Over the last few years, the world has opened its eyes to many new technologies that have transformed how we live, work, and have fun. It all started with internet 1.0, which is popular today as web 1.0. Fast forward to the present day, the tech sector is all about the web 3.0 metaverse digital revolution.
In the simplest terms, the metaverse revolution involves manifesting actual reality in a 3D virtual simulation. It’s an entire internet revolution, and top tech giants like Facebook, Google, and Microsoft are banking on the growth of the metaverse.
The vexed question now is—does the metaverse have a future?
According to global metaverse digital world market research reports, the metaverse will hit $758.6 billion by 2026. It has captured the imagination of the tech industry, and it’s now the metaverse digital revolution for the future.
The Metaverse Technologies
While the ongoing internet revolution is much-publicized under the buzzword ‘metaverse,’ it’s typically a combination of different futuristic technologies, including Augmented Reality (AR), Virtual Reality (VR), and brain-computer interfaces (BCI), 5G, geospatial information, and 3D graphics.
These technologies are the building blo
cks of the metaverse digital land, and some of them are already in place. The heart of the digital metaverse is delivering immersive experiences for users, which is made possible by VR and AR technologies. The technologies have been used in sectors like medicine, gaming, and virtual concerts, although their applications on metaverse may expand beyond the current uses.
Unlimited Capabilities on Metaverse
The cool thing about the metaverse digital revolution is that it allows everyone to be part of the innovation. Individuals can create their avatars and be part of the digital experience. The 3D metaverse presents a new window for experimenting in a controlled environment, employee training, marketing, and more for businesses. They can create more value using more innovative business models and have a new way to interact with their customers.
Companies can reduce operational expenses by tapping into the opportunities on metaverse, and major corporates are taking the lead. PricewaterhouseCoopers became part of the metaverse digital real estate owners after acquiring virtual property in the Sandbox. Prager Metis also acquired a virtual three-story property for about $35,000, which it plans to use in providing advisory services.
Further, the metaverse ecosystem integrates blockchain and cryptocurrencies, bringing a whole new level of financial inclusion and financial possibilities. The cryptocurrency and metaverse concepts appear to go hand in hand as virtual money provides an ideal currency for the virtual world. They are different concepts that form an integral part of the metaverse digital revolution, and they are already proving to coexist effectively. For instance, in the gaming industry, which is among the most impacted by the metaverse revolution, players can complete missions and receive rewards in crypto tokens and NFTs.
Users can create innovative business models like the metaverse digital fashion and present their fashion ideas in the form of NFTs, which can be bought on marketplaces using crypto coins.
There are many reasons why the metaverse digital revolution will be the next big thing. From a business perspective, there is an increased demand for virtual offices in the wake of the Covid-19 pandemic, and virtual offices provide a permanent solution.
Additionally, the metaverse concept integrates all futuristic technologies, including financial technologies, and its revolutionary impacts cut across every industry. As the encompassing technologies evolve, the metaverse becomes a greater force to reckon with.