Humanity has pushed communication and teamwork to their absolute boundaries as our technology has advanced through time.
The telephone was previously a concept that was unlikely to have been envisaged, much less a portable model that could fit in your pocket.
Yet here we are now, beyond the wildest dreams of those who lived hundreds of years ago.
Smoke signals and carrier pigeons were among our first ways of communication, but humanity has gone a long way since then.
The internet, telepathic technology, virtual reality, and other technical advancements have set the ground for a transformation in how we communicate with one another as a species.
The development of social media and video calling has altered how we communicate with one another and conduct business, even displacing SMS and phone conversations from the 2000s. In fact, the widespread use of these technologies has globalised society as we know it, simplifying and facilitating daily living more than ever before.
Naturally, human beings are looking for increasingly more immersive experiences as our technological advancements continue to reach new frontiers. Even though our cooperation and communication have reached new heights, we can still do more.
The metaverse is useful in this situation. Imagine combining all of these technologies to produce a realistic, immersive communication experience. What exactly is the metaverse then?
Games, conferences, concerts, field trips throughout the world, virtual reality systems, in-person meetings across a network, and field trips. “A series of virtual locations where you can create and explore with other individuals who aren’t in the same physical space as you,” is how Meta, led by Mark Zuckerberg, describes it. It represents the next phase in humanity’s digital progress and a means of improving our ability to communicate and work together.
As this is happening, a number of concepts are starting to take shape that will help the metaverse become the technology that it will be.
Money and Metaverse
Given that the metaverse is a completely virtual environment, virtual money must be widely used. Cryptocurrencies and other digital assets will have the best opportunity to use the market in this situation compared to previous forms.
As a result, these cryptocurrencies and digital assets will take over as the primary means of carrying out transactions throughout the metaverse thanks to an economy that is distinct from and independent of any other. Along with the already well-known Bitcoin and Ethereum, new currencies are constantly being created and presented in the physical world and the digital space over the blockchain.
The user must first create a cryptocurrency wallet, which may be used to house all of your digital assets, before they can even open accounts on websites like Sandbox or Decentraland, which run live metaverses.
One of the most well-known wallets is MetaMask, which can be set up either as a Google Chrome extension or by downloading and installing the app on your smartphone. With the use of your debit or credit cards, this wallet enables you to quickly convert any type of fiat money you use on a daily basis into the cryptocurrency you require.
Commerce and Metaverse
The future of commerce will not be the same, as one may anticipate.
Online purchasing and deliveries have become commonplace for millions of people during the Covid-19 pandemic.
Since shoppers won’t need to frequently visit actual businesses to try different types of things before they buy them, the metaverse development will only hasten this tendency.
Customers could research and test out various brands without leaving their homes thanks to augmented reality and virtual reality technologies. Since everything is held online, these same technologies will provide a more participatory experience for customers, who will be able to try out items and things that aren’t already in-store or in stock.
You don’t have to look very far in our modern world to find examples of how e-commerce has attempted to embrace and involve itself in the limitless potential of a metaverse and the technology that goes with it.
Many brands and businesses are attempting to enter the new digital market, even if virtual reality headsets are still out of the price range of the majority of customers. Their objective is to reduce the friction from a tiresome and drawn-out buying session and give their consumers a lot more fluid and enjoyable experience. This would undoubtedly increase customer loyalty.
To improve and guarantee better customer experiences, several brands have been working to generate these experiences through social media, brick-and-mortar retail, and e-commerce. This is much easier said than done because it would be extremely difficult and impossible to assist every single customer during their purchasing experience.
Since they lack the time or money to implement the cutting-edge strategies necessary, many merchants have struggled to properly coordinate such encounters.
As a result, some firms have tried to invent something new and unique.
They have aimed to develop dynamic, integrated online businesses that combine the best elements of traditional and online buying.
The development of virtual, real-time 3D experiences in stores is replacing static product catalogues that are currently used for commerce. These consumers can “walk” around, take in the displays made possible by augmented and virtual reality technology, and take advantage of the seamless integration of online shopping’s convenience and ease with offline shopping’s immersive qualities.
For instance, Nike debuted their 3D immersive gaming environment, NIKE LAND, on the Roblox gaming platform. The Nike community can play online games and make them using their own unique NIKE LAND toolset, just like in all other Roblox environments.
They can use the in-game badges and goods they earn while playing to purchase Nike merchandise for their online player avatars. Customers may activate and utilise a distinctive Snapchat lens inside the Nike House of Innovation in New York City, so it’s not just available online.
The store environment is superimposed with Nike Land using this lens, adding another level of immersion and strengthening the emotional bonds with customers.
Nike strengthens its relationship with its target market by projecting the customer’s individualised piece of the Nike brand into their offline purchasing experiences.
Real Estate and Metaverse
With all these ideas in play, the Metaverse will eventually enhance or perhaps replace our real-life functions and regular activities within the virtual world. Users can undertake daily activities like going to work, going to school, hanging out with friends, and going out in the real world from the comfort of their own houses in the metaverse.
The transition of real estate concepts from the physical world to the digital world has already started.
The Metaverse Group, the company in charge of the virtual world known as Decentraland, was one of the first businesses to get involved in digital real estate.
A “116 parcel estate in the heart of the Fashion Street section within Decentraland” recently sold for over $2.5 million, setting a new online world record, according to the parent business of the Metaverse Group, Token.com.
If luxury companies like Louis Vuitton decide to open an online store, the owner of this virtual plot of property on Fashion Street may make a tidy profit by acting as a landlord and renting out the virtual space.
Luxury brands may in fact have storefronts in these virtual worlds in the metaverse future, allowing customers to browse their products as they would in actual stores.
The platform stated above may not be the one to build it, at least not at this time, due to unreliable software, a limited user base, and a system that allows users to buy and sell slurs online with a sophisticated system that appears unable to stop them.
These three developing pillars of money, e-commerce, and real estate are still in the early stages of development and will eventually be used by the virtual world.
These ideas will be developed upon and built upon as the metaverse’s technology develops, making them even more valuable to humanity’s efforts in the virtual realm.
We will make great strides toward the digital evolution of humanity thanks to all of these ideas, the technology that supports them, and the extraordinary minds of the world’s best and brightest.
How we use money, trade, and real estate will never be the same because of the metaverse and everything that will come with it.