Metaverse: The future is here
Metaverse. The name exudes an air of enigma and excitement about it, isn’t it? When Neal Stephenson used the term ‘metaverse’ in his 1992 science fiction novel Snow Crash, little would he have realized that it would come to dominate our lives in myriad forms three decades later.
In simple terms, metaverse envisions a virtual reality-based successor to the web. It can be termed as the 3D evolution of the Internet, sustained by Web.03, whose core principles are decentralization, democratization, and user empowerment. The possibilities of the Metaverse are immense, and not even the sky is the limit. Will it be a parallel universe out there? Will it overtake or supplant our physical lives? Though it won’t be easy for a definitive answer to these questions, the world is waiting to explore its full potential. Technologies such as Virtual reality (VR), augmented reality (AR), and brain-computer interfaces (BCI) will form the basis of the metaverse that we are going to access. According to a recent McKinsey & Company report, metaverse will comprise a sense of immersion, real-time interactivity, and user agency.
Gartner says that by 2026, 30% of the organizations all over the world would have their products and services ready for the metaverse. Companies in sectors like automotive, media and entertainment, retail, product design, etc. are leveraging the power of metaverse in various forms such as personalized avatars, virtual concerts, gaming, events, etc. Retail companies like Ralph Lauren, Gucci, and Nike, have already entered the metaverse world, providing customers the option to shop for virtual outfits, digital accessories, etc.
Manufacturing companies are adopting digital twin technology (the dynamic, up-to-date representation of a physical object or system) to optimize efficiency and visualize their facilities. BMW Group, for example, is building digital twins for testing the layout of its factories and augment productivity. The auto manufacturer will have more such true-to-life digital twins as part of its optimization efforts.
Walt Disney built a theme park in the metaverse. AstroWorld, a now-shut amusement park in the US, has announced its comeback with a virtual theme park in the metaverse! Isn’t amazing?
The metaverse has the potential to revolutionize the entertainment world. It can transform traditional creative processes and film production methods in multiple ways. With virtual production, studios and creative heads can work on the post-production activities much earlier in the process, which can save money and time. Famous studio Industrial Light & Magic (ILM) is upgrading its virtual production workflows with the help of metaverse technologies.
We should also be discussing the challenges along with opportunities. Some of the challenges are privacy issues, identity control, regulation of law, and inaccessibility. I think these are some of the significant ethical concerns we must address. However, building viable solutions right from the beginning and addressing these issues can be beneficial in the long run.
There will be ethical challenges brands might face in the metaverse. The metaverse is opening up brand-new possibilities and dimensions, throwing before the world a slew of ethical issues. It is imperative that businesses and brands must take these ethical challenges into account.
It is important to stem biases of any kind from permeating into the metaverse. What can be done here? Ensuring diversity among the team members is one good way of preventing biases. Behind those codes and algorithms for building the metaverse, there will always be humans. So, ensuring a diverse mix of team members from multicultural backgrounds can help.
As metaverse continues to expand and enhance the digital realm, it offers brands an opportunistic platform to engage with customers effectively. Brands can interact with customers by providing digital assets like NFTs while trading through cryptocurrency and create meaningful communities that involve the customer base, host launches, sponsoring, and special events, and create virtual stores that offer an immersive v-commerce experience.
Data in the metaverse will invite privacy concerns with organizations needing sensitive personal data, biometric identifiers, health info, etc. The million-dollar question is: Will it clash with data privacy laws being passed by different countries?
The fact is data privacy will continue to be a challenge even in the metaverse. As massive user growth is anticipated, there must be a regulatory framework for protecting sensitive user data. For example, countries with no data protection regulations will have a tough time streamlining. Focusing on privacy-enhanced technologies to better adapt the privacy framework will be a key point.
About the author:
Kunal Kothari, Co-Founder & Chief Growth Officer, Mobavenue Media Private Limited