Metaverse – Next Version Of Internet

Metaverse has emerged as the next version of the Internet. It is a virtual world where people would talk, interact, and do everything in their digital avatars. In simpler words, if the Internet was all about browsing, the metaverse would be all about the experience part of it all. 

Data suggest that in the coming times, about 30 per cent of the companies are going to have some product or service in the Metaverse by 2024. 

From an industry standpoint, we are looking at 800 billion in terms of estimated revenue opportunities in the industry. About 2.6 billion pounds have been invested by a lot of companies that are funding the development of the metaverse. 32.8 million is the estimated AR/VR headsets that are going to be shipped out. This is, undoubtedly, mindboggling data.

Speaking at a recently concluded event, Vishal Subharwal, CMO ECommerce Digital Business, HDFC Life said, “The way I see Metaverse is that it is a 3D version of the internet. A lot of us weren’t using the internet when we stepped out of college, but today, everybody is there."

Subharwal added that everything is there. No doubt, as is evident, technology takes time. So, what some big companies are doing, whether in terms of allocation or attribution of resources to the Metaverse, they are trying to ensure that when the next level of innovation happens, they are prepared upfront. I think that a lot of experimentation is happening, so there are different types of people, some are early adapters and some are still trying to get adapted to it.

MVS Murthy, CMO, Federal Bank said, “I will illustrate my understanding through an example. So, as an individual, I like to play tennis. If there is a VR version of MVS playing with Roger Federer, that would be limited to me. Now say, I want to play Federer in Wimbledon, so that brand comes into play. Lastly, where can I go and buy the best tennis kits in London? That’s when the entire Oxford Street comes into play. Hence, these are the three parts that would be integrated into Metaverse to be relevant, namely the individual, the brand, and the entire ecosystem."

Murthy also said that the fourth part, which is extremely critical is the involvement of the government of regulators so that meaningful transactions are happening. Hence, the creators of Metaverse need to stitch all these aspects together for the success of Metaverse.

With events increasingly shifting to the Metaverse, the expansion of possibilities increases furthermore. If Metaverse can bring in the real experience factor in the digital space, the possibilities of travelling beyond boundaries also increase exponentially. 

A lot of things that are happening in the Metaverse today are all centered around how interactive, personalised, and immersive the experience can be and bringing it as close to real life as possible.