In the most recent few decades, technological advancements have accelerated at a rate that is exponentially higher than in previous decades. The introduction of new technologies like the internet and smart phones has resulted in a number of recent technological advances. The geographical boundaries of the world have shrunk, and the processes involved in running day-to-day life are becoming more automatic and lightning fast. People now have the ability to manage everything at the tip of their fingers, including their education, their businesses, their politics, their wars, their shopping, and their events. It is highly likely that the following ten years will usher in a totally different way of living.
Yes! The foundations are being laid for a parallel universe. The digital world known as the Metaverse has its own own currencies and economies. This would take place when augmented reality (AR), virtual reality (VR), extended reality (XR), and mixed reality (MR) were combined (MR). The next iteration of the World Wide Web, known as Web 3.0, will be built on blockchain technology and will purposefully enable the Metaverse. The most recent advancement in internet technology is known as Web 3.0, and it makes use of machine learning, artificial intelligence, the Internet of Things, and blockchain administration in order to achieve human connection and engagement in the real world in real time.
The uproar that was caused when the parent business of the tech giant Facebook changed its name to Meta in October 2021 was immediately followed by the first ever virtual live musical performance that was performed by the famous American singer performer Justin Bieber in a virtual platform wave. Regardless of the industry in which they operate, businesses are already conceptualising, planning, and carrying out the operations associated with the virtual reality world.
Companies that specialise in the development of software and video games, such as The Sandbox, Decentraland, Axie Infinity, Illuvium, and Theta Network, amongst others, have already begun selling the virtual space that they own on the market. The well-known luxury brand Gucci has just acquired some real estate in the online game Second Life in preparation for future commercial expansion. During Milan Fashion Week 2022, the Italian fashion brand United Colors of Benetton displayed their virtual reality store to the public for the first time. The Sandbox arena features an enormous plot of virtually owned real estate that was purchased by Adidas Originals. McDonald’s, which is one of the largest food chains in the world, is making plans to buy virtual space in an effort to stay in the top leagues of the category in which it competes. And the number of businesses that are focusing on this sector continues to grow.
As a result of everyone staying inside during the pandemic, a massive potential market was formed for those who wanted to express themselves freely through their choice of clothing and how they dressed. The answer is, rather obviously, the fashion metaverse. The world of fashion is expecting this much-talked-about made-up phrase to present a significant opportunity for doing business. The vast world of fashion has started working on the principles of block chain and crypto currencies, and non-fungible tokens (NFTs) are already in style. This trend originated in the gaming industry but has since spread to other industries. While social media completely rethought both the demand for and supply of fashion, the metaverse is getting ready to take things to an entirely new level. People who use the various virtual platforms would be able to rent or buy the brands’ clothing and accessories, and the brands themselves would have a virtual presence on those platforms. Customization, as well as environmentally responsible production and marketing, might bring down costs significantly. Customers would receive exactly the products they requested and would be able to place their orders during the conceptualization stage. At the very beginning stage, it was possible to get a sense of everything from the intangible concept to the design to the actual product. The use of virtual fashion brands by celebrities would encourage brand positioning, which would lead to an increase in sales and profits. It is too soon to make any substantial predictions about it in terms of fashion or in general, but everyone around the world is keeping a close eye on it and believes that it has a bright future ahead of it. Naturally, the only thing that can truly tell us whether it is going to become a reality or whether it is just a large bubble waiting to burst is the passage of time.
Elon Musk, who is the CEO of SpaceX, is unsure how he feels about the concept of the metaverse. His alternative product is called Neuralink, and it involves implanting the company’s brain chips into humans in order to study the waves produced by their nervous systems. Experiments would first be conducted on animals, then on people who had been injured, and finally on healthy people. On the contrary, in the future it would function in the same manner as virtual reality.
The effects of the metaverse won’t be known until it’s been used by a significant number of people, but if it follows the patterns of technological advancement and change seen in the past, it could be the next significant shift. There is a strong possibility that enormous new opportunities will emerge across all industries and business types. On the other hand, this creates an extremely vulnerable identity for people for the purposes of business and marketing, which pushes up the amount of data that is used by multiples of the normal amount, which wastes a lot of energy, leads to cyber waste, and consumes a lot of power. Aside from that, one of the most common concerns regarding the metaverse is the possibility of becoming detached from our actual reality. Everyone has the potential to become too immersed in it to acknowledge the true realities of life. It is possible that it will have a negative impact on both mental and physical health, but it is likely that humans will adapt to the situation and attempt to maintain equilibrium in both worlds at the same time. Utilization that is both responsible and sustainable may prove to be the greatest obstacle, and it’s possible that a famous quote attributed to Albert Einstein will come to pass: “I fear the day when the technology overlaps with our humanity.” There will be nothing but moron children born into this world.”