Metaverse is a platform where people interact with each other in the shared and three-dimensional virtual world, using digital avatars or images of themselves. 79% of consumers active on the metaverse have made a purchase and above $120 billion in investment has flowed into the metaverse so far in 2022, as per Mckinsey and Company. If metaverse is implemented strategically, it can spark a change of evolution in enterprises. In a conversation with Om Malviya, president, Tezos India, a blockchain adoption entity, talks about how metaverse is transforming enterprises. (Edited Excerpts)
How will metaverse unfold and transform enterprises?
Metaverse can create a new economy and there is a surge in digital commerce. Gucci, a fashion brand, collaborated with game developer Roblox to sell goods. Nike is looking to hire virtual wear designers. Although the pervasive use of the metaverse as the main customer engagement interface will take some time, enterprises need to start factoring it into their short-term and long-term vision.
How will gaming impact the metaverse?
An increase in access to VR, AR, and extended reality (XR) technologies will boost the gaming industry. As metaverse and Web3.0 are marking their buzz in the field of gaming, metaverse is creating new opportunities for the developers and innovators in the world. Gaming companies such as Roblox and Sandbox are focusing on the development of virtual worlds for better experiences. There has been a sustainable rise in the number of immersive play-to-earn games. Other digital assets such as cryptocurrencies, non-fungible tokens (NFTs), and other blockchain-based digital currencies, assets, and exchanges can underpin value exchange across the metaverse.
How will metaverse impact the perception of the real world?
A metaverse is a form of the virtual world where users can experience a three-dimensional cyberspace experience. It will provide individuals with an exchange of the real world. Immersive worlds and creating online avatars are nothing new, as games such as Grand Theft Auto Online, Minecraft and Roblox have already created virtual universes. Meta’s announcement last October aims to go beyond entertainment and create virtual workspaces, homes, and experiences for all ages.
How to tackle the security concerns in metaverse?
The evolution of new technologies will be required, besides, the establishment of various standards and protocols to make it all work. The blockchain world offers lasting solutions to the metaverse and attempts to restrict the monopolisation of the metaverse by several large centralised multinational companies. Additionally, a major challenge will be the capacity of the players in the industry to produce bulk acceptance through actual value-added services for people and companies.