According to Google statistics, in 2021 the word "metaverse" was searched 100 times more often than at any other time. Microsoft, Meta, Roblox, Epic Games, Nvidia, Apple - most corporations are involved in discussions about what a metaverse is.
The metaverse is driven by diverse forms of technology such as artificial intelligence, cloud infrastructure, software tools and others. It combines various high-tech solutions to create an online reality more advanced than any known before.
In this article, we will discuss what a metaverse is, what business opportunities it offers, and how AI can improve the virtual universe. Companies around the world are already using AI consulting services to improve their business. Let's find out how artificial intelligence will soon affect us all. Read on!
What is the metaverse?
Over the past few years, the term "metaverse" has become a hot topic of discussion β it is mentioned in the games Fortnite, Roblox, Minecraft, Animal Crossing, as well as AR and VR technologies.
For example, in 2021, the CEOs of Microsoft, Epic Games and Facebook simultaneously started talking about the development and creation of their metaverse. Each corporation has its own vision of the virtual universe of the future. But what exactly is a metaverse?
The term "metaverse" was invented by science fiction writer Neil Stevenson in 1992 in the novel "Avalanche" ("Snow Crash"). According to Stevenson, the metaverse is the next stage in the development of the Internet. It's a common digital world combining "physical", augmented and virtual reality.
The metaverse features
To help you better understand what a metaverse is, below you can find some key characteristics defining the virtual universe.
According to venture capitalist Matthew Ball and a modern ideologue of the metaverse, there are 7 features of the metaverse:
- Infinite existence. It never resets, pauses and ends.
- It works in real-time and does not depend on external factors, although developers can create and plan events in the metaverse.
- There are no limitations on the size of the audience and the number of active users. Each user is provided with an individual sense of βpresenceβ.
- A fully functioning economy. Users and companies can be rewarded (analogous to money) for "work" that brings "value" recognized by others, spend it and invest.
- The physical and digital worlds, open and closed platforms, private and public networks are all part of the metaverse.
- The compatibility of data, objects, assets, and content transferred between digital worlds is necessary.
- Metaverses should be filled with "content and experiences" created by its own users.
Does the metaverse already exist?
Many people are sure that the metaverse is the future. Well-known corporations are in a race to create their best virtual universe.
Decentraland
At the moment, there is already a Decentraland platform β a "decentralized virtual world" running on Ethereum. This is a virtual metaverse where users will be able to buy and sell digital real estate, explore the world, interact with each other and play games.
Microsoft
The American software giant Microsoft has taken the first step towards creating its own metaverse and decided to start by changing the traditional office life. In the first half of 2022, virtual spaces and 3D avatars for communication, data exchange and work will appear in its Teams video conferencing service.
Epic Games: Fortnite
The American game studio Epic Games calls its online game Fortnite the basis for the metaverse. According to Epicgames.com, in April, the company raised $1 billion in investments for the long-term development of the metaverse.
Fortnite is rapidly becoming a platform due to which brands express themselves and implement their projects.
Epic Games arranges time-limited events inside Fortnite, tied to releases in the real world. The game map is transformed into a virtual world that changes the style and in-game objects in partnership with brands: DC, Nike, Lionsgate, Marvel, Microsoft, Sony, and others.
Moreover, in April 2020, rapper Travis Scott held a concert at Fortnite. It was watched by more than 12 million players. Also, a whole sub-economy has emerged in Fortnite, where "players" can create (and monetize) their content.
According to creative director Donald Mustard, Fortnite is not a metaverse. But today there is nothing closer to the Metaverse in spirit than Fortnite.
Business opportunities in the metaverse
As mentioned earlier, the metaverse is a space not only for communication and meetings with friends, but also for the development of brands and their projects. The combination of AR technologies, AI, Internet of Things or iOS, AR cloud, spatial technologies open up great opportunities for business development:
π Direct sales within metaverses (Direct-to-Avatar, D2A).
π Direct sales to reality (Direct-to-Consumer, D2C).
π Presentation of brands inside virtual worlds.
According to Pcgamesn.com, Louis Vuitton has developed skins for League of Legends.
Dimensionstudio.co reported that Balenciaga has created a video game "Afterworld" to present the Fall 2021 collection.
π Purchase of digital art, assets and collectibles as NFT.
π User interaction as digital avatars for customer service, employee adaptation, sales, service, and other business communications.
π Buying digital real estate and developing virtual homes.
π New tools in the field of education (virtual campuses could change the educational processes).
All of these business opportunities in the metaverse can make the most of decentralization, interoperability, collaboration, permanent environment and experience created by users.
AI in the metaverse - potential applications
So, we already have a better understanding of what a metaverse is. Now, let's take a look at what role AI plays in the metaverse and how will this technology affect the creation of a virtual world?
Avatar creation
Avatars are the main component of the metaverse, which allows users to fully feel their presence in the virtual world. One of the potentials of AI in the metaverse is the ability to analyze 2D images of users or 3D scans to create very realistic and accurate avatars.
AI-powered avatars not only have a humanoid appearance, they can also communicate with people using natural language processing (NLP) algorithms.
In 2021, NVIDIA announced NVIDIA Omniverse Avatar, a technology platform for generating interactive AI avatars. Omniverse Avatar combines the company's technologies in the field of artificial intelligence of speech, computer vision, natural language understanding, recommendation systems and modeling technologies. Avatars developed on the platform are interactive characters with three-dimensional graphics who can see, speak, talk on a variety of topics as well as understand naturally pronounced intentions.
Intuitive interface
One of the keys to the potential success of the Metaverse is the promise of a very exciting experience. Therefore, another example of AI in the metaverse is assisting in human-computer interaction. In virtual reality, AI can assist in recreating the true experience of touch.
When you put on a high-tech VR headset with artificial intelligence support, its sensors will be able to detect and predict your electrical and muscular patterns to move inside the metaverse exactly how you want.
AI-powered networking
How can AI improve social networking in the metaverse? So, here are some ways:
π Prevention of abuse and hate speech.
π Content relevance calculation to minority groups (e.g. language, geography, etc.).
π Selection of features to avoid bias.
As the concept of the metaverse develops, companies will implement AI to create a scalable metaverse. Therefore, companies like Meta Ρollaborate closely with think tanks and ethics groups to reduce the risks associated with artificial intelligence without limiting the potential of AI in the metaverse.
Want to start your metaverse journey?
The metaverse will continue to be a hot topic among entrepreneurs, investors and many others. With its development, new business models will be developed that will bring companies to a new technological level. With the help of AI, augmented and virtual reality (AR/VR), and blockchain, you will be able to create scalable and accurate virtual worlds.
Top comments (1)
Surely blockchain will slow down the creation of AR assets?