However, new technological developments and their convergence are still missing, as well as star applications and uses that promote an ecosystem and a market in which many interested actors stand out and have the capacity to carry out disruptive actions. However, knowing the key concepts around the metaverse is essential.

So why not explore the metaverse today – and everything around it – to lead the [real] economy of tomorrow? Why not investigate the new forms of consumption and the universe’s latest immersive experiences? Why not study the possible investments to deploy a strategy based on the metaverse? And above all, why not learn first-hand the potential of the enabling technologies of the metaverse -AI, IoT, 3D, 5G, blockchain, VR, AR…- and their impact on the business model?

6 key concepts behind the metaverse

According to PWC’sPwC’s expertise, the main concepts around the metaverse that every company should know are:

Economy: Cryptocurrencies, non-fungible tokens (NFTs), and other blockchain-based digital currencies will likely move the value exchange in the metaverse.

Interoperability: For the metaverse to become a reality, there must be seamless interoperability between users and platforms based on Web 3.0 and standards yet to be established.

Corporate governance: The metaverse will require rules of engagement for users, guidelines for how the metaverse can change over time, and control mechanisms, including tax collection, data governance, and regulatory compliance.

Identity: In the metaverse, which will be decentralized and interconnected, trusted digital identities will be needed – for people, assets, and companies – that are compatible across platforms.

Experience: In a shared, permanent, and immersive 3D digital world, unique experiences can be offered. These will be based on the beliefs, ideals, and tastes manifested in each user’s preferences.

Continuity: The metaverse must reflect the changes the participants made, who enter and leave in different ways, places, and times.

And 4 conditions for the consolidation of this new dimension

LLYC emphasizes the fact that for the metaverse to exist, several needs must still be met:

Identity persistence: To what extent are you the same recognizable person with the same image, attitude, or history within a virtual world?

Social Capacity: How many people can simultaneously participate in a virtual space, the same social activity, or game?

Interaction and immersion. Do we have the feeling of being really present in a virtual space as in the first person?

Interoperability: Can we transfer personality, objects, properties, and the ability to interact between different immersive universes?

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In the same way that the Internet has developed through the sum of millions of web pages, the metaverse will be made up of millions of virtual spaces through which we will access, but we still do not know how.

The concept has a poetic apex: the development of a virtual space is carried out through the confluence of various technologies. Which is it? Will they be available to everyone? How do they apply to your (future) business model?

5 technologies in the metaverse that you should have

If you are considering starting a project in the metaverse, take note of the technological tools you need to make it successful.

5G for ultra-fast connectivity

There is no doubt that ultra-fast connectivity will be essential for the development of virtual worlds. Its differential value in bandwidth and low latency make this technology essential.

What’s more, in a universe in which Virtual Reality and Augmented Reality, the variety of connected devices, the more significant processing load in the cloud or remote rendering will be a sine qua noncondition for a correct experience of using the metaverse in any Of its aspects, fifth generation networks are postulated as a fundamental pillar.

VR/AR for an increasingly refined virtual and sensory experience

We move into a metaverse where physical and digital reality merges into a semi or entirely virtual reality. This is how technologies such as Augmented and Virtual Reality are becoming increasingly important.

From playing a video game in an immersive way or visiting a museum to generating more efficient remote workspaces with fully integrated 3D elements, these technologies offer multiple possibilities. And all this, hand in hand with increasingly lighter and more affordable headsets, gradually achieving an increasingly perfected virtual and sensory experience.

Blockchain for greater security and control

Noted as one of the most disruptive technologies of the moment, Blockchain must, according to experts, be at the center of the metaverse. It will allow users to own assets safely. However, in addition to ownership, said cryptographic technology is postulated as a method of control over aspects such as the transfer of value, interoperability between platforms, or the collection of digital assets.

IoT to increase the accuracy of digital representations

Easily connect the 3D world to a host of real-life devices or increase the accuracy of digital representations by collecting and connecting real-world data. Both objectives are postulated as two of the main functions that the IoT will bring to the Metaverse.

The capabilities of this technology may not stop there, as combined with AI and Machine Learning, it could effectively manage all the data that makes up the metaverse ecosystem.

