Metaverse

What is Metaverse? How it Will Change the Future of The Human Race? 

The announcement of Facebook that it was changing its name to Meta was a strategic step to tell the world that it is embracing Meta. The goal of Metaverse is to innovate the way people interact over the internet, the way that seems possible only in science fiction. The statement of Facebook spending $10 billion to build technologies to make Metaverse a reality has surely sparked people’s interest in Metaverse. 

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Metaverse will make it possible to work, shop, interact with others from the comfort of their homes. It will take several forms, including business meetings, gaming, etc. Imagine sitting in LA and having a meeting with a client in Tokyo; you can teleport yourself to Tokyo and conduct the meeting; it will definitely make a lot of difference in making work look like play. Metaverse will help you experience places that you have never seen before. With Metaverse, you can say goodbye to boring conference rooms! 

What is Metaverse? 

Metaverse is an alternate digital reality where people work, socialize, and play. As per Wikipedia, Metaverse is a collective virtual shared space- it is a sum of augmented reality, all virtual worlds, and the internet. Meta in the word “metaverse” means beyond, and verse means universe. When you are in the Metaverse, you will feel like you are actually sitting in a room with some other person, who can see you and read your non-verbal gestures, and you can respond to each other. Metaverse will be able to support any type of social interaction and not just limited to gaming. 

Though Metaverse isn’t fully in existence, many platforms offer metaverse-like elements, such as video games. 

Avatars 

We will represent ourselves as avatars in Metaverse. You will have different avatars for work, gaming, hanging out, etc. For instance, you have profile pictures on various apps in the present scenario, but in Metaverse, you will have a 3D representation, where you can interact in a much lively manner. 

Let’s see how Metaverse will Influence the following things: 

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Shopping 

There is no doubt that online shopping would be there in Metaverse, but it won’t be digitally trying clothes for real life. In Metaverse, companies will have to design brands for avatars. As fashion is a big part of any avatar, virtual fashion houses will have business opportunities in Metaverse. There will be virtual real estate, which will have its own worth in the virtual world. In fact, people who invest in Metaverse would have their own property. 

Entertainment 

Most video players and streamers are not different from players’ friends in real life, making virtual friends more valuable and relatable. In Metaverse, people will go to brands with whom they feel a connection. Wendy’s is a company that’s been experimenting with Metaverse. They set up a food fight mission in 2018 in Fortnite, and it was live-streamed on Twitch. Wendy’s asked players to go after the restaurant in the game, “Durr Burger.” Wendy’s got 7400 followers on Twitch and 43,500 comments during the game. Recently, Wave XR’s technology was used for John Legend’s virtual concert, which broadcasted a virtual John Legend, and there were 500,000 live attendees. 

Culture 

It’s important to have an awareness of the culture inside Metaverse. In GTA V, clothing options were introduced that looked similar to protesters in Hong Kong, and players thronged the streets of the fictional town. Later, Chinese players noticed it, dressed their characters in police uniforms, and fought back with the protesters in the game. In Metaverse, people will have relationships with others, which will affect their decisions. People won’t be interacting with them on social media like the present when it comes to brands. Instead, they will get in touch with them in 3D form. 

Economy 

Businesses will need to change their marketing strategies because what consumers buy in real life can differ from what they buy in the Metaverse. Companies will have to engage themselves in market research to know about the preferences of people. Also, robots and assistants will own the relationship with the customer; therefore, it makes sense to indulge in deep research. 

Virtual Goods 

Instead of buying a physical television, you can take your items from the virtual world and project them into the physical world. Augmented Reality (AR) would come into play here- augmented reality glasses or immersive virtual reality would be beneficial. 

Metaverse: A big opportunity 

Metaverse is a big opportunity. No doubt branding and marketing professionals will be presented with new challenges, but there will also be great opportunities. As companies have already started to brace themselves for Metaverse, its arrival is inevitable and brings many positive outcomes that will change how we interact with technology in the future. Metaverse will unleash new creativity and challenge app development companyto embrace change and come up with something unique that will add value. Both businesses and customers will love the opportunities Metaverse will bring for them. 

Change is Taking Place 

While Metaverse will take time to arrive fully, the change is taking place. The virtual world can open many opportunities and revenue streams for organizations that are ready to go into the venture. People around the world have been open to adopting digital life. Walmart has announced that it will leap into the virtual world; it will provide currency, enabling customers to buy and sell NFTs. As per Brian Cooley, Editor-at-Large at CNET, Metaverse technology will become real and sampleable over the next five years, and it’s going to be impressive. 

Some Examples of Metaverse 

While there is no single linked Metaverse yet, many projects are similar to Metaverse. 

SecondLife 

SecondLife is a virtual environment where users control avatars for various purposes. It also has an NFT marketplace to swap collectibles. 

Axie Infinity 

It  provides players in developing countries an opportunity to play and earn. It provides users with an opportunity for a job like Metaverse. By selling the SLP token, players can make between $200 to $1000. 

Decentraland 

Decentraland is a digital world that incorporates NFTs, cryptocurrencies, and virtual real estate. This is not all; players can even take part in the governance of the platform. In the game, NFTs represent cosmetic collectibles and can be used for purchasing land parcels with cryptocurrency MANA. 

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When Will Metaverse be Here? 

Creating immersive worlds is not new as games like Minecraft, Grand Theft Auto Online have already created a virtual world, but Meta wants to go beyond entertainment and create experiences for all ages in terms of virtual workplaces, homes, etc. According to experts, Metaverse is still many years away. Still, companies like Meta are building and improving devices that can help users immerse themselves in an alternate world- Meta’s Oculus Quest is one such device in its second model. 

While the excitement around Metaverse is growing, the vision is still many years away. Companies are anticipating how Metaverse will change things, but the reality is that it’s hard to say what shape it’s going to take; companies are trying hard to be prepared and be at the forefront of it. 

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