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If you know something about cryptocurrency or video games, you might just have a hint of how the metaverse works. It is a virtual world where now 3D avatars can be created, buy things and interact with other users and firms. It is expected that more and more characteristics of our everyday nature will include this new dimension. In fact, in today’s times, plenty of brands are offering NFT products, which states that consumption habits are adopting a new change. 

There is no business or brand that is completely unrelated to the virtual world: Most successful company, independent of size, has incorporated different digital platforms into their marketing strategy. A social media platform that began as a hobby means millions of dollars for large companies existing in today’s world. 

Who could have imagined in 2004 that a social media site would revolutionize the consumer generation?

Doubtlessly, the immeasurable majority would not have believed it. 

What Do You Mean by the Metaverse?

The Metaverse is possible because of Web 3.0 technologies. Since we’re talking about something that is not easy like the tangible world, it can get confusing. Let’s keep it easy to enlighten then; a metaverse is a shared virtual intangible space that is hyper-realistic, immersive, and interactive thanks to the use of augmented reality (AR) and virtual reality (VR) technology. 

There could be numerous virtual worlds inside the metaverse, where people can engage in a wide range of undertakings that are the outcomes of a mix of physical and digital worlds. Instead of staring at a screen as most of the people do you do now, in a metaverse and would be able to be inside all your online experiences, like shopping, catching up with your knowns, attending concerts, or even getting off all the paperwork done. 

Although, in several businesses, the term “video game” could be a misleading outcome, since it suggests something recreational or non-serious. But as the world becomes more digital and innovative, game engines are powering the computing interfaces for all sorts of industries.  

This idea has been around for a while, or at least since Neal Stephenson coined the term metaverse in his 1992 dystopian novel ‘Snow Crash’ (to be fair, he has distanced himself from any metaverse plans). And many of us would have come across some meta-references in pop culture like in the Matrix, Ready Player One, or Tron, so the basics of the concept aren’t that unfamiliar after all.

What Does The World Looks Like Without The Metaverse?

You won’t be confined to billboards or banners for marketing, even experiential events:

  • You will have to change your marketing and sales strategy and adapt it to this new world. It will no longer be enough to just focus on paid ads on social networks. 
  • Learning more about artificial intelligence will be almost mandatory. Although some bots and platforms implement AI to develop, it is something that, for many, is still alien, but it will be the structure of an elementary change. 
  • You will need to adapt to a new way of communicating with users. Face-to-face is progressively distant, and paradoxically, personalization will be sought with highly customized content, products, and services. 

How Crypto Can Make The Metaverse Go Around?

Anything could happen inside the metaverse as, in part, nobody knows about the future contingencies that would occur in the metaverse. For now, gaming and entertainment are at the forefront of the race as they matured the infrastructure that can be adopted in a virtual world and evolve within it. A big contributing characteristic to this has to do with the virtual economies. 

There is no sense in living in the metaverse if there is not an economy that can’t support the activities (and financial ambitions) of its users. And so, creating value can easily be monetized is a crucial element of any virtual world. Remember, all types of activities can take place inside the metaverse, and users are required to have an incentive strong enough to want to enter and stay in it.

Metaverse also includes tokens like MANA, used within the metaverse platform Decentraland, and SAND, the coin of the land in the metaverse known as the Sandbox. You can use cryptocurrencies to buy land and in-game items in their respective metaverse platforms. It was rallied in value in November after Facebook refocused its business on creating metaverse-going so far as to rebrand as Meta-and a tsunami of new money poured into rival metaverse platforms. Since the beginning of the year, both the metaverse tokens have declined in value, as has the broader crypto market. MANA is now down about 7% as compared to the beginning of the year while SAND is down more than 36% from its price since early January. 

As we conclude, A full-fledged metaverse conceptual vision around the world with much of a different paradigm for experiencing might be years away, if not at least a whole decade away. There are still plenty of obstacles to overcome, starting with the fact that the world does not an online infrastructure that could sustain millions (or even billions) of people using metaverse at the same time. 

But technology like 5G and edge computing is still under development and is presently unable to meet the demands of a complex infrastructure like metaverse, since there time-continues whether you are there or not. It provides a deeper, more visceral, and creative experience. The metaverse will be built on a variety of technical platforms, many of which will be the result of Web 3.0 technology. 

Vanshika Verma

Consultant Analyst - Publishing

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