What is Metaverse?
Simply put, the metaverse is a “digital world” with real people represented by virtual or digital objects in an immersive environment. It can be found in sci-fi novels such as Snow Crash and Ready Player One by Ernest Cline. The best part of Metaverse is that this future is soon going to be the present and we are all going to be surprised with how soon it will change the current scenario of our world. Our understanding of technology and communication is going to change like never before.
Is Metaverse the future of the internet?
The workplace of the future is changing quickly. Content delivery has changed dramatically over the years, and this is especially true with Google Glass. Imagine being able to have meetings or see real-time company data without leaving your desk! One can think of metaverse as the Google Glass for VR.
Virtual meeting apps like Microsoft Teams or Zoom are already seen as a nascent form of the Metaverse. The Metaverse is often considered to be a future where all devices are connected in what can be described as virtual worlds. Microsoft Teams and other major video chatting apps prove that an immersive experience is possible in many ways, even if it’s just you or your avatar floating as a viable presence in the room.
The Metaverse’s ability to function will be determined by how simple it is for individuals to transact in it. It’s where cryptocurrencies come into play, and they’ve already got things at a serious stage with a number of projects that use them to support both digital and real-world transactions.
People will be able to transition between both the natural universe and the metaverse with minimal effort now that they can convert fiat currency to cryptocurrencies easily. Consumers will use crypto tokens produced by organisations supporting these virtual connections to acquire avatars and virtual land, as well as organise parties for loved ones.
Performers will accomplish tasks in the metaverse, be paid in cryptocurrency, and then trade their winnings for tangible items. The Metaverse’s growth will increase the amount of wealth that may be unlocked, perhaps leading to an unprecedented technological transformation unimagined hitherto.
Tech behemoths are vying for prominence
One can also expect major retailers, tech companies, and entertainment businesses to be interested in this space. Facebook has already restructured their company to make a point, Microsoft has developed products for reference management. At the same time, firms like Google and Amazon plan on expanding as well.
There isn’t just one metaverse. The possibilities are immense for many different metaverses, some for education, some for business, and some for entertainment. Let’s discuss the business metaverse and the metaverse for individuals.
Metaverse for Individuals
Think about how valuable it is to be an avatar. Avatars can express themselves more adequately without fear of repercussions, they can be honest without fear of being insulted; and as a result, they can experience things more deeply. This learning process changes behaviours better than the average face-to-face coaching experience.
Be it for an extrovert, introvert or differently abled person, avatars can not only create social connections but, more importantly, get the social interaction we all need. Undoubtedly, the opportunities are huge in the metaverse, which will definitely open up with the coming time for all.
Now, when things start changing for us on an individual level, its impact on businesses and marketing is bound to happen. It will be interesting to see how brands will improve their engagement with customers.
Our lives are going to change dramatically as a result of technologies pushing digital assets and 3D data. NFTs will become a big part of the future of work, home, and play life as these tokens let us own, licence, and protect our virtual purchases. As glasses and headsets continue to get cheaper, work life, family life, and play will all look drastically different as apps like Headcase take advantage of AR technology.
Nike just patented their digital product process, so they’re selling virtual goods. The first brands are making the push to purchase valuable real estate for uniform branding in video games.
An Opportunity for Businesses
While the Metaverse today might be where the Internet was during AOL, there are a lot many improvements to come. Just as the original web was all text-based and slow, the Metaverse will soon be video-heavy, interactive, and immersive.
The Business Metaverse is already taking form. Ongoing trends, notably the emphasis on “innovation”, communicate this in-person meeting trend.
Companies, such as Microsoft’s Accenture, have been experimenting. Microsoft has created the Metaverse and Avatar toolset available, Mesh. Moreover, Microsoft is coming out with incredible apps in the business metaverse. These apps will let you have live video conferences with avatars instead of being there in person, create virtual rooms that take up the entirety of your screen, or just be a small window that can open up anywhere. Microsoft also plans to implement 3D spaces in Teams, which seems like the perfect tool for workshops, trade shows, classrooms, and almost any other event you can think of.
Adoption is Inevitable
At the moment, maybe the metaverse seems odd or unusual to many of us, but soon enough we’ll witness many real applications here. There are new, unbelievable technologies that are all coming together. For instance, VR, AR, sensors, cameras, and 5G are now merging to create this futuristic experience.
For now, we can definitely say that the Metaverse is the future of the internet, but soon we will be living it. Entrepreneurs, investors, technology executives, and futurists have sought to capitalise on the Metaverse’s promise for entertainment, experimentation, social interaction, and, ultimately, profit. It will be fascinating to see how the Metaverse affects the VR business in the near future.