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12) How will the Metaverse change the world?
🕑 Added 2022-12-28 17:28:22 +0000 UTCThe METAVERSE seems to be the hottest and most POPULAR topic in the world right now.
FACEBOOK rebranded to META.
Huge companies such as NVIDIA, NIKE and WALMART are spending BILLIONS to become APPARENT on the metaverse.
Bloomberg analysts predict the metaverse market will be WORTH $800 BILLION by 2024.
But, what even is the metaverse?
The actual DEFINITION of the metaverse is:
A virtual-reality space in which users can INTERACT with a computer-generated environment and other users.
The way I see it is a place where humans can experience life in ways they could not in the physical world.
This may sound scary at first and you may not believe in it,
but realise whether you believe in it or not, every day the world is EVOLVING and you can't stop it or control it.
so don't DENY it but only CAPITALISE off it.
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E-Commerce
Businesses currently selling ONLINE already have their benefits.
But if they LINK the virtual world of the metaverse then their customers will have a higher level of IMMERSIVE and MORE entertaining experiences.
This means MORE attention and more INCOME for their business.
They will use this to lure prospective customers when selling virtual goods with branded gaming adventures and VR showrooms.
Also expanding their audience by hosting EVENTS in the virtual universe.
All these different IMMERSIVE experiences will boost their customer ENGAGEMENT,
and brand loyalty which will lead to more referrals, especially when they post about their product or overall EXPERIENCE.
This has ALREADY been started with AMAZON.
They have introduced “AMAZONMETAWORLD" in five Indian cities where customers will join to earn Amazon PRIZES.
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Enhances Education
LEARNING will be integrated with the metaverse.
The COVID lockdown was tangible PROOF of why this WOULD work.
Students were forced to remain at home whilst STILL participating in classes.
Now, what if students could have their own virtual classroom where they could collaborate with OTHER students from around the world?
YES, around the world.
The boy in a third-world country would be able to be in a HARVARD lecture and no other classmates would know.
This is bridging the INEQUALITY gap, already called METAVERSITIES.
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Remember the definition:
a place where humans can experience life in ways they could not in the physical world.
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Let's look at another example,
What if an engineering student could learn how to make a 3D MODEL of an AIRPLANE without ever PHYSICALLY seeing one?
Or what if an art student could VISIT The Louvre Museum and see paintings by their favourite artist?
They would save so many RESOURCES.
The metaverse is that place.
It is a virtual environment that will enhance education and change learning forever.
The metaverse will not only change the way they LEARN but also how they TEACH.
Teachers can use this to create IMMERSIVE LESSONS for students in any subject area, which could lead to students being MORE ENGAGED in their studies.
You can see already how many OPPORTUNITIES it will bring.
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Digital Real Estate
When most people think of digital real estate they think it will NEVER work because they have the WRONG IDEA of it.
They THINK digital real estate in the metaverse is JUST virtual land.
Land that has no 'intrinsic value' nor is there a 'high demand' for this land thus arguing that it is worthless.
Or digital real estate might ONLY have value because of a 'low supply' of land in the fake world.
Sadly they are MISTAKEN.
A low supply of real estate is a LIMITATION for the physical world of real estate which is NOT NEEDED in the metaverse.
The value of Times Square is not JUST because of the 'low supply' of New York real estate.
Rather, it is because New York uniquely brings VALUE through business opportunities which is why real estate there is scarce.
WHAT DOES THIS MEAN?
Digital real estate will only hold worth if there is VALUE added to it.
It’s not the land itself that’s important, it’s the EXPERIENCE you build on top of that land.
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It is SIMILAR to virtual content.
YouTube is FREE for anyone to make videos and you do not need to take up a loan to reserve your place on YouTube.
But the worth lies in the organic VALUE.
As a person who just STARTED YouTube, the value of their channel is zero, as they have not made any videos that have engaged a substantial amount of PEOPLE.
Hence, they have FEW followers and are not able to make MONEY from videos.
But MR BEAST has put in FAR MORE TIME and can make money by contributing VALUE to those interested in his entertainment videos.
The CRUCIAL point is that there is no essential difference, apart from the value it brings.
Mr Beast’s YouTube channel started off exactly the SAME as everyone's, but the VALUE is thousands of times higher because the actual entertainment value that it brings is thousands of times higher.
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Now if we use this SAME LOGIC and understand a large influx of people will flow INTO the metaverse.
We do not need limited land or pre-defined exclusive land with METAPHORS adopted from the real world.
Instead,
Virtual land will be BUILT UPON to create experiences that lend themselves to advertising, marketing, socialising and entertainment.
The value of each plot of land DEPENDS on the experience it provides, as well as other factors, such as collectability, platform popularity, and market sentiment.
The value is in the experience.
It’s not the land itself that’s important, it’s the experience you build on top of that land.
Just like in the real world different parts of the city are more in DEMAND than others, like where all the nightclubs/casinos are is much more VALUABLE than somewhere else on the map.
