Metaverse is taking over the world! It was a sudden sensation when Facebook changed its name from 'Meta' to reflect their deep belief in Metaverse and how serious they take it. Many big players jumped into the fray to launch their products and services in this market. The term "Metaverse" is still fluid and subject to interpretation. It is not clear which direction it will take or how it will unfold. Consumers and enterprises see this as an opportunity to create and construct a new parallel world, where the rules and restrictions of real life may not apply. This will allow for the creation of new business models, and new services. This will also lead to digital CX transformation.
Metaverse World Key Attributes:
Persistent - Maintaining states and layouts, object placements, etc. Permanently. Avatars allow users to come and go at will.
Collaborative - This is an important aspect. The metaverse is a world that's shared. Users should be able to communicate, collaborate, share, and trade safely.
3D Virtual Space The environment is default 3D. Oculus Quest 2 3D glasses can be worn by users to jump directly into the virtual world. Even 2D monitors are possible since 3D headsets don't exist very often.
Metaverse Explained
There are many functionalities in any Metaverse. However, these seem to be the most common among all major players.
3D World to Explore- there must be a 3D virtual environment of sufficient size for users to feel comfortable exploring. It must be constantly updated and changed (just like real-world). It is possible to achieve it by a small group of people or through Creator Community.
Non-Fungible Tokens NFTs - Unfungible Tokens drive the economy of Metaverse. It includes:
Virtual land - This user can purchase/sell the same way as in the real world.
Currency - A virtual currency used to power transactions in Metaverse. It is usually kept in wallets.
Marketplace to Sell/Buy Items - These virtual centers allow people to display their 3D assets and allow users to sell/buy NFTs such as artworks.
Tools for Creators: Build Structures in 3D – These tools allow users to decorate and build their Metaverse property. A lot of creator tools offer ready-made templates that allow creators to quickly create the world they desire. Meta even offers voice-controlled world creators.
Core Technologies
Metaverse is made up of many technologies. They complement one another seamlessly to create value propositions that are beneficial for users.
These are the core of
1. Blockchain - This technology is responsible for controlling many functions. It stores information in a distributed manner so that there is no central authority. This allows for the building of trust that is necessary when dealing with virtual currencies or transactions.
2. This is a useful tool in many ways. This can be used to enable a Virtual Agent, interact with users via Conversational AI, or learn from the data generated by users as they venture deeper into Metaverse.
3. Extended Reality (XR - Extended Reality encompasses Augmented Reality, Virtual Reality (VR), and Mixed Reality (MR). These technologies provide the user with an immersive experience and enable them to interact in the virtual world.
Business Value and Opportunities for Enterprises
These are some super active Metaverse domains in which large companies are investing their money.
1. Virtual showrooms in retail - This trend is sure to explode. This market is very lucrative as users can now view 3D models on a 2D monitor and then rotate them to display them in their own homes. They can even test them with virtual mirrors. Many top fashion brands have participated in events like Metaverse Fashion Week, and Decentraland.
2. Event Management - Companies and artists are now organizing virtual events within Metaverse. This was particularly useful when people were confined to their homes by pandemics. This is the classic example of how the Samsung 837X was launched in Decentraland.
3. Remote Work - Metaverse offers will be the next frontier for remote work. Everyone is familiar with Zoom and Microsoft Teams meetings. However, employees will be able to add Avatars and get immersed in a virtual meeting space. They can view each other's Avatars, listen to spatial audio and see whiteboards as if they were physically present in a real room. Examples of such are Meta Horizons Workrooms and Microsoft Teams with Mesh & Omniverse by Nvidia.
4. Gaming - This area is the most important right now. Many games, such as Roblox or Minecraft, are being rebadged into Metaverse. This allows users to explore huge worlds and create new structures.
Metaverse is here to stay, whether you love or hate it. There are still concerns about Metaverse's future, including who will control it, how it will be regulated, and what the contractual agreements will be. Metaverse will eventually evolve and users will begin to see the tremendous value it provides as it accelerates digital transformation. Let's get on board the virtual train!
