Of late there has been a lot of buzz around the Metaverse and investments being made by large organizations into companies which are participating in creating the metaverse. But more fundamentally what is the Metaverse, why is it gaining importance and what does it hold for the future?
Metaverse as defined to be a collective virtual shared space. According to Mark Zuckerberg, the metaverse is an interconnected digital world that interacts with the real world. It consists of elements like:
- Virtual reality (VR)
- Augmented reality (AR)
- Social media
Basically, the it is a public virtual world where you can interact with other people and may be accessed via the internet and is fusion of physical, augmented, and virtual reality. The metaverse would even encompass the entire social and economic structure that exists in both the actual and virtual worlds. It’s a living and ongoing experience unlike a game, mimicking our real world!
In the Metaverse individuals can communicate and transact with each other with digital 3D items and where Individuals can walk around with their friends, visit places, attend events and use currency to buy and sell land, buildings, avatars, and even identities. Musicians, for example, can perform virtual gigs, and fashion companies can create virtual apparel for people’s avatars to wear in metaverse surroundings.
Metaverse would also be attributed to have these key characteristics:
- Persistent: It continues to exist and evolve even when you’re not interacting with it.
- Decentralized: It isn’t owned by any one organization, but is accessible to all.
- Interoperable: Users can travel and transfer their items between different platforms and applications.
- Immersive: It engages all your human senses to the point of being indistinguishable from reality.
- Transactional: Users will be able to buy and sell virtual items like avatars, clothing, land, and experiences.
- Social: Users will be able to do immersive activities together, like attending a concert or even hitching a ride to the outer space.
What are the top trends that you foresee in the metaverse domain in the immediate future?
10XG Ventures is a Business Consulting and Implementation Support company enabling entrepreneurs to make the most of their business concepts. It enables top line growth for its clients by focussing on areas of Sales, Marketing, Distribution and capability building. The team at 10XG, also helps reduce the bottom line for its clients by enabling productivity enhancement, process transformation and automation of business processes. The company is working with start-ups exploring VR/AR use in the creative talent space.