Metaverse Revolution: Redefining the Way We Live, Work, and Play

Metaverse is nothing but a Virtual World, where we can live as an avatar to shop, earn or we can list our business, etc., The term "Metaverse" has become most popular in recent times. It represents a virtual world to the next level and creates a new interconnected world with immersive reality. Basically, users mostly like virtual mode for purchasing, entertainment, or any other things. By keeping those things in mind, Metaverse is growing efficiently with its advanced features. It creates excellent opportunities for businesses. Now, Most people start to list their businesses in Metaverse and live in their own virtual world.

Metaverse offers a wide variety of services such as Metaverse Virtual Space, Metaverse for Entertainment like Metaverse Theatre, Metaverse Shopping Mall, Metaverse Gaming, and so on. So, it helps business enthusiasts effectively to achieve their goals in the Metaverse. Caveat in its Hype Cycle, Gartner acknowledges “According to the analyst, at least 25 percent of people are predicted to spend at least an hour daily in a metaverse for either entertainment or work”.

Metaverse is not only a peak in fashion, gaming, and entertainment. It is also popular in Manufacturing. By using this feature, companies can manufacture their devices, and machines virtually without any stress. Recently, BMW has leveraged Nvidia, to replicate its factory building, assembly equipment, and also employees. By 2024, there are predictions of over 34 million VR headsets installed all around the world, potentially meaning that even public companies and government organizations might begin to implement VR headsets into their services, so you can expect to see them installed in numerous places around the world. Gaming platforms such as Roblox offering metaverse elements are highly popular among gamers. Today, it enjoys 214.10 million monthly active users as of February 2023. In this corporate world, Metaverse also helps farmers to monitor their paddy’s growth virtually. So, using this feature, Farmers can plan their work easily and track their growth effectively. It helps the farmers to use different strategies in their agricultural business.

The government of the United Arab Emirates (UAE) has published its Dubai Metaverse Strategy to turn Dubai into one of the world’s top 10 metaverse economies as well as a global hub for the metaverse community. European Commission is also seeking for a valuable feedback on its proposals to develop rules to manage virtual worlds. They have called for more regulatory scrutiny of the metaverse, to mitigate the risk of having a small number of big players becoming future gatekeepers of virtual worlds.

Partha Ghosh, Head Of consulting at Infosys has nearly three decades of experience across the Online and Omni-channel Commerce, Retail, and Banking domains. Partha is passionate about business and technology innovations and building high-performance organizations and teams, having worked extensively in core product development and global consulting organizations. 
 
Originally Published By: Technologymagazine