The adoption of the #metaverse is increasing as more and more people become interested in virtual environments and immersive experiences. The potential economic impact of the metaverse is difficult to predict with certainty, as the concept of the metaverse is still evolving and there are many factors that could influence its development and adoption.
There is no doubt that the metaverse has the potential to be a significant contributor to the global economy. Some companies, particularly those in the gaming industry, have already established a strong presence in the metaverse through virtual worlds and platforms like Second Life, Roblox, and Fortnite. In addition, major tech companies like Facebook and Google are investing heavily in the development of virtual reality and augmented reality technologies, which are key components of the metaverse.
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Adoption of Metaverse continues to grow.
The adoption of the #metaverse is increasing as more and more people become interested in virtual environments and immersive experiences. The potential economic impact of the metaverse is difficult to predict with certainty, as the concept of the metaverse is still evolving and there are many factors that could influence its development and adoption.
There is no doubt that the metaverse has the potential to be a significant contributor to the global economy. Some companies, particularly those in the gaming industry, have already established a strong presence in the metaverse through virtual worlds and platforms like Second Life, Roblox, and Fortnite. In addition, major tech companies like Facebook and Google are investing heavily in the development of virtual reality and augmented reality technologies, which are key components of the metaverse.
Today's Headline in NewsHours
0:00 Intro
2:35 #Truecaller opens its largest office outside Sweden HQ in Bengaluru
3:13 Nepalese Prime Minister’s official Twitter account hacked
3:48 #Google to discontinue its AI Glass amid rising costs
4:20 Centre says Twitter can’t have freedom of speech and expression protection under Article 19
5:00 Indian scientists, engineers acquire 100 patents for #6Gtechnology
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Adoption of Metaverse continues to grow
Technology video | 124 views
The #metaverse has the potential to impact everything from employee engagement to the customer experience, omnichannel sales and marketing, product innovation, and community building. Examining its potential effect should be part of strategy discussions, with leaders accelerating their analysis of how the metaverse could drive a very different world within the next decade.
Of course, many questions remain to be answered including how virtual worlds will be balanced with the physical world to ensure the metaverse is built in a responsible manner, how it can be a safe environment for consumers, how closely it will align with the “open” vision of the next iteration of the internet, and whether technology can advance quickly enough to build the metaverse of our imagination.
The metaverse technology stack has four core building blocks: content and experiences, platforms (such as game engines), infrastructure and hardware (including devices and networks), and enablers (such as payment mechanisms and security).
Large technology companies, venture capital, private equity, start-ups, and established brands are seeking to capitalize on the metaverse opportunity. Corporations, venture capital, and private equity have already invested more than $120 billion in the metaverse in the first five months of 2022, more than double the $57 billion invested in all of 2021, a large part of it is driven by Microsoft’s planned acquisition of Activision for $69 billion. However, experts say, Metaverse is a double-edged sword.
With the vast and sophisticated data that will be collected within the metaverse, cybercriminals will be looking for ways to hack and game the system. Prevention of money laundering, microtransactions, intellectual property, and identity theft should be prioritized by financial firms building a metaverse, or offering products and services in one, so users feel safe using this technology. Because, as the saying goes, “with great power
Technology video | 186 views
The #metaverse represents the next step in the evolution of online interaction. Prior to the COVID-19 epidemic, online communities had already begun to displace their in-person counterparts. Now we are witnessing most of the enterprises insisting on the on-premise work or hybrid work style. Virtual style of working fever is getting washed off.
The metaverse, a modern technological marvel, offers a great virtual location for collaborative online activities. The popularity of these digital gatherings is rising rapidly because of the numerous mind-blowing benefits it offers. With this, individuals can create their own metaverse platforms for hosting events and discussing company growth plans. However, everyone prefers physical interaction, whereas traveling or physical presence is the bottleneck.
Metaverse gaming stands out as the most exciting and original of the current crop of business concepts. Extreme expansion is possible by 2023 and if you're a new company or an entrepreneur with lofty goals then the Concepts for games set in the metaverse may prove ideal.
The NASSCOM released a study with McKinsey & Company as knowledge partners, titled “Metaverse – Prepare to win” states that, while at-scale Metaverse adoption is likely to be 8-10 years away, and majority implementations are at POC or MVP stage, the space is witnessing strong early adoption. Enterprise Metaverse adoption maturity trends are similar to AI trends back in 2017.
In a survey conducted by McKinsey & Company, 57% CXOs in 2022 have Metaverse initiatives underway, both long- and short-term, compared to a similar survey conducted on AI adoption maturity in 2017.
Enterprises are starting to implement metaverse use-cases across the value chain. By 2030, sectors such as retail, manufacturing, media, healthcare, telecom, professional services and banking are likely to be major spend drivers of enterprise use cases in metaverse.
The potential
Technology video | 198 views
The metaverse is a fast-growing trend with a considerate penetration rate of users for various applications such as gaming, content creation, social interaction, learning & training, and online virtual shopping.
Major factors expected to drive the revenue growth include a growing focus on integrating digital and physical worlds using the Internet, increasing momentum and popularity of Mixed Reality, Augmented Reality, and Virtual Reality.
Today, several e-commerce players are adopting digital world services to showcase the products in the virtual world to gain real-world experience. There are leading players in the metaverse industry who are investing heavily into these areas. Going forward, 5G will effectively support the Metaverse and make it possible for digital words to function.
