Metaverse: The Future Of Consumerism

Metaverse, a virtual world where imagination 

is the only limit!

Since the time Facebook has changed its name to 'Meta', there is a lot of hype around the world of Metaverse & its effects on consumers. And why not, imagine being in a world where you can connect with anyone, be anything & travel anywhere, where you live in a world created & controlled by someone else. It sounds exciting & scary at the same time, right?

Welcome to the world of Metaverse! This blog will walk you through all the things related to Metaverse from its experience to pros & cons, that'll help you understand why the metaverse is going to be the future of consumerism!

What is Metaverse? 

Metaverse is a combination of 2 words, where meta means beyond and verse means universe, thus precisely named beyond the universe. The term was first coined by Neal Stephenson in his novel 'Snow Crash' which referred to a hyper connection of virtual reality rooms that allows you to perceive a virtual universe as your natural environment. 

Metaverses are massive online spaces where people can enter as unique avatars to work, play & socialize. In simple words, it's a world you will live digitally! 

Vision technologies such as AR/VR, holographic projection, 3D modelling, and panoramic photos are the core of Metaverses. 

It is the future iteration of the internet & so is called Web 3, the 3rd version of the hyper-developed web. Think of this as the internet you are living in rather than what you are looking at on your screen. 

What can you do in the Metaverse? 

The possibilities of Metaverse are endless. As consumers, you can enter into Metaverse applications by simply logging in on the app & joining with a VR/AR headset. The applications will allow you to customize your unique avatars with your choice of name, facial features, skin colour, clothes, hairstyles & various accessories. 

Then you can use your avatar for playing games, attending concerts, events, offices, interacting with others even across the planets (deemed possibility), buying & selling goods, assets, globe-trotting and possibly doing everything that can be thought of! 

Just like there are numerous social media apps & you have different identities (IDs) on them, similarly you'll have different avatars on different Metaverse platforms. This depicts the abundance of consumption of & within the Metaverse.

Apart from this, there is high potential for employability & businesses in fields of content creation, technology, media, finance, fashion, UI/UX, education, artificial intelligence, marketing and so on. It's probably the best time to get into Metaverse if you are aiming for the future! 

The Experience 

Source:Rec Room

Imagine entering into your favourite game & playing it as the characters in that perceived virtual world. It's like entering into the PlayStations. Or, you can also relate the experience with the Bollywood movie Ra.One, the way Jee.One & Ra.One, the game characters came to life. Similarly, you'd be able to witness the realm with your avatars living as you.

You can have 'chai pe charcha' with your friends in the streets of C.P. from the comfort of your home or attend an event at the Eiffel tower & the experience would be no less than real.

Metaverse is transformative, it feels like you are present in the scene, it's a lot more immersive & simulating. It has the potential of being the topmost hangout, socializing & relaxing place for people in the future, just like Instagram is nowadays! 

What is happening in the world of Metaverse currently? 

Meta verse is not a new concept but has gained its due recognition recently, credits to the pandemic & Facebook. All futuristic businesses are in a race to develop a simulation where you can have effortless immersive experiences, spend more time & good money.

Technology 

Mark Zuckerberg, being the visionary he is,  has recently changed the name of his firm from Facebook to Meta. For years, Google & Apple have been developing their own products. Microsoft is giving the metaverse a corporate spin by supplying headsets to corporations and government entities.

While numerous tech companies are gearing up to market gadgets, tools, and applications that will allow people to consume this virtual world and control their experiences once there. Doesn't it feel like the world of Doraemon is getting real!

Games 

Several games like The Sandbox, Horizon games, Roblox, Metaverse Construction Kit, Six dragons etc. are built on a similar concept & are in tune to be upgraded for enhanced simulation. They will become more immersive, more tailored to a sense of place, more social, and more engaging. 

Businesses 

Just like in the real world you can buy assets like lands & buildings, similarly, you can buy assets in the realm of augmented reality. Recently, Tokens.com purchased a digital plot for $2.43 million in Decentraland, an online environment built around the metaverse ecosystem.

 

Likewise, H&M became the first-ever fashion brand to set up a retail store in the region. While Balenciaga introduced its products via DJ kaskade performing live in thousands of avatars. Such assets will be highly profitable in future when the masses will be living within the realm of Metaverses. 

Cryptocurrencies

Furthermore, these platforms will have their economies and would require mediums of exchange to function, which cryptocurrencies might provide. Decentraland is a contemporary example of a metaverse in operation, where people can acquire virtual land and develop it in any way they see fit.

