If you don’t know the term, the Metaverse is a virtual reality version of the internet that was first a term coined by Neal Stephenson in 1992.
It’s been predicted that we will reach this age by 2026, as big brands begin to pay more attention, including the likes of Facebook who recently changed its name to Meta, short for Metaverse.
After websites became part of everyday life, with eBay and Amazon leading the way, it has always seemed like there would come a time where our screens would become outdated. The rush towards artificial intelligence, big data and augmented reality all point in one direction: we want to be connected everywhere and to anything — even if it means leaving our desks and laptops behind.
The Metaverse is the next step towards a seamless, expansive, digital world. Each of us will have access to an online version of our physical world from this moment on. It will be as good as reality but cheaper and more efficient.
Creating a Metaverse requires three essential elements: software, technology and infrastructure. The first two are already in place; however, it’s the third that’s been holding us back: it’s time for governments to start investing in this new infrastructure for the digital age.
The cost of creating a highly-connected society has ballooned over recent years due to several factors. First, we emerged from web 3.0 and the need for high-speed broadband. Then came home entertainment systems, mobile devices, and smart wear requiring high-speed internet and sophisticated technologies including powerful A15 bionic chipsets. And finally, we have autonomous vehicles, artificial intelligence, 3D printers and robots, which require a high-speed connection.
Today this world exists in pockets across the globe: you can access speeds of 1GB per second in London through Google Fiber, but there are also other parts of the country where you need to be patient for a couple of seconds for your page load on Facebook. We’re trading convenience for internet access at lightning speed; in 20 years, we may be nostalgic for those frustrating moments.
What is web 3.0?
Web 3.0 is the building block for a truly connected society. It is a low latency network, one that can be used for both personal and industrial purposes. Moreover, web 3.0 is inherently built on secure data transfer and high-speed connections: it accounts for the rise of big data, artificial intelligence and even the emergence of our new digital identities.
When you look at it from this point of view, it’s clear that web 3.0 is the final piece of a puzzle that has been created over the past twenty years. Web 1.0 was about the internet being a tool for humans, web 2.0 came about as a way to access it, and web 3.0 is about connecting people — and machines.
The emergence of smart cities, ubiquitous Web 3.0 devices, decentralised networks and digital identity are all part of what’s known as the Metaverse.
After decades of being denied access to the internet, billions of us are now connected. As a result, our lives are becoming more virtual; our interactions have become more natural, and our interactions with objects have become increasingly automated.
Web 3.0 is here to stay, and this trend will only accelerate over the next decade: we are on the cusp of a new digital age that will connect everything around us, from our homes to our cars.
We’re currently living in the age of web 2.0 — an era when we have access to real-time information across all platforms and screens via apps, browsers or mobile devices. While this has changed the way we interact with each other, it hasn’t completely fulfilled many of its promises yet; often, our data is siloed by companies as a way to retain customers and make money from their data.
Web 3.0, on the other hand, is designed to be fully decentralised: it is a low latency, secure network that doesn’t rely on big data and a culture of surveillance. It’s the essence of what we have been waiting for since we first got our hands on a mouse.
Web 3.0 will provide users with more freedom than ever before by giving them control over their data and how they interact with connected objects in real-time; there will be no need to go through third-party apps to connect with friends or family, and you won’t have to wait for your TV remote control to tell your lights what you want them to do.
Web 3.0 will enable users complete freedom to interact with connected objects around them, from the TV to the lights, without the need for third-party apps and software. Web 3.0 will also provide users with a greater sense of control and privacy than ever before.
Web 3.0 has several potential applications: in the past, we’ve seen everything from web-enabled lights to smart mirrors and predictive food preparation, which are all part of this new age of connectivity.
One of the most exciting opportunities for web 3.0 in the future will be in online gaming. Right now, all games you play online are controlled by a centralized server that decides what happens but as gaming becomes more and more of an essential part of our lives, so too does the need for real-time decision making.
One of the most significant issues with web 2.0 is that any information you provide is stored within a centralised point; it’s what’s known as honeycombing: information is stored in one place but accessed from anywhere on any device (which is known as home internet). Web 3.0 will be the next step in decentralising the internet, allowing users to share information and have total control over any data they opt to share. Web 3.0 will allow users to interact and share information without having to go through a centralised app; it will be the first truly decentralised network where users have control over their information.
Web 3.0: how is it different?
Since the birth of web 2.0, we’ve been living in an era of data surveillance and mass-scale collection, all driven by centralised systems or third parties — what’s known as honeycombing.
All of this is set to change with web 3.0. The development of web 3.0 has been around control and decentralisation: a new environment where users have more power, privacy and autonomy.
Web 3.0 will cease to be controlled by anyone entity; it will be decentralised and open-source, making it impossible for anyone to shut down or manipulate the network — this is likely going to be the most significant difference from past iterations of the internet: no single body will have control over it, and no single government can shut it down.
Instead, web 3.0 focuses on direct user-to-user interactions, allowing users to interact with each other without having to go through a centralised app. At the same time, they also retain control over all their data.
Can The Metaverse Become A Billion Pound Industry
Since the book was published in 1992, the Metaverse has evolved into a reality. The mobile virtual reality market was estimated to be worth 6.1 billion USD in 2020 and is expected to grow to 20.9 billion USD by 2025. A key driving factor of this is thanks to easy to access and affordable devices and technologies. The biggest growth has been in North America and Western Europe, where figures grew from $855 million to $2.7 billion and from $1.6 billion to $3.1 billion respectively in 2015. This has been driven by the recent launch of Google Glass and Samsung’s Galaxy Gear smart wristwatch.
The low cost and increasing availability of the virtual reality headset are driving this growth and will likely continue to do so, with more niche products following. This is how the metaverse can become a billion pound industry.