Metaverse: a new world of possibilities beyond reality

According to its etymology, the Metaverse is a combination of the terms “meta” (beyond) and “version” (from “universe”), i.e. it can be defined as a merger of the physical and digital worlds.
Technology, innovation and the promise of a big platform are fundamental to this process. To be able to enter this parallel reality, an avatar, which is a digital representation of the physical user, and virtual reality (VR) goggles are needed for a more sensual and real experience.
Spain clearly understands this concept. A study of 29 countries, conducted by Ipsos in partnership with the World Economic Forum, ranks it as the European country with the highest level of awareness of the metaverse – 63% of the population is familiar with the term – 11 more than the global average of 52%.
Among the opportunities it creates, the sector expected to have the most impact in Spain is virtual education and training (63%), followed by entertainment (61%), video games (57%), business meetings (55%). %) and health. related resources (54%).
However, the report showed that Europe is the continent with the lowest awareness of the opportunities associated with this new ecosystem, especially in economic giants such as Germany and France, where only 30% and 28% of the population, respectively, understand the possible impact of virtual technologies. worlds.
Experts estimate that it will take 10 to 15 years for the digital environment to affect our daily lives. To increase understanding of the digital environment, the European Parliament recently published a report on the opportunities, risks and political implications of the Metaverse. By 2026, one in four people on the planet will spend an hour a day, and the global impact over that period will exceed $1 trillion.
To be precise, the European study lists four main elements for understanding the origins of this digital experience: a decentralized economy, the expansion of digital social life, the rapid development of technology, and significant investment by large players.
The first of these features is key, as Metaverse was born as the first decentralized social network based on blockchain technology that allows the creation of new digital value.
Among all these assets, NFT (Non-Fungible Tokens) stands out, which, unlike some cryptocurrencies such as Bitcoin, is not associated with a specific monetary value, but is a digital asset, the price of which is set in the Metaverse in accordance with supply and demand. Beyond entertainment, the monetization of this immersive space opens up endless possibilities for industries and users who want to diversify their activities in this reality.
If there is a guru who can shed light on technological innovation shaping the future, it is Mark Zuckerberg. After the advent of Facebook changed the way we interact with people, the American entrepreneur tried for some time to transfer this interaction to other aspects of everyday life, such as payment methods or our environment.
In 2019, Facebook revolutionized payment methods with the development of Libra, a virtual currency that defied monetary regulation and prompted major banks to consider launching digital currencies as an effective alternative to cash.
Despite the fact that the currency will never hit the market, Zuckerberg does not refuse to study the future of technology, as the social network enters the metaverse. Thus, “Facebook” becomes “Meta” in 2021, inviting the public to take part in this three-dimensional journey into the future of the Internet.
But the Metaverse is a long-term business that requires the structures and technologies that are currently being developed. Steeped in this mission, the company is investing over $10 billion to develop Metaverse in 2021 and plans to hire 10,000 professionals across the EU to bring this massive project to life.
Imagine being the sole owner of exclusive clothing in a virtual format, connecting to the digital world for a meeting that mimics a real-life work environment, participating in a video game that monetizes an achievement, or testing a product in the digital world before it goes to a real-life release?
Actions like this seemed like pure science fiction at the end of the 20th century, but today they seem to be becoming part of our relationship with the world. Indeed, many sectors have expressed interest in the platform’s ability to save time and money, despite recent questions about the security, privacy, or viability of the Metaverse as a successor to the Internet.
Video Games: According to the Spanish Association of Video Games (AEVI), the turnover of the industry in Spain in 2021 was 1.795 billion euros. Exploring the industry with the most experience in the metaverse provides players with a more immersive, interactive and realistic screen reality. In addition to the new dimension of entertainment, there is also the concept of making money from games, and users can use to receive financial rewards from its game.
Created by Linden Lab in 2003, Second Life is one of the pioneering virtual games in which the player interacts with their avatar in a 3D environment. In its virtual storefront, you can also trade in real estate and services with Linden Coins, a virtual currency created by the game itself, which can later be exchanged for real money.
Event: The health crisis caused by Covid-19 brought the planet to a standstill and forced the introduction of remote work, faced with the inability to share the same personal space in the workplace. While physical encounters have moved to computer screens, the Metaverse is taking another step forward.
Virtual reality enables professional relationships to be built through virtual reality-based virtual environments: conferences, trade fairs, product launches and trainings can be held simultaneously in different parts of the world, avoiding travel and removing geographic barriers.
Art: The art world is no stranger to opening windows to the Metaverse. With the 3D entertainment of these exhibition centers, visitors can discover the most iconic paintings and sculptures of the great museums from the comfort of their homes.
For example, Valencian startup E-Place Heritage is working on a virtual restoration of more than 30 marble sculptures that were damaged by the fire that destroyed the heritage of the National Museum of Brazil in 2018. Works that will survive in the digital world after physical disappearance.
At the same time, the commodification of art reached the digital world, allowing users to receive digital versions of works. Many of them are sold at the price of gold. Digital artist Mike Winkelmann, better known as Beeple, has successfully sold an NFT – a unique and authentic item – for $69 million at Christie’s.
From the dance floor to the soccer field, video game developer Virtway will transform Camp Nou into a virtual event space with replicas of the museum, auditorium, conference rooms and playground-sized playground.
Replacing balls with rackets, Telefónica has developed the Movistar Rafa Nadal Academy metaverse so that viewers can experience the secrets of this sports center first hand or emulate the achievements of Spain’s best tennis player all day long.
According to Telefónica’s chief digital officer, Chema Alonso, the project demonstrates the company’s “strong commitment” to “continue to explore the technological possibilities offered by Web3 and Metaverse.”
In fact, Metaverse itself is the platform the company has chosen to showcase Nadal’s virtual world for the first time. The journalists in attendance were able to choose their own 3D avatars, chat with other colleagues from around the world and ask questions about their journey from this parallel universe to reality.
The move complements the operator’s efforts in this direction, including hosting the first Metaverse Day and seeking new alliances, including with Qualcomm Technologies for Augmented Reality (XR) and with Meta and its Meta Quest glasses, the networking technology for Metaverse exploration.
Different strategies have the same goal: to secure leadership while waiting for the metaverse to finally enter our lives.
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Post time: May-05-2023