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Impact of Metaverse Development In The Future Digital World

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Jay Anthony

29 August 20228 min read

Impact of Metaverse Development In The Future Digital World

With the Metaverse coming to reality, the entire digital market is witnessing the biggest disruption ever, and an immersive digital landscape is undoubtedly going to take over the world very quickly and very smoothly.

Metaverse isn’t a thing of the future anymore, it is happening and it is happening now. Many concerts, conferences, fashion shows, events etc. have already taken place in the Metaverse with million of attendees from all around the world. And with Mark Zuckerberg changing Facebook’s name to Meta during the pandemic, the social media was taken by storm and the word “Metaverse” became a worldwide trend, accelerating funding worth billions of dollars from top investors and tech giants. This is expected to be a trillion dollar industry. Gartner predicts that by 2026 25% of people will interact with the Metaverse for at least 1 hour everyday and according to Gartner 30% of organisations in the world will have Metaverse compliant products and services by 2026.

Metaverse Case Scenario – A globally renowned rapper named Travis Scott hosted his concert “Astronomical” in the Metaverse on 5th November 2021. This concert was hosted on Fortnite and it was first of kind. Over 12 million people from all around the globe attended this concert and it was considered to be one of the first and the best concert to be held on the Metaverse platform

In this article we will tell you more about how Metaverse development will impact the future of the digital world.

Metaverse Development & its Impact on the Future of Digital World

Metaverse is a platform that offers people an opportunity to experience a real world immersive experience from the comfort of their couch. Yes, people can put on Augmented Reality (AR) or Virtual Reality (VR) wearables and enter the Metaverse and actually carry out their daily activities like working, studying, shopping, or even just strolling around and exploring. It is a one of a kind experience and this new technology is now becoming reality. Unlike Web 2.0 where people can only have 2 dimensional interactions and engagements, the Metaverse gives its users a thorough 3 dimensional experience by simply putting on AR/VR wearable devices. 

The Metaverse platform doesn’t restrict its users to only interact with one another in an immersive environment, instead, it also allows them to coexist and do their own thing and carry out a life on the platform without having the need to interact with anybody else. The concept and core essence of the Metaverse is very different from the web world and social media world we see now. 

In today’s world where the entire globe is saturated on social media platforms like Instagram, Facebook Tiktok etc., the Metaverse platform will level up the entire social media domain for future generations to come. It is the biggest breakthrough in the digital landscape as of today. Let’s take for example Instagram, it started as a gimmick for young college kids to interact with one another and keep a check on each others lifestyle, but now it has become a solid platform for businesses to present their brands and engage with their audience. It will be wrong to say that the use of social media platforms is purely for social or personal purposes.

Marketing professionals from all around the world are leveraging the Instagram platform to reach out to a larger pool of audience with minimum cost involved. It is accessible on fingertips and is now a tool to accelerate businesses and generate revenue for them too. Irrespective of how small or big the business is, Instagram is indeed the number one tool people turn their heads to when planning out a marketing strategy, and a tool without which marketing strategies are incomplete and handicapped. Overtime, Metaverse is going to take over the social media completely and it will be a massive tool for businesses to showcase their brand, products and services to a larger pool of audience, all saturated in one place. We have already seen brands like Gucci, Adidas, Burberry, Tommy Hilfiger, 

Balenciaga, Zara, Nike etc. selling their products on the Metaverse platform and with time more and more brands are going to leverage this platform and make it a mainstream revenue generating tool, without a doubt. 

It is going to be bigger than most can imagine right now -Metaverse development wont just be another digital platform or tool where people can buy, sell, market, interact, engage etc., in fact it is going to be space where people can actually live and carry out a virtual life alongside their real world life. Yes, people can own digital property, land, cars  building, clothing, tokens, accessories, avatars etc. They can keep adding to their collection of owning items in the form of Non Fungible Tokens (NFTs), like how they do in real life with real objects and things. The Metaverse brings with it a Pandora’s box full of unlimited possibilities and innovations in the digital world like never before. It is going to revolutionize the way people live their lives altogether, and this just doesn’t limit to the digital world, the Metaverse will change the way people live in the real world too.

Another great offering of the Metaverse platform is that it is completely decentralized, this means that no single entity or groups of entities hold any control or monopoly over the platform. Unlike Web 2.0, which is controlled and monitored by top tech players and owners, Web 3.0 i.e Metaverse gives each user complete control and right over their digital presence and movement. Every individual has their own footprint and can explore as much as they can based on their imagination and creativity. The core essence of decentralization means that no control, and this is exactly what makes the Metaverse platform a one of a kind breakthrough in the digital world.

Conclusion

Metaverse development is going to change the way humans interact with the digital world, and it is only going to enhance the overall experience. It is not only going to change the way we humans interact with the digital landscape, instead  it is also going to impact the way we humans interact with one another. So get ready to experience a completely new and out of the box technology that is going to change mankind and human interactions for times to come!

FAQS

1. What is the key feature of mixed reality?

Mixed reality (MR) is a combination of the physical and digital worlds. MR allows the user to interact with both physical and virtual parts of their surroundings at the same time. As a result, MR is poised to transform the way we work and live at the crossroads of two worlds.

3D assets

Understanding of the ‘real’ environment

Human understanding

Surround sound with mixed reality

Respective positions

2. How will the metaverse affect the economy?

Metaverse's goal is to build a virtual reality environment that is as captivating as the actual one. Of course, the Metaverse will have an economic impact. The first stage is to digitise the economy, which created a plethora of new jobs. People today are using digital channels and use it’s build in-world facilities. Furthermore, the reduced need to travel will allow for substantial cost savings on flights and transportation. The Metaverse will have an impact on many parts of current economic influences, such as job prospects, specialised sectors, infrastructure, and so on.

3. How is virtual reality achieved?

Virtual reality is a technique that seeks to regenerate computer images and movies in order to create real-life visual experiences that go beyond what can be produced on a standard computer display and phone. It is all about employing a device, such as a special 3D video or image camera, to generate a three-dimensional world that a user can edit and explore later or in real-time while wearing VR headsets and lenses and feeling as if he or she is in that simulated world. The user will see a life-size image and will believe they are a part of the simulation.

4. What data does AR collect?

Data collecting for AR and VR development is complicated and broad in scope. Data from computer vision modules for 3D images and environment construction, facial recognition data for specific use cases, biometric data, and other sources is  collected.  As a result, each and every pixel or byte of data must be carefully tagged by specialists with domain expertise. AR then transforms data from many sources into an AR suitable format, allowing it to leverage the power of data.

5. Will humans live in the metaverse?

Predicting the future is risky business, but experts estimate that by 2030, a considerable number of individuals will be in the metaverse in some way, shape, or form.

 

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Concluding message

A well-designed website for users with disabilities is a site that is more accessible to use for all types of users.

A well-designed digital business can easily explain the process of online buying and selling for users with disabilities and can add more value to the business.

Therefore, add some mint into the users’ cup of tea and provide an accessible zest to your digital assets by making it more compliant.

Feel free to get in touch with TECHVED Consulting!

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WRITTEN BY

Jay Anthony

Marketing Head | TECHVED Consulting India Pvt. Ltd.

He led efforts to develop a fully integrated marketing communications plan and growing team. He is responsible for successful corporate re-brand and update of all branded assets.

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