By Sony Kunwar
Technology has grown at a breakneck pace in the last decade, and we should expect even more in the coming decade. The world’s most popular social media platform recently announced its intention to launch a social virtual reality platform. People can walk around in a more human-like world, go shopping, go to work, and connect with friends and colleagues via their screens.
Metaverse, Simplified
The metaverse is a network of interconnected virtual worlds that may be accessed through a variety of devices such as virtual reality headsets, augmented reality systems, cell phones, and PCs. Virtual avatars congregate to work, pursue hobbies, shop, play, or otherwise interact in online communities and explore the digital area in the metaverse, which is an immersive, digital equivalent to the physical world. It’s a simulated digital environment that incorporates various technologies and social media concepts to create areas for rich user interaction that mirror the actual world. Metaverses are powered by blockchain technology. The visual component is provided by virtual reality and augmented reality, while a decentralised medium stimulates social interaction and business.
Key Principles of Metaverse
Key principles of the metaverse include decentralisation, interconnection and interoperation, and safety and trust. Web 3.0 and the firms working on it “seek to make the web and the internet more decentralised, verifiable, and secure,” according to the project’s description. Some groups are adamant that decentralisation is an essential component of a successful metaverse. The development of dominant platforms would not necessarily be prevented by a heavily decentralised platform based on community-driven standards and protocols (such as the open web).
The metaverse’s purpose is to create shared virtual worlds that anyone can access and navigate in real time via a number of technologies, the most popular of which are virtual reality headsets. Layered standards are required to allow distinct and distinct networks and subnetworks to visibly interact with one another, much like the internet does. Standards for verifiability that provide users with portable, unique credentials that can be used across virtual world boundaries may be advantageous.
VR and AR platforms require specific terms of service for immersive environments because they must regulate behaviour in addition to content. Because there are so many different types of dangers to online safety, there is no single solution to all of them. The linked principles of safety and trustworthiness are thus a part of the third metaverse principle.
The Digital Ecosystem
A digital ecosystem is a collection of networked information technology resources that can work together to form a single entity. Suppliers, customers, trading partners, applications, third-party data service providers, and all related technologies make up digital ecosystems. The ecosystem’s success depends on interoperability. Market share leaders usually establish and dominate digital ecosystems.
Market share leaders commonly establish and dominate digital ecosystems; the approach has keiretsu roots and is rapidly impacting transformation in a variety of industries, including consumer goods, automobiles, and healthcare. An ecosystem helps an organisation to control new and old technologies, establish automated processes around them, and constantly grow their business by integrating business-to-business (B2B) practises, enterprise applications, and data.
Metaverse Depends on Digital Infrastructure
The future of the metaverse depends on digital infrastructure. While we may argue that the metaverse will have an impact on the digital ecosystem, the digital ecosystem is a key component in making the ecosystem metaverse ready. Digital infrastructure that brings data, technology, ideas and creating experiences will help consumers enjoy metaverse. The metaverse is here to stay, and it will revolutionise how people interact with the digital world. It will be more of an experience in terms of content and video consumption. The complete customer journey will take place in the metaverse, from the perspective of brands and customers. With metaverse on the horizon, brands and consumers will be able to collaborate to produce content for a better experience.
Future of Metaverse
The metaverse concept is beginning to include Web3 technologies enabled by blockchain technology (such as NFTs and Cryptos), and it might be extremely comparable to our real world in many ways, even replacing some real-world activities. People who have no interest in the metaverse but see it as a financially lucrative realm could invest in the stocks of the companies developing it. The future metaverse is based on the idea of running openly, nearly without interruption from a single community or company, since creators from all over the world would participate. The future metaverse may potentially play a significant role in the expansion of the virtual economy, which is based on video games and virtual worlds.
Virtual reality and augmented reality, will be key technologies being used in bringing the metaverse to life. Virtual reality or augmented reality could be used in the metaverse to immerse users in an alternate world. That technology, on the other hand, is still being developed. The possibilities of a virtual world where everything is backed by lines of code could open up new revenue streams for businesses who enter this new market. It’s only a matter of time before the metaverse becomes a reality, given the speed with which technologies and businesses are developing creative ideas surrounding immersive reality.
The author is co-founder and senior vice president of Windsor Digital. Views expressed are personal.
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