The metaverse is giving birth to a new economic era

Essentially, the Metaverse will be a mix of Extended Reality (XR) elements and advanced Web 3.0 technologies.

If you’ve ever played an open-world game such as Skyrim or any iteration of Grand Theft Auto, you have an idea of ​​what the Metaverse is supposed to be like. Our idea of ​​the metaverse stems from such huge worlds in gaming and science fiction literature as Snow Crash and Ready Player One. You can probably imagine a detailed cityscape in your laptop, where you can drive cars, go to coffee, go watch a movie or dance in a club with your friends. Metaverse’s current design takes things a step further – instead of experiencing things via just a laptop, you can interact more fully and completely with the digital world using extended reality (XR) technology like virtual reality headsets. (VR) and be part of the experience yourself.
The metaverse (composed of the words “metaphysics” and “universe”) is defined as a digital extension of our physical world where people interact with each other using digital projections called avatars. Essentially, the Metaverse will be a mix of Extended Reality (XR) elements and advanced Web 3.0 technologies.
Most people we know, when they need to buy supplies or utilities, will take a few hours or more to: a) get to the stores, b) find the desired store, c) get to the appropriate section in the desired store. shop, and so on, you get the picture. The internet has made everything faster and more convenient than ever, but there are still things we are hesitant to buy online. We want to try on glasses, try on clothes, see how everything is before hitting that button. And for that, you have to take a few hours to go shopping.
The advent of the Metaverse and technology like 5G will make utilities and industries even more intuitive and convenient for customers. You can scan your face, hands, and body, or enter your measurements manually, and try on clothes from different brands in the comfort of your room. With the precise level of detail made possible in the Metaverse, this will be as close to the actual experience as possible and will take a fraction of the time.
And if you’re thinking, well, this is something I’d love to do with friends, then the social component — which a lot of e-commerce experiences lack right now — will be there for you, too. Your friends will have the opportunity to create their own avatars and accompany you on virtual shopping trips from the comfort of their homes. Indeed, the platform powered by XR Central, MetaQube, powers the collaborative and social aspect of retail through omnichannel messaging and real-time interaction with avatars.
You and your friends will be able to stroll in a totally immersive experience through the shops in your neighborhood, even thousands of miles away. And merchants or businesses will have the ability to showcase their products and services effectively while maintaining the trust level of their customers and not to mention the elevated level of experience.
There’s also been a surge in adoption of AR apps that you can use to project makeup and accessories onto your face. Snapchat, for example, is launching a version of Shopping Lens that will allow users to browse different types of makeup and cosmetics and virtually try them on their faces. Attached to the AR overlay will be details on pricing, colors, and sizes. Major brands have already embraced this new way of shopping and it is expected that more and more brands will soon follow suit. But with the Metaverse, all the different fragmented applications and services will be available under one roof called the virtual spaces. If you think about it, for businesses everywhere, it’s an opportunity for a level playing field and a whole new way to be discovered by their TGs (target groups).
For now, if you want a full, immersive VR experience, you’ll need to invest in a virtual reality headset. The Oculus Quest 2 is the latest iteration of the Facebook (now Meta) powered Oculus VR headsets and sells for around $300. HP’s Reverb G2 is priced even higher, at $450. And then there’s HTC’s Vive Focus 3, a professional VR headset priced at $1,300. More affordable headsets are smartphone-powered Google Cardboard and Samsung Gear VR, but these don’t provide any resolution or super-sharp intuition of proper VR headsets and can’t be used in any specialized work with great success.
But here’s the thing: you’re already using the Metaverse. Have you ever used a filter on Instagram? It’s AR. As new technology dominates the conversation, the best way to know how to use it is, well, to use it. Sign up for MetaQube, which is a DIY platform for individuals and businesses to create their own metaverses in minutes and collaborate with friends, family, and more.
On the other side, set up a digital wallet, store it with cryptocurrency, and browse Decentralland or Sandbox to get a taste of the future. However, invest at your own risk and ensure you have read all terms and conditions.
A major “don’t” would be: don’t invest too much money in digital assets such as cryptocurrency and NFTs without researching the pros and cons of the investment. These are new types of assets and their values ​​fluctuate quite dramatically because they are completely unregulated. A big “do” would be to educate yourself and others around you about the uses of the XR-powered Metaverse in your life.
Like mobiles and computers, we may soon be living in a world where everything goes through the metaverse and you have to navigate it.
Metaverse is at the dawn of a new revolution that will change the way companies or individuals communicate, collaborate and create. This gives rise to a new economic era.