The metaverse is poised to transform the world – but do you know what it is?

Jonathan Maes

Jonathan Maes

Researcher and Business Consultant Jonathan Maes Howest

25 May 2023

The metaverse truly seems to be everywhere and is set to be the next big technological revolution. But there has been a ton of debate and different interpretations among both industry experts and academic experts about what the metaverse actually encompasses. 

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While the term ‘metaverse’ definitely skyrocketed in popularity with the rebranding of Facebook to Meta (and a noticeable pivot in the company’s business strategy), it’s not a novel concept, but it has only become feasible thanks to recent technological advancements such as mixed reality and blockchain.

In the beginning… was the metaverse

In fact, many of the metaverse’s ideas and concepts are decades old. Neal Stephenson’s popular dystopian novel Snow Crash from 1992 already included immersive goggles and being able to escape into a digital world for leisure – and that’s exactly what some of the bigger tech companies and decentralized developers are actively embracing today.

Fast-forward more than three decades, and what was once seen as pure science-fiction is now within reach with the impressive technology that’s available today. The ability to leave the physical world behind and jump into a fully 3-dimensional virtual environment is doable thanks to virtual reality and mixed reality headsets. In the metaverse, the laws of physics do not necessarily apply – so, technically, anything is possible. Flying across the solar system to let students learn more about our planets? No problem. Virtual collaboration with co-workers on the other side of the world? Equipped with mixed reality headsets, it’s as if your colleagues are sitting in the room right next to you. Or how about virtually trying on clothing from online websites before clicking that purchase button?

With all-encompassing potential and possible market penetration in many different sectors, it’s not surprising that many tech companies have been focusing their efforts on bridging the physical and the virtual worlds.

How do we define the metaverse?

Clearly defining the metaverse is not an easy task. What most industry experts agree on, however, is that the metaverse is more than just one thing and should be seen as a wide spectrum of technologies and philosophies. A common explanation is that the metaverse is a ‘3D version of the internet’ – but it’s important to thoroughly nuance this definition.

Several features and characteristics are an integral part of the metaverse: immersive and realistic experiences, 3-dimensional shared virtual spaces with thousands of other people, a consistent (virtual) identity, and a focus on digital economies. Additionally, there’s a plethora of technological building blocks that can be used to build a metaverse experience: augmented reality, virtual reality, mixed reality, blockchain, tokens, and even artificial intelligence is being used more often for metaverse-related purposes.

According to some, the metaverse should also be as decentralised as possible, as this is the only way users can actually ‘own’ their digital persona along with their data. The decentralised ecosystem community fears that, if big tech companies can control the metaverse or heavily exert their influence on it, the metaverse will never reach its full potential.

Is the metaverse already here?

Now that we’ve attempted to define the metaverse, you might wonder if the metaverse is already here.

Just like the definition of the metaverse, there isn’t a lot of consensus on this subject. While the current Microsoft leadership believes that the metaverse is already here, Meta’s own Mark Zuckerberg believes that the concept will only become mainstream in the next five to ten years. It’ll be interesting to see the coming developments of other influential players such as Nvidia, Google, Tencent, and Apple. Second Life, the virtual 3D platform released in 2003, certainly comes to mind as an early or ‘proto-’ metaverse concept, but it doesn’t use recent technologies or immersive worlds and interactions to truly speak of a compelling metaverse experience.

In any case, there probably won’t be a defining ‘starting point’ for the metaverse – it’s not simply about flipping a switch. The technologies will continue to improve, and hardware products will continue to iterate further, in both costs and features. Some of the most important technologies we use today – think of wireless internet networks such as 5G, for example – have taken decades to start reaching their full potential and were considered very primitive in their early stages.

Still, the metaverse is poised to radically transform the way we digitally interact and work with the world around us, and it’s clear that we’re just starting to realise its immense potential.

So, are you ready to explore the metaverse with us? The check our 6-day management programme Metaverse for Business!

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Annelies Claeys

Annelies Claeys

Project Manager New Business