Innovation and technology are growing at a fast rate, and it is important to stay on track. The metaverse is a combination of reality and virtual nature. In simpler terms, virtual reality can be shown at remotely held conferences, playing virtual games, using mobile apps, and other experiences. Metaverse requires the combination of multiple ideas to create a virtual universe.
Generally, the metaverse can be termed as networks of virtual spaces where people interact with each other in augmented reality. This concept was built around computer-generated 3D simulations. Even with that, there is large business potential. This is because of the demand for digital currencies, art, and spaces. There is a huge potential for investors and even innovators. Till now, the metaverse industry has witnessed millions of dollars in terms of cash flow.
According to CNBC, the growth of sales of real estate in the metaverse is drastically increasing. Evidence shows that countless people are willing to invest in metaverse real estate. People love new experiences, and they're more than willing to experience how it feels to be in the virtual world. Big companies like Twitter, Facebook, and Microsoft are building platforms that are meant to create great digital experiences and expand the creative world.
For instance, Microsoft has virtual workspaces, headsets, games, and avatars. Facebook is closely following some unique developments. Roblox Corporation is also on the frontline, in which they have invested their time and money in manufacturing tools to be used in metaverse gaming. Apple is also looking into introducing a new line of glasses to enter the metaverse virtual space.
There is also the Nvidia Corporation that connects the 3D worlds into a shared virtual universe. This is through creating simulations of real-world building environments. Snapchat, a social media site, is popular for its avatars and augmented reality filters that overlay digital features in the real world. This year, it unveiled the augmented reality glasses. This is to create a better experience through glasses. There is also potential for Amazon to enter the metaverse space.
The metaverse will help in virtual travel, tourism, and recreation. People will be able to travel virtually to any of their destinations. People will also be able to make money in a virtual social economy – through blockchain, cryptocurrencies, and NTFS. People can also enjoy virtual gaming, lifestyle, and entertainment in their comfort. There will also be a strong connection between finances, and the virtual and physical world.
Pakistan must take a deeper effort to train the population on the importance of the metaverse; there are many innovators and IT professionals that can help to make the process easier. Information Technology opened up roles for professionals willing to use diverse tools and their skills for the betterment of the world. There will be more premium live event experiences that will make it easier to find your favourite entertainment. There will also be greater connection, information sharing, and content development pathways.
For starters, the gaming industry will be greatly impacted by the introduction of virtual games. There will be 3D avatars, world-building, and other immersive features. Take the example of Roblox which has a large collection of games. It gains new users daily. Just imagine the impact the metaverse evolution will have on gaming platforms. Media and entertainment will also grow in various ways. It will be much easier to connect, tell stories and share experiences.
These days people prefer shopping online to get all the items. Metaverse will continue growing the industry once it is adapted fully by everyone to reduce the hustle of physical shopping. It will also impact the manufacturing industry because of the introduction of virtual simulation. This will ease the production process. There will be many virtual factories, and this will make the operations easier to partake in.
The engineering and architecture industry will also be impacted as professionals will be needed to design the cities, buildings, real estate, and much more. Hugely, there will also be monetization of some digital assets through NFTs (Non-fungible Tokens). Digital marketing and advertising will also go a level higher due to the opportunities that will be unveiled. In online stores, people will be able to pay online and get their products shipped easily. Moreover, the education system will be greatly impacted. Students will be able to learn things as they see them through augmented reality and virtual reality. They won't have to learn about historical events in theory books, but also through seeing the live events. People will be able to understand things better. The VR will also help to engage the students fully.
The healthcare industry will also be impacted, with doctors having virtual consultations with the patients on minor issues. However, for serious issues, one will need to go to the hospital. Ideally, Metaverse will bring one of the best industrial revolutions of all time.
The metaverse will also lead to an increase in visibility for brands. This is because most businesses will be easy to access virtually. This will also lead to improved corporate training and development. Additionally, it will also be easier to get valuable feedback. Metaverse is still in the development stage. Therefore, different brands should be more than willing to embrace it. All companies must take charge and know how to engage in the virtual space. There is a lot of potential, and more people need to take that positively. Pakistan should also be at the forefront in ensuring the growth of the metaverse.
The writer is CTO & director, Centre of Information Technology at IoBM.
He tweets @imranbatada and can be reached at: Imran.firstname.lastname@example.org
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