What is the Metaverse?

Metaverse's goal is to change the way people interact with technology. It is not related to a single type of technology, but to an entire virtual and shared environment in which people can socialize, work, play and even shop together. Although not a new concept, having its origins in the year 1838 with "binocular vision", the Metaverse is increasingly popular these days. As an example of the growing attention, Facebook changed its name to Meta in 2021.

Regarding to this, it's important to mention the evolution of decentralized Web as we can see below. Metaverse is part of the next wave of computing in Web 3.0.

Exhibit - Evolution of Decentralized Web

Source: Goldman Sachs.

What are the elements of a Metaverse?

Many human activities will be impacted by the Metaverse such as going to events, accessing social media, playing video games and even people's workplace.

Some technologies that are part of Metaverse are:

  • Virtual reality (VR);
  • Augmented reality
  • Holograms;
  • Non-fungible tokens (NFTs); and
  • Digital currency.

Why is it important to understand the Metaverse?

By 2026, 25% of people will spend at least one hour a day in the metaverse for work, shopping, education, social and/or entertainment

Source: Gartner, Inc

The importance of the Metaverse lies in the fact that it promises to transform the way people interact with the digital and even the physical world. Many companies, like Meta, are changing their view on how to connect with their customers – as the tech industry is set to change a lot – and how to collaborate in the workspace.

EICOM Institute also recommends that you check this video from our Commerce Chats to learn more.

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