The Metaverse is Here to Stay

The metaverse is no longer an unfamiliar term. The technology behind it is evolving each day and promises to engulf our lives in the years to come. We take a look at its history, evolution, applications and risks, as well as the top 12 metaverse platforms today.

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When Facebook (now Meta) introduced the term ‘metaverse’ and the technology behind it, many companies began evolving strategies to implement it for their business solutions. Metaverse combines decentralised technology such as distributed ledger technology (DLT), non-fungible tokens (NFTs) and Web3 to enable secure, robust and resilient architecture. It also uses immersive, haptic and spatial technology to bring the user from the physical world into the virtual world.

Immersive technology is based on two principles — augmented reality (AR) and virtual reality (VR) — to merge the physical world with a virtual, digital or simulated reality.

Haptic technology is a 3D touch sense technology, also known as kinaesthetic communication. It is used to create the sense of touch through virtual application of force, vibration or motion.

Spatial technology or geospatial technology helps to map a location by studying its position, size and area. This helps to localise the user experience.

Metaverse technology is the latest buzzword, and many organisations believe that it can disrupt their IT policies, customer experience and market reach. However, there is a concern that metaverse may be over hyped and we may be overthinking about metaverse enabled solutions. While we cannot overlook this technology, understanding its industrial applications and popular use cases will help us comprehend its impact better.