No doubt, all of this will make humans high-end consumers of Metaverse applications, which calls out for strong consumer rights, laws & awareness.

Though it will take time to develop into a completely digitized environment, it is approaching sooner than you think! Therefore, before pouncing upon the pros let's know the cons first. 

The Dark Side Of the Metaverse

The consumption of metaverse will have the following cons: 

1. The first and foremost loss will be the separation of people & reality. No doubt the Metaverse will be addictive, distracting us from the real world completely. The loss of human touch, in-person socializing & humanity will be the greatest of all. 

2. Peer Pressure & Social Comparison: The freedom and capability to portray yourself through an avatar would promote dissatisfaction with your real-world self. 

3. Worsen Cyberbullying: Because the metaverse is so much more immersive, harassment may feel more dangerous and distressing in such a digital realm. It'll be crucial to develop high-end security & effective laws.

4. Excessive Consumption, Bad Health: We all are gonna stick to phones or headsets for everything from shopping to work, all day & night, leading to inevitable health issues. 

5. Harmful effects of 5G & Increased mining: The advent of Metaverse will require -speedhigh-speed internet & cryptocurrency, which is considered harmful for the environment. 

6. Data Mining and Advertisements

In a virtual universe, the potential for data mining will grow as your activities and hardware would leave more data behind.

This information will be used to develop intricate replicas of your personality and behaviour patterns, which can then be sold to advertisers & bombard you with highly personalized and targeted advertisements. This is where Facebook comes into the picture.

Facebook & Metaverse 

We all know how decent (sic) Facebook is for its control over people's privacy. Meta turned Facebook has access to billions of people's details, even the ones you never mentioned on the platform.

While Metaverses will be decentralized, which means no one will have complete autonomy over it, giving users control over their lives in the realm. Facebook is building a centralized Metaverse i.e. complete autonomy will go into the hands of the meta. All your financial, personal, professional & interactional details would be used exponentially to earn good money 'exponentially'. 

Not just Facebook, but all big businesses are in the league. For a better insight into the concept, you can refer to the documentary 'The Social Dilemma', available on Netflix. 

This is also where we as consumers have to be more vigilant of our choices. It's better to use more decentralised applications than the centralized ones. 

The Bright Side of the Metaverse

One of the coolest aspects of the metaverse is that it will allow individuals to experience an unlimited virtual environment where they can use an avatar to perform things they could only dream of. Some of its pros are: 

Source : Education in Metaverse, Meta 

1. Metaverse will leverage the inter-connectivity exponentially social media has offered. It will allow people to interact, share ideas, opinions & vent frustrations at the comfort of absolute fame or concealed identity.

2. Metaverse is sure to boost the economy both in the real & virtual sphere. Development of technology, UI/UX of the metaverse, cryptocurrency, Blockchains, etc is a doorway to a multitude of employment, investments & business opportunities. 

3. It will bring more comfort and convenience since you'll be capable of working, socializing & wandering anywhere from the warmth of your home. 

4. Virtual reality has uses in the field of medicine, such as pain management, surgical training, and physical rehabilitation. It can also be used to treat mental illnesses such as phobias and anxiety.

5. It's a sure shot windfall for the education system, as it will help people understand the concept via literally immersing themselves into virtual reality & having in-person experiences. 

6. Autonomy/control over actions: One of the main reasons why web3 is buzzing. The decentralization will allow people to have autonomy over their actions, preferences, looks, interactions, assets & privacy. Which is the opposite of what contemporary social media platforms have taken away from us! 

Conclusion 

In the end, technology is an extension of ourselves, it is our future. Even if some of us do not agree with or enjoy this direction, it is where we are heading. The metaverse is indisputably the next big thing, the natural evolution of the internet. Some will use it for good, while others for evil.

The way major consumerism has now become online, similarly it will shift to metaverse in the future, except the basic needs. How it affects our lives depends on how we utilize it. Consumerism is something you decide to get into, right?

As consumers, it is our responsibility to be accepting of new inventions but with a sense of vigilance (read: Satarkta)! 

#StaySmart #StaySatark

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For an immersive experience beyond the universe, you can feed on these resources: 

Movies: Wall-E, Ready Player One, The Matrix

Podcasts: Metaverse: Explanation & Opportunities 

Youtube:  Work in the Metaverse, Entertainment in Metaverse

Games: Unity, Roblox, Fortnite, The Sandbox

Books: The Age of Smart Information, Snow Crash, & Neuromancer

Blog By :- Pooja Malkani