Initially started as a means to enhance the gaming experience and entertainment, metaverse has evolved to become the most significant tech that is revolutionising all prominent sectors across the globe. This visually rendered internet allows individuals and brands to interact across digital worlds and exchange digital items across platforms. Let us find out what the buzz is all about.
Why Big Brands are Entering Metaverse?
The CEO of Futures Intelligence Group and chief metaverse officer- Cathay Hackl states that “Every brand and company will need a metaverse strategy.” The reason for the same is that Metaverse has taken marketing to a whole new different level. The enhanced and immersive marketing that has been made possible through metaverse could not be accomplished so far with web 2.0.
It has made trading more advanced both for the consumers as well as the buyers. While sellers can demonstrate their entire portfolio in the digital space, buyers are in a position to make more informed decisions along with saving time and resources that would have been spent on travelling to the physical stores. It has revamped the entire inventory management process and enabled brands to combat the problem of limited physical space in the showroom and warehouses.
How are brands leveraging Metaverse to their Advantage?
Metaverse is expected to become a whopping $800 billion market by 2024. It offers infinite possibilities to brands for marketing their products in ways that haven’t been used before. Since it is a virtual platform, the complexities associated with the concept of time and space do not act as a hurdle in marketing. Brands can leverage the opportunity to build connections with audiences that seemed out of scope until now due to geographical and other differences.
With metaverse, a person in Europe will be able to assess and buy an article from a store in Russia without moving from their place. Fashion brands have the opportunity to enter a whole new market of digital-first clothing. Some top brands have already launched their fashion avatars in the metaverse. A classic example of this is the Pokemon Go avatars that were launched by Gucci and The North Face in January 2021.
Top Metaverse Projects
Sandbox is the most renowned block-chain based metaverse. It offers numerous creative opportunities for game enthusiasts by enabling them to design games, own them and monetize them in the Ethereum blockchain. To provide seamless user-generated content production, the sandbox has three integrated products namely Voxedit, Market place, and Game Maker. Whatever you create can be secured through copyright ownership through blockchains and smart contracts.
Horizon World is an expansive multi-layer platform, combining Roblox and the OASIS VR world from Ready Player User is only required to have an active Facebook account to enter Horizon World. You can socialise with up to 20 people at a time. It promotes creativity by allowing users to write basic codes on how a particular object work in the metaverse. In Meta, these codes are called script blocks
Decentraland is one of the earliest metaverses that is powered by Ethereum. It uses two tokens LAND and MANA. MANA is the native ERC-20token that is used for purchasing virtual plots of land and other in-world goods and services. On the other hand, LAND is a virtual real estate NFT. You have to burn Mana in order to buy LAND
Technologies that power Metaverse
Metaverse is combining various advanced technologies to provide the users with a truly immersive experience. Of all the technologies, AI plays the most important role. It provides activity insights pertaining to the upper layers and enhances the robustness of the metaverse infrastructure. It will make metaverse accessible to every one advanced tech such as automatic translation, image recognition, intelligent exoskeleton, and brain-computer interfaces.
The next crucial technologies are AR and VR are which enable the users to get into the metaverse. AR superimposes digital objects and VR produces computer-generated virtual space. With the help of VR headsets, gloves and sensors, users can enter the virtual environment sensors and gloves.
The Internet of Things is another popular technology powering the metaverse. It collects, stores and shares information over a wireless network without any human intervention. Devices that has IoT technology feature sensors and mini-computer processors that collect data and act upon it through machine learning. act upon the data collected by the sensors with the help of machine learning.
Metaverse: What to expect in the future?
The possibilities in Metaverse are infinite. It entirely depends upon the level of creativity, availability of resources, and the degree of risk an individual or organisation is willing to take. In the near future, corporate meetings will shift from digital platforms to a virtual universe where instead of just seeing and hearing each other, people across the globe will be able to meet each other without travelling physically.
VR headsets will become an integral part of corporate routine functions. Even social events such as events, concerts, comedy shows, social evenings, exhibitions will be held in the metaverse. Most importantly, the metaverse is expected to become one of the biggest contributors to the growth of the virtual economy.
Hence, it is safe to say that metaverse in the next big thing in tech that is all set to revolutionise all the major industries across the globe. The revolution has picked up the pace already due to the Covid-19 pandemic that restricted the public movement. Industries that are already using metaverse include e-commerce, education, corporate etc.