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Metaverse is the next evolution of digital technologies. It includes 3D virtualization and will transform digital technologies in the next 5–10 years. It is a collective virtual space, created by the convergence of virtually enhanced physical and digital reality. In other words, it is device-independent and is not owned by a single vendor. It is an independent virtual economy, enabled by digital currencies and nonfungible tokens (NFTs).

A Metaverse represents a combinatorial innovation, as it requires multiple technologies and trends to function. Contributing tech capabilities include augmented reality (AR), flexible work styles, head-mounted displays (HMDs), an AR cloud, the Internet of Things (IoT), 5G, artificial intelligence (AI) and spatial technologies.

There is a lot of excitement around Metaverse, much of it driven by technology companies preemptively claiming to be Metaverse companies, or creating Metaverses to enhance or augment the digital and physical realities of people. Moreover, activities that currently take place in siloed environments will eventually take place in a single Metaverse, such as:

• Purchasing outfits and accessories for online avatars
• Buying digital land and constructing virtual homes
• Participating in a virtual social experience
• Shopping in virtual malls via immersive commerce
• Using virtual classrooms to experience immersive learning
• Buying digital art, collectibles and assets (NFTs)
• Interacting with digital humans for onboarding employees, customer service, sales and other business interactions

Elements of a Metaverse

Gartner is a technology research and consulting company. It described the elements of a Metaverse in the below diagram.

Gartner expects that by 2026, 25% of people will spend at least one hour a day in the Metaverse for work, shopping, education, social media and/or entertainment.

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You can read more about Metaverse here.

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