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Blurring the Lines Between VR and Real Life: A New Global Economy is on The Horizon
FinTech, AI, Financial Services
Immersive virtual reality (VR) and Augmented Reality (AR) technology have started gaining traction over the last decade. An eclectic mix of start-ups and top technology brands such as Google (NASDAQ: GOOG), Facebook, Inc. (NASDAQ: FB), and Sony Corp (NYSE: SNE) are simultaneously competing and collaborating to unlock the potential value in the virtual world. The most popular use cases of VR right now seem to confine the technology to niche gaming markets; but we haven’t begun to scratch the surface of the disruptive effects of VR in business and economics.
The average tech-savvy individual lives in a compartmentalized dual world of a physical and digital expression. Of course, very few people will admit to perpetuating such duality. However, the Internet, proliferation of smartphones, and social media are driving forces behind the rise of physical and digital personas.
This piece reviews the growth of the VR market over the years with special emphasis on a new genre of VR that wants to blur the lines between the physical world and virtual reality. We will also attempt to emphasize some keep applications of VR in business beyond gaming.
The Gradual Rise of VR games
The coinage of virtual reality as a nomenclature and its development as a technology are mired conflicting reports. However, it is somewhat hard to discountenance Morton Heilig’s description of an “Experience Theatre” in the 1950s and the “Sensorama” prototype that he built in 1962. In 1986, Ivan Sutherland created “the Ultimate Display”, what is considered the first VR head-mounted. In the 1980s, Thoma Furness, a military engineer created a flight simulator called the …
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