Meta-verse Simplified

“Metaverse” is a confusing term, to simply put it across at this juncture, it is not just a single element but due to rapid advancement in new-age technologies, a simpler definition for it could be “the metaverse is a combination of multiple elements with the potential to create a large environment which is virtual and has the potential to enable various kinds of new interactions, engagement as well as business commerce B2B/B2C and D2C trade possibilities.

Metaverse is a “buzz” word in the tech space and is generating wide interest amongst B2B/B2C audiences so much so that the search queries for the term exponentially rose by a whopping 7200%. Metaverse will be a hybrid integration of physical and virtual experiences, based on three core characteristics:

• Immersive, Interactive environments that use virtual/augmented reality to augur presence and imitate the real world.

• A Customizable but persistent (synonym) state where you can ideate, design, build, create as well as interact just like the way one interacts in the physical world.

• A unique digital identity or a reincarnation of yourself tailor-made for the digital world as precious, as valuable, and as unique as your physical self-identity.

Many myths and theories are still afloat around the metaverse and the technologies that enable it. For example, the metaverse is not virtual reality. Virtual reality is an important element of the tech stack, having a lot of existing technologies and some of them are incipient.

5G is core to the principles of the meta-verse, No it is not true, but great connectivity, especially lower latency is essential to jumpstart your journey into the metaverse, however, one also needs the other infrastructural support like seamless payments technology, 3D developer tools, creator tools, identity-driven platforms, Cloud/ edge infrastructure, virtual software’s and content making platforms as well as better devices and their peripherals.

Portability is a handicap in the metaverse, what passes for the metaverse is actually a set of micro verses, one can’t move their avatars, virtual assets, social graphs, and even their data easily. Let’s take an example – it is difficult to even port the data in between videogames like #Roblox and #Fortnight.

These games are the new trendsetters when it comes to giving the millennials a new platform for how they interact online, an estimated 200 million people are a part of its active monthly userbase with an average spent time of 2.6 hours a day on the platform.

Millennials, are, setting up the benchmark of expectations higher by presuming that they shall be able to purchase, sell and trade their inventory in similar landscapes. Better trust and potent architecture are required, which may be different/ decentralized from the existing value chain to enable a seamless interaction across multiple platforms like Fortnite and Roblox or vice-versa.

We have seen just a tip of the iceberg of the metaverse, A lot of corporations involved are seeking answers to their tough queries – Many feel it’s just a hype or a mere distraction. A lot of them are wary to even pilot it as an experiment, many are questioning the ethos of it and seeking queries around metaverse, being the pivot in the foreseeable future, basically its like the chicken and the egg story which is devoid of answers of what should corporations/businesses do now? Lots and lots of people are engrossed in learning the potential of the metaverse, but if one keenly follows the venture capital space, then this shall appear like a no-brainer, With so many venture capital firms are keenly watching this space with avid interest and investing heavily in the virtual and gaming worlds. The Virtual & Gaming worlds are likely to be 5 x than that of the celluloid universe by the year 2025. This space is getting hotter and as a trend observer, watching where the venture capitalists are pouring their money, it will only scale higher and higher. The buzz around metaverse is invigorating experimentation, it’s a great way to try out new possibilities and possibly learn from them, what we have seen in the past are experiments around 3 possible categories

• Brand integrations to extend existing experiences – like buying a virtual asset or an NFT.

• Ephemeral experiences such as #TheGucciGarden

• Persistent metaverse experiences to those as we see in gaming

In the past recent months alone, we have seen brands like #GujratTitans, #TajHotels, #Tommy Hilfiger, #RalphLauren, #Nike, and #WarnerBros launch their metaverse plays. Such experimentations are evoking excitement though one is not aware where this would lead to but for sure will evolve fast and enthusiasts will learn a lot in the given process. However, experimentations are expensive in nature and at times open-ended. Metaverse is a fad, which many companies push for experimentation to often come out of IT but haven’t yet been successful with a business opportunity. Shortage of talent pool, in terms of engineering, software, analytics, as well as IT Talent, are a few prerequisites which seem to have a limited supply of the mix with companies, Cross Partnerships are required with platforms like Decentral land, Roblox and Fortnight can assist in alleviating a part of the problem in the short run

The Wrap – Like a novel concept, the metaverse is surrounded by a lot of uncertainty and unwarranted obstacles and it appears, that it would take closely a decade or so to fully extract the potential around the metaverse – who will be able to scale it up – B2C or B2B or B2B2C? Their use cases would be keenly watched but this evolving technology is surely driving innovation forward and could transform human lives by leaps and bounds.