Have you been seeing the word “Metaverse” in most of your social media scrolling lately? Are you being bombarded with global news about terms like Metaverse and Web 3.0? And lastly, do you feel a little lost about the concept? If YES then you are at the right place. In this article we have tried to simplify the concept of Metaverse in the most digestible manner along with how you can benefit from it.
As we all know – “Metaverse” is the most popular and trending word not only in the tech industry but also in the world right now. Since Mark Zuckerberg renamed Facebook to Meta and stated that every product or service his company makes will be Metaverse compliant, the social media went bizarre and in no time the world was aware and inquisitive about this entire concept of a virtual parallel universe. Top global investors and brands like Nike, Microsoft, Unity Software, Mark Cuban etc. have invested millions of dollars in this new technology already.
Incubation of Metaverse
Even though the term “Metaverse” has gained popularity only very recently, it has been around since over two decades. A science fiction novel named “Snow Crash” by Neil Stephenson – coined the term Metaverse in 1992. This novel was about how people could use digital avatars of themselves and transition into a virtual world and explore it. We can say that the idea of Metaverse was written down even before tangible evolution of the internet.
The Concept of Metaverse
Meta comes from a Greek prefix which means “beyond” and Verse stands for “universe”. The word itself means beyond our universe. Metaverse is a platform where people can carry out their daily activities and tasks like attending office meetings, grocery shopping, socializing, attending concerts, playing games or even just hanging around – all in a virtual set up which feels real. Yes, they can do all of the above from the comfort of their couch. Imagine if you could attend work related seminars in Australia and South Africa, both on the same day or if you could visit the Eiffel Tower in Paris without stamping your passport..! The Metaverse makes all this possible. With technologies like Virtual Reality (VR), Augmented Reality (AR), Artificial Intelligence (AI), Machine Learning (ML), Blockchain etc. it is now possible to give people from around the world an experience like never before – A virtual world parallel to the real world where people can practically live, buy property, trade and much more. The Metaverse is built on Blockchain technology which is considered to be extremely safe and secure for its users.
**Stats Say – 25% of people will spend at least one hour in the Metaverse everyday, this could be for multiple purposes like professional, educational, social etc.
Metaverse is not a thing of the future anymore, it is here and it is happening now. 12.3 million people from around the world attended Travis Scott’s Metaverse concert Astronomical and weddings, fashions shows and conferences have already taken place on the platform, and virtual land purchases and virtual property interiors are happening as we speak. So, the Metaverse is already here and it is here to stay.
Top 3 Features of Metaverse
- It is immersive in nature
The Metaverse is a near-reality experience for its users. It is immersive in nature which means that the core essence of Metaverse is to give people a real life environment with real life scenarios to experience, all virtually.
- It is decentralized
Metaverse runs on Blockchain technology and is completely decentralized. This means that users have total control over their digital assets and presence. It is not controlled by any government and does not have any monopoly.
- An alternative for the real world
Technology advancement is at its peak and the world is always drawn towards innovative technologies. Human race has always adapted to technology smoothly, be it for healthcare, education, social life etc. This is no different, Metaverse will be an alternate virtual universe where people can actually live and carry out their daily activities and have a virtual life parallel to their real one.
Top Benefit of Metaverse
- New Marketing Avenues
Looking at the exposure and positive response from people all over world, the Metaverse has indeed become a pool of opportunities for marketing professionals. It is a way to showcase brands like never before and establish a strong brand presence in the most trending platform the world has today.
- Revenue Generation Tool
Creators, designers and brands from all over the world are leveraging the Metaverse platform to put out their artwork, music, collectibles, avatars, etc. in the Metaverse for sale in the form of Non Fungible Tokens (NFTs). NFT is a unique token assigned to a digital asset which gives the creator complete ownership over the asset. It determines the value and uniqueness of a specific digital asset. Also, businesses can put out their products and service for sale in the Metaverse where people can makes purchases like they would in a real store, and later get it delivered to their real address.
- Freedom and Independence for Designers & Creators
The Metaverse allows designers and creators to directly put out their talent on the platform for sale, eliminating the need for any middle man. This saves time and money and gives designers and creators complete control over their work. Also, the scope of reaching a larger audience from different parts of the world is high in the Metaverse, opening doors to more and more potential customers.
- New Job Opportunities
The Metaverse brings with it a lot of job opportunities, like any successful story we have heard – You need to have good manpower behind your vision. The same applies here, the Metaverse will be driven by people and as it expands more and more skill based work opportunities are going to arise.
We hope this article helped you understand the concept of Metaverse in a nutshell. The Metaverse as it is termed – beyond our universe, is here and it is by far the biggest breakthroughs in technology till date.
Written by
Jay Anthony,
Marketing Head, TECHVED Consulting
