Metaverse has been defined as the virtual world that will usher in the next phase of the internet by big names such as Google, Microsoft, and Facebook. These tech companies have over the past few weeks announced their plans towards building a metaverse. Coupled with extended reality technologies including virtual reality (VR) and augmented reality (AR), digital twins are evolving to provide a next generation internet. Pradeep Agarwal Oracle explains its concept and further the advantages it brings for individuals and businesses.
He describes metaverse as a phylogeny in cyberspace where we will have digital versions of ourselves or avatars, virtual environment, communications, commerce, and entertainment. According to Mr. Pradeep Agarwal, metaverse is a logical next step that comes after android and other advanced techniques. As the virtual world constantly grows and evolves based on the decisions and actions of the society within it, eventually people will be able to enter the metaverse with virtual reality or interact with parts of it in their physical space with the help of augmented and mixed reality. The metaverse could be a game-changer for the individuals. Therefore, tech companies will need to transition their strategies to virtual economy, and research for their new customer-base in the metaverse.
Stating metaverse as the next frontier for online interactions, Pradeep Agarwal informs the marketing and communications professionals to pay attention to this concept and view it as a prospective catalyst for businesses. “Just as every company, a few decades ago, created a webpage, we are approaching an era where companies will have a real-time live 3D presence.”
As people spend more time in the metaverse, there’s a huge opportunity for advertising, billboards, and product placement. Other than that, as more events and concerts are hosted in the metaverse, companies will have a plethora of opportunities for potentially profitable sponsorships. It also promotes remote work with the formation of co-working spaces for meetings, training and simulations.
Pradeep Agarwal Oracle mentions a similar concept introduced by the name ‘second life’, that failed because it was a complex product which required dedicated efforts. Its architecture was said to be insecure, unreliable, and not scalable. While the world was moving increasingly to a mobile environment, the product did not have a mobile component. Unfortunately, it became the victim as the developed world experienced a spike in golden-agers, and second life could, thus, not find a new audience for itself. Metaverse on the contrary for all of its endurance and persistence, has the potential of becoming a mainstream breakthrough.
As spaces come together in the metaverse atmosphere, they will generate enormous opportunities for businesses to create amazing experiences for their customers. It will also improve their business process to maintain a competitive edge. This will further develop to include multiple cross-chain possibilities as the virtual economy grows. While the road of the metaverse is still being mapped, businesses are ready to welcome the technology that makes real-world, and physical scenarios available virtually with open arms. In the coming years, successful businesses will be those that inculcate their strategic planning and customer approach according to the latest technology.