What is the metaverse? Why It Matters to Your Business

What is the metaverse? Why It Matters to Your Business

Forward-thinking organizations stay up to date on trends and understand how trends may develop in the future. They use this knowledge to shape their operations, strategy and practices in the present which will help them stay ahead of the curve and remain relevant in the future.

Ever since Facebook rebranded to "Meta" in Oct 2021, there has been a lot of talk about the idea of the metaverse. As more people understand the exciting possibilities of the Metaverse, it's becoming a fast-growing trend with a big impact on businesses, entertainment, education, and marketing.

The topic of the metaverse topped Q4 2021 as one of the Top 5 most widely discussed themes among executives, along with supply chain disruption, inflation, vaccine mandates, and climate change. This is important because CEOs’ prioritization of specific topics will likely lead to further investment in these areas and set the guidance and future trends for the world.

What is the Metaverse?

Internet technology continues to transform and bring fantastic opportunities for its users. From using static websites in web 1.0 to navigating the web 2.0, we have all witnessed the power of digital evolution. The Metaverse comes next in this chain of advancement as web 3.0.

The metaverse has not been established for long and there is no universally accepted definition. In fact, people find it difficult to define this term. Themes of what a virtual world should or would look like, however are emerging. A key point is that there is no one virtual world, but many worlds which are taking shape to give people the opportunity to deepen and extend social relationships digitally. This is done by creating an immersive 3D layer, which results in a more authentic and natural experience. It opens up a whole new world where users can do business, socialize, run interactive education programs and experience immersive entertainment.

The metaverse should be able to provide the same conveniences as accessible goods, services, and experiences can to those who are not able to easily travel around. This will break down boundaries and make accessible everything from entertainment to products.

On the next blog, I shall touch on the benefits of the Metaverse.