What Is the Metaverse?
“Metaverse may be the next big tech platform with an $800 billion market”
A metaverse is a network of 3D virtual worlds focused on social interaction. In sci-fi and futuristic
literature, the term refers to a hypothetical iteration of the Internet as a single, universal virtual world
using virtual and augmented reality headsets
Metaverse is a digital reality that combines elements of social media, online gaming, augmented
reality (AR), virtual reality (VR), and cryptocurrencies to allow users to interact virtually. Augmented
reality enhances the user experience by overlaying visual elements, sounds, and other sensory
information onto real-world settings. On the contrary, virtual reality enhances fictional environments
by adding virtual elements.
As the metaverse grows, it will enable multidimensional interactions among users online, something
that is not possible with current technology. By interacting with both the physical and digital worlds
simultaneously, Metaverse users will be able to do more than see digital content worlds converge.
In the metaverse, people can access the digital world through virtual identities. This virtual space also
offers a chance to hang out, shop, and meet new friends.
• Facebook CEO Mark Zuckerberg believes augmented reality glasses will eventually be as
widespread as smartphones.
• Microsoft has acquired Activision blizzard for $68.7 billion as first move disrupting the
• The metaverse is a shared virtual environment that people access via the Internet.
• Consumers’ digital experiences are being upgraded by Metaverse.
• Technologies like virtual reality (VR) and augmented reality (AR) are combined in the
metaverse to create a sense of “virtual presence.”
Globalization of the Metaverse market
Metaverse is the next big technology platform that will attract online game makers, social networks,
and other technology leaders looking to capitalize on a nearly $800 billion market opportunity. The
metaverse is a shared, persistent, multidimensional virtual world that merges physical and digital
realms within real-time 3D software, linking the future of the internet with social networks.
Developing new revenue streams from digital entertainment and social media is an opportunity for
The Metaverse will be anchored by Blockchain technology and create a sustainable ecosystem for all
of its participants thanks to this technology framework. I believe it’s not too far-fetched to assume the
Metaverse will impact traditional jobs or activities that are pretty much standard fare today. However,
its impact on society and how humans interact with one another will be profound.
Amid the COVID-19 pandemic that swept the globe and brought economies to their knees, it was the
Internet and its Work from Home (WFH) technology aids that helped companies stay afloat, and
arguably, even expand rapidly. Post-pandemic, various sectors, including education, have drastically
altered and are now far more technology-oriented
With double-digit growth, the market is set to reach $800 billion there could be 2.7 times more
revenue from the Metaverse market than just gaming software, services, and advertising.
Games manufacturers such as Roblox, Microsoft, Activision Blizzard, Electronic Arts, Take-Two,
Tencent, NetEase and Nexon may strengthen engagement and sales by capitalizing on the growth of
3D virtual worlds.
Live events like concerts, film showings, and sports events can now be enhanced into 3D virtual worlds
to maximize the Metaverse opportunity as game developers elevate their online experiences into 3D
Concept to Reality – The Journey
Indian Metaverse Wedding :
Here’s how India’s first Metaverse wedding was organized with 500 guests and two brand
India’s first 3D metaverse couple, Abhijeet and Sansrati, got married on Saturday, February 5th, 2022.
On the Yug Metaverse (made in India metaverse platform), the wedding took place. Wavemaker India
conceptualized, organized, and managed the association on behalf of ITC Ltd. and Matrimony.com.
Using the Yug platform, Abhijeet and Sansrati created a scenic beach side wedding environment. They
had more than 500 people register for their wedding. In addition to changing avatars, users could also
walk through the event and dance on the dance floor.
This epic event was a gifting partner for Fabelle, the premium luxury chocolate brand from the house
Gucci and Roblox
Roblox hosted the Gucci Garden, a two-week art installation aimed at raising brand awareness among
young customers, in May 2021.Gucci used a virtual recreation of a real-world installation in Florence
as a way of telling its story ahead of its centennial. ROBLOX’s Gucci Garden offered a variety of themed
rooms similar to the real-world counterpart. A tribute to the brand’s campaigns while transcending the
laws of physics. Before walking through the themed rooms, visitors could view, try on and purchase
digital Gucci products to dress their blank, genderless avatars ,while they travelled through the virtual
world, their avatars absorbed elements from each area.
Balenciaga and Fortnite
Balenciaga also entered the metaverse, and near the end of 2021 was the first luxury fashion brand to
compete with Fortnite. Its virtual boutique offered digital outfits inspired by real-life Balenciaga pieces
to players of the open-world game. There were some items that could be unlocked, like Balenciaga’s
Triple S Sneakers, although most of the merchandise had to be purchased. The hub was only available
for a week, during which players could socialize, try on outfits in changing booths, and add the brand’s
merchandise to their inventories. Balenciaga went a step further with a DOOH activation, creating a 3D
billboard experience in London, New York, Tokyo and Seoul.
Selfridges and Pokémon
Selfridges, Charli Cohen, and Yahoo RYOT Lab worked together to create Electric/City, a virtual city
where you can buy exclusive digital and physical Pokémon merchandise, in honour of Pokémon’s 25th
anniversary in 2021.
With influences from the fashion capitals of the world, visitors would be immersed in a 3D
environment where they would be able to create customized avatars. AR body-tracking Snapchat
lenses allowed the characters to wear the digital clothing and then view them through the lens or
share them in social media and other virtual environments. In conjunction with the in-store launch
promotion, Selfridges offered customers the chance to register for a digital wallet to enter physical
Easter egg hunts and win physical gifts or Charli Cohen digital collectibles.
Conclusion and References :
Metaverse holds the key in disrupting the future market place.