The Metaverse needs no introduction. Not in 2022 anyway. The original concept was envisioned by Neal Stephenson way back in 1992 and has been floating around for years, with various interpretations and implementations.
And now, finally, the Metaverse is becoming a reality.
However, how quickly is it all happening? How will the Metaverse evolve over the years? Experts like Melanie Subin, a director at The Future Today Institute in New York City, predicted that by 2030, a large portion of people will spend time in the Metaverse.
Is that true? We’re about to find out. Join us as we examine how will the Metaverse look in 5 years.
Impact on Manufacturing
The Metaverse has a lot of potential applications, and one of the most intriguing is its impact on manufacturing.
In the real world, prototypes take a lot of time and resources. They require constant tweaking. Moreover, once finalized, the product still needs to undergo rigorous testing before it’s ready for mass production.
Not in the Metaverse. Prototypes can be built by taking advantage of virtual engines like Unity. The idea is that you would be able to create a 3D model of a product and then send it to a professional printer who would print the physical product for you.
Companies like BMW and Hyundai have already created virtual twins of their production plants where they can test out new ideas without incurring the cost of building a physical prototype.
Virtual Real Estate Market
Digital real estate is a brand new concept. In the Metaverse, people will be able to buy, sell, and trade virtual land.
We expect the virtual world to mirror and adopt characteristics of the physical world, including economies. The Metaverse will have its own virtual real estate market where people can buy, sell, and trade virtual land.
The process has already begun. In Hong Kong, property tycoons have already started buying up virtual land. You can attribute the interest to the scarcity of real-world property in Hong Kong.
With virtual real estate, there is no need to worry about zoning laws or building permits. You can do whatever you want with your piece of the Metaverse.
Future Impact on Global Economy
Needless to say, the Metaverse will have a big impact on the global economy. It already has had a significant impact.
Last year, we saw NFTs selling for nearly $70 million. And that was just the beginning. The Metaverse is going to change the way we think about ownership.
It will also create new opportunities for entrepreneurs. In the Metaverse, you can be your own boss and create your own products and services.
Do We Have the Tools Already?
So what will this new Metaverse look like? Will we all wear headsets and be transported to a virtual world? Or will it be something more subtle, integrated into our everyday lives?
Argodesign, the design firm that has spent years as an AR consultant for Magic Leap, seem to have an idea of how the future of Metaverse will look.
The firm envisions the Metaverse as a natural extension of the Internet, where instead of visiting websites, you visit real places. Their mixed reality glasses add digital layers to real places.
For instance, your living room could have a layer for watching a gain virtual TV. Or you could have a layer for playing video games.
What’s more, Argodesign believes that the Metaverse won’t be limited to just entertainment and gaming. They think it will eventually become the new operating system for our lives.
Closing Thoughts
You can be sure of one thing the Metaverse is coming. It’s not a matter of if but when. And it’s going to change the way we live, work, and play. Are you ready for the future?
