SEEMINGLY EVERY DAY, a new set of signals emerges to challenge our existing mental models. Within the past 12 months alone, DeepMind solved a 50-year-old problem in Biology, opening up new pathways to drug discovery; AI systems proved that they can generate images and text as well as a human; Facebook and Square changed their names to Meta and Block, signaling a digital ‘land grab’ in the emerging Web 3.0; and the biggest streamers — Netflix, Disney+, Apple and Hulu — discovered a formidable competitor in social commerce networks like Shein.
With a growing range of virtual interfaces continuously evolving around us, reality isn’t what it used to be. Leaders must familiarize themselves with the metaverse and be able to draw distinctions between the various digitally mediated formats that span the ‘reality-virtuality’ spectrum. Indeed, reviewing the intertwined definitions of augmented reality (AR), virtual reality (VR), mixed reality (MR), extended reality (XR) and diminished reality (DR) is a first step towards better understanding the future. In this article I will provide a primer on these terms and some of the innovative opportunities they present.
Welcome to the Metaverse!
The metaverse refers to an all-encompassing virtual realm that incorporates various aspects of new realities in a sprawling, dynamic digital ecosystem. While definitions vary, it is often described by two key features: It is persistent, meaning its collective network of 3D-rendered virtual elements and spaces is not turned on or off; and it exists continuously, meaning a vast number of users can access it simultaneously and interact within it.
Some choose to see the metaverse as the evolution of the Internet from a collection of pages, platforms and apps to a world of 3D-rendered interfaces that are viewed through ‘smart eyewear.’ But one thing is clear: The metaverse is not a single technology, nor is it controlled by a single centralized company or entity. It represents the gradual coming together of new and evolving tech, sensors and high-bandwidth wireless network infrastructure, providing users with new ways to engage with
