Get ready for a game-changer! The crypto world is buzzing with excitement over the metaverse, a revolutionary technology that is set to change the way we live, work and play.
A December 2022 survey conducted by CoinWire, of over 10,000 crypto investors showed an overwhelming majority believe in the metaverse's potential. In this article, we dive into the hype, examine its growing adoption and take a glimpse into the future of the metaverse.
Metaverse raises the bar: excitement follows
According to the CoinWire study, a significant number of individuals believe that the metaverse will significantly transform social interactions and lifestyles. The study found that 69% of respondents believed that the metaverse would revolutionise entertainment and 65% believed it would bring new ways of socialising. And it's not surprising when we look at the new developments on the horizon that are advancing virtual social life in an increasingly tangible manner.
Metaverse trends. Source: CoinWire
The Consumer Electronics Show 2023 (CES 2023) offered a glimpse into the future of virtual reality, showcasing technology that will soon allow users to touch and smell in the virtual world. A standout at the show was OVR Technology's OVR ION 3, a digital scent wearable that can be optimised for VR headsets and other digital devices. The wearable contains a cartridge with eight primary aromas that can be combined to create an array of various scents and is set to be released later this year.
OVR ION 3 (stand-alone wearable). Source: AP News
As OVR's CEO and co-founder Aaron Wisniewski said, "We are entering an era in which extended reality will drive commerce, entertainment, education, social connection, and wellbeing. The quality of these experiences will be measured by how immersive and emotionally engaging they are. Scent imbues them with an unmatched power."
Other companies, such as FireFlare, are also incorporating these new technologies, with plans to incorporate more sensations like touch in their upcoming VR dating app, Planet Theta. As FireFlare's chief marketing officer, Aurora Townsend, said, "Being able to feel the ground when you're walking with your partner, or holding their hands while you're doing that... subtle ways we engage people will change once haptic technology is fully immersive in VR."
Additionally in the latter half of 2022, Nvidia stepped up to the plate with the beta launch of their highly-anticipated "omniverse" platform — encouraging new endeavours within the metaverse. This versatile toolkit empowers creators of all stripes, from artists wielding a spectrum of 3D tools to developers leveraging AIs trained in virtual environments to companies building digital replicas of their industrial operations.
Metaverse interest surges across industries
It goes without saying that technology is playing a crucial role in the acceptance and adoption of the metaverse. And thus, it's only fitting that one of the largest tech giants in the world, Microsoft, is leading the charge of said adoption. Over the last five years, Microsoft has secured an impressive 158 patents, outpacing competitors such as Meta, Tencent, and Epic Games.
And with their potential hundred-billion dollar acquisition of gaming company Activision Blizzard, one of the key players in the gaming industry, the future of the metaverse could look promising.
But the metaverse isn't just a US-centric phenomenon. Countries like China and India are also making significant strides in adoption, with 78% and 75% of their populations expressing strong support for integrating the metaverse into their daily lives.
Metaverse adoption. Source: CoinWire
Industries across the board also show high levels of interest in the metaverse. Surveys indicate that finance (61.2%), business (49.6%), and education (45%) are among the areas where demand for metaverse integration is at its highest, at least beyond the scope of the tech field.
Even with the improvements we’ve seen as of late, we may only be skimming the surface of what's possible with the metaverse. As developers explore its full potential, it’s likely that they will come up with even more ways to make this technology shine.
If you're interested in learning more about how the metaverse is evolving and want a real-time overview of its increasing adoption, stay tuned. We'll be bringing you all the news on this hot topic that's only going to get hotter.
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