Even though it is yet to understand what metaverse can do and how the virtual platform could be beneficial to small businesses, brands have started investing in the segment including Facebook, which is now renamed as Meta.
Metaverse is not real. It is a virtual world. Its an online world that can generate its own economy and hence the investment of brands is real. The other popular brands jumping into it are Microsoft and Google.
Search giant Google is building a more user-friendly wearable device, unlike the failed Google Glass that looked like a fool. Similarly, Microsoft is trying to position itself for becoming better business collaboration in the virtual world of the metaverse. Magic Leap is working in the same line and Epic Games managed to raise $1 billion to support its metaverse vision.
Meanwhile, Walmart has filed a couple of new trademarks and these indicate the company is developing its own cryptocurrency as well as a collection of NFTs.
McDonald's filed several trademark applications and one is revealed to be a virtual restaurant enabled to deliver food to an actual home. Samsung simultaneously has launched a metaverse-based smartphone. These are just initial steps and probably equipped with problems.
Meanwhile, PricewaterhouseCoopers accounting firm is learned to have bought virtual property on a metaverse platform named Sandbox.
Billions of dollars have been invested in the metaverse and it is predicted to be a $30 trillion marketplace in a period of just one decade or more. This is about the entire US economy in 2021.
Metaverse could sound strange to people who are aged 30 and above. But the generation born after 1995 may find it commonplace. Even elementary school kids may consider metaverse as the same. They will be living in the virtual world similar to other online living.
Data reveals Americans spend about 24 hours a week online and average gamers enjoy the worlds of Call of Duty, Minecraft and Halo for about 800 hours a year. These are just the beginning of the virtual worlds and metaverse will be the next level.
It is being said that small business may soon ditch Teams and Zoom. The next level of conducting and participating in meetings is emerging in the form of metaverse equipped with avatar and hologram of customers, partners, employees and suppliers.
Realtors may take a walk-through of virtual renditions of homes and people in the construction business can do the same in virtual locations. People will have a virtual version of everything. However, it is still to be assured that nothing can replace the actual human contact.