A virtual world in which people can live, shop, work and interact with others all from the comfort of their couch in the physical world, sounds relaxing right? How about travelling the world through headset and controller without spending lakhs of money, sounds perfect right? It is all possible through metaverse. In the metaverse, users traverse a virtual world that mimics aspects of the physical world using such technologies such as virtual reality (VR), augmented reality (AR), AI, social media, and digital currency. The internet is something that people & browses & But, to a degree, people can "live" in the metaverse.
In the metaverse, people use avatars to represent themselves, communicate with each other and virtually build out the community. The companies that find a way to deploy virtual and augmented reality effectively will likely perform well. All the metaverse versions are not possible practically, some could face hurdles, privacy regulations, cost inefficiencies, or the physical and mental health implications of
the technologies. The luxurious startups are at the edge of adapting metaverse concept as it will be cost beneficial to them with less risk. Currently, investing in the metaverse contains significant risk and requires investors to make investment choices without enough data to predict how metaverse projects will be received by customers and businesses.
Some brands have already adapted this concept to give their customer a comforting experience while buying their products. Like, Lakme allows its customer to try their hair colors and highlights on customer’s face which can make them decide which suits better before trying the actual product. Similarly, Nike allows their customers to try their shoes virtually before making an actual purchase. From outfits, household stuff, to decorating your home or workplace everything is possible to just try before making an actual purchase just to see how they will look like in actual reality. Facebook allows workrooms which allows users to have meetings in your pajamas and connect with people across the world.
For gamers metaverse is a paradise but let’s dig into how it is useful to other people. Metaverse started with a concept of creating bonds which are formed of experience, engagement, expressions. Metaverse can help people from different nations to build a single team that can spark creativity and innovations.
Covid has pushed organizations to look for alternatives and conduct interviews virtually; however, in person meetings/interviews are still being missed since it had advantage of gauging interviewee’s body language, personality and it makes the entire process very personal. Metaverse might fill this gap. So, when the interviewee is ready for the interview at that time instead of just looking at the interviewer’s face and answering all the questions, he/she will be able to sense the entire room’s aura and get a feeling of an actual interview. He/she will be able to take the tour of the entire workplace and get an understanding of the work environment and culture sitting at their comfort couch only. Hiring managers will collect the information/answers shared by the interviewee at the time of interview and intercept their body language and overall personality. This will enable hiring managers to take better decisions.
However, it is expensive to create your own space in this world and to stay in metaverse world all you need to buy is the large headset and on top of that you need to hold the controller all the time in your hand with a great internet connection. We may be at a very early stage where the resources are too difficult to get and the functionality is primitive, but this is what happened at the beginning of any new era.
The metaverse is slowly becoming a reality. It has made its way into different aspects of our daily lives, from games and movies to real-world applications for navigation. While the metaverse itself can be hard to define and it’s still in the relatively early stages of development, what we can say for now is it is indeed full of potential. Now, the question is what else will the metaverse have in store for us in the future?
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