Metaverse — A Virtual Space in the Real World
In 2021, an Indian couple, Dinesh S P and Janaganandhini Ramaswamy got married. But, wait! It was no ordinary marriage. It was Asia’s first Metaverse wedding. Now, while they got married physically in a village in Tamilnadu, they chose to host their marriage reception in a virtual world named the “TardiVerse,” a Metaverse on Polygon. They choose Harry Potter as their wedding theme!
Sounds fascinating? Well, the Metaverse is here and it is the hottest new buzzword in the world of technology, especially after Facebook rebranded its parent company as “Meta.”
But, what is the Metaverse?
Surprisingly, the Metaverse is not new. Its origin dates back to the 1992 sci-fi novel “Snow Crash,” written by Neal Town Stephenson, who devised this term with a vision of bringing augmented and virtual reality to everyday life users. What he was unsure about in those days was the massive advancement technology could offer in areas like big data, reliable and well-connected networks, and artificial intelligence (AI).
Defining the Metaverse
The Metaverse is essentially the next internet evolution where users use their unique avatar or facsimile to play games, shop online, attend concerts, and even conduct business meetings or events. It is an imaginary virtual world where people can live mimicking or impersonating themselves. NextGen technologies, such as Artificial Intelligence (AI), Extended Reality (XR), IoT, Blockchain, Robotics, Cloud computing, and advanced mobile networks, play a crucial role in enabling the transition of the Internet into a Metaverse world.
Metaverse in the Enterprise
So, how does the Metaverse fit into the whole Enterprise I.T. paradigm? Honestly, quite efficiently. More importantly, it has the potential to completely transform the entire ecosystem.
For one, Digital Replicas or Digital Twins will be a huge aspect of implementing the Metaverse in the Enterprise. A Digital Replica is an exact representation of a physical instrument, commodity, or environment that uses IoT. For example, Customer Support could be enhanced using a virtual-first outlook. Digital Twins of Customer Service Agents could help customers assemble/repair products or troubleshoot software, all from within a digital world. This helps build trust and nurture a sustained long-term relationship with the brand.
However, what’s more, heartening to see is that creating Digital Twins can actually help battle Climate Change too. Nvidia created a Digital Twin of our entire Earth called E2 or Earth 2. Yes, you read that right! The idea is to accurately predict climate change using this new supercomputer.
Another useful implication of the Metaverse is to train your workforce. An enterprise can set up virtual plants instead of using physical ones to help its employees learn the critical functioning of complex machinery. In fact, training modules for safety protocols could become more interactive and engaging too. Instead of relying on age-old video or text training modules, you can immediately transport your workforce into a virtual world.
Let’s not forget the most attractive use case of the Metaverse in the enterprise — advertising and marketing. Popular brands are collaborating with Metaverse influencers and gaming companies and providing NFTs to reach their customer base in a new virtual reality world. Gucci attracted 19.9Mn visitors in two weeks when it introduced a Metaverse version of its Gucci Garden on the popular game Roblox.
Influence of the Metaverse
Now, why does the Metaverse actually matter? For one, investors across the globe are realizing the business prospects and growth potential of Metaverse and are willing to invest heavily in Metaverse stocks. IT giants such as Google, Nvidia, and Microsoft, have allocated thousands of dollars to fund projects that will give a virtual reality experience to their consumers.
That’s not it, according to Gartner, 25% of consumers will spend at least one hour on Metaverse through various channels such as social media, education, shopping, entertainment, meetings, etc. The research Vice President at Gartner, Marty Resnick, says, “Vendors are already building ways for users to replicate their lives in digital worlds.”
A new paradigm shift has also occurred in how people do business on the Internet. In the Metaverse, the digital economy is also catching speed. Consumers use digital currency as cryptocurrencies and non-fungible tokens (NFTs) to purchase and sell goods in the virtual marketplace. The blockchain technology coupled with the virtual reality offerings of Metaverse provides an ideal environment for popular cryptocurrencies such as Bitcoin and Ethereum.
How Real is Unreal?
There are endless possibilities for Metaverse implementations and use cases, but how far can this illusory world take us? We have to exercise caution too. Surveys worldwide highlight rising concerns about the Metaverse posing a negative impact on the mental and physical health of the younger population, who are majorly attracted to the fantasy world propagated through the Metaverse.
Virtual games on the Metaverse are attractive and addictive, especially among children. Children may be subjected to cyberbullying and inappropriate content without careful supervision and monitoring.
Moreover, unknowingly digital applications in the Metaverse can share personal user data with unauthorized sources. Data shared without consent leads to misuse of identity and possible security threats to the user as well.
The Future of Metaverse
The growth opportunities for Metaverse are limitless, and only the future can say what this unprecedented progression has to offer. Metaverse promises to bring the world closer with improved social interactions, a better shopping experience, and limitless entertainment in an all-new digital world.
The world is moving towards a state with a thin line between the real and the virtual environments, and users must be aware of the impact that it brings along and equip themselves to handle the real world because once we are off the headset or a gaming console, it is indeed a real world out there!
Metaverse is here to stay and brings a disruptive change in every person’s life. The question is…are you ready?
