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The Metaverse Attracts Investment, Business and Industry Trends Analysis

The metaverse refers to a life-like scene, representation or virtual world that has been generated by specialized software.  The user’s experience is enhanced significantly when viewing and participating in virtual reality (VR) environments through special VR viewing equipment (such as a helmet/googles with 3-D viewing screens and earphones, sometimes used with gloves that contain sensors).  VR creates an experience that is immersive to the user.  Many observers consider the emerging metaverse to be a segment of virtual reality, but some metaverse sites may be accessed without VR headsets.  To get a clear idea of the potential of this technology, imagine riding a unicorn, fighting as a gladiator in Rome’s Colosseum in the 4th century B.C. or walking your dog on the moon, in a life-like, immersive, 3-D experience, made possible by specialized headsets that you wear.  VR headsets are made by firms like Oculus, HTC and Sony, and start at $299.
Large tech companies are investing billions in metaverse technology, and Facebook even changed its corporate parent’s name to Meta Platforms, Inc.  The company reportedly spent $10 billion in 2021 on its Facebook Reality Labs unit.  One project, Horizon Workrooms, is an app that enables Oculus Quest 2 headset wearing users to enter virtual offices as avatars to participate in meetings.  Despite huge investments, the metaverse in general is having difficulty gaining broad adoption by consumers or businesses.
Meanwhile, Unity Software, Inc. provides a software platform for creating and operating interactive, real-time 3D content.  The platform can be used to create, run and monetize interactive, real-time 2D and 3D content for mobile phones, tablets, PCs, consoles and augmented and virtual reality devices.  In addition to gaming and entertainment, the metaverse has industrial and educational applications.  For example, Unity Software’s products are used in the gaming industry, architecture and construction sector, animation industry and designing sector.  Other leaders in the metaverse sector include Microsoft, Epic Games, Roblox Corp., Sony, Samsung, HTC, iTechArt, Alphabet/Google, Oculus (part of Meta Platforms) and Nvidia Corp.

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