3D to build and work with accurate digital replicas

Recreating hyper-realistic and natural-looking spaces will be essential in the metaverse environment. Buildings, physical locations, objects… 3D reconstruction is at its peak. Hence, sectors such as real estate have made it an asset within their business models. In addition, with the help of a combination of 3D spatial data and 4K HD photography, immersive technology will become more and more realistic.

Of course, a warning for navigators: it is necessary to focus on the purpose of each of the technologies in the metaverse so that it does not become a trompe l’oeil that confuses us through short-term expectations.

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Although it is not without controversy: on the one hand, it is generating doubts about its viability; On the other hand, there is hope that it will be the new Internet 3.0, with digital services that improve efficiency in the health sector.

How would it help if patients could move through a virtual space to be seen by a specialist doctor? This article reflects on the metaverse’s possibilities for healthcare environments.

Metaverse Trends Applied to Health Services

The metaverse consists of a virtual space that allows different environments to be linked through headphones and a computer, simulating the real world but being 100% virtual.

This experience allows daily life to develop differently through avatars and devices. In this sense, the possibility of medical care being carried out through this means is increasingly real since immersive environments are being incorporated into non-face-to-face care models.

The possibilities of combining technologies in this virtual world are endless. For example, the benefits of artificial intelligence can be harnessed, such as data mining, neural networks, machine learning, big data, etc. This technology applied to the health sector can optimize results, reduce costs and improve the quality of medical care.

According to Accenture’s “Technology Vision 2022” study, the trends that we can locate today in the metaverse and in healthcare environments that can offer accurate results are the following:

1. The 3.0 environment
2. The programming
3. Augmented reality and chatbots
4. Quantum computing

The Virtual Hospital

The virtual hospital concept is becoming an increasingly real need. Due to the COVID-19 pandemic, access to health has become a priority for the population’s well-being.

The virtual hospital, related to telemedicine, is that digital space that allows the user to enjoy adequate care from health professionals. Through it, you can manage various illnesses and diseases and administrative issues.

This virtual service is designed for people who find it difficult to go to the consultation in person, either because of their working hours or because they suffer from a pathology that makes it difficult for them to travel.

Hospitals have their digital platforms to provide services to their patients. However, most only offer administrative services, such as online appointments, telecare, or downloading medical reports or medical records.

With the incorporation of the metaverse into health environments, the patient becomes an avatar to receive specialized care in the virtual space. But how could this work? For example, the avatar (a term that refers to a digital representation of people) can carry the digital DNA of the real patient or user to be as similar as possible to him according to his disease or condition.

The Metaverse and Healthcare Environments: Some Risks

The metaverse is a space with great possibilities that, in a few years, everyone will have access to. However, this virtual world also has its risks.

Data theft or cybercrime, cyber addiction or the excessive increase in virtual space are some dangers. Therefore, companies and institutions must guarantee optimal service and user safety, health or otherwise, in this environment.

Is the metaverse just a fad? It is first necessary to understand what it is and what it can bring us in the health sector to answer this question, as well as the services that could be located in this environment and provide added value to what already exists within the healthcare world.

Thus, in conclusion, we can say that this type of virtual universe has become a trend that allows us to reach scenarios that we could not have imagined a few years ago. 

There is a need to understand and capitalize on the many potential benefits of the metaverse for healthcare settings to ensure the well-being of individuals.

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In total, Bloomberg Intelligence estimates that by 2024 the size of the metaverse market will reach $800 billion.

In this line, investment experts such as those of Fidelity International agree that “investors should pay attention to the metaverse , yes, not immediately, since it will take time for technology to evolve, costs to fall and the metaverse to enjoy a wide acceptance . “

What Is The Metaverse?

To describe the metaverse, a first approximation could be what is recreated in the movie ‘Ready Player One (2018). In Steven Spielberg’s work, a virtual universe is played in which humans transform into avatars to participate in video games of all kinds.

Reality is not so far from fiction: the metaverse is a virtual universe that extends the physical world into a digital one, whether augmented reality, avatars, or virtual interfaces. The only difference, perhaps, is that it doesn’t just cover video games or entertainment in general. 

The metaverse we are heading towards is an economic system in itself, in which companies can operate, and anyone can even work.

The metaverse is a virtual universe that extends the physical world into a digital one, whether augmented reality, avatars, or virtual interfaces.

