Creation of the Metaverse: The Market

Did you miss the 2022 GamesBeat Summit session? All sessions can now be streamed. Watch now.

Stephen King said it best when he wrote, “Sooner or later, everything old becomes new again.” And that’s exactly what’s happening in the metaverse. It’s true; the technology driving this incredible space forward is anything but stale. However, the concept itself dates back nearly 30 years.

Love them or hate them, Facebook deserves credit for bringing Metaverse into the mainstream after rebranding itself as Meta. But the idea is by no means original. The origins of the Metaverse can be traced back to 1992. The same year Kris Kross made us “jump,” dial-up Internet access first appeared.

Creation of metaverse

1992 was also the year Neil Stephenson first used the term “metaverse” in the pages of his dystopian novel “Avalanche.” But no matter who gets the honor, the metaverse is now part of popular tech culture like blockchain, AR/VR, AI and quantum computing. By the way, all of this is now combining to drive the final metaverse. That’s what makes it so exciting.

As Dating Group Chief Strategy Officer KJ Dhaliwal explained:

“The Metaverse is the culmination of many different amazing technologies. As such, it offers tremendous potential to revolutionize our lives and the way we communicate, trade, and entertain. One of the most exciting features of the Metaverse is presence , it’s a feeling that you are physically in a digital space with others.”

New Year’s Eve is here and now

Sound too philosophical or futuristic? Then you can’t see what’s in front of you.Many of us are already Virtual space, daily. But we’ve only scratched the surface of what’s to come. However, there is still a lot of work to be done for the market to mature.

There is currently no industry standard on what the Metaverse really means. The metaverse remains largely an open frontier. It’s also a big reason why people are so confused about it.

So what exactly is the Metaverse? Many people think it’s just a 3D model of the internet. At the same time, others took a more extreme view.They see it as some kind of parallel universe where physics is fully connected to numbers, called “physical.”

Market opportunities

However, going from simple to extreme requires a lot of technology. For entrepreneurs and investors looking to pan for gold in the metaverse, new technologies and services are where market opportunities lie. And there seems to be a lot of gold to have.

according to Statista, we only barely know what the market value of the JPY universe will be one day. The company pegged its 2022 market cap at more than $47 billion. However, they expect the figure to soar to $678.8 billion by 2030. That means there could be more billionaires in the next eight years.

No doubt, this is exciting math. But it makes one wonder where the real opportunities lie. Should you start a new AR or VR startup? Will artificial intelligence bring magic? Or maybe supercomputing is where you should spend your cycles?

where to file a claim

To draw any conclusions, one must first understand where the market is now, the barriers to progress, and the direction the market is naturally positioned.and Virtual Reality (in its current form) probably not where you should spend your time and resources.

a recent report Piper Sandler It was found that 50% of Gen Z respondents do not plan to purchase a VR headset anytime soon. It’s not because they already have two or three. Only 26% admitted to owning a VR device. But it got worse. Less than 5% of people use headphones on a daily basis.

The key phrase to remember is “everyday use”. If only 5% of the youngest generation with purchasing power use something, stay away from it. and run away quickly. But you ask what are they using every day?

Consider Gen Z

according to los angeles times, Gen Z spends a lot of time on screens (mainly their smartphones). The newspaper said they watched an average of 7.2 hours of video a day, nearly an hour more than Gen X’s 6.3 hours. And, as the saying goes, old habits die hard.

Given the widespread adoption of mobile devices and the staggering amount of time old and new generations spend on screens, there’s a good chance that smartphones will reign supreme in the metaverse. But in their current state, they can’t do that. There needs to be a new technology that connects our smartphones to our reality, rather than tethering us to headphones or similar devices.

The next big thing is already underway. The boom in 5G, the evolution of computing, and the intelligence of artificial intelligence open the door to the next big thing. Brain-computer interface (BCI) technology will complete the integration between physical and digital. But this nascent field needs more experts and investors to help propel it forward.

The future is BCI

However, there is momentum. NextMind, which VentureBeat Covered in late 2020 and recently acquired by Snap for an undisclosed price. In the company statement, Snap writes“NextMind has joined Snap to help drive long-term augmented reality research efforts within the Snap Lab. Spectacles is an evolving, iterative R&D project, the latest generation designed to support developers exploring the technological boundaries of augmented reality.”

Unlike its annoying VR headset cousin, Augmented Reality — or better yet, MR (mixed reality) — done right can be a discreet technology that merges our physical and digital worlds in real time. This will become more profound as BCI technology advances. But don’t get me wrong. There are still plenty of picks and shovels for sale until a BCI is used to find a parent load.

Veljko Ristic is Chief Growth Officer at SDV Labs.

data decision maker

Welcome to the VentureBeat community!

DataDecisionMakers is where experts, including technologists working with data, can share data-related insights and innovations.

If you want to learn about cutting edge ideas and the latest information, best practices and the future of data and data technology, join us at DataDecisionMakers.

you can even consider Contribute yourself!

Read more from DataDecisionMakers

Leave a Reply

Your email address will not be published. Required fields are marked *