Metaverse has been the talk of the town for a better part of the biennium, even though nothing much has happened other than Facebook changing their name into Meta.
Understandably, this has made some folks skeptical about whether this whole thing is just a big sham. Especially since crypto and NFTs are seemingly crashing into oblivion.
However, we’re not one of those folks. We genuinely believe this metaphysical digital world is full of potential and will change the world.
Why? Well, here’s why.
What Is Metaverse And How Will It Change The World?
The metaverse is a user or platform-generated, persistent digital world that exists on the internet or a blockchain. It’s a 3D virtual-reality world that can be explored and interacted with by anyone with an internet connection.
In layman’s terms – it will be a lot like the real world, but without any (fingers crossed) limitations. For example, you’ll be able to visit different places in the metaverse, meet new people, and do business without having to physically travel anywhere.
And since it’s all digital, the possibilities are endless. We could have entire cities that are designed specifically for gaming, or we could have educational institutions that allow people to learn whatever they want from anywhere in the world.
Which Industries Will Be Most Affected By Metaverse Technology?
There are a few industries that we think will be most affected by this new technology.
The retail industry is already starting to feel the effects of this tech. For example, Nike has been one of the early adopters of this technology. They’ve sold some very expensive NFT gear even though not many are running around in those shoes.
This is just the beginning though. In the future, we think that virtual shopping will become the norm. You’ll be able to try on clothes, test out makeup, shop for furniture, and even take a tour of potential vacation destinations before you commit to anything.
The gaming industry is one of the most obvious candidates for meta domination. After all, gaming is already a huge part of the internet. And with the rise of virtual reality, we think that gaming in the ‘verse will become even more popular.
Think about it – why would you want to play a game that’s limited by your imagination when you can enter a digital world where virtually anything is possible? We’re talking about games that are so realistic, you won’t be able to tell the difference between them and reality.
The marketing industry is also starting to take notice of the potential of metaverse technology. For example, companies like NFTBrandsINC are already preparing their clients for the upcoming all-digital era and teaching them how to create a metaverse. And we think that this trend is only going to grow in the future.
As more and more businesses enter the all-new-digital space, they’ll need to find new and innovative ways to market their products and services. And we think that this will lead to some really amazing and creative marketing campaigns.
How Can Businesses Prepare For The Arrival Of Metaverse Technology?
Regular Joe won’t have any problems adjusting to the all-new virtual space. Businesses, on the other hand, probably will.
On a happier note – there are loads of things they can do to prepare for the inevitable shift.
Make Their Own Metaverse
One of the best things that businesses can do is to create their own world. This will allow them to have complete control over their digital world, and they’ll be able to use it however they want.
Understand The New Concepts
Another important thing for businesses to do is to educate themselves on the new concepts associated with this revolutionary technology. This includes things like virtual and augmented reality, artificial intelligence, NFTs, crypto, and blockchain in general.
What Challenges Will Need To Be Overcome Before The Metaverse Technology Can Be Widely Adopted?
It goes without saying that technology like this can’t just happen overnight. There will be some hoop-jumping before this thing takes off the way it’s intended to.
The first challenge is scalability. Any new world will need to be able to handle a large number of users without any problems. Otherwise, it’ll just be a cool concept that never really took off.
The second one is security. It will need to be secure from hacking and other cyber threats. Otherwise, people will be hesitant to use it. We’re already scared of the internet because we don’t know or understand it very well, so you can imagine the fear of the unknown in this particular case.
The third? Interoperability. It’ll need to be able to flawlessly work with existing technologies. Otherwise, it’ll just be another siloed platform that people have to use in addition to everything else they’re already using. So, unless you can utilize existing technologies and work them into the ‘verse, the future is not bright. People will want Netflix inside of a metaverse – we can guarantee that.
Of course, these three are just the tippity-top of the iceberg. There are still loads and loads of problems and obstacles like personal identification, ownership, laws and regulations, currency and payments, and most obviously – providing masses with affordable high-end tech that will allow them to enter the metaverse.
Final Thoughts – How Will Metaverse Technology Impact Our Daily Lives?
This is where people bifurcate. Some view the metaverse as the promised utopia and others, well… Let’s just say that those post-apocalyptic movies left their mark. So, what do we think?
For starters, the way we live and work will change dramatically. The traditional 9-5 working day will become a thing of the past as people will be able to work from anywhere in the world. And they won’t even need to leave their homes to do it.
This technology will also have a profound impact on the way we learn. Students will be able to attend virtual schools and universities, and they’ll have access to the best teachers and resources from all over the world. Just imagine attending Cambridge lectures while living in a rural area of Whateverland.
The way we socialize will also change. We’ll be able to meet new people from all over the world without ever having to leave our homes. And we’ll be able to do things that are simply not possible in the physical world, like fly or turn into animals.
Of course, all of this comes with a price. The loss of privacy is probably the biggest concern people have about the metaverse. After all, everything you do in the ‘verse will be permanently stored and could be used against you.
Another big concern is the impact on our mental health. If we spend too much time wearing VR goggles, we might start to lose touch with reality. This is something that needs to be taken into consideration when developing this technology.
Last but not least, there’s the issue of who will control the metaverse. Who will decide what we can and can’t do in this virtual world? Will it be private companies or government entities? And what happens if they abuse their power?
We guess will just have to wait and see.