As technology advances, the role of people with their computers and the Internet is constantly evolving. They can experience many new opportunities. The early days of static witnessed read-only websites that provided information to users. But one is now at the epicenter of rapid digital evolution that enabled users to read and write, with advancement in a stage known as web 2.0. The next big trend will probably be the Metaverse.

A large number of software and IT professionals contribute their creative ideas to the creation of the Metaverse, a concept proposed by Neil Stevenson in 1992. In recent years, the metaverse has attracted enormous attention from around the world with the development of related technologies (Duan, 2021)

• A SYNOPSIS OF THE CONCEPT:

Although the term metaverse is no more unknown to the world, it gained worldwide popularity when tech giants like Facebook and Microsoft announced the development of metaverse projects. In general, the acceptance of this new concept of a virtual digital world is increasing day by day as more and more people see its promising possibilities.

Metaverse creates a virtual world that allows users to interact with each other, share collectibles and digital items, access top-tier master thesis writers, and explore the virtual world in 3D using virtual reality devices such as Oculus. It also allows users to use their avatars to identify themselves. However, 2D interfaces are also still in use.

Metaverse can be centralized or decentralized and includes many blockchain-based applications such as NFTs (non-fungible tokens), smart contracts and cryptocurrencies, etc. to reproduce the actions as in the real world. Currently, blockchain technology is associated with the art of cryptocurrencies and other blockchain-based asset transactions such as NFTs, although blockchain applications are more than just cryptocurrencies.

• THE PANDEMIC BOOSTED THE CONCEPT:

The demands for the Covid-19 pandemic period and the ambitious goals of Metaverse coincided with each other. During this period the adoption of online meetings was accelerated through digital channels like Zoom, Microsoft Teams, and Google Hangouts. These tech companies did what they could to improve the experience of businesses and students related to various fields such as buy nursing thesis to ease their process, which is the ultimate goal of Metaverse.

• TOP BENEFITS OF METAVERSE DEVELOPMENT:

Metaverse is a broad concept and is used in many AR and VR trends in different sectors. Here are some of the top benefits of metaverse development that are going to be the near future of this world.

1. DISCOVERY OF A VIRTUAL EVENT:

It is not feasible for everyone to make it to a business conference or convention. Organizing a conference or live performance to be present at the moment is not news. As an alternative to a simple Zoom or Google Meet broadcast, a Metaverse conference can not only take place in a small window with comments below it. In fact, it creates a virtual reality with the necessary network and participation experience.

EXAMPLE:

Participation through a video stream might not seem impressive. Virtual reality metaverse can ensure this experience is more immersive so that viewers can have a better sense of presence. Galleries and museums can also switch to the Metaverse. 300 unique avatars sold in one day on Sotheby’s NFT avatars exhibition project in the metaverse gallery.

• INNOVATIVE WAYS TO GRAB THE ATTENTION:

Metaverse offers a whole new level of engaging games and experiences that businesses can take full advantage of. Those businesses which are the first ones to introduce metaverse to their customers will definitely entertain an edge of attention. Adventures of branded gaming, AR/VR showrooms, and virtual goods can all be options to introduce the company to the Metaverse.

• INNOVATIVE ADVERTISEMENT THROUGH ACTIVE PARTICIPATION:

Metaverse is a broad concept not only limited to gaming. It has introduced new approaches to branding and advertising in general. Storytelling is a disposition to build the identity and awareness of the brands. It imparts more value, with VR and other metaverse technologies, to the company rather than mere slogans. As users are no longer passive listeners but participants or can even be the characters who influence decisions and events.

• DIGITAL PRESENTATION OF THE PRODUCTS:

It is the era of digital fashion. So it is not uncommon for brands to use Augmented Reality to let their customers try on clothes or glasses, show them how a new item will fit into their house, or give them a new virtual look with a new hairstyle or makeup. The metaverse has further enhanced this experience. With the ability to rent or buy retail space, businesses can create shops and storefronts where users can view their products in the metaverse.

• ENHANCED PROCESS DEVELOPMENT:

The experience of the new reality of online and remote collaborative workplaces is no less effective than the personal service environment. The Metaverse could be a way to further improve workflows. Meetings are not like Zoom meetings, they are more like a group of people sitting in a room. Meta has already introduced virtual reality workspaces. A group of people sitting in a room can collaborate with the help of metaverse technology in the business world or in education.

• E-WALLETS AND CRYPTOCURRENCIES TRANSACTIONS:

The Metaverse and Cryptocurrency go hand in hand and the discussion on one is incomplete without referring to the other. Even at the early implementation stage, it can be predicted that without a crypto wallet it would be difficult to use the digital world. Entrepreneurs are attracted by the benefits of blockchain and cryptocurrencies. So the cryptocurrency market has been advancing in lockstep with the stock market (helpwithdissertation, 2022)

The digital world needs digital money. Cryptocurrency simplifies any online transaction for users and companies. With the help of it, payments are made in a few clicks and all operations are transparent. There is no need to connect bank accounts to virtual worlds. Since the metaverse of different companies overlaps, it can have proof of all virtual purchases.

• CONCLUSION:

The metaverse requires an underpinning of advanced technologies such as cloud computing, the Internet of Things, Web 3.0, and blockchain along with other standards. The Metaverse is an exciting and promising new concept for leaders of the business community to explore. Since the Metaverse is still in its early stages of development, therefore, it is important to understand what the metaverse is and the practical steps to use it to take advantage of its benefits to the fullest.

Works Cited

Duan, H. e. (2021, October 17). Metaverse for Social Good: A University Campus Prototype. Proceedings of the 29th ACM International Conference on Multimedia. 2021.

helpwithdissertation. (2022, July 30). Crypto Crash: What Investors Need to Know. https://www.helpwithdissertation.co.uk/blog/crypto-crash-what-investors-need-to-know/.