of smell and touch, as well as Virtual Reality headsets that provide an immersive experience in an enhanced environment. But while tools and devices like VR headsets, IoT, and cyberspace already represent significant advancements in technology, they are offering no more than just a glimpse into what the future holds. It is only the Metaverse that is now showing the potential of its underpinning technology in reshaping many aspects of life as we know it.
But what is the Metaverse? And how will this immersive new world impact today’s society and economy? In this guide by Authena, you’ll learn about the unexplored potential of the Metaverse and technologies like augmented reality, NFTs, and blockchain.
What Is the Metaverse?
Being an emerging technology in its infancy, there is no clear definition of the Metaverse, nor it is possible to foresee how this technology will develop in future years. However, to understand its potential, it is important to get to grips with the meaning of the Metaverse.
Originally coined by Neal Stephenson in its 1992 novel Snow Crash, the term “Metaverse” has become mainstream in 2021, when Facebook chief executive Mark Zuckerberg announced the company’s lofty plans to develop in this new virtual world.
A simple working definition that can be used to describe the Metaverse refers to a virtual-reality space that is collective and shared, and in which users can interact with computer-generated environments, objects, and other users’ avatars.
While the Metaverse is usually referred to as a unique technology, this virtual world wouldn’t be able to exist without employing a wide range of emerging technologies, which include:
- Blockchain
- Cryptography
- 3-D reconstruction
- Cryptocurrency
- Artificial intelligence (AI)
- Augmented reality (AR)
- Virtual reality (VR)
- Internet of Things (IoT)
The Metaverse technology combines the Internet, augmented realities, and virtually-enhanced physical environments to create a functioning universe.
What Are the Benefits of the Metaverse?
As we have seen, the Metaverse is a young technology still in its infancy, which makes it impossible to foresee how the world will be affected. However, this technology has already left an impact on one of its early adopters: entertainment and video game technology.
Other industries that might benefit from this technology include – but are not limited to – the following ones:
- Overcoming HR challenges – the Metaverse can help address remote work challenges by providing managers and employees with a virtual office where to meet and work.
- Improving medical training – the metaverse can provide real-life training scenarios without putting lives at risk.
- More accessible healthcare – when combined with telehealth tools, the Metaverse can help doctors meet with patients who are unable to travel or in rural areas.
- More sustainable tourism – the metaverse offers realistic, in-person experiences without the need for long-haul transportation.
- Boosting real estate – when combined with Non-Fungible Tokens (NFT) the Metaverse creates a marketplace for real estate properties and more.
- Monetization opportunities – the Metaverse utilizes NFT to promote the trading and exchange of goods, thus providing monetization opportunities to users.
Why Build the Metaverse?
The Metaverse is designed to become a parallel environment to today’s reality, where people can interact, work on projects, create business networks, and trade goods. Building it means creating a 3D space for users where they can enjoy their favorite games, socialize, trade digital assets, and tour real estate agents.
Who Will Benefit From the Metaverse?
While it is impossible to determine all the industries and individuals who will benefit from the Metaverse, some industries are already making the most of this powerful new technology.
Some of the industries that are being deeply transformed by the Metaverse include:
- Gaming and entertainment
- Media
- Real estate
- eCommerce and retail
- Product authentication
- Supply chain management
- Manufacturing
- Architecture
- Engineering
- Healthcare
- Finance
- Software development and technology companies
As the Metaverse continues to evolve and grow, more and more industries begin to see the opportunities and benefits of taking part in the Metaverse.
The Problems That the Metaverse Solves
The Metaverse is much more than a more enhanced version of today’s social media channels. Among the key features of the Metaverse is the fact that it exists thanks to blockchain technologies, which allow for transactions to be immutably stored and recorded.
Because of this feature, the Metaverse is solving significant problems across a variety of industries. Some of the ones that the Metaverse is already solving include:
- Product authentication verification
- Supply chain management
- Metaverse crypto transactions
- NFT transactions
- Real estate transactions
- Easier and more efficient marketing
What Is the Metaverse Environment and How Does It Work?
The Metaverse environment refers to the simulated digital environment that technologies like blockchain, VR, AR, and AI can create when combined. The main focus of the Metaverse is social connection and peer-to-peer interactions, but it is also supporting business relationships and B2C communications.
While this technology is still in evolution, it is now possible to enter the Metaverse using a virtual reality headset and navigate the virtual environment through actions such as:
- Eye movements
- Controller commands
- Voice control
However, depending on what you are using the Metaverse for, there are multiple solutions you can access. For example, in the case of product authentication, customer experience, and supply chain management applications, solutions such as Authena M3TA™ allow you to access the power of the Metaverse through your smartphone and enabled devices.
Authena M3TA™ is an end-to-end decentralized experience that allows customers to purchase goods in the Metaverse through NFT marketplaces, private auctions, and direct sales. Combined with Authena Shield™, M3TA allows customers to benefit from the highest trading and authentication standards, such as the one for digital collectibles (ERC-721/ERC-1155). These systems make M3TA™ the most secure and efficient marketplace for collectibles, luxury items, and guaranteed-authenticity items.
Ownership of Virtual Assets
The Metaverse is supported by a range of underpinning technologies, including NFTs – or Non Fungible Tokens – which are enabling the exchange and trading of virtual assets in Metaverse-powered marketplaces.
NFT refers to unique strings and letters and numbers which can be associated with a real-world asset. While NFT transactions are mostly used to exchange digital assets, this technology is developing to allow the purchase of real-world goods, including real estate properties.
Virtual Asset Exchange
The exchange of digital assets has already been happening for years through tools such as gaming environments. However, the Metaverse is reshaping how these transactions take place and guaranteeing a certificate of authenticity and an immutable record of the transaction.
When exchanging NFTs, it is important to keep in mind that each might have a unique value.
Virtual Goods Trading in the Metaverse
While, currently, owning an NFT isn’t the same as owning the underlying asset the code is attached to, Authena M3TA™ enables the exchange of virtual assets and their physical digital twins in the Metaverse.
Take Advantage of the Metaverse
Solutions such as Authena M3TA™ can help you access the Metaverse through plug-and-play systems that secure the exchange, trading, buying, and selling of authenticated luxury goods in the new virtual world.
