Metaverse is a relatively new technology and will take some time before it engages the entire world
By Sahil Chopra
The agile nature of disruptive innovations has altered the course of consumer behaviour far from conventionality. As a result, the world is quicker than ever in putting new technologies to the test and soon making them a part of their lifestyle.
The constantly evolving mobile landscape has been thriving in bridging the gap between consumers and their needs to a great extent. The ease of usage and unmatched mobility make people side with the convenience of staying connected with the world while they are on the go. Mobile traffic beat its desktop equivalent for the first time in 2016, and the trend has continued to date. The pros of owning a hand-held device have made sure the world is never going back to their desktops. As of February 2022, 57.38% of all web traffic came through mobile phones. Today, every business begins with launching its mobile website and being active on all mobile channels.
The pandemic brought several restrictions, and stepping out of one’s home had become nearly impossible. Being confined to one’s home had interrupted the market considerably. Today, you could hang out with your friends and family and play ludo while scuba diving in the ocean, all without stepping out of the comfort of your home.
We are on the verge of taking a leap into the future and embracing the shift from mobile to the metaverse. Metaverse was brought to existence by author Neal Stephenson in 1992. It is a network of 3D virtual worlds that bring people together, allowing them to work, play and interact using virtual avatars. The 3D virtual world of metaverse will enable users to socialize, explore geographies, invest in real estate, participate in events, design and auction digital art. Metaverse is the beginning of the new age for the internet. However, we are yet to tap on its full potential. Tech giants such as Meta, Epic Games, Microsoft, Roblox and more are working at forging their own metaverses. These 3D virtual worlds leverage cutting-edge digital technologies from virtual reality to the blockchain.
Currently, metaverse solutions are based on readily available tech gadgets such as computers. Nevertheless, for an all-immersive experience, one needs access to a VR-enable headset. However, thanks to our progress in the digital world, we are on the brink of making a breakthrough in computer-generated holography applications, which might displace the need for headsets. What’s more, tech-driven companies are also innovating haptic gloves that will allow users to interact with 3D virtual objects and make the virtual experience more immersive with movements, textures, and pressure. Before the pandemic, metaverse had garnered little to no attention. From businesses to individuals, the pandemic cornered each one of us into working towards creating remote and connected experiences. Metaverse could be the answer to all the physical limitations of a post-covid world. The virtual ecosystem will bring in new ways of collaboration and accelerate remote learning. The rise in the adaptation of the metaverse is sure to bring new work opportunities and shape a new social infrastructure.
Why should businesses pay attention to the metaverse?
Investing in the metaverse is the key to ensuring a lucrative future for your business. One of the most attention-grabbing facets of the metaverse is that it is linked with the blockchain. The metaverse will be a platform for exchanging digital assets for digital currencies, driving the new economy. According to a report from Nonfungible.com, trading in NFTs spiked to $17.6 billion last year, registering an increase of 21,000% from 2020. In 2021, people earned a total of $5.4 billion in profits through the sales of NFTs.
You are likely to find your potential customers in the metaverse. The new generation grows up with virtual reality headsets and spends most of their time in virtual universes such as PUBG and GTA Online. If brands want to engage this tech-savvy section of the audience, they will have to find them where they are.
Metaverse is a relatively new technology and will take some time before it engages the entire world. However, the metaverse will also pose some challenges, such as the inability to manage time and distinguish between the virtual and the real world. We are yet to see how the metaverse changes our lives, but it will definitely change how we interact with technology.
The author is founder and CEO of iCubesWire. Views expressed are personal.
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