All About Metaverse
A whole new virtual world is in its making at a fast pace beyond our expectations. Metaverse is a comparatively strange concept less known to the masses. IT professionals and tech folks have started taking it seriously. The setting up of the Metaverse infrastructure is in the offing. Businesses are rising to grasp the still shaping-up world. The hype was created by Mark Zuckerburg when he announced “Meta” as the new parent company of Facebook, the social media giant.
The sci-fi writer Neal Stephenson first used the term “Metaverse” in his novel “Snow Crash”, to describe a 3D virtual reality. The concept is a bit more theoretical than practical. Almost every reality of today was once a concept or an idea of a fiction writer. The Metaverse is in the making of reality. It will be a virtual reality world where avatars will represent actual people. The people will be able to interact in avatar form.
You will be able to choose from an avatar format of a human, animal, or any customizable posture you can imagine. Like online gaming, you can do anything like meeting people, celebrating, selling and buying, owning land and properties, building houses and factories, raising armies, fighting wars, and even establishing institutions.
Possibilities are only limited to the stretch of your imagination. Be creative, and you can create a paradise or a hell if you like to live. Of course, you will spend money on all that, like as you buy resources for online gaming. Metaverse will be a more complex and sophisticated replica of online gaming. One will watch it and virtually live in it using resources like 3D glasses, cryptocurrencies, and a pile of gadgets yet to emerge.
How Does it Work?
So far, Virtual reality, augmented reality, smart glasses, social media, and cryptocurrencies have already emerged as realities beyond doubt. Everyone uses the technologies up to a certain level of comfort. Metaverse aims to combine all these powerful resources into a single platform to interact with each other.
The unprecedented alliance will create a future powerhouse for business, marketing, and entertainment. Metaverse will change the whole concept of working, socializing, entertainment, and doing business. The world will transform into a next-level “virtual Global Village” free from physical boundaries.
Virtual Reality & Online Gaming
The gaming industry prompted the concept of Metaverse. Games like Pokémon Go (2016) and Fortnite (2017) were the first to offer technologies to connect people. These games became popular due to integrating Augmented Reality into our everyday lives. The Games introduced avatars represented by human players, fighting with each other and participating in real-time events.
Influence of Cryptocurrencies
The Metaverse is a virtual world that never sleeps and is never close. It is always active, self-sustained, and full of unleashed business possibilities. The virtual environment is the most conducive for decentralized financial sources like cryptocurrency. With the introduction of Bitcoin in 2009, a plethora of cryptocurrencies appeared on the crypto horizon.
The crypto phenomenon is fast replacing cash and plastic money. It best suits the needs of a decentralized virtual world. Metaverse is not depending on cryptocurrencies. But the currencies power the environment by way of secure financial transactions. Businesses are already noticing and considering the tool as a future model of financial freedom.
Metaverse still does not exist in its totality. But it is much closer now. Mark Zuckerberg has already started formulating the “rules of the game”. Other big brands are following suit by making investments in the development of Metaverse infrastructure.
The pandemic shutdowns have helped people understand a transformed living in an era of digital innovation. Businesses have successfully aligned themselves with work-from-home norms that replaced the physical attendance of offices by the employees. The trend will remain intact even after the control of the pandemic emergency.
Metaverse offers endless opportunities for companies to conduct business through virtual reality. Wearing VR glasses from a cozy home will replace the physical presence in meetings, traveling, commuting, and other hassles. It is a revolution the world has never witnessed before.
An Unparalleled Customer Engagement
E-Commerce offers pics & videos to show product specs. The Metaverse is a 24/7 virtual world that offers an uninterrupted information flow and closer customer engagement. It is a unique experience for the customer to watch, check, and select products in a live 3D format.
It is just like visiting a showroom where one can check the products physically. The Marketers will feel at ease in developing an interactive real-time virtual link to convince and motivate consumers to buy their products. The Metaverse will not affect the marketing strategies. It will open unimagined marketing avenues, paving the way for a deeper level of customer engagement.
The Future of Metaverse
It is time to note the emerging Metaverse market. Companies are investing in the development of virtual reality hardware. Companies invest in VR headsets, and some plan to introduce contact lenses. Time is not far away when many other devices appear on the market.
Brands like Burberry and Gucci already advertise and sell virtual goods using AR and VR. Volumetric video is another innovation that will integrate into shopping and work events. Allocation of space in the Metaverse is known as buying virtual land. The trend is on the rise to attract millions in revenue.
The brands invest in developing a Metaverse infrastructure where sellers and buyers will interact better than in the physical marketplace. Metaverse has a promising future. Only time will tell how fast the trend will transform and where eventually it will stay.