The Metaverse is a prevailing topic within the ever-evolving tech space and seems to be an important topic for businesses and individuals around the world, including what it is and where it is headed. These are important questions to ask, as metaverses projected 80 billion etf assets by 2024, will open – up a portal to a world of unexplored possibilities. With these possibilities come an equal number of concerns for what the future of daily life will look like. Leading global companies like Wallmart, Ford, Microsoft, NASA and IKEA have already incorporated virtual reality, augmented reality and online platforms into their core business operations and services.
What is the Metaverse?
The metaverse is a concept that represents a collective virtual space composed of various digital platforms, applications, and experiences created by different companies and developers. Companies like Facebook, Google, Microsoft, and have been investing in virtual reality, augmented reality and online platforms that contribute to the development of the metaverse.
However, the metaverse itself is a decentralized and evolving concept that is still to be further shaped by multiple stakeholders in the technology and entertainment industries. Along with progressive innovation, comes equal concern, as the metaverse concept threatens to distort what we now deem as a “normal” way of living.
Tesla’s, Elon Musk is unashamedly outspoken about his thoughts on the metaverse, recently tweeting “Nature is healing”, in response to a Wall Street Journal article that first reported on the closure of Disney’s next generation story-telling and consumer-experiences unit. The company’s unit, comprised of 50 employees, tasked with developing a new form of storytelling, was dissolved in March this year.
Recent developments in the Metaverse space
Recent developments in the metaverse space include social platform, ‘Grief tech’ and a VR suit that could allow participants to physically feel things.
‘Grief tech’ – is a social platform that uses AI-powered technology to develop chatbot avatars of people’s deceased relatives to preserve their memory and help them grieve. The VR full – body suit, was developed by a group of 8 Swiss engineering students to “superboost” immersive experiences in the metaverse.
Psychologists have already started addressing the potential impact of these augmentations on the human mind. Boundaries between physical and virtual reality may be blurred, as actions in one reality will have consequences in another.
Is Africa embracing the Metaverse?
Participation in a future digital realm seems out of reach in less developed Sub – Saharan African countries where, despite vast improvements, just 28% of the population was connected to the internet by the end of 2020, according to GSMA.
Despite this, there are several African companies that have welcomed VR technology. To name a few are Nigeria’s Thrill Digital, that uses AR and VR, to create fashion metaverse. Another proud innovator in the African metaverse space, is Nairobi-based BlackRhino VR that uses immersive virtual reality technology to develop documentaries, educational material and marketing campaigns.
BlackRhino VR’s head of business development, Brian Afande says that the company has worked with companies and organisations of the calibre of UNICEF, Shell, Safaricom and Kenya Wildlife Services. They serve as the go-to VR production crew whenever international news agencies need to create content in Africa.
It is predicted that by 2026, an estimated 25% of the world’s population will spend at least one hour per day in the metaverse for digital activities including work, shopping, education, social interaction, or entertainment. The metaverse is set to have a drastic impact on the way we live, and it is in power of the individual to embrace it or not.
//Staff Writer