Is the future of communication in the Metaverse?

Everyone is talking about the Metaverse, but not many know the ins and outs of this virtual environment. Either way, we are undoubtedly facing an invention that will completely redefine our relationship with the Internet and technology as a whole. In fact, a study conducted by Grand View Research has estimated the Metaverse market at $700 billion in the next few years!

So, what’s the big deal about the Metaverse? Here’s what you need to know.

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What is the Metaverse?

Metaverse is a combination of two terms: meta and universe. It refers to an environment made up of a collection of virtual assets. This fully digital place is a faithful reproduction of our real world. In a Metaverse, you can engage in an unmatched immersive and digital experience. For example, you can buy virtual plots of land, make investments, build a house... In short, you can live a digital life that replicates all the components of the real world.

Many see the Metaverse as the next big Internet revolution after Web3.

What are the characteristics of the Metaverse?

The Metaverse is an open world! Any person and any company can join this digital environment to engage in an immersive experience. The Metaverse is continuously enriched with digital content and new activities to incorporate more real-world assets. Contributors can gather in independent groups or in business-oriented corporations. 

Here is a list of the main components of the Metaverse to better understand this technology:

  • identity: each member of the Metaverse, whether an individual or a company, has an identity. They can appear under a real or virtual identity. For example, the biggest companies like McDonald’s, Coca Cola, Samsung or Walmart use their real name in the Metaverse;
  • immersion: by joining the Metaverse, you experience a 100% virtual immersion that runs parallel to physical reality;
  • diversification: it takes all kinds to make a world! The Metaverse follows this principle through a very diversified content offer;
  • an economic system: the Metaverse is likely to develop its own economic and financial ecosystem. International banks such as JP Morgan, HSBC and Standard Chartered have already expressed their intention to invest in this digitalized world;
  • networking: everyone can socialize and meet new people on the Metaverse;
  • low latency: Metaverse events occur in real time;
  • 24/7 accessibility: you can access the Metaverse from any electronic device at any time.

How do I get into the Metaverse?

To access the Metaverse, you will need a digital device to operate one of the following platforms:

  • Horizon Worlds: This social platform lets you create your own virtual world and interact with other users. You just have to log in to begin the immersion. Your virtual identity will be displayed as an avatar;
  • Decentraland: this is a virtual reality platform that allows newbies to discover the Métaverse. You can buy real estate on Decentraland via the Mana cryptocurrency. The properties are attributed as NFTs to ensure their authenticity;
  • Facebook: renamed Meta, Facebook is also a great gateway to the world of Metaverse for the general public;
  • Facebook: renamed Meta, Facebook is also a great gateway to the world of Metaverse for the general public;
  • Microsoft: the American tech giant is preparing a Metaverse project in 2022 involving glasses that provide access to this virtual world.

How important is the Metaverse?

From an economic perspective, the Metaverse is expected to be a major player in the near future. More and more companies are joining this virtual world to promote their goods and services. McDonald's is already selling a new "pixelated" drink that is very popular with Fortnite players. Several industries are expected to follow in the footsteps of the multinational fast food corporation such as real estate, entertainment, banking and insurance, etc. After all, the Metaverse is a new high potential greenfield.

From a social standpoint, the Metaverse promotes interaction between people no matter where they are. The barriers of the physical world are removed, which leads to an amazing cultural diversity. The Metaverse should also make knowledge sharing easier.

Is the Metaverse inevitable?

The answer is yes. Nevertheless, its implementation will be very gradual. We are not likely to see an abrupt disruption. Since it is a recreation of our world, the creation of this ecosystem will most likely take several years. Finally, you should know that the Metaverse concept is not new. The reason we are talking about it today is because it is finally coming to maturity thanks to the innovations of IT giants like Meta (formerly Facebook).

As it develops, the Metaverse will also be the source of many business and career opportunities. To join the adventure, find out more about the training courses offered by the American Business School of Paris!

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