However, the concept of the metaverse is somewhat older. It first appeared in the 1992 novel Snow Crash by Neal Stephenson. 

It describes a kind of collective virtual space converging with reality. And, like in ‘Ready Player One,’ the input channel is a pair of glasses that allow you to appear as an avatar in the virtual world. 

Transferred to contemporary times, we have seen different expressions of this idea in recent years: from the augmented reality of phenomena such as Pokemon Go to VR glasses to interact with people from all over the world in a virtual environment.

But this is not the first attempt to create a metaverse. Platforms like ‘Second Life’ (2003), born as a virtual space to live a parallel life, already tried it in their day and failed. Essentially, the technology of the time greatly limited the possibilities of interaction.

Perhaps for this reason, although Second Life is still active -and even has an extensive marketplace and its currency- there are currently next-generation video games such as ‘Fortnite’ capable of better reflecting what a supermassive metaverse entails. 

The ‘battle royale’ competition is not even the main reason to join anymore. It has become a social phenomenon, with almost unlimited avatar customization and the possibility of even holding concerts online.

The Metaverse Today

But the metaverse envisioned by tech heroes like Mark Zuckerberg is yet to come. At the moment, we are in a phase of laying the foundations for what is to come. For now, several independent initiatives do not constitute a single ecosystem. 

Because to talk about the metaverse as such, we would have to have a single platform that acts as a container for all the others, whether entertainment, e-learning, or even economic business.

In addition, as highlighted by the investment manager, « the technology needs improvements before the metaverse can be widely adopted. 

Augmented reality headsets need to be commercially viable to improve computing power, battery life, projectors, and frame design.”

In any case, these fragmented initiatives are already beginning to show the potential of the future metaverse. For example, the transition from Facebook to Meta could be the first foundation of what our social relations will be like in a few years. 

Meanwhile, Microsoft’s recent acquisition of Activision Blizzard opens the door to new scenarios such as mixed reality with devices like the HoloLens. 

Lastly, Nvidia’s Omniverse allows users to use their graphics cards to create digital assets and 3D scenes in a shared digital universe.

For Fidelity International analysts, “the possibilities are endless. Consumers can use the viewers to teleport to the Olympics, swap what they see out their window for a Caribbean beach, or box with Mike Tyson. 

Likewise, the metaverse will bring the IoT to life and could even issue its own money.”

What Possibilities Does the Metaverse Offer to Companies?

As for companies, although today it is not very widespread, there are already projects located entirely in the metaverse. 

We are talking about content creation and companies dedicated to developing blockchain technology that allows decentralizing control of platforms or consultancies responsible for analyzing the legal aspects and GDPR compliance of what happens in the world. Digital universe: from buying and selling virtual land to monetary transactions.

In this sense, what possibilities does the metaverse offer to companies that decide to operate in it?

We have improved customer experience. Some retail giants such as Walmart have been using virtual reality since 2017 so that the customer can ‘try’ the product before buying it. If we transfer this to digital products, its application is practically unlimited.

A step beyond virtual reality. 

During the pandemic, some museums, such as El Prado, used virtual visits to avoid losing visitors. Something similar happens with tourism or the real estate sector since the metaverse allows remote places to be explored with a single click—an evolution of marketing and advertising that has yet to be defined.

A Paradigm Shift in Telecommuting

Thanks to a metaverse, it would greatly enhance teleworking, which would greatly improve the likelihood of teleworking. We only have to think of telematic meetings or tasks in the cloud to imagine what we could find in a 100% virtual office.

Demand for new professional profiles. At the same time, the metaverse will require new profiles more focused on software development and content creation. Facebook is already doing, which plans to invest 1,000 million dollars exclusively in Meta this year.

A twist to the entertainment sector. Because leisure, like the audiovisual sector or the ‘gaming’ sector, is already the first market niche within the metaverse and is expected to be the spearhead in the coming years. 

In fact, “video games like Fortnite and Roblox have already created metaverses for their players and have held concerts with artists like Ariana Grande,” they affect from Fidelity.

Micropayments and virtual currencies. We have already begun to see it precisely in video games. Still, it could be extended to generate authentic interdependent economic systems in the not too distant future, even with its stock market ecosystem and currency exchanges, who knows if.

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