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.
Today's Headline in NewsHours
0:00 Intro
2:17 After Outlook faces outage, Microsoft finds ba.
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.
Today's Headline in NewsHours
0:00 Intro
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
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 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 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 | 135 views
Organizations getting into metaverse need to equipped | high tech capabilities | VARINDIA News Hour
When any organisation and users decide is going to adapt the technologies of metaverse and is capable of handling risk assessment for their infrastructure and connected devices, then only it is wise to get into the technology else it will be like jumping from frying pan to fire, since they will also expose themselves to a new class of security risks and vulnerabilities. The metaverse is a concept of a 3D digital world. It consists of virtual spaces that you can explore using an avatar you create. In the metaverse, you can play games, go shopping, hang out with friends at a virtual coffee shop, work with your colleagues in a virtual office, and much more. Some video games and work socialization tools have already implemented certain metaverse elements into their ecosystems. There are chances of personal data theft. As metaverse platforms would be able to collect images and other personal details of their users, children would potentially be exposed to even further privacy violations.
Cryptocurrency projects like Decentraland and The Sandbox already have their digital world up and running. However, the metaverse concept is relatively new, so most of its functionalities are still under development. Companies like Facebook (now Meta), Microsoft, and Nvidia have also started creating their versions of the metaverse. There are numerous ways such risks could be exacerbated in the metaverse. Unwanted contact could become more intrusive. The rise of virtual currencies is another challenge. To make the metaverse experience more immersive, companies are using cutting-edge technologies like blockchain, augmented reality and virtual reality, 3D reconstruction, artificial intelligence, and the Internet of things to power the 3D world. The continuous rise in cybercrime has revealed just how profitable it could be to break into a company’s or an individual’s online
Technology video | 191 views
The #metaverse is shaping up to be so much more than video games and entertainment. Businesses are getting the opportunity to get in action in ground-breaking and highly disruptive ways.
However, contrary to what some believe, the metaverse is less a substitute for business location and more of a complement to it. As a result, companies will have to think more strategically about where to place offices and innovation hubs to attract and connect talent and how to balance their physical and virtual footprints.
Rather than reducing physical sales, the metaverse could unlock opportunities for retailers by bridging the material with the digital. It’s becoming more apparent that a hybrid, omnichannel approach is the way of the future.
Over the course of a year, the number of companies working on the metaverse grew from 200 in July 2021 to more than 500 now, according to a report on the metaverse by market researcher Newzoo.
The metaverse will make physical location a more — not less — important consideration for business. To some extent, this is already playing out: Cities like Dubai and Shanghai are launching strategies aimed at attracting metaverse-focused businesses and people. For brands, this could mean ideal locations to experiment among enthusiastic early adopters.
Companies will have to think more strategically than ever before about where to place offices and innovation hubs to attract and connect talent, where to locate retail shops to attract customers and heighten brand awareness, and more generally how to balance their physical and virtual footprints.
As the metaverse grows in popularity and more businesses begin offering virtual, immersive experiences, business leaders must ensure that they are not getting lost in hype. The metaverse has been a game-changer for marketing. It provides an immersive, interactive environment that allows brands to connect with their customers on a whole new level.
To
Technology video | 87 views
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 | 126 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. Technology video | 75 views
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.
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