Why Are More Brands Tapping Into the Metaverse Trend?

SparkAmpLab Editorial Team
August 18, 2021

Learn about the latest trends in AR/VR technology with SparkAmplify which provides topic recaps on the newest technology updates every month. Below is a recap from June on an increasing number of brands tapping into the metaverse trend. Visit https://www.sparkamplab.com/ to find out more about our monthly topic analyses.

Latest development:  With tech titans such as Facebook announcing plans to create their own augmented reality universe, the concept of a ‘metaverse’ has never been more popular. Nvidia’s CEO, Jensen Huang, has been especially vocal about the concept, and took the stage at the 2021 Computex Conference to discuss its future. 

The deal: The metaverse has been described as a virtual universe. With its own community of users, and economy, it  holds “great economic opportunity” for many industries, says John Egan, CEO of L’Atelier BNP Paribas. With the boom of NFTs – non-fungible tokens, pieces of digital media that can be owned, traded, or sold – and digital currencies, this technology has endless potential for many industries. The art and music industry have already used the metaverse to replicate real-life experiences, such as concerts or museum tours, and fashion brands such as Gucci are selling digital clothing pieces for metaverse avatars. As the metaverse grows, different brands are finding ways to use it to interact with their customers. 

Why it is important: The metaverse would benefit underused technologies as well as the economy; it utilizes augmented reality, which according to tech Om Malik, has “long been promised but has rarely been delivered”, but through projects such as the metaverse, can now have its spotlight in the tech world. 

The omniverse: Nvidia is making great strides in the development of the metaverse. The billionaire CEO used the 2021 Computex Conference to discuss the newly-developed ‘omniverse’, a metaverse for engineers, which was built as a multi-GPU real-time simulation and collaboration platform for 3D production pipelines. This technology was tested to replicate the Voyager, the company’s new building, and is now being used by international companies, such as BMW, who are using the AR to create their first digital factory. 

Huang says that the metaverse has a real future ahead, with an “economy…larger [than the one] in the physical world” and “a larger industry” than its real-life counterpart. 

What’s next: Huang ended his speech by guaranteeing his company’s long-term commitment to the development of the metaverse and anticipating a complete reshaping of the “computer industry”. With Nvidia’s status as a powerful force in the tech world, this project presents a real opportunity for many industries and technologies and ensures the metaverse’s future in a developing tech world.

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