Getting to know history What is the Metaverse: Definition, Relevance and Potential

The term Metaverse has become a trend that is being discussed by people all over the world. Especially when Facebook announced its rebranding to Meta. Meta is dubbed a social technology company that aims to “bring the Metaverse to life.” Of course, this makes many people curious and interested in knowing the development of this technology. To understand the Metaverse is quite complicated because it doesn’t exist yet. However, as Big Tech companies, like Epic Games, Nvidia, Microsoft, Intel, and Meta don’t stop talking about it, there’s a growing lexicon to describe the next iteration of the internet.

What is the Definition of Metaverse?

The term metaverse was first used in Snow Crash, acyberpunk published in 1992. In the novel, the metaverse is described as a virtual world that people can visit via VR devices. However, Snow Crash does not portray metaverse as a perfect utopia that makes everyone who enters it happy.other hand, metaverse creates its own problems, ranging from technology addiction, discrimination, violence, and harassment. Some of those problems even carry over to the real world.
Today, there are many companies interested in developing the metaverse, from gaming companies like Epic Games and Tencent, to tech giants like Microsoft and Facebook. So many companies are interested in the metaverse that the definition of the metaverse itself is still not uniform. Each company seems to have a concept of metaverse an idealHere are some definitions metaverse from a number of well-known figures and companies.

“You can think metaverse as the embodiment of the internet that you can enter. So you’re no longer just looking at what’s on the internet,” said Facebook CEO and founder MarkZuckerberg CNN. Meanwhile, Roblox defines metaverse as a 3D virtual space in a virtual universe that can be accessed by many people at the same time.
According to Tim Sweeney, CEO and founder of Epic Games, the metaverse is a real. By using this media, people will be able to create content in the virtual world and share that content with each other. The players will also have the same opportunity to change the socioeconomic conditions in the virtual world.
Meanwhile, Peter Warman, CEO of Newzoo considers metaverse a place that allows people to be fans, players, and creators at the same time. According to him, this will maximize engagement, which will also encourage business potential.
Jesse Alton, boss of Open Metaverse, the group that creates open source for metaverse , explains that ideally, the metaverse doesn’t depend on a single technology belonging to one company, but consists of multiple technologies made by many companies that are interconnected with one another.
What are the technologies involved in the development of the metaverse? Newzoo divides the metaverse into several categories. The first is metaverse gateways, which are doors for consumers to enter the metaverse. Newzoo again divides this segment into two groups, namely centralized or centralized and decentralized or scattered.

Meanwhile, virtual world is a system for adopting social and economic elements of people in the real world to the virtual world. And mirror worlds is a technology that will display images from Earth — just like Google Earth — but with detailed information about the places shown. Experts predict that all of this will happen within 10 years, namely in 2016. However, as you know, it did not happen.
Now, metaverse is back in trend. According to Alton, this time, the metaverse will finally be realized. Because, the technology needed to create the metaverse is already available, such as mobile and game , adequate internet infrastructure, and the existence of headsets VR cryptocurrencies. And most importantly, in the last two years, people are getting used to living in the online world because of the pandemic.

The Relevance Metaverse Industry Game and the Benefits of Metaverse

The gaminghas changed a lot in the last 10 years. Not only new genres and business models have emerged, the way gamers enjoy games has also begun to widen.are Gamers still happy to play games. However, they also enjoy watching other people play games. This is what drives the emergence of the game streaming and esports. Metaverse is considered to be part of the evolution of the gaming. In the future, games will no longer be a service, but a platform. This means that games are not only used as a place to play, but also to hang out with friends or do other non-gaming activities.
creators game have integrated a number of non-gaming into games . One of them is Epic Games, which once held a virtual concert on Fortnite. Meanwhile, Balenciaga, a luxury fashion from France, held a fashion show at Afterworld: The Age of Tomorrow. In the future, it is expected that more and more game will incorporate non-gaming into games . This will benefit game.elements non-gaming can attract non-gamers to try games .non Gamers also probably won’t mind the presence of -gaming in a game. The reason is, even now, many gamers are use games as a place to socialize.

Metaverse will also encourage the emergence of new business models. Since the game metaverse can encourage non-gaming within gamescompanies game will be able to monetize it. For example, by selling tickets for digital concerts or other non-gaming activities. Now, companies are also starting to make games with a play-to-earn, allowing players to exchange rewards in- game real-world money. The existence of the game metaverse will also open up opportunities for native ads. Due to the presence of annoying traditional advertisements it will be difficult to implement in the virtual world.
Not only games, the existence of the metaverse will also drive the growth of a number of other industries, such as live streaming, cloud, and VR/AR. In addition, the existence of the metaverse can also accelerate technological developments in the fields of hardware, network infrastructure, visualization, and also AI.
For companies, the existence of the metaverse provides a clear advantage, namely opening up new business fields. So, it is not surprising that many companies are interested in developing the metaverse. However, are consumers also interested in the metaverse? To answer that question, Newzoo conducted a survey on 5.5 thousand people in four countries, namely the United States, Britain, Japan, and China.

Problems the Metaverse

Technological advances have always been a double-edged sword. On the one hand, it will make the lives of many people easier. On the other hand, it will also bring up new problems. Metaverse is no exception. Even before metaverse can be fully realized, a number of experts are already predicting the problems that may arise, such as differences in the user experience.

Zuckerberg mentions, it is likely, ads will be a source of income for the metaverse, just like Facebook. However, this has some experts worried. Because, if metaverse makes advertising the main source of income, it has the potential to create gaps among users. The experience users get will be different: it depends on whether they can afford to pay or not. It is the same as business model pay-to-win industry gaming. Games with a pay-to-win will spoil the sultans, but make it difficult for players who play for free or spend a little money. And this raises a number of problems.
Another issue that may arise is regarding data security and privacy. The more information we upload to the internet, the greater the risk of personal data leakage. Metaverse can also exacerbate the problems of misinformation and radicalization that are already rampant because of the internet today. Bar-Zeev explains, if we can change someone’s perception of the real world in the virtual world, then he will believe everything we say, no matter whether what we say is true or not. According to him, to prevent bad things from happening in the metaverse, all actors involved in developing the technology must be held accountable.
Metaverse is indeed in demand by many large companies. Even so, there is always the possibility that the technology will not grow as big as expected. Even before this, the metaverse had been a technology trend, but it never materialized. The good news is, in addition to more sophisticated technology, now, people are starting to open up to the concept of socializing in the virtual world, especially through games. Since last year, games have begun to be used as a place to gather or even hold important activities, such as birthday parties or weddings.

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