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As âmetaverseâ becomes as ubiquitous a term as âthe Internetâ and âonline,â it’s important to understand what it means and how it could impact the entertainment industry.
The metaverse is a space, similar to the Internet, in which people will be able to interact with different types of media, such as virtual reality (VR), augmented reality (AR), mixed reality (MR) and more. The overall user experience aims to be seamless and interconnected no matter what hardware or software you use. Think of it as the World Wide Web with enhanced layers that can be completely immersive. The Metaverse is made up of Extended Reality (XR) experiences that will need to be developed specifically to work on all operating systems and devices. XR is an umbrella term that refers to any type of extended reality such as VR, AR, and MR.
XR is currently a billion dollar industry, with AR and VR on track to contribute $ 1.5 trillion to the global economy by 2030, according to PwC findings. Similar to the early days of the World Wide Web, businesses are clamoring to use and profit from this new source of revenue as this trend continues to gain traction. To understand the best entry point for your entertainment business, here are some definitions and examples of some of the building blocks of the metaverse.
What is AR?
Augmented reality, or augmented reality, requires a smart device with a camera and a screen. AR is then used to augment the user experience and the physical world through a digital device. It is commonly used with smartphones, but can be web based on a desktop computer. Augmented reality superimposes a 3D image on the screen of a smartphone so that it appears that the object is in the same physical space as the user. The game PokÃ©mon GO is an example of how AR can be used to enhance a gaming experience by overlaying interactive elements on the real world.
What is virtual reality?
VR, or virtual reality, requires a wearable headset to interact in a virtual world created by developers. Virtual reality requires the user to exist in the virtual space and often consists of a single user using a single headset. It’s similar to how headphones have enriched and improved the music listening experience; headphones are not required but make for an amazing hearing experience. Virtual reality has the potential to have a similar impact on visual and auditory experiences.
What is the MR?
Another way in which the digital and physical worlds blend together is MR, or mixed reality. There are various applications for mixed reality, MR can be as easy as using a realtime map on your smartphone like Apple Maps or as high-tech as holograms. MR has the potential to bring holographic gigs into your living room while also connecting to the Internet of Things (IoT) to sync your home lights with music, for example.
What it all means
Meta, formerly Facebook, is investing billions of dollars in the metaverse it creates, which relies heavily on VR, while PokÃ©mon GO creator Niantic creates a metaverse focused on augmented reality. As the industry standards for the metaverse are set and connected, it might be helpful for those in the entertainment industry to start planning and collaborating on how your content will fit into this new space and, above all, how to profit from it.