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Metaverse: what is it and how does it work?

Chances are you’ve heard of the Metaverse. But, do you know what it is and the ability it has to change our lives?

At UIE we are committed to the latest technological developments and trends. That is why we have prepared this article where we show you how the Metaverse works and the large number of work, professional, business and entrepreneurship opportunities that it can have.

What is the Metaverse?

A virtual world is called a Metaverse. The term was taken from science fiction movies, but it is not about a futuristic world nor is it about accessing another dimension: it is an ecosystem parallel to the real world that exists through the network.

Therefore, to enter the Metaverse you only need a device connected to the Internet. However, navigation is very different from what we usually do today: it immerses you in a 3D world. It’s about taking the experience further.

The user can be transported to the Metaverse and interact with its elements thanks to virtual reality devices, augmented reality and other existing technologies (especially in the gaming industry, the development of the Blockchain). In this way, it is as if you were really in a different universe.

How does the Metaverse work?

Interactions in this ecosystem become much more real. You can walk through a Metaverse with an avatar, enter a virtual store where you can see the genre, talk to shop assistants and make purchases.

You can also buy land and, for example, put a billboard on it to earn passive income. Avatars passing by that street will see the billboard.

These are just two simple examples of the possibilities and options that the Metaverse offers. The truth is that this combination of technologies has the capacity to revolutionize our way of studying, working, shopping and, ultimately, living.

How many Metaverses are there?

Actually, we talk about a single Metaverse in general. However,there are multiple metaverses. Each company, entity or person with the capacity to develop it can create its own virtual world. They can also be part of some of the platforms that are already developed (as is the case of the Nike company).

In this way, we can find different Metaverses. Some of them are still in the testing stage.
As examples of existing virtual worlds we could mention the most popular ones:

  • Decentraland.
  • Sandbox.
  • Roblox.
  • Blocktopia.
  • Axie Infinty.
  • Somnium Space.

What is the Facebook Metaverse?

Facebook changed the name of its original company to Meta, precisely because it is one of the large companies that invests heavily in the development of the Metaverse and its business vision focuses on this concept.

In fact, it was Mark Zuckerberg himself (CEO of Meta) who announced this turn of the company in 2021 and coined the name “Metaverse” for this concept.

It makes sense to assume that Meta decided to launch this project, since Zuckerberg knows the capacity of social networks to establish relationships of all kinds (both on a personal and professional level). How much potential will the Metaverse have in this regard?

The truth is that Meta has an important asset to make its project possible: the experience in creating contacts (through Facebook, WhatsApp and Instagram).

Its Metaverse “Horizon Worlds” is designed so that each person can develop a virtual world. In this way, communities populated by avatars will be created that will interact with each other.

What application does the Metaverse have in the business world?

It is natural that the video game industry is a pioneer in the development and use of the Metaverse, since companies have experience in programming this type of software (they create universes for games).

In fact, many gaming companies are specializing in the creation and already operate in a first version of the virtual universe.

However, the Metaverse goes much further: it promises o revolutionize the way we interact.This also includes job opportunities and the ability to conduct business.

What’s more, it is stated that the Microsoft Metaverse, which is specially designed for the professional field(something like the social network LinkedIn, but taking advantage of new technologies). In January 2022, Microsoft bought the video game company Activision Blizzard (creator of popular video games such as Candy Crush, Warcraft or Call of Duty).

For its part, Nike also presented its parallel world called Nikeland (located in Roblox). Demonstrating how this technology can take the shopping experience to the next level

The increase in productivity, added to the cost savings, that means for companies to have remote spaces to hold meetings, work, make presentations, serve clients, launch marketing campaigns, create events, close sales and make value transfers ( thanks to Blockchain technology) is obvious.

All this without taking into account the new business, innovation and entrepreneurship opportunities that the Metaverse can bring: interaction has no borders. We are facing a full-fledged megatrend that must be followed closely to see its evolution.

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