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Cryptocurrency will rule the Metaverse
People think crypto coins and tokens are just BUSINESSES that generate revenue and profits.
This may be because they TRADE the volatile currencies
But they are WRONG.
Instead, they're a type of DIGITAL CURRENCY that can be USED to make purchases or participate in a metaverse.
The metaverse isn’t being built by ONE GROUP or COMPANY.
DIFFERENT groups will build different virtual worlds, and in the future, these worlds will be INTEROPERABLE- forming the metaverse.
Interoperable means different groups that are able to link and function together.
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As people move between virtual worlds – say from DECENTRALAND virtual world to MICROSOFTS – they’ll want to bring their stuff with them.
If two virtual worlds are INTEROPERABLE, the blockchain will authenticate proof of ownership of your digital goods in both virtual worlds.
They need crypto and its BLOCKCHAIN technology to do this, which is why it will be at the forefront.
You will be able to use crypto to SHOP and BUY digital goods like music, movies, games, and apps just as you likely do on the web now.
Also, the same way you use your leather wallet to carry your ID in real life.
Crypto wallets will be LINKABLE to real-world identities, which would facilitate transactions that require LEGAL verification, such as buying a real-world car.
Because your ID will be linked to your wallet, you WON'T need to remember login information for all the virtual worlds that you visit – just CONNECT your wallet with a click, and you are logged in.
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Engaging Advertisement
Current adverts are ANNOYING and cause IRRITATION to the audiences.
But in the metaverse, it opens up wider opportunities as audiences will be able to INTERACT with them, instead of being shown a video where you must watch or wait.
This will allow them to place themselves in FRONT of audiences and ENGAGE with their target audience WITHOUT disrupting their overall experience.
This is still an advertisement but just STRUCTURED in a different way
Another way is by using 'virtual billboards' in the world or GAME you are in.
Coca-Cola and Samsung made use of virtual billboards within video games such as Football Manager and Hyper Scape.
This helps them widen their reach while still remaining tight with their brand.
The metaverse offers a WAY MORE immersive experience than normal advertising.
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A decline in physical interaction
During COVID people were still interacting through zoom and facetime calls.
Video calling will become OBSOLETE as people will be able to be in the same location as the other participant in the virtual world.
Once again you can see how many different POSSIBILITES this can open up.
People will dine out and eat out without having to LEAVE their houses.
They could order the food virtually and it gets delivered to both users' different addresses physically.
They both dine and eat the food in the desired restaurant of their choice in the virtual world whilst seeing each other.
They would have the SAME conversation in the virtual world and see the SAME restaurant BUT did not have to order a taxi and leave their home.
Also, office work and meetings will take place in the metaverse.
Companies will build OFFICES on the virtual land in the metaverse.
We are already seeing the start of this in recent years as more companies have ADOPTED encouraging employees to work REMOTE.
The Metaverse will only accelerate this trend as it becomes easier for people to work from anywhere in the world and collaborate on projects together.
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Shopping stores will be moved into the metaverse
There will be NO NEED for you to go into physical stores to do window shopping.
All this would be done with a VIRTUAL REALITY experience.
Yes, you may argue to try on the clothes, but you could order any size and just RETURN IT if it isn't your desired size.
From a COMPANY'S perspective, they will be saving THOUSAND of pounds of COSTS of running the store, no more rent or energy bills.
Especially if the exact same customer experience can be REPLICATED in a virtual world then there would not have to be any more costs for STAFF also.
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From the perspective of a CUSTOMER, not only would they have the EXACT same experience WITHOUT leaving their home,
but they could use the metaverse at home to view products in 3D and TRUE TO SCALE in their home to view furniture inside a room.
Using virtual and augmented reality, companies can see a 3D version product BEFORE buying it.
The metaverse LIMITS physical boundaries.
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In the END, It's about creating the VR version of SECOND life.
A virtual world where you can do the sort of stuff you WANT TO DO like traveling the world, or meeting friends WITHOUT having to drive to each one in real life.
It will allow people to GO to places they would never be able to go, EXPLORE things they would never be able to SEE, and feel things they would never be able to FEEL.
You may see the GOOD in this but in actual reality,
you probably noticed a lot of DARK SIDES to it.
Especially if they introduced this after the COVID lockdown.
You start to QUESTION a lot of stuff.
But we will discuss that next time.
Now whether you think it's just Facebook looking for a NEW and exciting way for people to WASTE time on their platform.
Or the Metaverse aiming to be indistinguishable from REALITY to cause people to become completely ALIENATED from reality.
It is coming.
And you can't stop it.
@ionicXBT
Comments
METAVERSE, the machine is on the way! (fill your bag w/ RNDR)
a really good post explaining metaverse and its future. i do believe in $RNDR on how it will be use as the rendering utility in metaverse worlds. if possible, i would like to read your opinions on AI and its future especially for crypto adoption.
