How the Metaverse is Shaping Up and its Potential

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  • 19 May 2023

When Mark Zuckerberg announced that he would spend billions of dollars to transition Facebook into a metaverse company in April 2021, we knew it would be a revolutionary journey.

There have been instances in the past where Fortune 100 CEOs signalled that they would bet big like that, and it usually paid off.

Amazon's CEO Jeff Bezos announced in 2015 that the company was planning to invest heavily in the development of drone delivery technology. Drone technology is booming right now.

Microsoft's CEO Satya Nadella announced recently that the company was planning to become carbon negative by 2030. Green energy is the talk of the town these days, with almost every company committing something to the cause. We’ve been spending time recently trying to understand what the metaverse is and the underlying concept. There are a lot of exciting things…

We’re already in the Metaverse!

We meet in the virtual world every day by interfacing with a digital portal inside our homes. The portal isn’t a virtual reality headset. It’s a laptop or PC. Or your mobile phone screen.

Most of us don’t feel excited about it because the current experience doesn’t feel as magical as it originally was. If you were to explain today's internet to someone who grew up in the nineties, they would likely be amazed by its capabilities, speed, and visual quality. Us, not so much.

In a nutshell, the metaverse is a term used to describe a virtual world that is entirely computer-generated and can be accessed by users through the internet.

This means it can provide a fully immersive experience for users, with virtual environments and avatars that can be customised to their liking.

Imagine a special computer world you can visit using a computer or a special headset. This world is like a pretend place that looks real, but it's not there. You can choose what you want to look like in this world, like a cartoon or a video game character. You can also play games, talk to other people who are also visiting, and even buy things in this world. This computer world is called the metaverse. It's like a giant playground where you can have lots of fun, just like when you go to a park or playground in real life.

The metaverse operates using advanced technologies such as virtual reality (VR), augmented reality (AR), blockchain, and artificial intelligence (AI).

Users can access the metaverse using specialised devices such as VR headsets, smartphones, and computers. Once inside, they can interact with other users and objects in the virtual world and engage in various activities such as gaming, socialising, and even commerce.

The metaverse is expected to significantly impact a range of industries, from entertainment and gaming to education, healthcare, and finance. It can provide new and innovative ways for people to connect, learn, work, and play, and become a significant part of our lives.

The rise of the metaverse will create opportunities for companies in several sectors. Take consumer electronics, for example. In the metaverse, users will need a device that can fully immerse them in the virtual world, with features like high-quality displays, audio, and input controls to track their movements and gestures. This will require a new generation of consumer electronics devices designed explicitly for the metaverse.

Then there’s the IT sector. It is apparent that IT firms will have a role to play. You can’t take on a big tech project without Infosys and TCS. Infosys has already tied up with the Australian Open and French Open tournaments. It is making your dream of shaking hands with tennis (or be it cricket) greats possible.

Metaverse needs the development of immersive or extended reality (XR) solutions. Indian IT firms specialising in XR solutions include Infosys, Wipro, Tata Elxsi, L&T Technology, HCL Tech, and Kellton Tech. These companies are already developing software and technology that enable users to interact with the digital world in new and exciting ways. They can apply their expertise to create even more immersive experiences as the metaverse grows. The list is long. But these two sectors are at the forefront.

It's no surprise that Mark Zuckerberg is eager to explore the potential of the metaverse. The ability to create and experience entirely new worlds through digital technology is a concept that is both exciting and revolutionary.

The next big thing after the internet - metaverse business is expected to surge to $678 billion by 2030.

It has the potential to unlock new economic opportunities, creating jobs and revenue streams for individuals and businesses alike.

From virtual real estate to digital goods and services, the metaverse is poised to become a whole new economy, providing new avenues for growth and innovation.

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