The future of digital is trending towards Metaverse

The metaverse technology 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. The burgeoning need for all-encompassing online communities for networking, news, entertainment, online gaming, education, and dating will boost market growth in the forecast period. However, there are growing concerns regarding personal privacy, market competition, and misinformation may act as market restraints over the forecast period.

Cyber threats are a vital concern for the efficient functioning of the metaverse. Cyber threats are malicious acts that result in damage as well as disruption of software along with data theft, impeding system effectiveness. Unauthorized command and data breach are some forms of cyber-attacks. Metaverse aims to innovate the way people interact with each other on the internet, interacting in a way which people previously only thought possible in science fiction.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA