Brands like the fashion brand Zara are already staking their claim in the Metaverse with the launch of its collection for avatars. You can buy blockchain-based sneakers for your avatar and even real estate in the Metaverse!
1 IDEA – 1 CHALLENGE – 1 QUOTE
IDEA FROM ME
Here are 10 facts that are easy to understand and can help you get started:
1. The Metaverse is an Artificial Universe
When talking about the Metaverse, people are discussing an artificial universe that allows people to be in a three-dimensional experience to help people interact in a more immersive way. Basically, it fuses both the real and virtual worlds.
While you obviously won’t be in the Metaverse physically, you might feel like you are when using a virtual reality (VR) headset. Some companies are starting to use VR headsets because it allows a person to attend business events or conferences without needing to travel and be there for real.
You will also have a 3D space to meet with other people in the same profession or the same walk of life as you. It’s more than just the Internet, though. In the Metaverse, you use technology such as VR or gaming to have a sense of being in the space even though you are not physically there.
People are even starting to use the Metaverse to attend concerts and other events that they might not otherwise be able to attend. Since people are in an artificial universe, they can learn quickly and take advantage of more business opportunities than just using the Internet alone.
2. The Metaverse is for Everyone
Some might think that the Metaverse is exclusive and only available to those with money or certain kinds of businesses. This cannot be further from the truth, though. Entering the Metaverse is much easier than people might think, especially once you have your foot in the door and have learned the basics of what the Metaverse is.
3. The Metaverse Can Be Used for Many Different Purposes
Many people have not become involved in the Metaverse because they think it’s mostly for gamers. This isn’t true, although many people use the Metaverse for playing video games and meeting visitors from all over the world. If you aren’t a gamer, though, there are still many different opportunities for you to use the Metaverse; some are even better than gaming. If you like to go to concerts but can’t physically attend many, you can use the Metaverse to see your favourite performer sing or dance.
Some people even use the Metaverse to travel. Since the COVID-19 pandemic, some people have begun to travel online through virtual tours. With the Metaverse and VR, you can easily take virtual tours of historic sites, museums, and many more places.
Suppose you are conducting a business solely online. In that case, you will also find that using the Metaverse will encourage employee participation because it allows them to be more involved with each other and everyone around them. As an owner of a company, it’s essential to ensure your employees are working together and that they know one another despite maybe not working face to face.
4. You Can Make Money
Although VR might necessitate spending money to start, you can earn money through the Metaverse, with some people making regular incomes. Since the Metaverse is growing with more and more opportunities to work, you will also be making an investment in any Metaverse and VR-related technology. There are also marketplaces in the Metaverse world where you can buy, sell, and exchange items, including avatars, NFTs, event tickets, and virtual clothing. You can also use the Metaverse to purchase event tickets and to do things like advertising, digital events and e-commerce.
5. You Can Own and Sell Land
Most people need to learn that there is digital property. Most people say this is an asset you can expect to appreciate and make more money as time goes on. Metaverse coins are also continuing to grow and will probably be more and more lucrative as time goes on.
6. No one owns metaverse
You would be surprised to know that most things you use, even online, are owned by someone. Major companies or business owners even own some things. No one owns the Metaverse on the other hand. All of the users in The Metaverse decide who controls their private data and no one tells you what you can and cannot do with your data which is very appealing to most people.
A board controls the Metaverse to protect people and ensure there are no illegal activities. The standards of the Metaverse are decided by W3C (World Wide Web Consortium). This is overall led by the man who invented the Internet – Tim Berners Lee. Although there is leadership, there is not much control over the Metaverse, which gives you the freedom to do as you please.
7. The Metaverse is a Safe Place
You might think that some parts of the Metaverse might be unsafe because there is no clear ownership and no real leadership. This is not true, though. The Metaverse is very secure because a unique blockchain technology makes the virtual world public. This also means that all transactions can be tracked, increasing security when you buy or purchase something. Some people still have some concerns about cyber security issues, and this is understandable with anything you might be doing online. Since the Metaverse is online, there is always the possibility of attacks, as with anything online. The underlying systems of the Metaverse are usually the places that are targeted. Since the Metaverse is not as popular yet, fewer security measures are in place than you might find on other popular platforms.
