‘Metaverse’ is a topic that simultaneously ignites ‘Curiosity’, ‘Amazement’ & ’Confusion’ in the minds of general users. Quite similar to what ‘Internet’ did, when it formally came into existence in 1983. It was a time when the world was slowly getting accustomed to the usage of computers and digitisation.
Ten years later in 1993, the movie ‘Jurassic Park’ recreated the long lost species of ‘Dinosaurs’ digitally through ‘Computer Graphics’. People were shocked & thrilled at the same time. And it took some time for the world to digest the concept.
Metaverse technology is undergoing a similar phase presently. Its power to perfectly replicate real world locations and to arrest human senses is what stimulates the ‘Curiosity’. And its feasibility for business & commercial use fills people with ‘Amazement’. But its final shape & structure, operational dynamics and the ultimate business implications are still not clear. And that’s what creates ‘Confusion.’
As an ‘Event Technology Company’ we at ibentos take this as our responsibility to explain the concept of ‘Metaverse’, its application & its capacity to revolutionise the businesses. Through this article we want to ensure that no event organiser, vendor or user deprives himself from technology benefits due to ignorance or half knowledge.
What is ‘Metaverse'?
‘Metaverse’ is a virtual universe made by networking various virtual platforms through the internet and operating them on block chain mechanisms. In simple terms it is ‘3-Dimensional Internet’ or ‘Advanced form of 3-D Virtual Technology’ where people participate through realistic ‘Avatars’, AR & VR Gadgets. Unlike ‘Virtual Platforms’ it leaves no scope of monotony, screen fatigue or distraction among attendees and guarantees 100% engrossment.
How is Metaverse different from existing ‘Virtual Platforms’?
Metaverse allows business owners to create Virtual 3-D spaces which are accessible to people anywhere across the world. These 3-D spaces have high precision resemblance to real world locations and are very different from static websites or stereotypical virtual environments.
- Traditional Virtual Platforms are imaginary virtual environments. Metaverses can be imaginary locations as well as the high precision replicas of real world locations.
- ‘Virtual Event Platforms’ provide environments that users view on their screens. Metaverses get an in-living experience of the venue through AR/VR Gadgets.
- Traditional Virtual Venues are recorded videos of a fictional simulated environment with random movements of people. Metaverses have Avatars of different participants with real time movement controlled by actual participants.
- Metaverse has an excellent scope of running a parallel economy dealing with trade of soft commodities in digital currency.
‘Metaverse Platforms’ and their capacity to revolutionise Businesses!
Metaverse technology enables companies to expand their business to global levels with the same benefits as the existing virtual platforms. But the level of branding, product representation, display technique, financial transactions & attendee engrossment, they offer is multiple times.
To understand the implication of Metaverse on Business let's take the example of Social Media.
Social media has taken communication, networking & advertising to another level. It provides innovative personalised & secure ways to connect with people and has surpassed other media like telechating, emails, television, radio & print media. Metaverse has a similar revolutionising potential for business promotion.
Its implication in different Industries
E-Commerce
E-Commerce is already flourishing well through 2D/3D Virtual platforms. Metaverse will add high levels of immersion, and provide better means to convey business ideas. Innovation in advertising and better presentation of the products will improve customers’ perspectives. And smooth money transactions will ensure fast business deals.
Education & E-Learning
The way virtual technology supported scholars during the pandemic is absolutely commendable. Metaverse can enhance the virtual learning experience in more than one way. For instance, 3-D classroom experience, unlimited access to online learning materials such as virtual encyclopaedias, e-books, thesis & research papers, newsletters etc. Unique ways of submitting assignments & better engagements with co scholars & professors will improve the overall learning experience.
Social Media & Networking
Metaverse can scale up social media engagement through digital avatars and enhanced immersive effects. Metaverse can offer fascinating venues & innovative ways for you to socialise with your friends & family members located remotely. Instead of a boring whatsapp call, if you get to go to a virtual movie theatre, romantic destinations, virtual shopping malls, therapy sessions, beauty appointments, won’t that be exciting?
