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May 5 2023
Meta-what? Frequently asked questions | SpaceTo
Frequently asked questions and answers about the metaverse
The topic of the metaverse is cropping up in more and more conversations these days and whether you are excited or apprehensive about the metaverse, one thing is for certain – most people want to know how it works, what the benefits are and how to access it! We have compiled a list of frequently asked questions and answers to help you understand the metaverse better:
What exactly is the metaverse?
The metaverse can be described as technological infrastructure that allows for human interaction in a virtual space beyond physical and geographic barriers. However, perhaps the simplest way to explain the metaverse is to describe it as a 3D version of the internet, a digital world that exists alongside the real world so to speak. Instead of the flat, text-based World Wide Web that we are surfing today, the metaverse is a shared virtual universe in which we can play and do business as a 3D being (Avatar). In this new world of texture, colour and dimension, the metaverse is a shared reality that enables users to connect with each other, build economies and interact in real-time.
Is the metaverse here to stay?
The common consensus is that the metaverse is one of the most exciting things born from this decade and is seen as the natural next step in the world’s technological evolution. It is expected to not only be the new social platform, but also opens economic progressions for businesses and consumers. The digital industrial global metaverse market was valued at $100 billion in 2022 and it is projected to grow to $1.52 trillion by 2029, at a compound annual growth rate (CAGR) of 48 %. A recent McKinsey study predicts that the metaverse has the potential to attain a monetary value of up to five billion US dollars by 2030 – as high as the gross domestic product of Japan, the third largest economy in the world, in 2021. The study, which surveyed both consumers and managers in the Asia-Pacific region, China, Europe and the USA, concluded that the metaverse is in fact here to stay.
A similar study by UAE based network and technology company, Ciena, indicated that the majority of Middle East business professionals are ready to use the metaverse for work and 82% of these professionals can see the metaverse becoming part of existing work practices. This is in line with Dubai’s recently announced strategy to ensure that the metaverse increases its contribution to 1% of the Emirates overall GDP. Announced by Dubai Ruler, Sheikh Mohammed bin Rashid Al Maktoum, the strategy includes doubling the number of blockchain companies in Dubai, as well as creating 40,000 jobs in this sector. The Dubai metaverse strategy was unveiled at the Dubai metaverse assembly on 28 September to be one of the leading economies and a major hub for the global metaverse community.
How do I enter the metaverse?
At the moment, most metaverse experiences can be accessed with any computer, smartphone or video game console. You just need a keyboard and mouse, touchscreen or controller to move around and explore the virtual world – it is as simple as that!
Why are businesses embracing the metaverse?
The metaverse is already being used by businesses of all sizes and it has increasingly been seen as an essential part of doing business because it provides a level of interactivity that is unmatched by any other platform. This allows businesses to create immersive experiences that engage customers and employees like never before. In addition, the metaverse is highly scalable which means that business can easily expand their reach across geographical boundaries to access new markets and customer sectors. The metaverse is also becoming increasingly accessible to businesses with a growing number of platforms, applications and templates available to cater for the needs of any business.
Some of the other benefits of playing in the metaverse:
– Potential of reducing carbon emissions through the substitution of physical goods with digital goods and replacing real world presence with virtual interactions
– Cost-effective training environment minimising the need for travel
– Real world training simulations without the risk of actual injury
– More engaging virtual experiences to mimic your live event
– Effective ROI measurement through data driven technology
– Global audience reach.
How will the metaverse impact meetings and events?
The metaverse holds huge opportunity for the events sector as it has no physical or geographical boundaries when it comes to creative ideas, or the number of people one can host. In the current world of hybrid events, the metaverse will break down the divide between those who attend in person and those attending virtually so that all attendees can enjoy a similar engaging and high-quality experience.
What is an avatar in the metaverse?
Avatars in the metaverse are basically a digital version of ourselves and can be created to look exactly like you in the physical world or like someone else. Your avatar allows you to move around the metaverse and can be your personal online presence through which you can interact with other avatars in the virtual world. Motion capture will even allow our avatars to move and act like ourselves in the physical world!
What are NFTs in the metaverse world:
NFT is an abbreviation for the phrase Non-Fungible Token which is a form of cryptocurrency or monetized asset in the metaverse. It allows you to own interoperable digital goods in the virtual metaverse that includes avatar clothing, avatar animations, virtual decorations, art, 3D assets and more.
From the above questions and answers it is clear the metaverse will be transforming both our social and business lives. SpaceTo are metaverse experience creators who create and deliver unconventional metaverse, 3D spaces and impactful journeys for brands in all market sectors. Contact us today and let us help you shape your participation in the new frontier of human experience.