The Future of Metaverse and How to Position For it
The term “metaverse” is commonly used to refer to what many anticipate will be the next major leap in using digital technology and networks for socializing, collaborating, and entertainment. This is not a single piece of equipment or software or the product of a single company. It exemplifies the convergence of various technologies that are anticipated to be extensively adopted. These technologies can transfer users into a virtual world where they can interact with their surroundings and other users as if they were in the same room.
In 1992, Neal Stephenson's cyberpunk novel Snow Crash came out, and it was there that the word "metaverse" was first used. Always capitalized throughout Stephenson’s works, the Metaverse is a fictional shared “imaginary universe” accessible via a global fiber-optics network and viewed through virtual reality goggles. Therefore, the term can describe digital environments equipped with VR or AR technologies (AR).
Blockchain Role in Metaverse
Blockchain cannot be hacked or altered is crucial for the widespread adoption of any virtual reality technology. Hacks and data breaches are common occurrences, but if people are to operate in a wholly online and virtual environment, the platform they use must be secure.
In addition to facilitating rapid data confirmation, blockchain enables encrypted and secure financial transactions. Blockchain and crypto assets will play a significant role in the future of virtual reality.
Since on-demand transactions are a must for the Metaverse, fortunately, this can be accomplished using blockchain technology and crypto assets. To fulfill the promises, there must be purchases and sales in a fully functional VR setting. These dealings must be both secure and almost instantaneous. People in this ecosystem will need (a) the ability to trade and engage as naturally as if they were face-to-face and (b) the confidence that their transactions will be carried out as intended.
Crypto transactions are a practical and actual option for doing online, real-time, and auditable business. Even if blockchain and crypto-asset technologies were to be abandoned tomorrow, the trend toward virtual and online payments would continue to rise.
Crypto-enabled payments become even more frequent in a virtual ecosystem like the Metaverse, and it makes sense that these forms of payments will become essential in the future.
The field of study known as the Metaverse is relatively young but maturing swiftly. In any case, realizing a fully functional metaverse in the future will necessitate extensive participation from blockchain and crypto assets.
It is unknown how long it would take to establish a metaverse that accurately replicates real life or how lifelike it could be. Until augmented and virtual reality (AR/VR) technology is introduced, users of many blockchain-based metaverse systems will be unable to interact with the environment.
Companies like Facebook, Alphabet Google, and Microsoft have all invested in cloud computing and virtual reality startups in anticipation of their rapid expansion.
Businesses that dominate particular markets, whether a platform or a specific service like advertising, payments, or subscriptions, will reap enormous financial rewards.
How to position for Metaverse
1. Don’t underestimate the possibilities:
Develop a plan for the Metaverse, but make sure it can shift with the times and keep up with shifting consumer preferences. “Test and learn” should be applied to external and internal processes.
2. Companies should invest with a long-term perspective and consider key performance indicators (KPIs) such as customer and staff engagement and return on investment (ROI) because the mainstream metaverse and related revenue generation are likely still a few years away.
3. Organizations can gain market share and maintain competitiveness by focusing on user demand and the factors that motivate their target audience. You can do this through the development of exclusive partnerships, the provision of tools for the creation of user-generated content, and the gathering of robust data and insights.
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