The global leader in the financial world, JP Morgan, predicts the metaverse market to be a 1 trillion yearly opportunity.
Mark Zuckerberg, renamed his tech giant Facebook Meta.
What is metaverse, and why are giants such as JP Morgan betting on it?
Technically speaking, metaverse can be broadly seen as something at the intersection of Augmented Reality/ Virtual Reality, Web 3.0 and Blockchain.
Intimidated? Don’t worry. Consider this example to get a gist of metaverse: Close your eyes and imagine a whole new world. YES! Anything that is enticing to you. Now, consider that you can amp up your personality, outfit and appearance in any way you like. Not only this, you can interact with your friends, family and even strangers in that world who have their avatars! Crazy right? Well, all this is possible with metaverse now.
Let us understand why metaverse has captured everyone’s attention.
Metaverse & People’s Interest in it
Metaverse is one of the most brilliant technology, and it is no brainer that it is going to become the next big thing. Mark Zuckerberg created the hype around metaverse. A couple of years back, he tweeted, “The future belongs to the people who believe in it more than others”, showing that his vision of the metaverse was beyond just social media. As a result, companies, investors and business people around the globe have started showing interest, and many industries have begun using different aspects of metaverse to bring digital disruption, making it a subject of corporate interest.
Let us further look into its present and potential application in different industries.
Metaverse in Healthcare
Thanks to the metaverse, patients living in remote areas or different geographical regions can now receive treatment in real-time. Metaverse is set to enhance the telemedicine experience and medical education. Now, learning doctors can perform surgeries and diagnostics in a virtual space without actually having to cut open a human body.
Metaverse in Gaming
The gaming industry is probably the first to use metaverse to enhance user experience. Metaverse gives gamers the flexibility to interact in a virtual world in real-time, where they can create their own space and landscape. This way, gamers not only get serotonin and an adrenalin rush while playing the game, but they can also earn through AR/VR games on apps like Sandbox.
Metaverse in Entertainment
Would you believe us if we tell you that OVER 12 MILLION people attended Travis Scott’s event? Of course, you would; after all, he is one of the best rappers. But would you now believe that the said event occurred in a virtual world – in METAVERSE! Insane right? Not only him, but legendries such as Daler Mehndi and Ariana Grande have performed events in a virtual world where more than 20 million people joined in real-time. Many more such events and performances will change the dynamics of the entertainment industry.
Today, the VR industry is valued at a whopping USD 22 billion and is expected to grow at a CAGR of 15%. This is only an indication that no matter how apprehensive people are of the metaverse, the NFTs and the AR/VR technology, companies are incorporating it at a faster pace than ever. Even customers around the world are enthusiastically participating in this cycle. Great thinkers believe that metaverse is not just a trend but is something that will be commonplace for us a decade or two later, as the internet is to us now.