Exploring the Potential of Metaverse With Our Meta Art Gallery Prototype

We decided to experiment with the technologies powering metaverse and to see what this technology can offer to different industries. So, in our R&D lab, we developed MArt Gallery, our own meta art gallery prototype. In this article, we will share some of our findings and some promising industry use cases.

Metaverse and main technologies behind it

Metaverse is a term often used to describe a future internet-based world where people can create and share content. The term was coined by Neal Stephenson in his 1992 novel Snow Crash. In the book, the metaverse is a three-dimensional, computer-generated virtual world that people use to interact with each other.

In recent years, there has been a growing interest in the metaverse. This is due to a number of factors, including the rise of virtual reality (VR) technology and VR app development services as a result of the increasing demand for new and innovative online experiences. As a result, more and more people and companies are beginning to explore the metaverse and its potential uses. According to Statista, the metaverse market size is expected to grow from $38.85 billion in 2021 to $678.8 billion by 2030.

So why do experts believe that the metaverse could be life-changing, and what can it offer us?

• It offers a virtual space where employees are no longer bound to a physical office and opens up endless possibilities for work locations.
• It supports creating a centralised digital work environment, making remote working more efficient by eliminating the need for daily commutes and costly business travel.
• It ensures physical protection against dangerous viruses, as the spread of diseases is impossible via virtual collaboration.
• It makes communication easier and more accessible. People could attend a virtual meeting that feels just like being in the same room as their colleagues, allowing them to engage actively in conversations, share ideas, and collaborate.
• It will enable visits to a virtual art gallery that allows you to explore paintings in amazing detail or take a safari in Africa without ever leaving your living room.

Moreover, the metaverse can transform existing industries like real estate, e-commerce, and education and carve out new niches and job opportunities like digital fashion designer, smart contract lawyer, and metaverse engineer. The metaverse use cases and business applications are very diverse.

At the heart of the metaverse are four key technologies: virtual and augmented reality (VR/AR), blockchain, artificial intelligence (AI) and the Internet of Things (IoT). These technologies will shape the future as we know it, and each one is worth taking a closer look at.

Artificial intelligence

The metaverse is a virtual space where users can interact with 3D digital objects and avatars of each other in a realistic way, similar to the real world. This space has been developed through artificial intelligence techniques. The AI engine uses 2D user photos or 3D scans to create highly realistic lifelike avatars. To make avatars even more dynamic, they can be programmed to plot a range of facial expressions, emotions and features corresponding with different ages.

The spatio-temporal AI algorithm is a system that employs digital tools, models and methods to help users understand how and where avatars move within virtual cities. Additionally, this capability enables users to develop new virtual procedures for designing and managing future metaverse virtual cities, making them more sustainable, equitable and efficient. Additionally, the data and avatars of users on the metaverse platform are located on different servers worldwide. As a result, metaverse employs AI techniques to handle the personal data processing in each country separately.

Virtual reality and augmented reality

As the metaverse continues to evolve, it's becoming increasingly clear that immersive technologies will play a key role in its success. VR allows users to completely immerse themselves in a computer-generated environment, while AR overlays digital information on top of the real world. Whether through VR headsets or other accessories, engaging with this new digital ecosystem will be far more immersive and interactive than anything we've seen before.

For example, Meta introduced a top-of-the-line virtual and augmented reality headset last year called Project Cambria. This remarkable device will deliver an amazing VR experience to users. It is expected to include new sensors that allow the virtual avatar to exchange nonverbal communication like eye contact and facial expressions.

Blockchain technology

With the advent of the metaverse, blockchain, NFTs and cryptocurrencies are discussed in terms of their potential virtual-world applications. By using blockchain technology as the foundation of its infrastructure, the metaverse can maintain a decentralised data storage, database and computing system. This ensures that all users have complete control over what happens in their virtual space while maintaining trustworthiness and security.

Cryptocurrencies have the potential to become the leading payment instrument in the metaverse. Unlike traditional fiat currencies, cryptocurrencies are not backed by any physical assets. It is digital or virtual money that uses cryptography to secure transactions and control the creation of new units. This makes cryptocurrencies a convenient payment and transaction method in the digital world.

Non-Fungible Tokens (NFTs) are another backbone that blockchain provides metaverse. NFTs, which are stored on a blockchain, are unique digital assets that cannot be replicated and can be used across different metaverse spaces. They are often used to represent virtual assets or rights, such as in-game items, land ownership or digital artwork. In this article, we share the basics of the NFT marketplace development.

The Internet of Things

The metaverse boom arises from the demand for more complicated Internet of Things devices. The ability to stay connected in both the virtual and physical worlds is crucial in encouraging growth in IoT spending. The IoT technology market is estimated to increase from $384.5 billion in 2021 to $566.4 billion by 2027.

In the future, XR can blur the line between reality and the virtual environment. This will be possible due to advanced IoT devices such as sensor gloves, head-mounted devices, glasses, and other sensor-enabled wearables.

Business applications of a meta art gallery across industries

The MArt Gallery we have created at ELEKS is a virtual storing space in the metaverse with multiple possibilities for various domains, including gaming, fashion, art, retail, sport and music. The number of potential applications for such meta art galleries is growing at an astonishing rate. Let's look more closely at some of the ways this prototype can be applied.