Metaverse has the potential to extend the physical world using extended, augmented, and virtual reality technologies allowing users to seamlessly interact within real and simulated environments using avatars and holograms. Virtual environments and immersive games (such as, Second Life, Fortnite, Roblox and VRChat) have been described as antecedents of the metaverse and offer some insight to the potential socio-economic impact of a fully functional persistent cross platform metaverse.
The World Economic Forum has said that the metaverse, which allows people to interact with others in a computer-generated, multidimensional and multisensory virtual environment, can have a multi-trillion-dollar market impact, with billions of users in the coming decade.
One can define the metaverse as an unreal, immersive 3D environment, where one can feel events in ways we won’t be able to in the real world. Following Facebook’s rebranding to Meta, metaverse became the talk of the town in no time.
Many companies like Meta are primarily focused on creating hyper-real virtual reality environments on the metaverse. Others such as Hyundai, Microsoft, Nvidia, Gucci, and Nike are trying to create Metaverse environments to collaborate and work on various digital transformation projects.
Technology economics indicates that as adoption increases, costs inevitably drop, which is visible through today’s reality of $100 computers and low-cost software. According to the World Economic Forum, the real metaverse opportunity lies in creating meaningful and inclusive experiences at the intersection of the physical and digital worlds.
Giving an example of a metaverse in the working environment, the World Economic Forum noted that the pandemic has given rise to hybrid working. With metaverse’s immersive technologies, companies can encourage new forms of virtual employee engagement and productivity.
As per experts, Metaverse can open new ways to form communities, solve problems and create value. It can do wonders in on-the-job training, telemedicine, banking, or shopping. As organisations move to define their role in the metaverse, they should look beyond pursuing new revenue streams and understand their brand purpose of being there: to give consumers, employees and citizens a reason to join in.
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