From a sci-fi concept to reality – What exactly is the Metaverse? Is it a fad that has been hyped by celebrities and social media or will it really transform the way we live? Read this article to know more about the Metaverse, its Reality & Myths.
The Metaverse is the next evolution of Internet. It is predicted to be a massively scaled immersive and interactive platform for people all around the world. It is much beyond Web 2.0, this is Web 3.0 – where everything is decentralized. This means that people have more control and ownership over their digital assets and movements.
Advance technologies like Augmented Reality, Virtual Reality, Artificial Intelligence, Machine Learning, Blockchain, Cryptocurrency etc. power the Metaverse. It comes with the vision to be a parallel virtual universe i.e people will experience real life scenarios and encounters on a virtual platform. Imagine if you could walk through a mall in New York or Dubai from the comfort of your home, without having to actually travel to those places, or imagine visiting Disney Land in Paris without really having to stamp your passport…
The Metaverse will allow its users to attend concerts, fashion shows, movie screening, conferences etc. all on a virtual platform with real life like feeling from anywhere in the world, the distance and demographics have no hindrance. And it doesn’t does limit to that, the Metaverse will also give its users an opportunity to carry out their daily tasks and activities like grocery shopping, socializing with people, attending office meetings and webinars etc. all in a virtual environment. Blockchain technology is an integral part of the Metaverse, it ensures that the digital assets of users is safe and secure in virtual reality. Let’s now dive into understanding the myths and realities of the Metaverse aka parallel virtual universe.
Top 3 Realities of the Metaverse
1. Global Wealth Generation
The Metaverse can be considered as a global wealth creation tool. Yes, it is decentralized and runs on cryptocurrency which is also known as the global currency. This means that there is one unified currency for the platform irrespective of the country you operate from. Trades worth billions have been recorded on the Metaverse. These trades are usually for Non Fungible Tokens (NFTs), virtual land, avatars etc.
2. Empowerment of Designers and Creators
A word that is closely linked to the Metaverse is Non Fungible Tokens widely known as NFTs. Designers and creators from all around the world can now put their talent out in the form of artwork, music, collectible items etc. on a global platform without the need for any middleman. This not only gives them financial freedom, but also gives them complete ownership and authority of there digital asset.
3. New Marketing Avenues
With the emergence of Metaverse, brands across the globe have started planning their entry on the platform. Every business wants to give their audience a first and one of kind experience in the Metaverse. This is a brand new path for marketing strategies to mould up for optimum results. Brands now want to have their presence in the real like virtual land and engage with their customers like never before.
Top 3 Myths of the Metaverse
1. Metaverse will Replace the Real World
Let’s understand that the Metaverse will never have the potential to completely replace the real world we live in. Yes, it can be addictive in nature just like social media and gaming apps/sites in todays time, but for people from all over the world i.e a population of over 8 billion people to completely shift their life to Metaverse full time is nearly impossible.
2. The Metaverse will be a Monopoly
The core essence of the Metaverse is decentralization, which means that the user has complete control and ownership of their digital assets. Although we cannot completely rule out the probability of big tech giants like Meta and Microsoft leading the league like how they do in Web 2.0, we can also say that they will not be able to hold much control given the fundamentals of Metaverse. There cannot be one or few people running it, each individual will own and control their digital asset without any external interference.
3. The Metaverse is Only for Gamers
It is not wrong to say that the gaming arena is one of the first adopters of Metaverse, however, the Metaverse has evolved far beyond gaming. It is now a platform for everybody who wants to experience virtual reality for different reasons. The Metaverse is going to be a platform where people can shop, play, party, learn, socialize, etc. all inclusive. It is not just a gaming platform anymore, in fact it has expanded its branches to many more avenues at a larger scale.
This is just the beginning of the Metaverse turning into reality and only time can tell what the Metaverse has in store for us. What we know of the Metaverse today is just the tip of the ice berg, there is yet a lot more to unfold as more and more people explore the Metaverse. The Metaverse is immersive and it is decentralized, these are the 2 main factors that make it unique and popular.
Marketing Head, TECHVED Consulting
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