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Did you know that the global metaverse market size reached 47.69 billion USD in 2020 and is expected to register a revenue CAGR of 43.3% during the forecast period (EmergenResearch)

 

What exactly is the metaverse? 

Metaverse is a combination of "meta" and "universe," denoting a location far beyond the globe or solar system as you know it, one that resides in the digital realm but seems almost as genuine. In Greek, Meta signifies "much further than, after, or over". It is the perfect example of futuristic and highly advanced technology.

Augmented reality (AR), virtual reality (VR), and mixed reality (MR) are the three basic examples or implementations of metaverse. The global augmented reality (AR), virtual reality (VR), and mixed reality (MR) market is forecast to reach 30.7 billion U.S. dollars in 2021, rising to close to 300 billion U.S. dollars by 2024.(Statista)

This metaverse is a three-dimensional interactive reality in which people interact through avatars. Metaverses can have the same feel as actual situations. Developers can access, play computer games, commerce, and do other things with their avatars that they'd be able to do in actual situations. The idea, it appears, is to bring metaverses as near to reality as feasible. 

Where did the concept of the Metaverse originate? 

"Snow Crash" and "Ready Player One" are two science-fiction novels that explore this concept. The planet has been wrecked by environmental issues and a fossil-fuel crisis in the latter and the metaverse serves as escapism. The novel is set in a futuristic world in which governments have relinquished authority to private corporations and deal with a variety of modern issues such as augmented reality, digital money, and so on. 

Stephenson's novel has attracted a cult-like following among Silicon Valley's elite. 

What is the connection between the metaverse and the digital ecosystem? 

It's really only perfectly normal that the metaverse has become a topic of conversation in 2021, given the Pandemic's desire for practically everything to go digitized. Now that we can shop, socialize, and work online, there appears to be a desire to explore other areas of daily life we can include on the web. Here the metaverse will come into action and spotlight.

The metaverse will be around for a long time to come. The metaverse theme is defined by the increasing importance of imaginary spaces and technological persistence in opening new spaces and identities for shared human experiences, as seen through the perspective of the gaming industry. 

The ecosystem has grown swiftly, and it now includes both small startups and large tech firms. The gaming industry has already played a significant part in building the metaverse as early architects and occupants and will continue to do so in the future.

Why did Facebook make the metaverse a priority? 

Facebook was working on metaverse for years and it was among their top-notch priority. It has put a lot of money into virtual reality with its Oculus headsets, making them less expensive than competitors - possibly even at a loss, according to some experts. Facebook is not going to stop here, it is exploring a lot of new stuff under the hood like VR apps for meetings, social gatherings, etc. Amidst a history of acquiring competitors, Facebook believes that the metaverse "will not be developed overnight by a single corporation" and has pledged to collaborate.

It recently funded $50 million in non-profit organizations to assist "responsibly build the metaverse." However, it believes that the actual metaverse concept will take another 10 to 15 years to develop. As the first move, Facebook acquired Oculus(VR software and hardware specialist) in 2014 for 2.3 billion USD.

In the Metaverse, what could be done? 

You can go to concerts, examine and make artworks, try on and buy apparel, go on virtual travels, and so on in the metaverse. In addition, the metaverse will simplify the work-from-home concept by providing workers with virtual offices where they can communicate using Oculus VR headsets. Horizon workrooms by Facebook are the best illustration of this Meta.

The global AR and VR market is expected to grow to 209.2 billion dollars by 2022.(Techjury)

What will the metaverse function in reality? 

The metaverse is being envisaged as a new world order, in which your services may be exchanged for other data assets, such as bitcoins. On one level, it might seem criteria listed, and most examples of the virtual and physical worlds merging in popular fiction live up to that idea. According to Facebook, the metaverse will allow its users to interact with any person who is not physically present there, giving an excellent and real communication experience.

Metaverse will also take the gaming experience to another level. According to Statista the global VR gaming market in 2021 is around 1.4 billion dollar USD.

Conclusion

While the Metaverse and everything that it includes may still be in their infant, there is so much to look forward to. Nothing seems too far-flung in a world of auto cars, elevated internet, and blockchain technology. As entrants like Facebook join the fray and pour millions of dollars into their Meta ambitions, it's inevitable that this trend will become as ingrained in our everyday lives as any other major internet social networking breakthrough