Metaverse- The New Technology

Metaverse Defined

Have you watched the movie Avatar? The movie was a tremendous hit and is definitely known as one of the best-known profitable movies released internationally. The movie Avatar shows humans taking the “Avatar’ of an intelligent species in a metaverse space.  This species is extraordinary as it is capable of doing things that are still unknown to human intelligence.

First Footprint of Metaverse

The word Metaverse was first used in the dystopian novel ‘Snow Crash’ in the year 1992, by the author Neal Stephenson. Since then, we have continuously been moving on to a whole new technology-oriented world, and now the human race is using this never-ending technological innovation process to enter the Metaverse space.

The word Meta means ‘after or beyond’ and the word ‘verse’ in Metaverse means technology that relates to the Universe. So, in short metaverse refers to the latest social technology that is beyond the Two-Dimensional Platforms. In a Metaverse space you can perform your routine tasks on a Three-Dimensional Platform, and these tasks could be your simple daily tasks like work, play and shop.

Courtesy-venturebeat.com

Metaverse and Ecommerce

Metaverse is gaining huge popularity, but is it really possible to interact, play and shop in such a world? Is it just an illusion or the technology will make it possible for people to experience the actual Metaverse space? The answer is still not clear, but Metaverse in theory has some great hidden bonanza for the e-commerce world.

It is a known fact that consumers love to shop in a physical store, as it provides them with an access to the actual products. They can actually touch and feel the product, and this gives them the real pleasure associated with shopping. An entry into a Metaverse shopping world might give the consumers the same look and feel that they generally associate with the physical world, and this could mean an extremely delightful shopping experience.

Amazon has already launched the virtual shopping experience for its customers through its new AR shopping Tool, Room Decorator. A consumer can experience the look of a piece of furniture or some other home accessory item in his actual space through his smartphone or tablet.

Metaverse has the capability to provide the consumers with a personalized shopping experience, which will definitely boost the confidence of the customer in the products purchased by him. One of the most important ingredients of an excellent metaverse space experience is the NFTs (Non-Fungible Tokens). NFTs have exclusive identifying codes and there is only one original of an NFT. These tokens are digital products related to various fields and can only be used with the help of blockchain technology.

In the Metaverse space NFTs will be used in an innovative way to launch or create new digital products.

Brands Entering the Metaverse

1. Nike: Nike launched Nikeland in the year 2021, a virtual place where the visitors can play and have fun. In Nikeland you can dress your Avatar in Nike gear and play the game.
2. Samsung: Samsung opened its first Metaverse store in January 2022, in Decentraland.
3. Balenciaga: One of the most popular brands Balenciaga tied up with Fortnite and released its first NFT wearables in September 2021.

These are just a few examples and the list is getting bigger and bigger, as the brands are trying to make use of technology to provide an immersive Metaverse experience to the customers.

Metaverse will also help in providing social proof to the customers by giving them an access to various communities and fan clubs where they can get reviews about various products through interaction.

Metaverse is still far from reality, but with technological innovation on the forefront it might take a huge leap towards becoming a reality.