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You might live in this world, but soon enough there will be others to populate (no, we're not talking about Mars, sorry Elon). Sometime this year, between the third and whatever pandemic wave we're now at, the term creeped into our lives - and it won't let go. This latest tech buzz has got the usual suspects (read Facebook/Meta, Microsoft, and the whole Silicon Valley bunch) coming around the block for a piece of the action, but smaller players are making a move, too. And what does it got to do with blockchain or NFTs or living 24/7 inside the internet? The metaverse’s primary value is its shared common experience that will spark human connection and boost productivity. This shift to an open ecosystem will allow users to incorporate their favorite tools into the metaverse of their choice.

For example, Epic has acquired a number of companies that help create or distribute digital assets, in part to bolster its powerful Unreal Engine 5 platform. And while Unreal may be a video game platform, it's also being used in the film industry and could make it easier for anyone to create virtual experiences. There are tangible and exciting developments in the realm of building digital worlds.

Achieving a "true" metaverse — one that’s open versus closed — requires seven essential ingredients intrinsic to this sought-after state. We argue that these are necessary to meet the minimum requirement to be called a metaverse. Our goal is to clear the fog of misinformation about what is and isn’t a true metaverse for builders and would-be participants, and to provide a framework for evaluating early metaverse attempts. Facebook’s CEO on why the social network is becoming ‚a metaverse company‘. It's a concept that TikTok, owned by China's ByteDance, used to propel itself to a billion monthly active users.

Companies offering embeddable services, like Stripe for payments or Twilio for communications, work across websites and apps — but they don’t allow outside developers to change or remix their black boxes of code. But the company's investment in augmented reality and virtual reality dates back to 2014, when it paid $2 billion for headset maker Oculus VR. Shipments of headsets have failed to outnumber shipments of PCs or smartphones. Zuckerberg expressed optimism about the performance of its current-generation Meta Quest 2, which starts at $299. Since the metaverse is a 3D virtual space, you will need to possess an item that lets you access virtual or augmented reality, such as a headset. This one has only just been announced, and not many details are known, but it is a metaverse project put together by Yuga Labs – creators of the immensely successful Bored Ape Yacht Club series of NFTs. In April, the company raised $285 million with the sale of the first batch of "deeds" to land on the platform.

If you’re a B2B company, you’ll also want to make sure your metaverse is B2B-focused to help optimize operations. The flashiness of VR and AR also obscure the more mundane ways that our existing, interconnected digital world could be improved right now. OpenXR is an open standard for access to virtual and augmented reality devices and experiences. It has been adopted by Microsoft for HoloLens 2, Meta Platforms for the Oculus Quest, and Valve for SteamVR.