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As of now, the launch of the Metaverse has been delayed due to various challenges, but it is only a matter of time before it becomes a reality. In my previous two blog posts, I analyzed the current hurdles that the Metaverse is encountering. Today, I am eager to discuss the factors that are hastening its arrival.
The term “Metaverse” was introduced nearly thirty years ago, and it seems to be more prevalent in our lives now than ever before. This raises a simple yet significant question: why is it becoming so prominent now?
The reason is closely linked to several factors that have encouraged the development of the Metaverse in recent years.
These are the 4 catalysts bringing the Metaverse increasingly within reach:
Ongoing technological advances.
The technical challenges faced by the Metaverse are far from being small. Yet, the technology that moving us closer to the dream of the future Metaverse is improving by leaps and bounds.
Constant progress regarding computing power allows larger virtual worlds to exist. Cloud and edge computing allow intensive big data processes, such as graphics rendering.
https://youtu.be/cvgjVgmv5DM
The swift uptake of 5G technology is facilitating easier access to virtual worlds through mobile devices, aided by reduced latency.
Additionally, the manufacturing costs for augmented and virtual reality hardware are on a downward trend.
The advent of blockchain technology, a decentralized database that logs data and transactions, grants exclusive rights to data owners to modify and encrypt their information. This system fosters complete control over private data. Consequently, technologies akin to blockchain are set to become a staple in the future Metaverse, ensuring the security of personal data, fostering trust among users, and establishing robust databases.
This advancement is especially critical in the context of medical records, as employing such a solution significantly mitigates the risk of misuse of sensitive medical information.
Major investments in metaverse infrastructure
In 2021, Meta invested $10 billion in the Metaverse, and Google directed 40$ million for private equity funds belonging to Metaverses projects alone.
Microsoft is proceeding quite fast with its approximately 70$ billion investment in acquiring Activision Blizzard for the purpose of securing the Metaverse. And don’t worry, Apple and Amazon are not so far behind.
The amount of money being spend on the creation of the Metaverse wouldn’t be an outrage coming from random companies, but these five companies control the market. They are at the wheel of the cutting-edge technology, which means the Metaverse is not so far off.
A wider set of use cases.
Gaming in the metaverse already has mainstream traction.
Consumer use cases are now expanding into new immersive retail, entertainment, sports, and educational experiences.
Then there are the metaverse’s sizable—but less talked about—enterprise applications and opportunities, including virtual employee training and on boarding and team collaboration with avatars, virtual prototyping in manufacturing and construction, and virtual-showroom displays for products such as cars.
Even government entities are experimenting with the metaverse.
Focusing on Healthcare, this shift can be life-changing.
Imagine medical interns practicing operations inside the Metaverse perfecting their skills.
This novel progress hopefully will minimize human error and potentially save lives.
The young generation is ready
Gen Z which makes up for over 30% of world population are more familiar with gaming, shopping, fashion etc. in the virtual world than in the real world. These “digital natives” don’t see the virtual world as less real than reality itself.
As they assess the present circumstances, they bear the duty of constantly merging the two realms. The Metaverse, poised to unify these worlds seamlessly, emerges as the ideal solution, allowing them to lead their lives without the strenuous task of manual integration.
It is likely that a large portion of Gen Z perceives the Metaverse as a natural progression and is keen to embrace it. This shift is significant, considering that Gen Z is maturing; in less than ten years, they will constitute nearly one-third of the healthcare professional workforce.
In conclusion
The realization of the Metaverse appears more definite, propelled by technological advancements and substantial investments from major tech companies; its outline is becoming clearer.
The question now revolves more around “when” rather than “if.”
Feel free to share your thoughts, and stay tuned for more updates,
Yigal