In his 1935 novel Pygmalion’s Spectacles, science fiction author Stanley Weinbaum describes how his protagonist used a set of spectacles to investigate an imaginary universe.
That’s because, over a century later, Facebook CEO Mark Zuckerberg rebranded the corporation as Meta. He used it to envision a future when billions of people from all over the world interact in highly realistic virtual worlds for work, entertainment, and socializing.
Therefore, the term “metaverse” is now often used by that outside of the sf/f and gaming communities. Virtual reality (VR) and augmented reality (AR) have made this term generic, meaning anything that involves a VR or AR headset.
Even if Zuckerberg didn’t invent the concept of the metaverse, he has certainly helped to popularize it.
In the process of developing, the digital economy
The utopian digital world Zuckerberg imagines for the metaverse may be a long way off. However, the metaverse’s potential is enormous, and it can no longer be overlooked.
The metaverse is emerging as the next major platform for technology, providing access to hitherto untapped markets, revenue streams, and business models. By 2024, the metaverse will reportedly be an $800 billion market, according to analysts.
To begin, the metaverse has already demonstrated the limits of capitalism. It has, despite all difficulties, succeeded in convincing us to purchase works by Banksy and Gucci that do not exist in a metaphysical sense.
Alternatively, content creators are having a blast monetizing their work through the sale of non-fungible tokens (NFTs). NFTs have become the most sought-after commodity on the online marketplace, even though it is debatable whether or not they will ever be considered actual assets.
If they don’t want to be left behind, businesses will need to start looking at the metaverse as a method to increase customer engagement and increase store space.
In addition to NFT sales, the metaverse offers a low-risk environment in which to pilot-test products before they hit the market. There are also fewer obstacles to the entrance of brands and enterprises because of this.
Every person, in the next several years, will likely have a metaverse profile, much like they have a Facebook or Instagram page.
Existing as an Avatar
Metaverse age is arrived, whether we like it or not, and with it comes new opportunities to have fun and make money.
According to a survey conducted by Ciena among more than 15,000 business professionals in Singapore, 80% of companies are considering moving away from conventional video conferencing methods and instead exploring the potential of the metaverse as a venue for collaborative work.
This has the potential to significantly alter the nature of work in the future, with WFH becoming the standard rather than a benefit as people wear virtual reality headsets to meetings and log into a virtual workplace.
We should be prepared for challenges as we grow closer to a life with the metaverse and all its purported benefits.
Worries that people will become more and more separated from one another because of their digital habits, that new types of harassment and crime will emerge, or that they will become addicted to a virtual world that would cause them to neglect their real lives.
To put the power of the metaverse to good use, we must address these issues before the metaverse gains widespread acceptance. Living as an avatar won’t be practical or even a possibility till then.
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