METAVERSE: OUR FUTURE REALITY? “The best way to predict the future… is to invent it” Alan Kay What? How? And why? Of metaverse Regardless of the growing popularity of the metaverse, the idea is yet covered by secrets for some. The word “metaverse” is made from the blend of "meta" (meaning beyond) and "universe" and is typically described as “the concept of a future iteration of the internet, made up of shared, 3D virtual spaces linked into a perceived virtual universe.” The idea was created in the sci-fi novel Snow Crash by Neal Stephenson. In the novel people use digital avatars of themselves to explore the online world, often as a way of escaping dystopian reality. Video games like- Axie Infinity, SecondLive, Decentraland etc. offer the closest metaverse experience currently. The metaverse will combine all parts of life in one place. While many individuals as of now work at home, in metaverse, you will actually be able to enter a 3D office and connect with your colleagues’ avatars. Your occupation could likewise be metaverse related and one shall earn digital income directly usable in the metaverse. Here’s where the picture of cryptocurrencies also fits into the concept. Life in metaverse: People: Digital communities have existed for a number of years beyond the Metaverse – practically since the dawn of the internet. During times of quarantine and lockdowns, many of us turned to the digital world to rejuvenate. As we head into the future, we can imagine a number of celebrations and events happening in the metaverse, from concerts to weddings. As technology advances, specialists foresee social encounters in the metaverse will incorporate additional forms of simulated presence and human connection. In the metaverse, people won’t be individually wandering around. They will have friendships, relationships (with autonomous NPCs, holograms of other people) Economy: One of the biggest opportunities in the future of the metaverse is the creation of new and improved economies. Cryptographic forms of money can be ideal for a metaverse. They take into account making a computerized economy with various sorts of utility tokens and virtual collectibles (NFTs). Early brand participation in the form of collaborations and sponsorships demonstrates just how significant this metaverse economy can be. For instance, the North Face (clothing company) has versions of its clothing for customers to buy in Pokémon Go, and Wendy’s has its own branding in Fortnite. Business and Marketing: Social media had revolutionised the internet marketing and advertising game and soon the metaverse will too. Marketing Professionals need to focus on metaverse as it will be the next ground for online interactions. Market research teams will have to take into account the behaviours of customers in the metaverse. Preferences of people in metaverse could be totally different from when they shop in real life. Virtual assistants and robots will own the relationship with the consumer. Nike made its attempt at associating itself with metaverse, by buying a virtual shoe company that makes NFTs and sneakers. Even H&M store had been included in the concept video of metaverse’s CEEK city. Potential and future of metaverse. The concept remains elusive to many, and building the metaverse would take years and billions of dollars to realize, however, we can see many futuristic people investing and backing its potential. In October 2021, Mark Zuckerberg announced that Facebook has changed its company name to Meta so “we will effectively transition from people seeing us as primarily being a social media company to being a metaverse company.” Leslie Shannon, Nokia’s Head of Trend Scouting, referred to the importance of the metaverse, or spatial internet, in a recent talk during the VRARA’s Global Summit. Even India’s education ministry’s tableau at the 73rd Republic Day parade showcased “From Vedas to metaverse” displaying their confidence in the concept as a whole. The metaverse requires careful consideration and implementation to be truly sustainable. It needs to be socially ethical (one person cannot have more than one identity), data sovereign and have monetary transparency. The issues and reactions heaved towards it, principally focus on the way that the current online-enabled platforms or products and services remain problematic. These issues incorporate security and protection chances, the negative social effect of current computerized correspondence. While a single, united metaverse is likely a long way off, we already can see developments that may lead to its creation. Metaverse is an inevitable direction in the evolution of the human species. Are we going to find our solace in 3-D modelled beaches or will the human species over stimulate itself and distance itself from reality? Such questions will only be answered with time.
