Metaverse: An Imaginary Universe That Offers Real Possibilities

Metaverse combines the experience economy

Metaverse’s greatest asset is its ability to bring together different dimensions of the “Experience Economy”. The right infrastructure and intelligent interfaces can make the experience possible. This allows for decentralized data to be closer to devices, while also allowing for immersive experiences to be consumed. It encourages the creator community to create and publish new pieces of work as NFTs. These are unique experiences that, when combined with multifaceted marketing, result in unimaginable experiences. These experiences produce large amounts of data which are fed back into the loop to create an experience economy. This loop is illustrated in the below illustration.

Metaverse is a service (MaaS), that’s already taking off

This whole decentralized, permissionless, semantic web-oriented, AR/VR/XR/MR/AI-driven, hyper-connected, and ubiquitous nature of the Metaverse opens it to a myriad of business uses across industries. This industry’s potential is compelling technology leaders such as Meta, Google, and Nissan to invest in it. Many IT companies are also compelled to package this service so they can create metaverses for clients. In the next three to four years, the industry will grow 16 times. As always, the early movers will get the best of it. What would a metaverse service catalog look like? Each building block, as we have seen in the article, will contain a multitude of services. Each of these service areas is extensive in nature. Possibly, the next blogs will take a deeper dive into just a few. The fact is that the ever-growing Metaverse catalog must be offered “as a Service” to maximize the potential revenue. Let’s look at a sample Metaverse catalog that includes a range of services that could be added over the next few years.

Security in Metaverse will be the key to its growth

Metaverse is still in its genesis phase, and concerns are already being raised about security loopholes that could limit its utility. Avatar Impersonation is a potential method of identity theft in the Metaverse. This means that an unwelcome element could hack into the Metaverse and alter the avatars to their advantage. Experts are looking at integrating biometrics into the hardware to detect and record an individual’s iris and associate it with their avatar in order to combat such social engineering.

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