Is the Metaverse AR,VR or MR? Does the metaverse belong to a suite of technologies that build on alternative types of realities, aided by wearable devices?

Is the Metaverse AR,VR or MR?

While AR, VR, or MR are one of the most important elements of the metaverse, we might even say a cornerstone of the metaverse, the simple answer is no. The metaverse is neither.

The most well-known technologies are augmented reality (AR), Virtual reality (VR), and Mixed reality (MR) which is a blend of both.

Extended reality (XR) is an umbrella term that encompasses all kinds of altered realities offered by technology.

Notably, these different types of realities provide different levels of immersion or how you experience them.

Although, not the only way (to experience it), all it takes is a device with a screen, like a computer or a smartphone.

The Metaverse is a much broader concept, it is a combination of virtual reality, augmented reality, mixed reality, blockchain as well as Web3, AI, Social media, and much more.

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AR and MR

Augmented reality (AR) allows you to view the real-world environment with augmented seamlessly added elements, generated by digital devices.

We usually view the combined actual and digital content through a handheld device or smart glasses still often in two dimensional.

Mixed reality merges the real world with the virtual world to create new environments. And visualizations where objects from the virtual world and the real world coexist and interact in real time.

We may describe it as enhanced augmented reality with some aspects of virtual reality, thus a blend of both.

Many experts forecast that users, for their daily activities on the internet, will engage in the metaverse through AR & MR for the foreseeable future.

In contrast, VR is used mostly for entertainment, gaming, meetings, and virtual learning and training.

Basically, you can experience virtual reality by using ocular technology (VR headsets or glasses).

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Haptic technology

More recently, haptic technologies such as gloves and suits are rapidly being developed and adapted for the metaverse to be used.

Particularly, in combination with AR or VR. This technology essentially stimulates your sense of touch. And it enhances your experiences by adding tactile response so you may “feel”.

Another emerging tech is a brain-computer interface (VCI) which is a part of neurotechnology.

BCI is a computer-based system that takes brain impulses, examines them, and then converts them into instructions for devices that ultimately deliver the required result.

Researchers predict that it will be applied in the metaverse to enable people to operate devices, interact with one another, and control avatars through their thoughts alone.

Sophisticated algorithms and computing power are predicted to be key factors or enablers in the further development of more immersive environments.

Metaverse will certainly require “supercomputers” with a high-performance level. This is where quantum computing development comes into play.

Quantum computing should add computing power to the metaverse, VR and MR resulting in more immersive and seamless experiences.

AI

Virtual worlds and other infrastructure, landscapes, and other assets will be created by AI . This is in addition to humans as the primary content creators.

As technology advances, AI is expected to take a primary role in content creation.

Soul Machines is working on Humans OS 2.0, an AI-driven digital 3D version of chatbots that will eventually inhabit the metaverse. Which learns from interactions with real people.

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Metaverse Concept – Shaping the Future of Digital Economy

Firstly, the metaverse is still a work in progress. Further, as the man who coined the term 30 years ago says it’s “nascent”.

Moreover, it’s really just the last couple of years that everything has come together. Additionally, the cost of raw graphics processing power came down.

Essentially, you can make great games and three-dimensional experiences.

Especially, to network all that together, into something that looks like the metaverse … Actually, you need a lot of networking capability and an ability to handle transactions. Essentially, that is too cheaply, quickly, and reliably.

Further, other elements are less obvious. Moreover, they have not started to materialize until the last couple of years.

Developing of Metaverse explained –

Firstly, the metaverse is still a way of being fully interoperable. Furthermore, when your avatar can wander between virtual worlds carrying whatever accouterments you have acquired.

Moreover, Sci-fi is slowly becoming more of a reality, so companies are investing in the opportunities it presents.

Investment in Metaverse Explained –

Further, $120 billion was invested into the metaverse space in the first 6 months of 2022.

Moreover, according to McKinsey, double the investment across the whole of 2021. By 2030, it is estimated to be worth $5 trillion.

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3 Ways in Which we are using it? – Metaverse Concept

The Consumer Metaverse – Metaverse Concept

First, “This is like Nike or Gucci, J P Morgan Chase, that are pioneering ways to interact with customers in the metaverse. Retailers are experimenting with immersive shopping experiences.

