Yesha Sivan, author, professor and CEO of business platform i8 ventures, agrees. “For many, augmented reality devices such as smart glasses are likely to entirely replace the multiple devices we use today, such as smart watches, smart phones and earbuds.”
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“I believe it’s almost inevitable that the metaverse will become very pervasive over the next decade,” she told World Finance. Among them is Melanie Subin, Director at the Future Today Institute, a strategic consultancy that helps organisations prepare for the future. Some believe it could transform the way we do business and live our wider lives altogether. A recent report by JP Morgan (Opportunities in the Metaverse) meanwhile concluded “the metaverse will likely infiltrate every sector in some way in the coming years.” Crypto company Grayscale has forecasted a market opportunity of $1trn in yearly revenues, while Morgan Stanley has predicted China’s metaverse market alone could be worth nearly $8trn in the future. While some have downplayed all this as mere hype, others are betting on a metaverse future. A few months later, the company bought gaming giant Activision Blizzard for $68.7bn in a record-breaking deal that would “provide building blocks for the metaverse,” in the words of Chief Executive Satya Nadella.Įntertainment companies such as Nvidia (inventor of the GPU), Epic Games – developer of the Fortnite platform, where Ariana Grande hosted a virtual concert last summer – and Unity (the world’s leading platform for creating 3D content) are all investing in the metaverse too, while Chinese giant Tencent has filed for 100 metaverse trademarks.ĭisney has meanwhile appointed an executive to lead its metaverse efforts, while Manchester City football club has announced plans to build a virtual Etihad stadium in the metaverse in partnership with Sony.Įntire cities are getting in on the game too Seoul has invested KRW 3.9bn (around $3m) in creating a metaverse, with digital twins of its key attractions set to launch in 2023, and Shanghai is also aiming to offer public services via the metaverse in the coming years. In November 2021, Microsoft unveiled Mesh for Microsoft Teams, a mixed-reality platform described in its blog post as a “gateway to the metaverse,” designed to allow employees to create avatars of themselves and attend virtual meetings.
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It might still sound like the stuff of fiction, but Facebook isn’t the only one getting involved. In Zuckerberg’s vision, consumers would be able to “work, learn, play and shop” in a 3D digital world, creating avatars of themselves to do business, study and visit friends across the globe via virtual and augmented reality. In October 2021, Mark Zuckerberg announced plans to “bring the metaverse to life,” rebranding Facebook’s now-eponymous name to Meta and investing $10bn in the virtual space. Roll on 29 years and that vision is close to becoming reality. In the 1992 sci-fi novel Snow Crash, author Neal Stephenson envisioned a ‘metaverse’ – a world where, in the face of a global economic collapse, the protagonist dons a headset to escape reality and enter a virtual space where avatars stroll the streets, digital shops line the pavements and electronic currencies rule the roost.