The term “metaverse” may have been coined in the author Neal Stephenson's 1992 novel Snow Crash, but it received little attention, probably because the concept was too futuristic at a time when the internet was in its infancy.
And, much like how the internet was part of a possible future in the sci-fi movies of the 1970s, history may be repeating itself with the metaverse. The only difference is that today technology is more advanced, and it is only a matter of time until the next stage of the evolution of the internet.
Anushree Verma, a director analyst at research firm Gartner, told The National the metaverse will evolve across three overlapping phases: emerging, advanced and mature.
The emerging stage, being witnessed today and seen continuing for the next 4 to 5 years, will see the market explore and experiment with applications and use cases with high, long-term value. The advanced phase, from 2024 to 2027, would see more direct opportunities.
The mature stage, at least 8 years from now, sees the ecosystem progressing towards "interoperable, immersive experiences".
"A broad number of important, discrete and independently evolving trends and technologies must be combined to deliver mature metaverse solutions," he added.
The metaverse — thrust into mass consciousness by Mark Zuckerberg's rebranding of Facebook to Meta Platforms — will be a big shift in how society interacts. Where are we right now?
What is the metaverse and what can you see in it?
A metaverse is defined as a digital space where participants, represented by three-dimensional avatars or digital representations, can move and interact.
In other words, it is an online equivalent of yourself in a virtual world, performing interactions and transactions.
If you have used a virtual reality headset or gaming console motion capture devices — most notably the Microsoft Xbox's Kinect, the Sony PlayStation's Move and the Nintendo Wii's Nunchuk — to take part in games, then you have sampled the metaverse. Think of the metaverse as virtual reality or augmented reality on steroids.
Probably the closest you can go is virtual reality cinema. Dreamscape in Dubai, for example, plunges you into the action, complete with feeling the effects and interacting with certain objects, which are needed to trigger the next scene.
A word of caution: using virtual reality headsets can cause motion sickness. It is unclear if being in the metaverse will result in the same condition.
How do you create an avatar?
Simple: use an app.
Similar to Apple's Memoji, creating an avatar for the metaverse requires taking an image of yourself, uploading it to the app and customising it — hair, skin type and accessories — to your liking.
On Instagram, another platform owned by Meta, there is an option to create your own avatar, which you can use on the app's Stories and direct messages. However, this is limited to a handful of countries for now, including the US, Canada and Mexico.
Arguably the most notable avatar creator is Ready Player Me, which describes its service as a “passport to the metaverse”. You can even style your full-body avatar with limited non-fungible tokens, which in turn you can trade or sell on other platforms.
How do you spend in the metaverse?
Of course, a virtual world needs its currency equivalent and there is no shortage of these in the metaverse.
The obvious mode of splurging in the metaverse is cryptocurrencies, built on blockchain that is more secure, and allows instantaneous settlements with minimal if not zero fees.
The question is, why would you need virtual currency? Think of it this way: if you wear a pair of Nike shoes, there's also a digital equivalent of it in the metaverse. To buy and wear it there, you need to pay in cryptocurrency. Mind you, you can also buy virtual property with it.
In gaming, virtual transactions are commonplace and started decades ago. For example, Resident Evil Village, which was released last year, uses the in-game “lei” currency to upgrade the player's abilities. Lei isn't technically a cryptocurrency, but it does illustrate that one has to acquire it to buy items.
Nowadays, Axie Infinity and Roblox are two of the most popular games that allow players to earn, trade and spend cryptocurrencies. Fortnite and Minecraft, the best-selling video games so far, also anticipated the metaverse.
What is the difference between the metaverse and augmented/virtual reality?
Often mistakenly interchanged, they are quite different. The metaverse is an open, shared and, in theory, limitless virtual world created by users. Augmented reality and virtual reality, on the other hand, are the technologies for creating 3D environments, with certain purposes or functionalities in mind.
Another crucial thing to remember: no one owns the metaverse — not even Meta, even if it almost literally named itself after it. Much like the internet, it is a virtual space with no defined owner and can be expanded accordingly, with internationally-adopted regulations keeping it in check.
However, the one thing that would make a difference is how much companies are investing in them, which also equals in them having more sway on how it is developed.
Tech companies like Microsoft, Google and, of course, Meta, plus chip companies Qualcomm and Nvidia have all been investing significantly to kick off this tech arms race.
Notably absent from all the metaverse craze is Apple — unless you read between the lines of what chief executive Tim Cook said in the company's fiscal first quarter conference call in January. In response to a question about the metaverse, he said the company is “investing accordingly".
How soon will the metaverse become mainstream?
Mr Zuckerberg estimates the metaverse will reach fruition in about five to 10 years.
But the metaverse could come sooner given that the building blocks including blockchain and high-speed broadband internet are here, the rapid pace at which developers are creating the virtual world, and the number of companies wanting a seat on the bandwagon.
However, "the road to build a complete metaverse solution may hit a number of challenges. If it remains fragmented and continues to provide siloed experiences, the idea of a complete metaverse will never be achievable," Gartner's Ms Verma said.
"Furthermore, as each company tries to build its own fragmented version of the metaverse, it will only have a chaotic and an indiscernible structure that will lack combinatorial benefits."
Expect scrutiny from regulators and sceptics, as well as the struggle to promote acceptance, much like what cryptocurrencies are experiencing. But this is technology, and there is no stopping it.
As Matthew Ball, managing partner of venture capital firm Epyllion Industries, wrote about the metaverse last year: it's here, and “we are on the cusp of the next internet".
'THE WORST THING YOU CAN EAT'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
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Read more about the coronavirus
More on Quran memorisation:
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What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
UAE currency: the story behind the money in your pockets
Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Mohammed bin Zayed Majlis
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The five pillars of Islam
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Killing of Qassem Suleimani
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Pox that threatens the Middle East's native species
Camelpox
Caused by a virus related to the one that causes human smallpox, camelpox typically causes fever, swelling of lymph nodes and skin lesions in camels aged over three, but the animal usually recovers after a month or so. Younger animals may develop a more acute form that causes internal lesions and diarrhoea, and is often fatal, especially when secondary infections result. It is found across the Middle East as well as in parts of Asia, Africa, Russia and India.
Falconpox
Falconpox can cause a variety of types of lesions, which can affect, for example, the eyelids, feet and the areas above and below the beak. It is a problem among captive falcons and is one of many types of avian pox or avipox diseases that together affect dozens of bird species across the world. Among the other forms are pigeonpox, turkeypox, starlingpox and canarypox. Avipox viruses are spread by mosquitoes and direct bird-to-bird contact.
Houbarapox
Houbarapox is, like falconpox, one of the many forms of avipox diseases. It exists in various forms, with a type that causes skin lesions being least likely to result in death. Other forms cause more severe lesions, including internal lesions, and are more likely to kill the bird, often because secondary infections develop. This summer the CVRL reported an outbreak of pox in houbaras after rains in spring led to an increase in mosquito numbers.
The years Ramadan fell in May
Overall standings
1. Christopher Froome (GBR/Sky) 68hr 18min 36sec,
2. Fabio Aru (ITA/AST) at 0:18.
3. Romain Bardet (FRA/ALM) 0:23.
4. Rigoberto Uran (COL/CAN) 0:29.
5. Mikel Landa (ESP/SKY) 1:17.
