Metaverse Possibilities Beyond

22 June 2022 | Metaverse | Blockchain | Web3.0 

With the emergence of the Metaverse, there will be a Paradigm shift in Human Consciousness. The immersive nature enables Love and Human consciousness to transcend space in the Metaverse. 

The Metaverse is still being defined, both literally and figuratively. It is a gaming platform, a virtual retail destination, a training tool, an advertising channel, a digital classroom, and a new gateway to digital experiences. The Metaverse seems to be whatever people’s imaginations dream it to be. But today, the Metaverse remains challenging to define, even though the term has been circulating for decades. We know that beyond the hype, the Metaverse is real, potentially revolutionary, and has the makings of a significant opportunity. 

Metaverse and Web3 

Metaverse gets power from web3. Web3 proclaims a decentralized ecosystem in which individuals own, monetize, and utilize their data for their benefit,

  • Blockchain offers a permanent, single source of truth.
  • Digital assets on a blockchain value portability and permanence
  • Smart contracts containing conditional programming and self-executing applications

Metaverse applications built on Web3 benefit from permanence, functionality, and interoperability more than traditional Web 2.0 AR/VR experiences. (unmanifested form in web 2.0)

Digital assets are a core component of the Web3 tech stack, and access to these is central to future metaverse design. Wallets with cryptocurrencies, digital equities, stablecoins, and NFTs in the form of skins, tools, and even virtual real estate are critical to the Metaverse. 

Assets are on the same blockchain as the metaverse venue (for example, Ethereum, Polygon), but cross-chain bridges enable greater portability of digital assets between different metaverse venues.

Core services to evolve alongside emerging technologies for the Web3 Metaverse to fulfil its fullest potential.

Evolving Consumer Behaviour and Business use cases 

Mckinsey Research Suggest that Almost 60 per cent of consumers are excited about the transition of everyday activities to the Metaverse, with social connectivity, socializing and communicating with family and friends being the primary driver.

Business Model around Metaverse Senior Executive view, report by Mckinsey suggests that Early adopters are also seeking different capabilities compared with their peers. Early adopters are most interested in capabilities around building business models, infrastructure and back-end engineering, blockchain and e-commerce payments, product design, and branding and corporate strategy. Contemplators share building business models, infrastructure and back-end engineering, and product design among their top five capability needs but also require legal, risk, and compliance expertise and analytics.

The Immersive Metaverse world will get you digital Nirvana, opening up the endless possibilities for humanity.

This article is a part of knowledge-sharing series on Metaverse, compiled from various sources.For suggestion and observations write to prabir@trst01.com

Reference McKinsey, NyTimes 

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