What is the metaverse? There is no single product, operating system, or hardware that makes up the metaverse. Instead, it is a constellation of technologies built by a variety of companies, civil societies, and millions of individuals. The metaverse is more like a piece of cloth than a single product. But, we’ll be creating a whole new economy on it!

Future of immersive technologies

Immersive technologies are becoming increasingly commonplace. These technologies are used for training, communication, design, and marketing, and they are revolutionising how businesses do business. Immersive technology also helps businesses improve their efficiency, streamline processes, and connect employees. However, a new generation of consumers is using immersive technologies to enhance their personal experiences. Businesses need to embrace these new technologies if they want to remain competitive and remain relevant.

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Impact on global economy

While the Metaverse is still in its infancy, it could contribute $3 trillion to the global economy within a decade. If mass adoption of metaverse technologies occurs across Europe, it could contribute $440 billion to the European economy. And in 2031, the Metaverse could contribute 2.8 percent of the global GDP. This growth is predicted to mirror that of the mobile and social technologies. But if the Metaverse and the New Digital Economy do not materialise, the impact on global GDP is not yet clear.

Opportunities for businesses

As the world’s population becomes increasingly connected and disconnected, the metaverse provides a plethora of opportunities for businesses. These opportunities will present themselves in a chronological order once the curtain opens. In order to take advantage of these opportunities, companies must adopt the right strategies, build synergy with the real world, and optimize their investment and industrial layout. Here are a few opportunities for business to capitalize on:

Challenges

The metaverse vision is the culmination of a number of rapidly evolving technologies, including cloud continuum, edge computing, 5G/6G networks, and the Internet of Things. These technologies will transform the way people and businesses interact, as well as how they create and sell products and services. This emerging technology will be powered by transactions in digital currencies. To realize this vision, a number of key infrastructure elements must be in place.

Lessons learned

There are many lessons to be learned from the metaverse. It is not yet defined. No product or service can legitimately be classified as “metaverse.” In fact, nothing can be defined as “metaverse” at all. As telecoms entrepreneur Craig McCaw pointed out, the internet is not a unique product or service. In the same way, the metaverse does not yet have a legitimate definition.

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