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 | 102 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 | 108 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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2:17 After Outlook faces outage, Microsoft finds ba
Technology video | 84 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 | 110 views
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Artificial Intelligence | Unlocking the Metaverse | VARINDIA News Hour
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Meta is working on artificial intelligence research to generate worlds through speech, improve how people chat to voice assistants and translate between languages, CEO Mark Zuckerberg said, as he sketched out key steps to building the metaverse. Zuckerberg is betting that the metaverse, a futuristic idea of virtual environments where users can work, socialize and play, will be the successor to the mobile internet. The key to unlocking a lot of these advances is AI. Meta introduced ‘BuilderBot’ – “a new tool to fuel creativity in the metaverse using voice commands.” Another development is ‘No Language Left Behind’ – a system that translates all written languages. It has the ability to communicate with anyone in any language is a superpower that was dreamt of forever and it would instantly provide speech-to-speech translations for all languages. Project ‘CAIRaoke’ is the next conversational AI improvement for more fluid conversations between people and chatbots or virtual assistants. Sources said, Meta is currently building the world’s most powerful and fastest AI supercomputer.
Facebook has been investing in AI for the past 10 years and has one of the world’s leading experts, as we advance this technology further, you'll be able to create nuanced worlds to explore and share experiences with others, with just your voice,” Zuckerberg said. Meta is further developing tools to make AI systems more explicable. ‘System Cards’ is the newest resource that explains how AI works. In January it announced that it had built a new AI supercomputer that aims to be the fastest in the world when completed in mid-2022. Meta plans to hire 10,000 people in Europe to help develop the Metaverse and people are excited about it. However, critics have asked whether big corporations should be allowed to dominate the creation of such worlds – and
Technology video | 146 views
#Metaverse is the convergence of the physical and digital realms in the next evolution of the internet and social networks using real-time 3D software. It presents an opportunity for leading online entertainment and social media companies to capitalize on new revenue streams.
Gaming hardware, including gaming PCs & peripherals and AR/VR hardware such as Facebook’s Oculus and Microsoft Hololens, accounts for the remainder of the primary market opportunity. HoloLens was the first head-mounted display running the Windows Mixed Reality platform under the Windows 10 computer operating system.
Online game makers including Roblox, Microsoft, Activision Blizzard, Electronic Arts, Take-Two, Tencent, NetEase and Nexon may boost engagement and sales by capitalizing on the growth of 3D virtual worlds. Games that successfully pivot towards virtual 3D worlds can capture a greater share of engagement and user growth, accelerating sales growth.
Secondly, Brands & retailers are looking for Metaverse to adapt to interact and connect with their consumers enabling shoppers to experience their brand in a virtual environment providing a memorable and an immersive experience is quickly becoming the next frontier in Retail.
Several brands are now using the virtual platforms to directly engage, influence and in many cases, disintermediating the retailers. Hence, retailers can no longer afford to be on the side-lines. It is interesting to see how this is now beginning to influence retailer’s corporate strategy & business models, thereby warranting a relook at their technology roadmaps.
Going forward, there is no doubt that Metaverse is here to stay. The Gen Z- the digital natives who are sidestepping the traditional retail formats are favouring the gaming, social & virtual platforms accelerating the move towards metaverse by fearlessly marching into this new world.
Today's Headline in NewsHours
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2:3
Technology video | 74 views
The future of digital is trending towards Metaverse | Technology | VARINDIA News Hour
The #metaversetechnology is poised for rapid growth that will open up opportunities for the marketers and it can be helpful to first think of any shared, virtual space: everything from a chat room to games like Minecraft and Fortnite. While these spaces differ in terms of the richness of the virtual experience – text, audio, video, visual detail, sense of space, actions you can take, etc. – what they share is the opportunity for multiple, if not millions, of people to simultaneously connect within an online environment. The COVID-19 outbreak has brought a positive impact on the metaverse market and is driving the increasing interest in the metaverse concept. People began to work remotely while students shifted to online classes and the need and demand for convenient channels or approaches to make online interaction more realistic emerged. The crisis has speeded the emergence of virtual communities as key lifestyle areas for locked-down users which include gaming landscapes and also increasing adoption of mixed reality. The convergence of 5G, artificial intelligence, and edge cloud processing will soon make it easier to deliver more seamless, enjoyable, and cost-effective AR/VR experiences across a variety of connected devices. Just like the internet, industry insiders are predicting the metaverse will become a necessity for all brands.
Metaverse is making headlines in technology, there’s a boom in metaverse crypto projects, each viewing to shape the future of both metaverse crypto projects and the nature of digital real estate. It’s the Gen Z, or someone with higher digital maturity. While we may make our purchases by making a few clicks, the coming generation will definitely want something which is more engaging and immersive.
The metaverse is indeed a virtual reality, but it’s not quite the same thing as what you’ve seen in science fiction blockbusters.
Technology video | 149 views
With so much buzz around the #Metaverse, it’s easy to see why more and more companies will start to do business there. But are they thinking about the risks? We will certainly need a different approach to security in a virtual world compared to the physical, but what will that entail?
Let’s take a look at what the risks are and how to start getting prepared (because you do need to start now).
The biggest hurdle to the Metaverse being a secure environment is in its foundations. The Metaverse is built on #blockchain technology and we have already seen serious security gaps in NFT marketplaces and blockchain platforms such as OpenSea, Rarible and Everscale.
Due to the sheer amount of malicious activity that we already see exploiting services based on the blockchain, we believe it won’t be long before we start to see initial attacks in the Metaverse too, as reported in the recent Check Point Mid-Year Security Report. It will likely be based on authorization, and user accounts will get hijacked, so it is expected that identity and authentication will sit at the heart of everything we want to do.
According to a report by DappRadar, a company that tracks user behaviour across blockchain projects, in late 2021, it was reported that over half-a-million Indian users have shown their interest in non-fungible tokens and metaverse projects with India ranked fifth, only behind the US, Indonesia, Japan and Philippines, in terms of interest in metaverse projects.
It is tricky though, as people might want to have multiple identities within the Metaverse, perhaps one for transacting work conversations and another for personal shopping and entertainment.
This adds another layer of complexity because there’s then no single identity that says it’s definitely you. The answer could be in chained identity so, will blockchain then help us understand where we’re transacting and who with?
This is a major challenge. And since bloc
Technology video | 133 views
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