“People today understand NFTS, Metaverse and CRYPTO the same way they didn’t understand online shopping in 1995”
– ANUJ JASANI (CEO, Branding)
The term Metaverse existed before Facebook was launched. It was originally developed by Neil Stephenson (science fiction writer) in his novel Avalanche in 1992. Fundamental to Metaverse is the idea that many real worlds will become increasingly digital. Many different companies have reported that they have been working on Metaverse.
- For example, Roblox has been doing this for a long time, they have Metaverse.
- Adidas and Balenciaga have taken their first steps toward Metaverse
- Brands like Nike, Dolce & Gabbana are already trading with NFTs in the virtual world
The term itself can be confusing because it is already built for certain aspects and platforms. So, not more recently, let’s look at this concept and its application in different industries.
What exactly is the Metaverse?
The term “metaverse” consists of two terms: “meta”, meaning “transcendent”, and “verse”, derived from the word “universe”. It incorporates blockchain, augmented reality, virtual reality and cryptocurrency technology.
Metaverse technology is all about virtual 3D online worlds where you can use 3D avatars to represent yourself, make friends, move to different locations, attend events and business meetings, and perform various activities using gadgets and devices from anywhere in the world. People will have avatars and will be able to buy and sell real estate, buildings, and other goods and services using Bitcoin. To help you understand the metaverse and its uses, here are some real-world examples:
Disney filed a patent in December for a “virtual world simulator” that recreates one of the company’s theme parks in 3D. Users will then be able to wander through “a very personalized, immersive 3D virtual experience without wearing an AR viewing device.” To help visitors navigate Disney’s properties and platforms, Disney has begun to combine the physical, digital and virtual worlds. Guests can interact with their favorite Disney moments in innovative ways and explore different interactive experiences with the MagicBand + wristband.
In honor of International Friendship Day, Coca-Cola has partnered with Tafi to create a virtual wearable for Coca-Cola’s first-ever NFT collectibles in a virtual world. At OpenSea, Coca-Cola auctioned off an NFT prize box containing digital clothing that can be worn in Decentraland’s virtual environment. When the Coca-Cola Friendship Box opens, it features an audio imager to capture the experience of sharing Coca-Cola, a future wearable Coca-Cola Bubble Jacket, and a friendship card inspired by Coca-Cola o ‘trading cards r 1940s.
What are the essential features of Metaverse?
- Immersion: Using Virtual Reality (VR), Augmented Reality (AR) and XR capabilities, you’ll be able to witness first hand the real sensory experience.
- Distribution: It will not be held by one company, but by all users who have access to their information. Thanks to blockchain, all transactions will be safer and easier to track.
- Unlimited: It will blur the lines between the physical and digital world. Metaverse will be an infinite environment with no restrictions on who can use it, what types of activities can be performed, what businesses can participate in, and so forth.
- Promote social interaction: Will encourage social engagement, such as spending time with friends and attending business meetings.
- Using cryptocurrencies: Users will be able to use the blockchain-based Metaverse coin to generate, exchange and share all assets in the virtual world.
What can Metaverse do?
- It enables people to make virtual visits to areas they cannot physically visit.
- In the virtual world, businesses will have plenty of options to market their services and products.
- It allows teams to use their avatars to communicate digitally, solving existing problems with remote work.
- It can help healthcare providers better engage with patients to take a holistic view of their health.
- By integrating three-dimensional space, it will create an inclusive social media experience.
What obstacles might there be in the Metaverse?
- Protecting personal data: Metaverse technology will rely heavily on VR and AR devices with unique cameras and identifiers. User data may be disclosed as a result.
- Negative reputation: Scammers can try to discredit a person by simulating their profile picture.
- Regulations and Laws: Another possible metaverse difficulty is laws, rules, legislation and jurisdiction. This technology will bring together a large number of people. The lack of regulations governing the limitations of such a virtual world can create problems.
- Authentication: You may have difficulty with Metaverse or authentication system. Individuals will use their avatars in the metaverse. As a result, it can be difficult to identify people in virtual worlds. Avatar features, voice and facial expressions will be used to authenticate users.
Using Data Science to Understand the Metaverse
Many companies have no plans to optimize their data science capabilities, limiting their ability to truly master corporate or consumer data.
Undoubtedly, Metaverse will continue to grow and innovate so rapidly that it will be almost difficult for businesses to keep up. To save time searching for insights, data science teams should use cloud data systems that can collect and process in-house and third-party data with a single point of access. The model must be able to handle structured, semi-structured and unstructured data, as well as analyze data silos and combine insights to learn from Metaverse and help others.
Data scientists and their teams should use this opportunity to reflect on any gaps in their strategy, such as siled data or multiple data sources. These teachings must then be put into practice if they are to be effectively prepared for the future. Examining other recent developments, such as cryptocurrencies and blockchain, and the regulatory challenges they face, can help organizations better understand future impacts. We might like to see the whole Metaverse quickly implement rules to ensure that companies etc. obey the law and handle data appropriately.