“People don’t understand NFTs, Metaverse, and crypto today the same way they didn’t understand online shopping in 1995”
– Anuj Jasani (CEO, Just Brandable)
The origin of Metaverse:
The word Metaverse existed before it was brought into existence by Facebook. It was first developed by Neal Stephenson (Sci-Fi writer), in 1992, in his novel “Snow Crash”. The basic foundation of the Metaverse is the concept that a lot of real-world is going to become increasingly digitized. A lot of different companies have pointed out the fact that they have been working on Metaverse forever.
- Roblox, for example, is doing this for a very long time, they have a Metaverse.
- Adidas and Balenciaga have taken initial steps into the Metaverse
- Brands like Nike, Dolce & Gabbana are already trading with NFTs in the virtual world
The terminology itself can be a lot confusing as it has already been built for certain aspects and certain platforms. So, without further ado, let us walk through the concept and its application in different industries.
What exactly is Metaverse?
The phrase “Metaverse” is made up of two terms: “meta,” which implies “beyond,” and “verse,” which derives from the word “universe.” It incorporates Blockchain, augmented reality, virtual reality, and cryptocurrency technologies.
The Metaverse technology is about online, 3D virtual worlds where you can use 3D avatars to represent oneself, make friends, move to different locations, participate in events and business meetings, and undertake various activities using gadgets and devices from anywhere in the world. People will have avatars and will be able to buy and sell real estate, buildings, and other goods and services using bitcoin. To help you comprehend the Metaverse and its uses, here are a few real-world examples:
Disney submitted a patent in December for a “virtual-world simulator,” that recreates one of the company’s theme parks in 3D. Users would then be able to roam around in “very immersive, personalized 3D virtual experiences without wearing an AR viewing gear.” To help visitors navigate Disney properties and platforms, Disney has already begun combining the actual, digital, and virtual worlds. Guests may interact with favourite Disney moments in innovative ways and explore different interactive experiences with the MagicBand+ wrist gadget.
To commemorate International Friendship Day, Coca-Cola collaborated with Tafi to create virtual wearables for Coca-first-ever Cola’s NFT collectibles in the metaverse. On OpenSea, Coca-Cola auctioned an NFT prize box featuring digital clothes that may be worn in Decentraland’s virtual environment. When the Coca-Cola Friendship Box is opened, it contains a sound visualizer to capture the experience of sharing a Coca-Cola, a future Coca-Cola bubble jacket wearable, and a friendship card inspired by Coca-trading Cola’s cards from the 1940s.
What are the essential characteristics of the Metaverse?
- Immersive: Using virtual reality (VR), augmented reality (AR), and XR capabilities, you will be able to witness actual sensory experiences.
- Disseminated: It will not be held by a single corporation, but rather by all of the users who will have access to their information. All transactions will be safer and easier to follow thanks to Blockchain.
- Boundless: It will blur the barriers between the physical and digital worlds. The Metaverse will be an infinite environment with no restrictions on who may use it, what types of activities can take place, what enterprises can participate in, and so on.
- Fosters social interaction: It will encourage social engagement such as spending time with friends and attending business meetings.
- Uses crypto: Users will be able to produce, exchange, and share all assets in the virtual worlds using blockchain-based Metaverse coins.
What all can be done in the Metaverse?
- It may enable people to visit areas virtually that they are unable to visit physically.
- In the virtual world, businesses will have a plethora of options to market their services and goods.
- It allows teams to converse digitally using their avatars, addressing existing issues of remote work.
- It can assist healthcare providers in better interacting with patients to gain a comprehensive understanding of their health status.
- By incorporating a three-dimensional space, it will create an inclusive social media experience.
What are the possible hurdles in the Metaverse?
- Personal Data Protection: The Metaverse technology will be heavily reliant on VR and AR gadgets that have cameras and unique identifiers. Users’ data may be exposed as a result of this.
- Negative reputation: Scammers can try to smear a person’s reputation by imitating their avatar.
- Regulations and laws: Another potential Metaverse difficulty is that of laws, rules, legislation, and jurisdiction. This technology will bring together a large number of people. The lack of regulations governing the limits in these kinds of virtual worlds could pose a problem.
- Verification of your identity: You may have difficulties with the authentication system or verification in the Metaverse. Individuals will be using their avatars in the Metaverse. As a result, identifying persons in the virtual world may be difficult. Avatar traits, voice, and facial expressions will be used to verify users.
Using data science to make sense of the Metaverse
Many companies don’t have plans in place to optimize their data science capabilities, which limits their capacity to truly grasp the data they have about their company or their consumers.
The Metaverse will undoubtedly continue to grow and innovate at a breakneck pace, making it nearly hard for businesses to keep up. To save time searching for insights, data science teams should use a cloud data system that can collect and handle in-house and third data with a single point of access. This model must be capable of processing structured, semi-structured, and unstructured data, as well as breaking down data silos and bringing together insights to learn from the Metaverse and assist others.
Data scientists and their teams should use this opportunity to reflect on any present flaws in their strategy, such as siloed data or an overwhelming number of data sources. These teachings must then be put into practice for them to effectively prepare for the future. Examining other recent developments, such as cryptocurrencies and Blockchain, and the regulatory challenges they faced can help organizations gain a better grasp of future ramifications. We may expect to see rules enacted quickly across the Metaverse to ensure that firms, among other things, comply with the law and process data appropriately.
The last word…
The Metaverse is still in its infancy. It is indeed uncertain how long it would take to fully mature or how well it will be able to simulate actual life. However, one thing is certain – it has the ability to usher in the next virtual reality revolution. It has the potential to alter our attitudes toward the digital and social networking interactions.