By Ashish Minocha, Chief Business Officer, MAI Labs Pvt Ltd
Despite speculations about whether Mark Zuckerberg jumped the gun by rebranding to Meta, the metaverse is as inevitable as Monday dread and misplaced keys. It is not a platform pushed by a singular giant that can be discontinued upon irrelevance (RIP Hangouts). Rather, it is a curated reality on its own- a shared and persistent 3D virtual space where virtual interactions previously unimaginable in the physical world will come to life.
While popularly conceptualised in conjunction with cutting-edge technologies such as blockchain, cryptocurrencies, and NFTs, the metaverse has no more in common with them aside from their chronological origin in the latest wave of innovation. The metaverse mystique does not originate from its infrastructure, but rather what it represents. The metaverse represents a tangible transition- from a billionaire’s “delusion” to a pivotal nexus propelling companies to the future, from flat content consumption to immersive experiences, from Candy Crush to Roblox.
Roblox’s success lies in its ability to foster social interactions within its substantial community, empower users to craft their games (resulting in unique experiences), and enable gameplay across various platforms. Boasting over 66 million daily users, this virtual world stands as a crucial focal point for gaining deeper insights into the evolving landscape of the Metaverse. That being said, pigeonholing the metaverse solely within the gaming realm would be an oversight. This dynamic digital space has the potential to reshape the way we work, socialize, learn, and conduct various aspects of our daily lives. Beyond gaming, the metaverse stands as a frontier for immersive experiences, collaborative workspaces, virtual commerce, and innovative educational platforms. By liberating the metaverse from the confines of gaming-centric perceptions, we unlock it’s true
potential as a versatile and transformative landscape that extends far beyond the boundaries of entertainment, offering a multifaceted canvas for the evolution of human interaction and creativity.
Metaverse: Embracing evolution or navigating adaptation?
Going forward, the Metaverse will create entirely new ways for virtual interactions, for people to connect. It facilitates the establishment of diverse social spaces wherein people can engage and socialize with like-minded individuals who share common interests or hobbies. These spaces manifest in various forms, spanning from virtual nightclubs pulsating with digital beats to art galleries showcasing innovative creations. The versatility of the Metaverse is virtually limitless, promising an expansive spectrum of experiences that cater to diverse interests and preferences.
Given the limitless possibilities, there remains a vast terrain to uncover within the metaverse, presenting a somewhat daunting reality to grapple with. Yet, what underpins our confidence in its success? Simply put, it’s intrinsic to our very nature. Why? Because it’s embedded in our genetic code. The evolution of the human organism is intricately tied to comprehending our surroundings through firsthand experiences in spatial environments. This mode of interaction and exploration serves as the foundation for how we understand the world, store memories, construct mental models, acquire wisdom, and develop intuition. In essence, the metaverse revolves around harnessing our innate human capacities for perception, interaction, and exploration, unlocking the creative potential and adaptability of digital content.
Sharper business interactions
For all businesses, the metaverse will eventually develop into a platform where they have to engage with their customers. A host of global brands, from Adidas to JP Morgan have launched metaverse initiatives. It offers businesses an unprecedented opportunity to connect with their customers on a deeper level – offering a Metaverse platform can potentially allow businesses and brands to develop an even deeper 360-degree view of their customers which allows for more accurate and granular segmentation analytics, enabling customer insights in ways previously unimaginable. This will facilitate the delivery of products and services with unparalleled precision, aligning them seamlessly with customer insights and expectations.
The potential for businesses in the Metaverse is staggering, with McKinsey estimating its value creation potential to reach up to $5 trillion by 2030. Beyond the consumer-centric applications, industrial uses are also gaining traction. Augmented Reality (AR) and Virtual Reality (VR) tools, along with digital twin architectures, are increasingly finding applications in various industrial sectors. In industrial settings, on-site workers are embracing extended devices like smart glasses and AR tools to enhance their productivity. These technologies are streamlining workflows, offering real-time data, and facilitating more efficient problem-solving. Notably, in industries such as automotive manufacturing, AR is playing a pivotal role in expediting the design and prototyping processes for new vehicles. Indeed, the integration of AR technology is revolutionizing how manufacturers conceptualize, iterate, and bring innovative products to the market and to the Metaverse itself!
Metaverse and Murphy’s law
In the realm of the metaverse, where digital landscapes flourish and possibilities seem boundless, one might be tempted to believe that Murphy’s Law – the adage stating that anything that can go wrong will go wrong – would find itself defied. However, even within the intricate coding and meticulously crafted environments of the metaverse, Murphy’s Law persists as an unwavering force.
A frequently voiced concern surrounding the development of the Metaverse revolves around the potential perpetuation or exacerbation of existing social inequalities. There is a prevailing worry that individuals with greater access to technology and resources might enjoy a more comprehensive participation in the Metaverse, leaving others behind. However, an alternative and more powerful perspective challenges this apprehension. A significant counterargument against the reinforcement of social inequality lies in the transformative nature of Digital Avatars within the Metaverse. Unlike the physical world, these Avatars do not reveal one’s skin colour, the material possessions they own, their gender or any physical disadvantages they may have. The implementation of Speech-to-Text technologies further plays a pivotal role by eliminating language barriers and mitigating prejudice.
As the Metaverse grows in popularity and usage, legitimate concerns around privacy and security have also risen. As individuals share personal information and engage in virtual interactions, the risks of identity theft, cyberbullying, and other forms of online abuse loom large. Blockchain, with its decentralized architecture, emerges as a formidable solution to address these privacy and security concerns. The ability of blockchain to track and verify every interaction within the Metaverse is absolute. By recording each action of a digital avatar on a distributed ledger, blockchain ensures a transparent and secure environment. This not only safeguards intellectual property but also verifies the authenticity of digital avatars. The security features offered by
blockchain extend across diverse occurrences and interactions within the Metaverse, whether it involves the design of a car, the organization of an event, or a fashion show. In essence, blockchain stands as the ultimate frontier of security for the Metaverse as well as all Virtual Interactions on it.
The bottom line- within the metaverse, every conceivable hiccup or glitch is not just a possibility but a necessity. These inevitable challenges serve as crucial waypoints on our journey, compelling us to navigate around them, adapt, and ultimately uncover innovative solutions. In essence, the metaverse’s capacity to encounter issues is not a setback but a catalyst for growth, pushing us to explore uncharted territories and fortify the foundations of this digital frontier.
In conclusion, whether you’re a fervent believer or a skeptical onlooker, the metaverse is not just a
futuristic concept – it’s our present reality, shaping the way we connect, work, and innovate. As we grapple with its challenges and celebrate its successes, the metaverse unfolds as a dynamic landscape where possibilities are limitless, and the future is not just inevitable; it’s undeniably exciting. Welcome to the metaverse – where the only constant is change, glitches are waypoints, and the potential for human interaction and creativity knows no bounds.
