Follow Facebook Re-branding To Meta Platforms in October last year, sparking the global virtual space race, Morgan Stanley soon announce that trading in metaverse It will be the “next big investment topic”.
15 years ago, Software as a Service (SaaS) and the cloud brought similar transformations in the market. This has caused many companies to rise in value as competition increases rapidly between sectors.
Currently, companies are considering the rapid rise of many new smart industries. Companies are also considering whether Metaverse is a viable and sustainable platform for trade and economic growth.
With a projected $1 trillion revenue opportunity in less than a decade, companies must start preparing for a future dominated by the metaverse.
Metaverse is id k A platform, combining spatial computing and the Internet, that simulates physical worlds using immersive technologies. These experiences are intended to provide rich interactive experiences to users, simultaneously and individually.
Many companies like meta padsAnd Microsoft, Decentraland, Epic Games, Unity, Pico Interactive, NVIDIA, and even Autodesk are developing platforms to facilitate the Metaverse.
Their new tools are set to provide organizations with a massive number of Business use cases. Many companies have already turned to Extended Reality (XR) for training, upskilling, assessment, collaboration, and presentation of their content on immersive platforms.
Huge companies like nikeMcDonald’s Wendy’sAnd Adidas, Gucci, Acura, and many others have also entered the digital frontier to interact with colleagues and customers. Entertainment companies around the world are also turning to the immersive technology of theme park rides, concerts, and interactive games.
Blockchain It is one of the foundational technologies that underpins the decentralized Metaverse system, where no entity will build, own or support it.
This requires a blockchain-based infrastructure used on platforms such as Decentraland, Insomnia Labs, and Sandbox. The properties on these platforms are tradable and blockchain-based assets.
Users can trade with cryptocurrency and property sold as NFT, ensuring that the assets remain non-exchangeable and their value is retained, resulting in three primary use cases for trading operations:
The provision of services: Metaverse will have its own products and services for companies, specifically collaboration platforms. For example, users can purchase digital assets to personalize and dress up their 3D images for virtual reality platforms. Theme parks and museums can also make use of digital humans as tour guides.
Sell meta assets as NFTsNFTs allow buyers to buy and sell digital content linked to the blockchain. An increasingly popular digital asset class, people have been selling them as tweets, memes, GIFs, and artwork.
Advertise vegetable goodsVR advertising and marketing can also drive business growth with solutions such as digital billboards in virtual collaboration spaces for product placements in VR games. In addition, companies such as Nike Production of phygital products At his concept store in Seoul, South Korea, which converts trainers from digital NFTs to physical products and vice versa.
Despite the promising future, indirect business and trade will face great challenges, making it A difficult task for regulators. Issues associated with erratic cryptocurrency values may require special measures to protect investors now and in the near future.
Risks to large brands and market leaders may also arise due to antitrust laws and unauthorized advertising in the Metaverse.
Some speculate that moves from larger companies could make it difficult for smaller, emerging brands to carve out space. The allegations are over Product License Technical disputes have already hit the Meta and . platforms Byte Dance In the last years.
Ultimately, the Metaverse is expected to become the next iteration of the free market. It will have similar risks and opportunities, leading to regulatory intervention to ensure sound business practices.
Organizations that set industry standards, including Metaverse Standards ForumIEEE, XR Association, Khronos Groupand O3DF, among others, mobilize the global technology industry to build interoperability, security, safety, ethics, and privacy standards for future users.