When we look at where we stand amongst the estranged COVID-19 pandemic, the next phase of emerging technology and the internet become clear. The role of technology is increasingly becoming more important as people search for new ways to interconnect and businesses search for ways to accelerate in using digital solutions. They need to make decisions faster regarding testing and implementing new innovative technology, shifting away from legacy systems. Those who don’t undergo digital transformation and bring tools for remote collaboration, learning and online commerce will cease to exist.
Every industry and workplace has been adapting to the remote working and learning environment: shifting from a flat video, such as Zoom, to a more engaging, more collaborative space with the help of webXR.
WebXR
Augmented and virtual reality open up possibilities for how we interact with the world. WebXR combines AR (Augmented Reality) and VR (Virtual Reality) with an “extended reality” to include other immersive technologies. The evolution of WebXR has taken advantage of the power of the web along with these realities to facilitate the creation of virtual environments and interactive tools, leading to a so-called “creator economy”. This is the first step to reshaping the online learning environment, remote collaboration, and social interaction as a whole.
* Source: Some of the Evenness worlds, such as Spatial, Frame, Virbela, MootUp, and pax.world
The Metaverse Hype
Web 3.0 internet evolution facilitates the growth of the metaverse – decentralized platforms that are made more lifelike by using AR, VR and AI. Users can access the metaverse through different devices and platforms, using an avatar to walk around and interact with others. The promise of the metaverse is to allow a greater overlap of our digital and physical lives by effectively scaling 3D virtual worlds with a sense of presence.
* Source: A 6 weeks learning program in the Metaverse - InnoHUB - initiated by Evenness and conducted in partnership with Women in AI
While the metaverse is emerging, many key components have started to take shape, bringing change to industries, such as e-commerce, entertainment, finance and even education.
It is estimated to be a $1T+ revenue opportunity across digital events, sponsored content, social commerce, hardware, and the various forms of developer monetization.
*Global Metaverse Potential Total Addressable Market. Source: Grayscale Investments.
Because of the abilities that the metaverse encompasses, it has become the next natural progression for the way people interact digitally. The positive feedback surrounding the metaverse leads to even more innovations sparking in 2022.
* Global all-time total value spent on Web 3.0 Metaverse item sales such as virtual land, goods, and services has reached $207 million in June 2021, according to Grayscale Investments.
Web 3.0 - the rise of the Semantic web
Web 3.0, originally referred to as the Semantic Web, is the newest form of the internet. It aims to build a more decentralized and democratic version of the internet that will put more control over web content in the hands of its users. The expansion of the metaverse is tied to the development of Web 3.0, which is envisioned to become the next chapter of the internet's existence. When combined with virtual reality, it creates an immersive version of the internet. Additionally, to replace traditional databases to fully make Web 3.0 decentralized, blockchain will use Peer-to-Peer (P2P) technology principles to merge cryptography and consensus algorithms.
Blockchain - decentralized by the people, for the people…yet, in great need of the people
With an acceleration in Blockchain standardization and interoperability, the year 2022 will see a greater demand for blockchain, decentralized applications, and crypto skills. In the midst of the "Great Resignation" and the "Upskilling Revolution", blockchain professionals are a rare find. Therefore, we see a spin off in the Blockchain trend - Blockchain as a Service (BAAS) - a third party creation and management of cloud-based networks for companies that need blockchain applications.
* Image Source: Blockgeeks
Non-fungible tokens (NFT) and tokenization of real-world assets
In the future of the decentralized Web 3.0, non-fungible tokens– the digital collectible transacted with cryptocurrency– will be monetized. Because they verify the authenticity of non-fungible assets, NFTs are the future. The guaranteed ownership and authenticity of digital content ensures that data is immutable and non-interchangeable. This becomes crucial in the overall future as digital assets in VR worlds are owned through NFTs.
* Source: Crypto Unicorns White Paper
Inclusion & accessibility by design
Designing accessible and inclusive technology has been a hot topic of discussion for a while now. By moving to the Metaverse, it provides an opportunity to finally figure it all out and build environments of respect and acceptance. Easier said than done, yet - the creators and developers are trying to build their apps together with the virtual ‘parallel universe’ where people can ‘come as they are’ in the form of an avatar.
* Source: a collection of the avatars from the various virtual worlds of Evenness
The word “avatar” [Sanskrit: avatāra (“descent”)], refers to the incarnation of a deity in human or animal form. This shouldn’t stop the user's imagination, as the forms of robots, aliens, centaurs, and many other possible creatures (avatar diversity) are available as well with the avatar customization tools. The most important achievement is that many platforms have already started offering avatar makers that are adaptable to skin color, gender, hairstyles, facial features, heights, complexities, and attributes representing various ethnicities, identities, and unique body features. One can scroll through the avatar wardrobe to find a suitable clothing item as well as accessories to complete the look. For gender-neutral identities, some platforms offer possibilities to access both gender avatar assets and mix them up.
Accessibility in design refers to the features of the platform, e.g. in-person experiences, subtitles / “speech-to-text” or zoom in/zoom out. Also, accessibility of the platform across various devices - desktop, laptop, tablet, mobile, and a VR headset. It means that the metaverse enables equal access to opportunities such as quality education and jobs. It serves as a virtual hub for everyone as it removes geographical barriers and costs associated with travelling or relocation. It makes opportunities available to people who would otherwise be unable to access them.
With multi-user AR/VR experiences, inclusion can be achieved not only via new, immersive possibilities for bias training. As it removes boundaries or limitations, otherwise isolated users now can form or join communities; employers - find talent faster; people with disabilities - gain mobility and in this way, freedom; and all of the individual industry players - join in global efforts to strengthen their ecosystem and find solutions to the most urgent problems.
Evenness: What does the year 2022 hold?
Going forward, Evenness plans to draw on societal trends and known technological challenges as an opportunity to innovate. We currently recognize that more than one billion people need to be educated and (re)skilled to meet the demand of employers’ for Tech-centered jobs. Thus, we have been working on bringing to life a new, highly valuable solution - a social learning marketplace that is integrated with the Metaverse.
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Are you an investor whose passion lies with EdTech, Web 3.0, Blockchain, Tokenization, the Metaverse, and the Future of Work? Our all-female, innovation-driven and tech-savvy team would love to hear from you. We start the Seed round in February 2022.
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