Metaverse may have started with the gaming industry and, to use a pun, changed the game. This innovation will spread and change the game in many others. Platforms, Inc. Some have even said that the Metaverse will be the next Internet. What exactly is the Metaverse, and what will a potentially disruptive innovation for businesses look like?
Neal Stephenson first used the term “Metaverse” to describe a three-dimensional (3D) virtual reality (VR) world that sprang from the Internet in his 1992 science fiction novel Snow Crash. According to the plot, avatars representing people from a collapsing civilization would flee into this realistic digital environment and interact with other people and software agents. Currently, in the global pandemic of Covid-19, our real world, an alternative world that people could flee to, is more attractive than ever. The Metaverse will affect not only companies (small, medium, or large) but potentially everyone. Not surprisingly, Meta isn’t the only one pouring millions of dollars into building this digital world.
In December 2021, the Kingdom of New York Republic invested a record $4.3 million in Metaverse real estate through The Sandbox; Just a month before that record, Canada’s Tokens.com spent $2.4 million worth of digital land on Decentraland, another Metaverse platform.
Critics argue that these virtual reality properties and digital products are not “real.” However, the same applies to money in paper, plastic, or bits and bytes, be it fiat money issued by central banks or decentralized cryptos. Money is not real because its value largely depends on mutually agreed upon and accepted ideas, trust, and human imagination. To illustrate how “virtual” money is, you can try it with chimpanzees, for example. Chimpanzees trade between themselves, like exchanging bananas for mangoes; However, if a human exchanged US dollars for bananas with a chimpanzee, it is unlikely that they would accept dollars. However, the same person could easily exchange the same money for bananas in a supermarket. As far as chimpanzees and nature are concerned, the money people use daily is not “real.”
Those who could go beyond the naysayers, however, were able to recognize that the Metaverse is a true innovation that will potentially change not only the way the game is played in many companies but the way it is played and how people will live. The current global pandemic has already changed how people communicate, work and play. Imagine walking into the “office” with the Metaverse in your 3D VR avatar, one moment, you’d enter an amazing architecture with daily changing decor, and the next moment you’re brainstorming with your team for a marketing campaign while in an environment that stimulates creativity, such as B. Diving in a crystal clear tropical spot that makes Sipadan Island look like a boring public swimming pool.
How you would experience the museums and attractions are endless. Businesses can set up kiosks in shopping malls, transportation hubs, and other high-traffic areas that deliver high-precision, professional-grade 3D scanning. Clients’ bodies are the template for their Metaverse avatars. With such an avatar, you can get an exact fit for the clothes you like and see what you would look like walking around.
With any global pandemic, there will be travel and movement restrictions or curfews. Fear not; Metaverse offers you the best substitute for your family vacation. Don’t like your vacation by the sea? As you speak, you and your family could ski in an alpine setting rivalling the Swiss Alps, and you’ll change places in seconds. Metaverse will also transform the real estate industry and the way real estate agents work.
You can visualize what an immersive 3D experience can do for property inspection, property expansion, and renovation. As such, this industry, like many others, is challenged by the capital and human talent that goes into their versions of the Metaverse.
While retail turned to e-commerce even before the global pandemic, the Metaverse is transforming retail. Virtual shopping centers, stores, and malls may focus more on selling and purchasing virtual goods with actual money than on allowing customers to test-drive natural objects before making a purchase. Fiat or cryptos; This has been the case since the beginning of the Metaverse, be it a virtual sword on CryptoBlades, an online blockchain-based RPG, or a Gucci Dionysus virtual handbag that sold for $4,115 on Roblox. It doesn’t take much mind to see how the game will transform for marketing, branding, and advertising.
Metaverse may have started with the gaming industry and, pun intended, changed it; this innovation will spread and change the game in many others. As Mark Zuckerberg says, the Metaverse will be mainstream in 5 to 10 years.