In recent months, even though technology writers and analyst alike are all in agreement that the metaverse is still in its infancy and with a number of challenges yet to be solved, they have concluded also that the opportunity that is presented by this more immersive form of traditional internet is capable of creating many new types of businesses while making already existing ones more profitable.
What does metaverse mean
For many people, the concept of the meterverse is abstract so to understand it in relation to this article we will take a look at this astute explanation by one of The Verge contributor who called it “partly a dream for the future of the internet and partly a neat way to encapsulate some current trends in online infrastructure, including the growth of real-time 3D worlds.”
In this internet of the future, there would be much more emphasis on the feeling people get from experiencing it:
The metaverse is not as elusive or futuristic as it seems. When you consider the fundamentals of how we create, communicate, and collaborate in the digital world, the metaverse is simply a more immersive and personalized version of how we already work. Salim Elkhou, CEO of Onna.
How metaverse works
Since the focus of the metaverse is on how individuals collectively experience this new world, the set of features that provides access to it and distinguishes it from the traditional internet is enabled by some of the newer technologies like virtual and augmented reality headsets and the progress in real-time 3D computer graphics and personalized avatars design.
The promise of the metaverse is to see us hanging out in an interactive virtual reality world where person-to-person social interactions from meetings to bar hangouts to parties are held and experienced through distinct avatars that represent our identity.
Here’s a quote from The Washington Post that best describe it:
The metaverse would be a massive communal cyberspace, linking augmented reality and virtual reality together, enabling avatars to hop seamlessly from one activity to the next.
According to some VR companies, it’s only a matter of time before people who are already used to social media want somewhere new to interact and attract digital likes and the metaverse represent such places where they can do that.
It also allows people to digitally embody a whole new persona and show their creativity or financial status through those avatars. It might also drive young people to spend even more time online.
How metaverse can make you money
Something that is true of places with massive human gatherings is how industrious humans utilize that for the promotion of their product or service for an increased profit. That is one of the obvious ways people should be able to make money through the metaverse. Meta’s founder Mark Zuckerberg hinted at it in a recent press release when he mentioned that the expected presence of millions of people in the metaverse would compound to the size of a digital economy inside it.
Since metaverse is new, there is a mutual agreement among people familiar with it that it would be a brilliant idea to have business ideas around technologies like blockchain which may see a boom in usage on it through the likes of NFT
Wired contributor Eric Ravenscraft believes so too saying that the metaverse:
...translates to a digital economy, where users can create, buy, and sell goods. And, in the more idealistic visions of the metaverse, it's interoperable, allowing you to take virtual items like clothes or cars from one platform to another. NFTs are a way of recording who owns a specific virtual good, creating and transferring virtual goods is a big part of the metaverse, thus NFTs are a potentially useful financial architecture for the metaverse. Or in more practical terms: if you buy a virtual shirt in Metaverse Platform A, NFTs can create a permanent receipt and let you redeem the same shirt in Metaverse Platforms B to Z
Ultimately, the way to benefit from the metaverse or increase your business prospects from it is to think of a viable way to integrate your traditional business into this new form of internet in a befitting way.
For instance, opening a metaverse address for your real-world real estate service company for customers who would prefer to patronize you through that medium or coming up with an entirely new type of business that fits the space. For example, building a business around the care or modification of metaverse users’ avatars if that’s possible.
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