5 reason why metaverse is the next big thing
The idea of Metaverse has been dangling around in one or the other form since the 90s. Earlier, it was ideated only in video games and science fiction novels. It is in recent times that the Metaverse has gained mainstream popularity.
Metaverse may seem like a jacked-up version of Virtual Reality to the less versed. While it is the future of the internet, as many believe, it is also believed that Metaverse will be to extended reality technology that the smartphone was to mobile communication when it emerged.
Imagine being able to socialize, attend classes, work, shop, and more through this virtual paradigm called Metaverse. Instead of being on a device, you will be in the experience of connecting with the digital environment.
The possibilities with Metaverse are endless, and it would be unfair to limit its narrative. As much as we curiously await the mass acceptance of this technology, Metaverse keeps growing in the background. It is going beyond the reach of commerce and entertainment, integrating innovation, imagination, space-age vision, and digital culture globally. As we move forward, we will learn why Metaverse is more than what we think and see!
Metaverse is one of many exciting technologies brewing up in the community. Another similar concept of Web 3.0 is seeing the light with respect to human-machine interaction becoming more intimate.
The spatial web and Web 3.0 work in tandem with Metaverse. While the former is in the true sense- tomorrow’s internet, Metaverse is one of the critical enablers for this space-age idea. Another reason that pushes us to think of Metaverse as the next-gen internet is the emphasis Facebook has put into rebranding itself to focus on the Metaverse commitment.
Above all, everything discussed hints towards a world where the Metaverse could be the next major online destination globally for engagement, trading, leisure, and work. As it has already begun to replace social media, it will finally encompass the world wide web as we witness it evolving.
Boost for Creator economy
With the availability of technology reaching the world’s remotest corners, the creator economy is flourishing. Creators are now becoming more and more autonomous, where direct support from the audience is becoming a benchmark. That said, content creators have bridged the community together and have profoundly influenced the audience. It is how these creators are shaping the future of Metaverse and vice versa.
As we see creators entering the community, communication is one thing that needs to be present despite digital barriers. Metaverse allows a realistic, seamless virtual connection, making the creators build a more inclusive and integrated community. Similarly, connecting with the audience through the same medium will become more convenient for the creators.
Every enterprise seeks an early mover advantage when adopting technology or machinery. As we see the internet impersonating the Metaverse vision, it will benefit the brands as they can partner up with content creators to endorse, market, or sell the products. Above all, it will help the brand attain a significant reach all over the world.
While many people relate XR and Metaverse with gaming, there are other avenues for content creators. Many platforms like Roblox are coming up with experiences and opportunities for content creators to engage with Metaverse. This will create monetization windows along with enhancing the creative process.
Work and Collaboration
AR and VR adoption by enterprises for collaboration and training has already started, and it has caused an evolutionary shift in work culture. From team learning and development to interactions and assistance, there’s the big picture in which Metaverse can transform the future of remote working.
Imagine attending virtual meetings in your office-like environment from any part of the world and resting in the comfort of your home. There are few things remote working employees miss out on compared to their in-office counterparts. Considering that, more than creating an immersive virtual environment is needed to engage them. It should be a persistent experience where communication is personalized. As a result, it will lead to a tightly-knit collaborative work environment.
Bloomberg’s reports suggest that Metaverse will build an $800 billion market by 2024. Taking a cue from Facebook’s rebranding itself to Meta in 2021, enterprises and individuals have started taking Metaverse seriously. Moreover, they have developed a keen interest in technology.
Although still in its development phase, Metaverse is one of the megatrends of the following years. Due to this, enterprises are already looking for alternatives to enter the Metaverse. Companies like Facebook, Microsoft, Disney, and Roblox have used this technology to a great extent.
Despite a few risks related to early adoption, Metaverse is the risk investors would like to take, considering the speculative nature of the investment. A technology that can penetrate the market with its efficacy and potential will be helpful for them to leverage their investment in a cutting-edge idea.
Some common ways to invest in the Metaverse are:
– Metaverse Stocks
– Metaverse Cryptocurrencies
– Metaverse exchange-traded fund
– Metaverse Land
In simple words, interoperability is a phenomenon where different virtual worlds or platforms interact. Interaction is not limited to communication, but sharing and exchanging data and information have also become a significant possibility.
A business will benefit mainly from the interoperable Metaverse as it can set up its presence and reach a larger audience. Similar to a blockchain, moving between different Metaverses will become seamless. It will also enable cross-platform trading for enterprises.
Metaverse will make it easier for individuals and content creators to distribute content due to the vast reach of an interconnected spatial web. Interoperability in Metaverse will allow the access and sharing of components like Avatars, data, APIs, assets, storage and features of different platforms connected through Metaverse.
Despite being in the initial stages of reshaping the future of the modern internet, Metaverse has shown enormous potential to disrupt the market. It is similar to any technological revolution in the history of humankind but bigger. As a matter of fact, Metaverse, with its unique traits and endless possibilities to perform the unthinkable, may have far-reaching outcomes in society, allowing a better sense of the world around us. However, it is not even close to its full potential, and we have barely touched the surface of this cutting-edge technology. As it evolves and becomes a mass revolution- how ready are you to jump on the Metaverse timeline?