The Metaverse is one of the hottest topics of 2022, but what is it specifically? Many users have been introduced to the term after the company Facebook changed its name in Meta Platforms to align with the future of VR and how people interact.
Besides the rebranding of the social media giant, the Metaverse has many applications within different industries. In particular, it promises to become one of the key paradigms for the development of the rumored "Web3". Finally, the decentralization introduced by the blockchain could become an integral part of it.
What is the Metaverse?
The Metaverse can be defined as a simulated virtual world that uses the power of social media, the augmented reality (AR), the virtual reality (VR) and the blockchain technology, in order to create an interconnected online space that mimics livable experiences in the real world.
Facebook renamed itself Meta in 2021 to align with the future of Metaverse. However, the latter is much more than a social network, in fact you don't even need a social media account to enter the Metaverse. The 3D virtual spaces will allow users to socialise, work from the comfort of their homes and pay with cash cryptocurrency. They will also allow companies to automate and streamline many of their processes.
The Metaverse has worldwide attention, and many tech leaders are theorizing about its possible real-life use cases. For example, Jensen Huang, CEO of NVIDIA, believes the Metaverse will help companies reduce waste and increase productivity. He also argues that the incorporation of technologies such as AI, AR and VR will benefit organizations and save a lot of money. NVIDIA is one of the gaming giants, among the first manufacturers of graphics cards (GPU), and is one of the companies that will play a fundamental role in the near future, precisely because the Metaverse "runs" on graphics cards, just like any video game out there .
The Metaverse can be both centralized and decentralized, i.e. based on a blockchain. Two examples of a decentralized virtual world are popular platforms Decentraland e The Sandbox. Decentraland is a 3D virtual reality platform where users can purchase NFTs using the MANA cryptocurrency. The Sandbox, on the other hand, is a virtual reality video game in which it is possible to obtain and use the SAND token.
Business Applications of the Metaverse
But what applications will it be possible to make in the Metaverse? It promises to be a technology – decentralized or not – crucial for different companies in different sectors. Let's see the main ones:
- Customer Experience: With the Metaverse, companies will be able to offer new and unique experiences to customers. For example, the footwear company, Nike, is already preparing to sell its products in the Metaverse.
- Business replication: Other companies are using the Metaverse to create "digital twins" of a product or service. A digital cufflink is an exact replica of a physical object. The benefit of creating a digital twin is that you can test digital twins without affecting the physical original. The Metaverse is a perfect place to host the digital twins for collaboration and brainstorming of possible scenarios without wasting physical space or materials.
- New commercial initiatives: NVIDIA, for example, has already capitalized on the rise of the Metaverse by creating Omniverse, a platform for connecting worlds within the Metaverse. According to NVIDIA, Omniverse is an open and easily extensible platform built for virtual collaboration and real-time simulations. The platform allows designers, researchers and creators to collaborate and sell their products in virtual spaces.
- More advertising opportunities: The Metaverse will be a golden opportunity for companies to advertise their products to the fullest. Just like the physical world, the virtual world will have spaces to promote products and services. There will be concerts and virtual events that companies can sponsor to increase their visibility.
- Remote work: Remote working has become a necessity since the start of the Covid-19 pandemic. However, many companies still have problems adopting this new way of working. In the Metaverse, employees will have their own virtual workspace where they can join meetings, work and collaborate.
