Can the Metaverse Become a Billion Pound Industry


If you’re unfamiliar with the term, the Metaverse is a virtual reality version of the internet that was first a term coined by Neal Stephenson in 1992.

We’ve been predicted to reach that age by 2026 as big brands start paying more attention, including the likes of Facebook which recently changed its name to Meta, short for Metaverse.

After websites became a part of everyday life, with eBay and Amazon leading the way, it always seemed like there would come a time when our screens would become obsolete. The rush towards artificial intelligence, big data and augmented reality points in the same direction: we want to be connected everywhere and to everything, even if that means leaving our desks and laptops behind.

(Source: Bloomberg)

The metaverse is the next step towards a transparent and expansive digital world. Each of us will have access to an online version of our physical world from this moment on. It will be as good as the real thing but cheaper and more effective.

Creating a metaverse requires three essential elements: software, technology, and infrastructure. The first two are already in place; however, it is the third that holds us back: it is time for governments to start investing in this new infrastructure for the digital age.

The cost of building a highly connected society has skyrocketed in recent years due to several factors. First, we moved out of Web 3.0 and the need for high-speed broadband. This is followed by home entertainment systems, mobile devices and smart wearables requiring high-speed internet connection and sophisticated technologies, including powerful A15 Bionic Chipsets. And finally, we have autonomous vehicles, artificial intelligence, 3D printers and robots, which require a broadband connection.

Today that world exists in pockets around the world: you can access speeds of 1GB per second in London via Google Fiber, but there are also other parts of the country where you have to be patient for a few seconds for your page to load on Facebook. . We trade convenience for lightning-fast Internet access; 20 years from now, we may be nostalgic for those frustrating times.

What is web 3.0?

Web 3.0 is the cornerstone of a truly connected society. It is a low latency network, which can be used for both personal and industrial purposes. In addition, web 3.0 is by nature based on secure data transfers and high-speed connections: it explains the rise of big data, artificial intelligence and the emergence of our new digital identities.

Seen in this light, it is clear that web 3.0 is the last piece of a puzzle that has been built over the past twenty years. Web 1.0 was about the Internet being a tool for humans, Web 2.0 was a way to access it, and Web 3.0 was about connecting people and machines.

The emergence of Smart citiesubiquitous Web 3.0 devices, decentralized networks, and digital identity are all part of what is known as the metaverse.

After decades of being denied internet access, billions of us are now online. As a result, our lives are becoming more and more virtual; our interactions have become more natural and our interactions with objects have become increasingly automated.

Web 3.0 is here to stay, and this trend will only accelerate over the next decade: we are on the cusp of a new digital age that will connect everything around us, from our homes to our cars. .

We are currently living in the era of Web 2.0, an era where we have access to real-time information on all platforms and screens through applications, browsers or mobile devices. While it has changed the way we interact with each other, it has yet to fully deliver on many of its promises; often our data is siloed by companies in order to retain their customers and make money from their data.

Web 3.0, on the other hand, is designed to be fully decentralized: it’s a secure, low-latency network that doesn’t rely on big data and a culture of surveillance. It’s the very essence of what we’ve been waiting for ever since we got our hands on a mouse.

Web 3.0 will offer users more freedom than ever by giving them control over their data and how they interact with connected objects in real time; there won’t be any need to go through third-party apps to connect with friends or family, and you won’t have to wait for your TV remote to tell your lights what you want them to do.

Web 3.0 will allow users to freely interact with the connected objects around them, from televisions to lights, without the need for third-party applications and software. Web 3.0 will also offer users a greater sense of control and privacy than ever before.

Web 3.0 has several potential applications: in the past, we’ve seen everything from web-enabled lights to smart mirrors and predictive food preparation, all part of this new era of connectivity.

One of the most exciting opportunities for Web 3.0 in the future will be online gaming. Right now all the games you play online are controlled by a centralized server that decides what happens, but as gaming becomes more and more of an essential part of our lives, the need for a plug real-time decision making is also increasing.

One of the biggest problems with Web 2.0 is that all the information you provide is stored in one central location. this is called the honeycomb: information is stored in one place but accessible from anywhere on any device (known as the home internet). Web 3.0 will be the next step in the decentralization of the Internet, allowing users to share information and have full control over whatever data they choose to share. Web 3.0 will allow users to interact and share information without having to go through a centralized application; it will be the first truly decentralized network where users will have control over their information.

Web 3.0: how is it different?

Since the birth of Web 2.0, we have been living in an era of large-scale data monitoring and collection, all driven by centralized systems or third parties – the so-called honeycomb.

All of this will change with Web 3.0. The development of Web 3.0 has been around control and decentralization: a new environment where users have more power, privacy and autonomy.

Web 3.0 will cease to be controlled by any entity; it will be decentralized and open-source, preventing anyone from shutting down or manipulating the network – this will probably be the most significant difference from past versions of the Internet: no body will have control over it, and no one only government can shut it down.

Instead, Web 3.0 focuses on direct user-to-user interactions, allowing users to interact with each other without having to go through a centralized application. At the same time, they also retain control of all their data.

Can the Metaverse Become a Billion Pound Industry

Since the publication of the book in 1992, the metaverse has become a reality. The mobile virtual reality market was estimated at USD 6.1 billion in 2020 and is expected to reach $20.9 billion by 2025. One of the main drivers of this evolution is ease of access and affordable devices and technology. The strongest growth was seen in North America and Western Europe, where the figures rose from $855 million to $2.7 billion and from $1.6 billion to $3.1 billion respectively in 2015. This was boosted by the recent launch of Google Glass and Samsung’s Galaxy Gear smart wristwatch.

The low cost and increasing availability of the virtual reality headset is driving this growth and will likely continue to do so, with other niche products to follow. This is how the metaverse can become a billion pound industry.


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