Welcome to the Metaverse – the biggest breakthrough our world has witnessed in the digital world, by far. This phenomenal technology is predicted to be the future of the way human interactions will take place for generations to come. Tech giants and top investors from all around the world are pumping in millions of dollars to get this technology up and running for mass adoption and the speed at which this technology is coming to life is unbelievably fast.
Whether you are tech savvy or not, Metaverse is a word which is familiar to almost everybody irrespective of the demographics or geographical location. Also, it is not a futuristic technology anymore, yes millions of people from different parts of the world have already experienced this technology and are waiting for mass adoption of the same.
One of the first adopters of Metaverse is the gaming industry, gamers were amongst the first to experience this technology on scale. It is only now that others are also seeing massive potential in this new age technology.
We cannot differ to say that this is the next evolution of internet and specially after Internet Explorer shutting down in 2022, the world is now making a move from Web 2.0 to Web 3.0 very smoothly and systematically.
What is Metaverse?
“Meta” is a Greek abbreviation for beyond or above and “Verse” means universe, Metaverse means beyond or above the universe.
Metaverse dictionary definition – “A virtual reality space in which users can interact with a computer generated environment and other users.”
The Metaverse is envisioned to be virtual platform that allows its users to carry out their day to day activities like working, studying, shopping etc. in a digitally stimulated immersive environment. It is predicted to take over the social media world and elevate it to a 3 dimensional experience.
Metaverse example 1: Imagine if you could visit Disneyland in Paris, walkthrough the park and enjoy its offering without having to stamp your passport or buy flight tickets.. Yes, the Metaverse makes this possible. You can experience everything in 3D, this includes objects and people, and you can do this with the help of your digital avatar in the form of NFTs (Non Fungible Tokens).
Metaverse example 2: Imagine if it was your child’s birthday and you had to attend an important office meeting out of your city.. The Metaverse allows you to attend meetings and conferences in any geographical location without you having to leave your house. Now you must be wondering that this is very similar to what we do on Zoom, Teams or Google Meet, however in the mentioned platform we interact with one another on a screen in a 2 dimensional approach. With Metaverse, we can interact with one another in an immersive 3 dimensional environment, this means that you can not only see but also touch and feel other objects and people around you.
How the Metaverse is Creating Real Value in the Virtual World
Metaverse offers ample of opportunities to reimagine services and infrastructure for businesses all around the world. It opens new avenues to drive businesses and government services – the government of Seoul plans to spend approximately USD 32 million on building a Metaverse ecosystem to improve the city administration, services, planning and support for virtual tourism.
On the other hand, the Metaverse is envisioned to create a space to democratize opportunities in the filed of learning, development and education and disrupt the way development of businesses and government bodies happen. Below mentioned are the top 4 ways in which the Metaverse will facilitate value generations for the future generations:
- The Power of Non Fungible Tokens (NFTs) in Creating Value
NFTs are unique tokens assigned to digital assets to determine their vale and holding in the digital space. These could be in the form of artwork, music, collectibles, cards, real estate etc. Now people often wonder how these NFTs play such a huge role in creating value both in the real world and in the virtual world – This is possible because each NFT has a price to it, this could be based on the popularity or the rarity of the NFT. The price of NFTs pick and drop basis their demand ratio and NFT trades worth millions have been recorded in the past few years already, paving way for this to become a huge market for wealth generation.
- Metaverse – the evolution of digital marketing
The Metaverse is predicted to take digital marketing to a whole new level, by allowing brands to showcase their presence, products and services in a 3D immersive platform like never before. Brands from all around the world are leveraging this platform to reach out to their customers and engage with them in this phenomenal manner. People can buy and order things from the metaverse and get it delivered right to their doorstep very easily, thus boosting sales for businesses. In fact, many brands like Zara, Gucci, Tommy Hilfiger etc. have already taken off on their journey on selling their goods through the Metaverse and giving their customers an experience of a lifetime.
- Buying property & real estate
As of 2022, real estate is considered to be one of the biggest industries the new generation is turning their heads to make their fortune and we cannot differ to say that the Metaverse is going to be the future of how people buy and sell real estate. This platform allows people to buy and sell land and spaces and rent it out too, thus giving people from different demographics an opportunity to own land and property on a digitally stimulated virtual platform. Real estate on Metaverse is in the form of Non Fungible Tokens (NFTs)
- Boost in adoption of Augmented Reality (AR) & Virtual Reality (VR) wearable devices
To enter the Metaverse, it is essential for people to have access to AR/VR wearable devices, and with the mass adoption of this technology, more and more such devices will need to be built, thus resulting in ample of new job opportunities and sales in this domain. Experts predict that AR/VR devices is the future of pocket devices our world will be exposed to, just like how in no time mobile phones have gained the title of pocket devices, we are not far from passing that title to these Augmented Reality (AR) and Virtual Reality (VR) wearable devices.
To wrap it up..
The Metaverse is here and it is happening, it is no longer a thing of the future, it is happening right now in the present. Footfall of millions of people have already been recorded on the platform and with that comes in the enormous opportunity to monetarily benefitting from it. Businesses from all over the are leaving no stone unturned to make the most of this technology and drive their road to success with the phenomenal technology called – Metaverse.
Written by
Jay Anthony,
Marketing Head, TECHVED Consulting
Tags: #metaverse #nft #techved #meta #fashionindustry #digital #immersive #ar #vr
Backlink: https://www.techved.com/metaverse-development-company
