‘Metaverse’ has suddenly become a buzzword. What is this new technological regime that has the likes of Mark Zuckerberg and Satya Nadella promoting and propagating it at public events? How different is this 3D universe going to be from the cyberspace that we are so accustomed to? And, why is it being heralded as the technology of the future?
This article will answer a few of these questions giving clarity on what Metaverse is capable of.
What is Metaverse?
The metaverse is an alternate virtual reality universe having shared 3D spaces where people can attend virtual events and interact with one another. In the metaverse, people can build great architectural structures, host events, and get a good income as well. The metaverse is the future place for social engagements, and business meetings, giving users the freedom to create anything they want.
The metaverse is a concept of a persistent, online, 3D universe combining various virtual spaces. It can be imagined as a future iteration of the internet. With metaverse, people can work, meet, play, and socialize together in these 3D spaces.
Now the metaverse is changing our lives in a much greater and more impactful way. In this blog, we will discuss how Metaverse will affect business, communication, education, entertainment, gaming, and travel, among many other industries. Below is a list of some of the ways the metaverse will affect our lives, and what the future of the metaverse looks like in each industry.
Advanced technologies like video calling, remote conferencing, and online team collaboration tools have made it possible for people to work together in real-time regardless without connecting physically. Metaverse has the power to take all of this to another level notches higher than how things work in the present day. For example:
- Remote working, as we know it today, will be jolted with mixed reality as VR and AR are stretched into the metaverse realm to offer physical-world experiences. For example, you can meet colleagues, peers, and clients, shake hands with them, and feel the grip of the handshake as if you are in the real world, even when you are miles away from each other.
- Develop stronger bonds and team environments even if you are connected remotely.
- Working in the same virtual shared space with one another when the location does not matter.
- Helps increase overall productivity.
- Lowers or eliminates business-related travel expenses
- The metaverse holds the promise of offering a unique way for sellers and buyers to connect. For example, Instagram shopping can become an even more immersive experience as buyers can pick products in the physical world or virtual world simultaneously. It means improved business opportunities for sellers.
Moreover, metaverse lets you work in any kind of setting. For instance, suppose you want to work from some hill station, the metaverse will change the setting on demand. Then, once you are done with a big project, you can instantly teleport back to showcase your work to others.
Metaverse is all poised to add a touch of emotions to the banking industry. Typically, banks are thought to be pretty disconnected. But, this new 3D space is going to change that. It will bring in an element of humanity to FIs strengthening customer relationships. Banks can target the young tech-savvy generation with their virtual branches that can be visited by customers in the Metaverse space.
Not just that, Metaverse will facilitate the creation of new service points. For example, virtual ATMs from where customers can withdraw money. They can touch base and speak with the avatars of their financial advisors, take loans against cryptocurrencies, and more. The new world has a lot of untapped factors that the industry can dive into.
The metaverse is bringing significant changes in transforming the world of communication by:
- Letting you interact with anyone from all over the world.
- You can experience others’ facial expressions and body language
- You can create an online identity for yourself through our own avatar
- You can enjoy events together with others irrespective of whether the group is in the real or virtual world.
In the future, virtual worlds will be the cornerstone of the metaverse. The metaverse will revamp the entire education system by:
- Allowing the learner to be present in a class or learning ecosystem in a mixed reality model where you have a real-life experience of the things you are studying. Just imagine if you are learning about the dinosaurs, and how you would feel if you could actually be present in the same environment as the dinosaurs.
- Giving students practical experience
- Letting them learn from anywhere
- Lowering the overall cost and entrance fees
What is the Future of Metaverse?
There are three possible outcomes of the metaverse in the future.
The first possibility talks about the metaverse specializing in things it is good at but never really reaching the status of a general-purpose platform. In this case, metaverse exists as a fragmented marketplace but never as an integrated solution in the user’s life.
The second scenario is that there could be multiple metaverses with only a few big names dominating the scene. And the third scenario could be where the metaverse becomes a part of our daily life with the physical and the virtual world seamlessly integrated.
it is in its nascent stage at the moment and it is difficult to predict which way metaverse will actually go. But a lot of it will depend on the following factors:
- The level of integration and standardization.
- The kind of market leaders that come up or the level of competition in this gamut.
- How intuitive and user-friendly is the user interface?
- What role does the government play in regulating the content and conduct of the players?