Essentially, like IKEA’s Virtual interior designer app on Oculus. Effectively, a VR showroom. Where people can shop for products at home or in-store.

Further, Gucci hosted Gucci Vault Land in The Sandbox metaverse space in October 2022. Additionally, it has Gucci Town in the Roblox game.

Moreover, in September, makeup brand Sephora held its second immersive beauty festival “Sephoria “with masterclasses in different rooms and commemorative NFTs of the event.

Technology Evolution at Metaverse explained –

Further, it goes beyond retail to include media, entertainment, real estate, and even banking.

Additionally, It is part of the building and defining metaverse initiative launched in 2022. Essentially, to shape a future metaverse that is safe, equitable, and economically viable.

Bottom Line –

Again, there is no one-size fits for or linear consumer journey in the metaverse. Furthermore, the value of consumers derives will depend on their personality type.

According to research by Nokia and Ipsos, Members of Gen Z who are more introverted, will find value in being able to go shopping from home.

Further, others will value socialization and entertainment.

Furthermore, millions of Roblox community members today customize their avatars on a daily basis. As well as, all prepare for school, work, or social events in the physical world.

Further, it is no surprise, it’s most prevalent among digital natives who grew up online and know well how integral this avenue for self-expression is.

The Enterprise Metaverse –

Firstly as a case in point, a pre-pandemic experiment in using virtual reality to onboard new Accenture employees. Essentially, it has now become an integral enterprise metaverse. Additionally, it is called the Nth Floor.

Moreover, in the past year, it has been used to onboard 150,000 people. Further employees get a headset when they join the company.

Secondly, they go in for some guided experiences, orientation, and training. And then, there are some unguided activities they can do to learn.

Furthermore, the Nth Floor has increased engagement during the process. As well as, learning retention. But it is also proving a useful tool in client meetings.

Firstly, as Meta’s Chief Product Officer, Chris Cox told a panel in Davos. “The feeling of presence ” is the “essential ingredient for the user experience of something that feels metaverse-like.

Secondly, the enterprise metaverse is also seen as a way to aid recruitment in certain sectors like construction by effectively gamifying the job.

As well as, to close the skills gaps with Adecco Group piloting a VR program in Belgium to train forklift drivers. Essentially, one of the most in-demand job roles to fill.

Use Cases –

Further, it can be used for good. Essentially, the Forum has collaborated with Accenture and Microsoft on The Global Collaboration Village.

Essentially, a purpose-driven metaverse to enable greater cooperation between business, government, and civil society. Further, to solve the world’s biggest challenges.

Metaverse Concept – The Industrial Metaverse

Finally, there is the industrial metaverse. Moreover, it uses augmented reality and digital twins. Additionally, to bring the metaverse to the outside operations of your business.

Furthermore, it was the subject of discussion at Davos, titled “Deployment in the Industrial Metaverse “.

Secondly, it touched on some of the use cases, including in the construction, logistics, and healthcare industries.

Moreover, there is a lot that the industrial metaverse can do. For instance, NYU was using cinematic rendering to illustrate the disease.

Consequently, instead of sending a report and text to the patient, they receive a link to a 3D graph.

Furthermore, people can replace anatomy education. Additionally, instead of using human bodies, they can switch it to virtual exploring 3-D animations.

Meanwhile, port operations are using digital twins to improve efficiency. Additionally, reducing operations costs and CO2 emissions.

For instance, DP World is launching DPMETAWORLD to help tackle supply chain challenges.

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Metaverse Concept – Conclusion

First, across all these categories of the metaverse, there are challenges. Additionally, from data privacy to trust and governance.

As well as, how the metaverse and other digital technologies will impact on people’s jobs.

Additionally, for example, when a 3-D image of a tumor displaces the role of a radiologist.

Further, who was trained in seeing a 2D slice? Further, implementing it as the disease.

Furthermore, the radiologist has to undergo a mindset shift.

Meanwhile, Metaverse can become a more equal and inclusive space brimming with new opportunities. Further, it will only be as good as we make it.

Lastly, we need to make it a metaverse that works for everyone.

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