Last Updated on December 9, 2022 by
The advancements in the metaverse and the web 3 world are becoming unstoppable. It could be an overhyped fad for some but for people indulged in this space because of their entrepreneurial instincts can tell you how blockchain, the Metaverse, or web 3 is the next big thing that will transform everything. For them, the core meaning of the metaverse is that it’s a Freeplay where you can grow your business, develop your community, or simply keep yourself entertained. The opportunities could be endless in the Metaverse. But, to disrupt the space optimally, it is vital to track it and stay updated with the major developments taking place. So, without further ado, let’s dive into the 4 most important things to know about the metaverse this week.
- Meta notifies advertisers that Mixed Reality (MR)could be a few years far from now.
Consumers may begin to experience technology that combines the virtual and real worlds in a few years, Facebook owner Meta Platforms Inc. said in a statement to advertising agencies, outlining its vision for the development of the metaverse.
A user of mixed reality (MR) technology might be able to hit a virtual character in a video game with a real-world baseball bat, for example, and cause them to react in the virtual world.
All of the three extended reality technology subtypes are directly linked to the metaverse. Mobile applications like Pokemon Go deliver the experience through augmented reality, but in the game, users cannot interact with the virtual world using real-world objects. Utilizing virtual reality headsets like Meta’s Oculus, users can interact with the surroundings in a completely simulated world.
According to a representative from an advertising agency who participated in the Zoom call, Meta made the remarks to aid clients in understanding the metaverse. It was Meta’s first roundtable discussion with the agencies concerning the metaverse developments.
The metaverse, a network of virtual worlds accessible through various devices, is a futuristic proposal. Meta has estimated that it may take a decade to develop. The prediction that mixed reality is a few years away adds further clarity to the timescale.
- Metaverse may transform the workspace and office culture.
The pandemic has made everyone informed about how quickly technology may alter the way we do business. Around millions of workers escaped their offices and entered the new avenue of work-from-home as COVID-19 swept the globe. We learned how to manage our backdrops and hide the fact that we hadn’t gotten haircuts during what seemed like unending lockdowns while work meetings moved to Zoom.
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The idea of virtual work will probably be elevated to a whole new level by the metaverse. Many analysts predict that the metaverse will serve as a virtual workplace, a location for online training, and a hangout for workers. The employer will supply the virtual workspace in the metaverse, so there won’t be as much concern about what the books on the shelf behind you say about you as a professional. Regardless of the real-world realities it hides, your avatar can be created to project you as the person you most desire to be.
- Many significant brands are staking their claims in the Metaverse.
The race to develop the digital settings that will make up the metaverse is being led by some of the most significant corporations in the world, including Microsoft and Meta. However, while they begin to construct the groundwork for the future virtual world, other well-known companies are placing themselves to benefit from the potential new economy that the metaverse may bring about.
“McDonald’s recently filed 10 trademark applications including one for a virtual restaurant” reports the Guardian, along with the fact that Walmart, Samsung, and PricewaterhouseCoopers are advancing with agendas to operate in the metaverse. In addition, the metaverse alone can become $800 billion worth of opportunity in 2024, predicts Bloomberg.
- Manchester City and Sony announce building a virtual stadium in the Metaverse for their fans.
Undoubtedly, the sports industry is not catching up with the metaverse league. However, this collaboration between Manchester City and Sony for building a virtual stadium in the Metaverse can be a breakthrough for technical advancements in the soccer world.
League champions Manchester City collaborated with Sony with the main aim to develop digital fan experiences for people who cherish Soccer. “The aim of this collaboration is to create a global online fan community where fans can interact with the club and each other within an online ‘metaverse’ which will be a virtual recreation of the Etihad Stadium,” said the official announcement of the collaboration.
The takeaway
Apart from these 4 major developments in the metaverse this week, a number of significant and small advancements are taking place right now as we speak. Meta’s continuous operations to occupy the “massive” metaverse market may make us witness some further major decisions in the overall metaverse investments. Moreover, the constant widening of the NFT community and relentless craze of Avatars on various platforms is gaining the attraction even of neutral brands and businesses. Thus, it’s time to keep an eye on the metaverse market and its sustainability.