Real Estate Dealings
Property hunting is a tedious job. Everyone who has tried to rent/buy a flat in a metropolis would definitely agree to this. How much time, money & fuel goes for a waste if the deal doesn’t work out. Metaverse can cut short this process very well. Instead of scrolling images and watching videos that may deceive your perception, take virtual tours of hot properties across the world. Shortlist your favourites and then go for physical visits. Doesn’t this sound like a sensible idea?
Medicine & Healthcare
People are already taking health checkups, gyming sessions, yoga therapy and dietary advice. There were benefits but accompanied by confusion, screen fatigue and loss of interest. Metaverse doesn't show you a video or images, it transports you 3-dimensionally into the virtual environment with enhanced visual & sound effects, with no diversion or distraction. It cannot take your body to the desired location but can definitely take your senses there. Hence, the metaverses have a very bright scope for medicine & health care!
Digital Tourism
Digital Tourism might sound like a weird idea to many people. But metaverse holds immense scope for it. A luxurious holiday is everyone’s dream but not all can afford expensive flight tickets and hotel booking. Even if you are a privileged travel fanatic, time & body may not always permit your travel plans. Metaverse will open a platform for common people to digitally experience popular tourist destinations they fancy ,if not physically.
Interesting changes you must be ready for!
- Increased Use of Artificial Intelligence
Encountering a ‘Digital Assistant’on internet media is a thing of common occurrence these days. We see them in the form of chatbots or voice command programs like ‘Alexa’. Be prepared to communicate with more ‘Robot Avatars’ in Metaverse. Their Avatars will be your ‘Digital Companions’ that move around with you in metaverse environments and navigate you in your daily online affairs like bank appointments, digital tourism, virtual shopping malls, online gyming and more. In short, the metaverse will have a combined prominence of humans & robots.
- Precision MicroDetailing in Virtual Metaverse Platform
Virtual environments would not be static websites or stereotypical video replays. Metaverse environments will be intelligently designed replicas of real world locations with precision in aesthetics, Dimensions, Graphics & audios. Pizza Hut outlet at Metaverse Bandra will look like the one situated in Bandra,Mumbai. Parliamentary House building in Metaverse New Delhi will be the exact replica of the original one, and have Restricted Entry.
- Personalised Avatars
Avatar designs available today are rough & general. The future Avatars will be machine modelled 3-D virtual images of users. They may be like your device’s IP Address, or the registered identifications like Pan Card, Driving Licence , Aadhar card etc. Having a registered Avatar would be a mandatory requirement for metaverse transactions.
- AR/VR Gadgets replacing Monitors
Don’t be surprised if your computer monitors get completely obsolete in future. When metaverse acquires its anticipated form, AR/VR gadgets will be common hardware items present in every household.
- Growth of Metaverse Parallel economics
As Metaverse will grow in volume there will be demand for metaverse dependent services like Avatar Skins, Trade of Virtual Properties, Metaverse Security Filters, Metaverse Environment Designing (similar to construction industry), Metaverse Interior Designing and so on.
- Increased use of Digital Currency
Do you know that there are about 9,314 active cryptocurrencies active presently in the world? Their use may be restricted at present, but it will increase as metaverse economics grows in future. Be prepared to deal in bitcoins, stablecoins and central bank digital currency, known as CBDCs.
Conclusion:
Charles Darwin says in his ‘Theory of Evolution’ species have to evolve to survive in a changing environment, retaining the most used attributes and losing irrelevant ones. New technologies replace the older ones and the business needs also change with changing time. We are already at the dawn of an inevitable ‘Metaverse Era’ and its effects & implications will be visible very soon. Businesses that migrate to the platform soon would be the winners in the upcoming transition race.
We at ibentos have already geared up to help people prepare themselves for this change. So, if you think it’s time for you to take your business to this parallel universe of Metaverse, we would be most happy to assist and guide you!
To know more about Metaverse Technology and ‘Ibentos’s Metaverse Platforms’ please visit us at https://ibentos.com/best-metaverse-platform/. Or book a demo with us at www.ibentos.com.
