IT Leader’s Guide to the Metaverse
Due to the support of global investors, the metaverse now plays a fundamental role in the business and economic landscape. According to Statista, the value of the metaverse market is expected to reach $103.6 billion in 2025. The market is expected to grow at a compound annual growth rate of 37.43%, leading to a projected market volume of $507.8 billion by 2030.
With a lot of potential at stake, Maria Carrisa Sanchez, writing for TechRepublic Premium, presents this explanation of the metaverse, including its evolution, features, benefits, and drawbacks.
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HOW DOES IT WORK?
The metaverse is a convergence of various digital platforms. This convergence is facilitated by a collection of advanced technologies, which are:
• Blockchain technology: Secure and transparent transactions have become available within the metaverse because of blockchain technology. The decentralized ledgers guarantee that digital assets (e.g., non-fungible tokens) are unique and verifiable by recording all transactions and ownership changes.
• VR and AR: Both are core technologies that give rise to immersive experiences in the virtual world. Often using headsets, VR technologies create digital environments where users can interact with a computer-generated landscape. On the other hand, AR overlays digital information onto the physical world to enhance real-world experiences with virtual elements.
• Artificial intelligence: AI plays an integral role in enhancing user interactions and automating various processes in the metaverse. To illustrate, AI-driven chatbots can help users by responding to their questions and providing personalized recommendations.
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TIME SAVED: Crafting this content required 20 hours of dedicated writing, editing, research, and design.
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