What is the metaverse?

The metaverse is a very distinctive concept: a 100% virtual digital universe that takes technology and connectivity to a new level. Its reach is so broad that it extends to areas far beyond video games.

In this article we explain what the metaverse is, how it works, the types of metaverse and why companies should invest in this promising technology.

What is the metaverse and how does it work?

The metaverse is a virtual world that we access through special devices, such as augmented reality glasses, which let us interact with the users and elements we find inside these virtual worlds.

Virtual worlds are nothing new in video games, where they come in every shape and form. What the metaverse aims to do, however, is create an alternative reality in which we can live our day-to-day lives, work, attend events, interact with other people and travel without actually going anywhere.

We mainly access it through virtual or augmented reality glasses, computers, apps or our smartphones. All of these project realistic, interactive environments onto our physical surroundings.

The key to the environments it creates is that they are fully immersive, letting us step right into them. If we have sensors, they record our physical movements and the avatar that represents us in the metaverse reproduces them.

Key features

1. Interactive space

Metaverse users can interact with all the elements of the environment, with other avatars and also with all the changes that take place in it.

2. Autonomous environment

One of this technology’s great strengths is that the metaverse keeps running even when we are not in it, whether or not any users are connected.

3. Decentralised and limitless

The metaverse has no single owner: all its users own it. A key factor is that blockchain ensures that all transactions and movements in the virtual world are secure and easy to trace. These virtual worlds are also highly accessible, with no limits or barriers of any kind.

4. It lets us take part in virtual economies

The metaverse has its own economy, decentralised and driven by cryptocurrencies. Users who are part of this virtual economy can buy, sell and exchange assets such as avatars, virtual clothing, event tickets…

Why is the metaverse important?

Today, the metaverse can be found practically everywhere on the internet, and with the growth of the Internet of Things, its use will spread to many more areas. The fields where the metaverse matters most are:

Work

Where we work from will no longer matter, as the metaverse opens up opportunities for new ways of working and collaborating, and lets workers have more meaningful experiences.

Entertainment

Many large companies are investing more and more in the games industry. This is because video game creators and developers are one step ahead in creating virtual worlds. In the future, we can expect not only video games with virtual worlds but also the chance to visit art exhibitions, enjoy live theatre, take part in shows…

Tourism

One of the most promising possibilities the metaverse offers is the chance to experience other countries without physically being there. As this technology evolves, users will be able to visit places virtually and experience flavours and smells from a distance.

Culture

With avatars, prejudices based on race, sex, age and so on disappear. This will help level the playing field for work, education and social connections.

Types of metaverse

Metaverses can be traditional, blockchain, centralised or decentralised. But they can also belong to two of these types at once.

·Centralised metaverse: developed and backed by a company. An example would be Meta.

·Decentralised metaverse: one that gives its users full power to decide the future of that world, and the ability to manage their own assets and invest or exchange them. An example would be Decentraland.

·Traditional metaverse: one in which the world’s economy is controlled by the developers.

·Blockchain metaverse: here, many aspects, such as the economy, can be governed by blockchain technology, which gives users control of the world they are in.

·Metaverse according to business objectives: these are worlds created exclusively by companies and events to meet certain objectives, such as going viral, branding, driving technological innovation, etc. An example would be Coca-Cola’s strategy: a platform where, if you scanned a can or bottle of one of its flavours, a virtual reality concert would start.

How can we get in?

Anyone can enter the metaverse, as long as they have an internet connection with a good browsing speed.

Users can access the metaverse through a computer, creating an avatar from a photograph, or by using virtual reality glasses, which give users a much more captivating experience.

That said, you do not need virtual reality glasses to access the metaverse, as there are now several ways of getting in.

Should companies invest in the metaverse?

Companies should invest in the metaverse because of the considerable gains in productivity, the ability to anticipate results, the savings in costs and resources, the endless possibilities for interacting with collaborators and potential customers, and the chance to evaluate the performance and behaviour of our team.