As the Metaverse becomes more popular, these security measures should improve and your data will be more protected.
8. The Metaverse Will Soon impact Working
As we know, many people work online these days but without really doing VR or other Metaverse technologies.
Suppose people continue to work more and more online and do not return to the office. In that case, it’s predicted that employers will want to engage their employees more often and some will turn to Metaverse solutions such as Horizon Workrooms which are a part of Facebook. More people are also saying that their jobs are starting to use VR when working from home and even when at the office for those who cannot attend specific conferences and other events that the company might be hosting.
VR is also estimated to have created more than 23 million jobs. The Metaverse has also allowed employees to work in broader areas and to strengthen their skills in different areas so that they are more diverse to enter the workforce. The Metaverse has also shown the potential to make society more productive and to encourage different or new types of work throughout the workplace.
The Metaverse is also cutting down on duplication efforts and helping people work together across different companies and specialities. This can save time in the workplace and make companies more open about work procedures and how things are done.
9. Metaverse Cannot Exist Without Blockchain Technology
This part of the Metaverse still needs to be developed as much as the other parts, but it has to be used for the Metaverse to exist. The concept of blockchain is well developed, though and is central to the Metaverse and how this online world works around the globe.
Blockchain technology is used for many different things, including digital collectability, transfer of value, governance, accessibility, interoperability, and digital proof of ownership.
Blockchain technology is also used to record transactions and track assets throughout the business network. An asset can be a house, car, land or cash. It can also be things not seen, including intellectual property, patents, copyrights and branding.
10. Metaverse Isn’t Complete Yet
While the world of the Metaverse and its potential is very exciting, the Metaverse still has a long way to go until everything is truly in place. It might be another few years before you see it in your workplace or use it every day. Some people even say that a full-fledged Metaverse is over a decade away, which means you might be waiting some time before you see its full effects of it.
Innovation is needed to overcome some of the obstacles to a broad uptake of the Metaverse. For example, the current infrastructure does not support millions and billions of people being on Metaverse at the same time. There also has to be a better Internet connection, especially in underdeveloped parts of the world, so that more people can access the Metaverse. Internet connection has to be more robust and more reliable for the Metaverse than for regular Internet usage. Using a glitchy or slow Metaverse is not reliable for what the Metaverse should be like. Luckily, 5G is getting more robust and more useful every day, but it’s still under construction and development, making it harder to use. However, it is currently not developed enough to meet the real-world needs of the Metaverse and will leave people hanging when it cannot work correctly or does not function.
CHALLENGE TO YOU
Learning about the Metaverse can be complicated when you are first introduced to the Metaverse because things might seem confusing, as new things tend to be perceived. But, as you learn the most essential aspects, the Metaverse becomes a simple world to understand. Really! You are aware, and have been primed with the basics, now keep an open mind as you continue exploring all things Metaverse.
QUOTE
Neal Stephenson is the person credited with first connecting the term “metaverse” to the idea of an immersive virtual reality in his 1992 novel Snow Crash. His vision of the metaverse includes avatars, multi-user online experiences, and environments that function as substitute arenas for real-world interactions. All of these are integral to the idea of the metaverse as it is being sold to us by multinational enterprise companies today.
“In simplest terms, the metaverse is the internet, but in 3D.” – Neal Stephenson, Author.
Let’s BRAND FOR SUCCESS!
Pieter Steenkamp, BrandDoctor
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Meet Dr Pieter Steenkamp, your BRAND FOR SUCCESS guide.
I am actually a brand doctor with a PhD specialising in brand management from University of Stellenbosch Business School. As a brand management lecturer and researcher at a university in Cape Town South Africa and a regular visiting professor at universities in Germany, I stay up to date with the latest brand management developments. This affords me the incredible opportunity to consult with leaders of some of the most admired brands.
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