For a large portion of the population around the world, the Metaverse is still not a real concept for them. However, considering the way big players are investing in research and development (R&D) in this state-of-the-art technology, like Disney, Acura, Molson Coors, and others, it looks like the Metaverse will soon become a very big thing in the near future.
So, have you ever brooded over the matter: what Metaverse is, and what it can do for you? No? Then, we’re here to inform you that Metaverse is a revolutionary concept that is increasingly looking like an inevitability, with exciting predictions for its future. It can let individual interact with others, while learning, working, and gaming whenever desired.
And that’s not where it ends with Metaverse! If required, you can also buy prime land in the Metaverse in addition to multiple other products and digital assets, like NFT collectibles, virtual clothes, and accessories for your specific digital avatar.
Metaverse Statistics & Predictions
According to a report by global investment banking, securities, and investment management firm Goldman Sachs, somewhere around 15% to 33% of the worldwide spending on digital transactions will ultimately shift to the Metaverse.
Moreover, according to a research report published by American multinational investment bank and financial services Citi, the addressable market value of the Metaverse is projected will grow from around $8 trillion to $13 trillion by the end of 2030.
Meanwhile, Gartner research projects that by 2026, 25% of people will spend at least one hour a day in the Metaverse for work, shopping, education, social and/or entertainment.
And research by McKinsey shows that approximately 60% of consumers are excited about the transition of everyday activities like shopping, dating, and working out to the Metaverse.
This exciting and promising future of the Metaverse is an opportunity that businesses of all types should be looking into and preparing for early by investing in Metaverse technologies, platforms, and devices that work seamlessly with each other to position themselves competitively.
“Vendors are already building ways for users to replicate their lives in digital worlds,” said Marty Resnick, research vice president at Gartner. “From attending virtual classrooms to buying digital land and constructing virtual homes, these activities are currently being conducted in separate environments. Eventually, they will take place in a single environment – the metaverse – with multiple destinations across technologies and experiences.”
Understanding the Metaverse
The term Metaverse essentially refers to the intersection of three-dimensional, immersive experiences, long-lasting shared environments, and the potential to move identity, assets, and history along a digital world. It’s an immersive 3D virtual world where people interact as avatars with each other and with other entities.
As technology advances and algorithms become more complicated, computing power has become more accessible for everyone, and more powerful, technologically advanced virtual environments are becoming more real. The interoperability of multiple individual virtual environments and digital worlds, or metaverses, is what makes the Metaverse.
Drawing on the metaphor of the real world but without its physical limitations, there is no limitation on how much we can leverage and make the most of the immense potential of the Metaverse, and one of the best examples of this is ChatGPT which shows how quickly something can evolve.
To its proponents, the Metaverse is the natural evolution of the internet. Proponents envisage a sprawling network of interconnected virtual worlds for such diverse activities as gaming, attending concerts, collaborating on projects, and engaging in simple social interactions. They imagine a virtual world where billions of people live, work, shop, learn, get entertainment, and interact with each other – all from the comfort of their homes on Metaverse platforms.
According to Citi, “Metaverse is moving towards becoming the next iteration of the internet, or Web3.” This “Open Metaverse” would be community-owned, community-governed, and a freely interoperable version that ensures privacy by design.”
Forward-looking visionaries and industry experts affirm that this is the most opportune time to mull over the subsequent steps that can be taken to evolve the internet into the Metaverse. This is true considering the availability of faster networks, improved AI systems, better digital content, and robust experiences online, including those that will be launched in the near future and made feasible in upcoming days owing to the rapid technological advancements being witnessed today.
Metaverse can transform how we connect with each other and carry out business in the virtual world. Among the vast number of things that a digital universe of interconnected 3D environments – the Metaverse – can enables folks to do are:
- Travel and explore new places
- Shop for real and virtual products
- Develop interactive VR worlds, scenes, and representations
- Invest in digital assets, such as NFTs
- Create and play virtual reality games
- Attend concerts, trade shows, and learning events,
- Meet and collaborate with remote colleagues
- Socialize and make new friends
- Get a job in the Metaverse
In other words, the Meterverse is about combining cutting-edge technologies such as augmented, virtual, and mixed reality (AR, VR, MR), artificial intelligence (AI), the internet of things (IoT), blockchain, cloud computing, and edge computing to enable the finest digital experience.
Indeed, the history of the Metaverse may be relatively short, but its impact is expected to be very tall. Its impact will be felt in commercial transactions across sectors, including:
- Shopping centers
- eCommerce stores, and
- Virtual real estate
Resultantly, in the future, you may find yourself spending the largest portion of your time on the Metaverse, attending virtual events and participating in immersive 3D virtual experiences that make your life even more connected to the digital world.
Metaverse to Revolutionize All Business Processes
The first wave of digital transformation was focused on how technology can enhance electronic processes. The Metaverse has so much potential that it can record digital representations of physical channels, items, and operations so as to optimize physical processes even more and drive the next wave of digital transformation.
In fact, experts predict Metaverse will impact and reshape most aspects of all types of business processes and operations, including but not limited to:
- How core business tasks are performed
- What products are rendered
- How those products are distributed, and
- How businesses operate overall.
As such, it’s important to stay up-to-date on the development of the Metaverse, so that you are not caught flat-footed by how businesses will be affected by it.