The growth is complementing the surge in online video gaming adoption and rising consumers preference for online shopping of retail products. A report says, the global gaming audience for e-sports is projected to reach 646 million by 2023. Such an increase in the gaming audiences has created a massive demand for the services market.
American multinational investment bank Goldman Sachs, calls metaverse a $8 trillion global opportunity by 2025 with India's own Metaverse-non-fungible technology economy—already worth an estimated $50-100 million annually— and is expected to touch $100 billion by 2025.
The report said that globally brands are already spending 2-5% of their digital budgets on NFTs (the most successful element of metaverse till date), and that could touch 30-40% in the next five years.
Notably, companies, especially those in non-tech sectors, are now increasingly investing in the technology for better engagement with customers, brand awareness expansion, and identification of new revenue streams.
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Metaverse is an evolution to the internet and is expanding rapidly, major businesses and brands are picking up the tools needed to fill the virtual void and deliver immersive online experiences. Adobe, known for its photo- and video-editing software, released a metaverse playbook and announced partnerships with Coca Cola, NASCAR, Epic Games and NVIDIA on a range of metaverse-related projects. The company says, hundreds of brands are already using its existing 3D tools to create interactive content, adding that demand for tools used to create photorealistic replicas of their products grew 100% from a year ago. Metaverse-based digital twins are just now being looked at by commercial and technical industries, as well as B2C and B2B. This is because the metaverse is just now being looked at for its potential applications. The one thing they all have in common is the need for the creation of digital twins for all the goods that the brand is representing. With the much-scouted technology called digital twin, which is a digital representation of real-world entities — an object, system or process — that is synchronized with the real world. With sensors that relay information and two-way Internet of Things object connections, this technology can synchronize the digital environment with the physical world and vice versa. It has the potential to deliver new and exciting virtual worlds, the metaverse also has tremendous uses in generating precise replicas of the real world. There are plenty of technologies like Conversational AI, XR, VR, digital humans, synthetic media that have grown before the metaverse but seem poised to work well within it. Metaverse is a logical next step to what comes after the smartphone and the Internet as we know them now.
NVIDIA OMNIVERSE is ready to connect and create Virtual World. Omniverse revolutionizes the way we create and develop as individuals and work together as teams, bringing more creative possibilities and efficiency to 3D crea
Technology video | 173 views
#Metaverse technology will allow brands to offer shoppers a highly personalized digital experience. Where, the shoppers are able to purchase products and brands that don’t have a physical presence in their regions but can still be acquired online and delivered right at their doorsteps.
The metaverse is reshaping the way brands do business and how consumers behave. Right now, we’re seeing big and small companies across various sectors venture into the digital world.
According to Statista, the global e-commerce market reached $4.9 trillion in 2021 and is expected to hit $5.5 trillion in 2022. E-commerce platform, Shopify, stated that the growth of the global e-commerce market shows that “borderless e-commerce is becoming a profitable option for online retailers.”
While e-commerce represents a divide between physical and digital shopping experiences, the emergence of the metaverse can bridge the gap between e-commerce and brick-and-mortar retail to create a whole new shopping experience that could disrupt e-commerce.
Metaverse technology such as AR-powered try-on experiences already allows shoppers to virtually try on products before making the purchase, transforming 2D catalogues into real-time experiences in the digital world.
The potential of the metaverse to connect customers with brands in ways that create an exceptional emotionally positive experience cannot be understated. The metaverse will empower customers to traverse the virtual and physical worlds when connecting with the business of their choice, turning the notifications and transactions of the past into intelligent, real-time conversations — that is what will differentiate businesses moving forward.
70% of customers believe the ability to try, touch and see products are the main aspects of an in-store experience. This is going to be solved and fulfilled in the metaverse, as AR and VR allow the same to happen, all from the comfort of your home.
Technology video | 95 views
#VinitaChatterjee creates history, becomes the First Female Indian Artist to launch an Original Music Video in the #Metaverse
Watch Her First Song from the below link:
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Vinita Chatterjee becomes First Female Indian Artist to launch an Original Music Video in Metaverse
Entertainment video | 124 views
The development of blockchain technologies has resulted in a sweeping revolution across financial markets, empowering individuals instead of institutions and channeling ownership of data and funds to their holders. The qualities of the blockchain — immutability, full transparency and the trustless nature of operations — have permeated many industries, swooning the balance of business orientation from centralized corporate reliance to decentralization. This shift in the basic concepts that govern relations between participants to transactions, facilitated by smart contracts, has not gone unnoticed in the creator economy. As per Cointelegraph, with the decentralized finance and GameFi sectors marshalling across their respective industries and detracting droves of users from conventional approaches to banking and gaming, it was only a matter of time before influencers and content creators decided to shift the paradigm in their operating environments. The content creation model has been altered forever with the incorporation of blockchain technologies that allow users to incentivize content creators, while creators can actually monetize their talent without having to share the proceeds with centralized, often-unfair hosting platforms.
The development of metaverses —simulated digital environments that combine augmented reality, virtual reality, blockchain, and social media principles to create areas for rich user interaction that mirror the actual world. Never before has talent had access to such an advanced set of tools to embellish even the bravest of ideas on the threshold of the real and digital worlds. The internet is generally a two-dimensional experience but with metaverse, you can scroll and browse through the Internet not only on a single screen but take a three-dimensional look. Besides scrolls and browsing, you can also walk through the internet by using some accessories like handsets and glasses attached and connected to it. The metaverse offers limi
Technology video | 169 views
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