You are amidst an interesting dream …. about to land on the moon. Curse that morning alarm, you are up. Alas! In a few more seconds, you would have been up there…..
We know what you really wish now.
“Can I get those lost moments back? And land on the moon?
The good news is YES! And this is precisely what metaverse is about.
What is Metaverse?
Simply put, metaverse is a digitally enriched virtual space. Real life actions get simulated here through avatars. The beauty is that you feel that you are into a real world. Metaverse could put up many virtual realities simultaneously. Just like a flash back to a real story or so. People can work, socialize and more with a considerable realism. To make this possible various digital concepts like augmented reality (AR), virtual reality (VR) are blockchain are integrated into metaverse.
Metaverse and its Origins
Metaverse exists as a concept for more than three decades now. In 1992, an American author; Neal Stephenson, introduced the metaverse in his sci-fi, “Snow Crash”. He described a 3-dimensional virtual world of imaginary people and events where people are presented as ‘avatars.’ The ever-increasing internet penetration has made it possible to conceptualize and execute well designed digital avatars, tradable digital assets and even virtual real estate.
Facebook Meta was founded in 2004 to promote 3D spaces in the metaverse. “Ready Player One”, American sci-fi film (2018) is based on the metaverse concept. Social media like Facebook, Twitter and Instagram will be more integrated and entrancing from the current state.
From Facebook to Metaverse
Facebook Meta version is expected to evolve over the next ten to twenty years. Some of the steps already initiated by Facebook Meta to achieve the pivotal stage are:-
- Teaming up with Colorintech in the UK for a metaverse content creation.
- Collaborating with Alte Nationalgalerie on inclusive XR experiences in Germany.
- Launching an augmented reality/virtual reality (AR/VR) start-up growth program in Israel
Over the next few years, the increased industry consolidation is expected to make metaverse a decentralized entity with many players in competition. When it happens, metaverse environment will be quickly accessible via VR headsets, augmented reality, smart glasses like Ray-Ban and on desktop and mobile apps as well.
Metaverse and Blockchain Technology
Blockchain technology is mostly used in metaverse transactions. It facilitates users to purchase, sell their physical assets like homes, liquid assets like currencies or stocks in the virtual space. It is very much feasible as blockchain allows for trust less transactions and undebatable ownership of digital assets. When metaverse space increases, it generates huge volumes of data that could lead to concerns about data reliability, data privacy and data safety. Blockchain technology works as a one-stop solution to all such problems.
Metaverse and Business Applications
Metaverse is destined to occupy the top position as a major contributor to the world economy. The top management consulting company, Price Waterhouse and Coopers (PWC) has projected that the metaverse ecosystem will be worth more than 1.5 trillion by 2030, and major contributing sectors are gaming, healthcare, education technology and “Industry 4.0”.
Metaverse allows people to do anything that they can do in real life. Attending to a work meeting, spending time with friends, shopping, sightseeing and participating/witnessing events.
Metaverse is likely to spiral up a virtual real estate boom. Ethereum blockchain technology in Decentraland (virtual realty platform) allows users to buy and sell virtual plots as non-fungible tokens. The transaction is facilitated by MANA crypto currencies. Axie Infinity and Sandbox are other popular virtual property platforms.
Metaverse and Digital Life in Future
Metaverse facilitates merger of the physical world with the virtual world. It brings revolutionary changes in how we interact with the systems and use information, solve problems and even create virtual world. With metaverse occupying the center stage, digital currencies will continue to dominate.
In a future reality with metaverse systems, one can meet a friend staying in another country, go out for walk or watch a movie together.
Metaverse is hitting headlines these days, though the concept existed since 1992. The reason could be the digital savviness in general and development of technologies associated with metaverse, like virtual reality and augmented reality and related headsets, in particular. But technologies survive if they are easily accessible and are user friendly. Metaverse is not an exception.
Shift to the metaverse is expected to raise the same excitement as the pivot from desktop to mobile created. To know more about how technology solutions create business opportunities, check our program @https://online.ifheindia.org/
Metaverse could add new dimension to how people engage with businesses. Can you visualize two such examples?
#SMACS #TechnologiesForBusiness #ServicesOperationsManagement #OperationsManagement #onlinembacourse #mbabestcourses #onlinembaprograms #elearning #learningsimplified #onlinembaforworkingprofessionals #entrepreneurshiponlinemba