5 Reasons you should pay attention to the Metaverse

Several big companies began following on Epic Games’ footsteps, after they pledged an eyewatering USD$ 1 Billion to build the metaverse.

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The metaverse has been around in one form or another since the early 90s, when it was first popularised by video games and science fiction novels. It’s only recently that this concept of an immersive virtual world with fully interactive objects took off into mainstream recognition as something more than just a theory meant only for dens worth playing through their computer screens on top floor apartments back then.

Several big companies began following on Epic Games’ footsteps, after they pledged an eyewatering USD$ 1 Billion to build the metaverse. Facebook rebrands into Meta, with Niantic following right behind them investing $300 million.

The industry is rather optimistic financially on the metaverse. The technology advancements of last one decade means that Neal Stephenson’s dream, which was once only a futuristic idea but now seems like it might become reality soon enough with all these new advances coming together at just about perfect time.

1.The Metaverse is the next big thing in online investment

 

The metaverse is a perfect environment for content creators and VR developers. It means another source of monetisation, which will help them continue creating high quality work in this ever-changing industry.

Fairer incentivisation for creators who want regular royalty payments without having their work locked up on one platform. It will also have an effect on countless numbers of developing countries where living wages aren’t always feasible so there’s no reason why small businesses shouldn’t take advantage – after all they’re just looking at increasing profit margins anyway if things go well.

The metaverse will open up new opportunities for advertising and digital events. You can advertise your brand in a virtual world, or host an event that only takes place online. With Facebook’s announcement that they will be creating 10,000 new jobs in Europe alone to build out their vision for the Metaverse it becomes clear how serious this company truly takes its purpose.

 

2. Metaverse is the next step in the evolution of the internet

 

While we’re all still getting used to the idea of a virtual world, it seems that there is an even more futuristic concept being put into practice. Web 3.0 has been mentioned by Nokia’s Head of Trend Scouting as well; this new internet in space will change how we live forever. The idea of a metaverse, an interconnected planet where everyone is connected and everything they see can be stored in one place has been around for some time now.  While many people may not fully understand what this new world would look like or how it will function on various levels there have already been discussions about its potential effects within society as well as technology itself, with companies such Deloitte LLP wasting no opportunity at creatively brainstorming ideas relating to these concepts.

The metaverse could be the next major platform where users from all over the world gather, engage in various activities from buying and selling items of all kinds to playing games. It will start out as an alternative social media platform but might eventually come to encompass our entire world wide web.

3. It’s important to be aware of the legal and regulatory challenges it poses

The metaverse is the next minefield for regulating online speech. Like today’s giants, tomorrow’s technology companies will dominate global conversations around user privacy and data rights while also being one of many forces shaping our world into what it means to be “digital natives.” The early progress of the metaverse suggests several risks while also being extremely exciting. NFT fraud is a very real possibility, land rights in question for land owners within this virtual world that you can buy or sell if it’s not already owned by someone else.

Data privacy and misinformation have become pressing concerns for many people in today’s world. The same will be true of the metaverse down the line, so it is important that organizations consider these issues now before they arise again more drastically than ever– regulatory bodies need to take note ahead of time.

4.It is the next logical step in the evolution of work

Virtual Reality is no longer just for gamers. Practically every industry has found a use case where VR can improve productivity and efficiency, from work organizations like Spatial that provide an alternative to Zoom seeing 1000% more usage in this period all the way down to Facebook’s newest product offering – Oculus For Business.

VR is the future of work. In a world where companies are struggling to keep up with employee expectations, it will be important for VR technology integrating hybrid workers into their workforce so they can have enough engagement and access whether they’re on site or not.

The use cases surrounding remote jobs may alter significantly in coming years as well thanks largely due to this new normal that has emerged following recent events.

With nearly two-thirds of those surveyed saying they are very excited for AR/VR enabled learning in the workplace, it’s no wonder that many organizations have started exploring how this technology can help them. And with Zoom fatigue setting in as we all become more accustomed to Virtual Reality environments online or on our phones – these metaverse alternatives may prove compelling enough before long.

5. It might be closer than we expect it to be

The metaverse has been compared by some people as the next generation virtual reality, but what do those who are still unfamiliar know about this new concept? In a recent US survey, when asked if they would be interested in participating or using one themselves only 36% said yes, older generations were less likely than younger ones at 30+ years old (the majority).

With the recent advances in technology and virtual reality, it’s not too hard to imagine a world where your digital identity is seamlessly integrated with other aspects of life. In 2021, Facebook founder and CEO Mark Zuckerberg put forth an estimated timeline for his company in the Founder’s Letter, noting: “Our hope is that within the next decade, the metaverse will reach a billion people, host hundreds of billions of dollars of digital commerce, and support jobs for millions of creators and developers.”

With the rise in technology, we are finally able to create a virtual world that can rival or exceed reality. This metaverse will be more immersive than any other before it because all steps have been taken for this infrastructure-heavy utopia: there’s an advanced global blockchain network with ergonomic VR design and scalable AI already built into most parts of our planet; last mile internet connectivity available just about anywhere around globe – what do you think might come next?