07 July, 2022
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Everything You Need to Know About The Metaverse

07 July, 2022

The metaverse is reaching new heights of popularity.Who are the major players, and what does the future hold? 

The metaverse is emerging as a major player in the virtual reality sphere. Some of the biggest companies in the world have invested in this new tech, including Microsoft, Google, and of course Meta

But what actually is it? To put it simply, the metaverse is a virtual-reality space where users can interact with a computer-generated world and other users. 

Surprisingly, the metaverse isn’t a new concept. It was first used in Neil Stevenson’s 1982 novel, Snow Crash. Stevenson’s novel details a vibrant metaverse used to escape from a dystopian reality. Now, the metaverse is a broad term that’s hard to define. It doesn’t refer to any specific type of technology, and instead represents a shift in the way we use it in our everyday lives, whether that be shopping, gaming, or chatting with friends online. 

Now you know what the metaverse is, who are the major players?

Tech giants involved in the metaverse include Meta, Google, and Microsoft 

Major tech companies are standing up and taking notice of the metaverse, with the 11th biggest company in the world, formally known as Facebook, rebranding to Meta on 28 October 2022. Zuckerberg justified this in the rebrand conference by saying “Right now, our brand is so tightly linked to one product that it can’t possibly represent everything that we’re doing today, let alone in the future. Over time, I hope that we are seen as a metaverse company, and I want to anchor our work and identity on what we’re building toward.”

It isn’t just Meta that’s investing time and money into the metaverse. Tech magnate Google followed suit in January 2022, investing $39.5 million in private equity funds for metaverse projects. Google already has a product ‘Google Glass’ that describes itself as a ‘small, lightweight wearable computer, with a transparent display for hands-free work.’ Though it sounds promising, Google Glass has been mostly described as a failure due to a lack of sales. Rumour has it that Google is developing Google Glass 2.0, having bought tech company Focals in 2020. 

Microsoft is also exploring metaverse technology. Earlier this year, the company announced its acquisition of Activision Blizzard. A prominent video game developer with inroads into the metaverse, Microsoft is clearly taking the steps to join the big players—purchasing the company for over $70 billion back in January 2022. 

Which industries are embracing the metaverse? 

There’s a common misconception that the metaverse is only being used in the gaming industry, but this couldn’t be further from the truth. Many industries are embracing it as an innovative solution to age-old problems. Below are some examples of industries that are developing their own metaverse solutions: 

  • Entertainment: Artists Justin Bieber and Ariana Grande have staged live shows in the metaverse, and this is set to become the norm over the next 10 years. Katy Perry foresees stadium tours being delivered to fans through virtual reality (VR) rather than in venues. 
  • Retail: High street shopping has seen a 15-year decline, while online shopping has risen exponentially. It’s no wonder that retailers are developing virtual metaverse stores, giving users the ability to buy both physical and digital products from the comfort of their homes. Nike and Walmart have started venturing into the metaverse with their own range of NFTs. Nike is even developing “virtual” shoes represented as NFTs after acquiring RTFKT for $11 million in December 2021. 
  • Security: There’s no doubt that the metaverse will bring new security risks when it comes to data breaches and privacy. In the physical world, it’s easy to prove your identity with the relevant documents, though VR makes things much more difficult. With the vast expansion of tech, security will have to grow alongside it. However, it isn’t all bad news. LOX Network is using the metaverse as part of its decentralized security network, vastly improving the security of wireless devices. Read more about this here

The future is exciting for LOX, with plans to embrace the metaverse 

The LOX Network is planning new announcements over the next six months, including plans to join the metaverse and allow users to use their handsets in the virtual world. Their latest product, the SmartLOX Mobile App, is set to be announced later this year. 

To read the latest LOX Network news, visit their website.

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