We’re currently living in a world with thriving technology that has come in leaps and bounds over the past several decades.

It’s constantly evolving and infiltrating all aspects of our lives (even more so post-pandemic), which poses the question:

Where else can it go?

Well, here is where the Metaverse steps in.

What is the Metaverse?

It’s hard to fully define what the Metaverse is, predominantly because the scope of this virtual universe is truly unknown and the opportunities could be endless.

The term itself first made its appearance in the cult novel, Snow Crash by Neal Stephenson, and was used when describing a virtual world that consisted of a 3D street where millions of human-controlled avatars could interact.

This concept has since then gone to be explored by many other science fiction writers, however, there is now a chance that it could become our modern-day reality.

Meta (previously known as Facebook) and Microsoft, claim that the introduction of the metaverse could be a revolutionary ‘next-generation’ internet platform that will allow users globally to interact in parallel virtual worlds.

However, some critics argue that the Metaverse could do more harm than good and that the hype surrounding it could fall just as sharply as it has risen in popularity.

What could the global mainstreaming of the Metaverse mean?

The possibility of a Metaverse (or Metaverses) being introduced into our lives is arguably a potential reality, and it might not necessarily be bad.

Matthew Ball, the author of The Metaverse, explores in his book how the metaverse could bring on some exciting and beneficial advances if it’s shaped by us, the users.

He also discussed how the Metaverse could enable people to connect in more meaningful ways and have the potential to create huge economic opportunities.

However, he did also suggest that it’s not all sunshine and rainbows, as problems could arise if major companies attempt to dominate the virtual realm and twist it into a “corporate internet”. The chances of which, could be quite high if we look at other trends in society.

Many leading gaming innovators also have shared their opinion on this new take too.

Epic Games founder, Tim Sweeney, for example, claims that the Metaverse could be extremely powerful:

“If one central company gains control of this, they will become more powerful than any government and be a god on Earth.”

Whether or not this is a good thing is up for debate!

However, one thing that can be agreed on, is that if it were to take off, it could revolutionise every global industry from music and entertainment to finance and even healthcare.

More than just a virtual reality

Virtual reality is no longer a new concept. In fact, elements of VR have been present since the 19th century.

For example, scientist Charles Wheatstone studied stereoscopic images through a stereoscope in the late 1830s. His research demonstrated that our brains process different 2D images from each eye into a single object of three dimensions, giving us a sense of depth and immersion.

His findings, alongside David Brewster’s Lenticular Stereoscope (1849), are thought to have aided the later development of the popular View-Master Stereoscope (1939) which was used for “virtual tourism”.

Since then, these concepts springboarded the development of VR and VR headsets into what we see today.

However, with all of that being said, the Metaverse could clearly be much more than we already know.

Metaverse development

Meta and Microsoft, two of the world’s leading tech giants, are pioneers for the Metaverse and are suggested to be the likely frontrunners in developing it further. In fact, they are already beginning to do so!

Meta, as of May 2022, reportedly has 10,000 employees working on their Metaverse and spent $10 billion on developing it in 2021 alone.

Microsoft has also announced their own Metaverse, and its take on it is that it involves “the ability to bridge the digital and the physical worlds.”

Where the Metaverse is currently at

Meta and Microsoft are two companies that are a couple of steps ahead when it comes to the Metaverse, however, despite all this, we do still remain quite a way off of an elite and front-running Metaverse and it’s still very much in a brainstorming phase in most aspects.

To get to a place where it is a well-functioning reality, better hardware, infrastructure, and clearer and defined standards is what will be needed.

If its potential is fully unlocked, then it could become the go-to platform for everything, whether it be education and entertainment to finance and healthcare.

It could even make its way onto the battlefield and further develop the combination of AI with reality.

However, the biggest challenge could be how to guarantee that it is not monopolised by certain leaders, to ensure interoperability variability between different Metaverses and make sure that the edges of reality don’t begin to dissolve.

Our final thoughts

The opportunities of a Metaverse appear to be endless, and it’s clear to see that it will truly be what we make of it – developers, investors, consumers, and governments alike, and despite being trivial, it could become essential in reinventing what we know and be worth millions if it’s done in the right way.

With the help of leading tech companies, we could also be seeing a full introduction of the Metaverse within the next decade or so. However, could this all be a fad that will fizzle out as soon as it begins to emerge or will it be the escape from reality that we’ve unknowingly needed all along? We’ll have to wait and see.

Coffey Brooks are a team of Independent Financial and Mortgage Advisers based in Clacton-On-Sea, Essex and are directly authorised and regulated by the Financial Conduct Authority.