Introducing the Metaverse

You’ve probably seen the word “metaverse” pop up in your news feed at least once or twice over the past couple of months, but the concept can be a bit difficult to understand, as it’s a bit complicated by nature. Let’s discuss what the metaverse is, why it’s important today, and what you might expect from a metaverse in the future.

Defining the Metaverse

The metaverse is not a new concept; in fact, it’s been a thing ever since Neal Stephenson coined the term in the 1992 novel Snow Crash. It described a virtual world where users would buy or sell virtual property, navigating the virtual world through the use of customizable avatars. It sounds awfully familiar, doesn’t it? Many of these ideas are present in the modern-day rendition of the metaverse.

So, using this model as a definition, we can consider the metaverse a virtual environment where individuals can interact with one another in a reality similar to our own. Users can build up this virtual life separate from their own reality.

Why Should Businesses Care?

Businesses are looking to the metaverse for the same reason they have adopted the smartphone and the Internet; it appears to be the next “big thing” that could change the way they conduct their business. The metaverse will effectively replace these technologies, they believe, and it would create a virtual world where apps, games, services, and so on are all interconnected. In fact, the people who believe in the metaverse most–folks like Matthew Ball and Mark Zuckerberg, for example–view the metaverse as a more modern version of the Internet with the capability to change communications in just as profound a way.

What Opportunities Does Your Business Have?

In order to take advantage of the metaverse, the technologies which enable it must be prioritized. This means embracing technologies like virtual reality, the blockchain, and NFTs, all of which are used to exchange goods, products, and properties within a virtual space. It’s unclear if this focus is a result of the post-COVID world or if people actually believe in its potential, though.

The biggest issue holding back the metaverse is that of interoperability. Since there are so many technical challenges facing the countless different types of interactions out there, it’s difficult at best to imagine a truly interconnected world in the way the biggest proponents see it.

The metaverse might still be held back by technological limitations, but what do you think about it? Would you consider implementing technologies to leverage it? You know you can count on Phantom Technology Solutions to keep you updated on the latest happenings and developments with business technology solutions.