For all the hype around the metaverse, it is easy to forget it is still in its infancy. While the term has only recently entered the broad public consciousness, its impact on how we interact with technology is already expected to be deeply consequential. McKinsey & Company estimates that annual global spending within the metaverse could reach $5 trillion by 2030 across domains as broad as gaming, social, fitness, commerce and remote learning.
The question of how to define and build technology with such broad capabilities is in flux. While a number of games — such as Roblox, Fortnite and Minecraft — have been hailed as early examples of successful metaverse platforms, a more holistic approach would see unrestricted interaction for players across these games. Interoperability between metaverse platforms is one key component that should be considered.
While only recently entering the public lexicon, the metaverse is not a new concept. The term was originally used to describe a fictional break from reality in Neil Stevenson’s Snow Crash. The popularity of digital entertainment surged massively during the pandemic. From games like Among Us to services like Netflix Party and Zoom, the opportunity to socialize virtually was highly appealing to many during a time of deep isolation.
Related: AI will help realize the true vision the metaverse hopes to achieve
These changes have fundamentally reshaped our ideas of how we socialize and work together, with enduring habits formed in connecting and collaborating virtually — an important factor accelerating engagement with the metaverse. Virtual experiences such as Travis Scott’s Fortnite concert have made positive steps forward in developing in-game socially immersive experiences.
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