This is not something out of the Marvel universe, but the next step in the evolution of the Internet, in which large technology companies are investing, helping this new digital alternative universe to reach a value of 500 million dollars, predicted to reach 2.5 trillion dollars by 2030, according to a recent report by Bloomberg Intelligence.
The Metaverse is a parallel universe to the physical world made up of several interconnected virtual worlds in which humans are expected to live extended alternative existences.
Some of the companies already investing in and exploring the scope of the Metaverse are: Apple, Facebook, Sony, Alibaba, Tencent and Nvidia; behind which are financial firms that are creating funds focused on the economic value of these worlds.
“Like the mobile and previously the fixed-line Internet, the Metaverse will transform almost every industry and will mean the creation of countless new businesses,” says Matthew Ball – in his essay ‘A Framework for The Metaverse’-, managing partner of the company EpyllionCo. This company, together with his group, created the index and essays on the ongoing evolution of the Metaverse.
“Based on precedents, we can venture to say that the Metaverse will revolutionize all industries and functions. From healthcare to payments, consumer products, entertainment, hourly work and even sexuality,” adds Ball in his essay.
Despite the term’s growing popularity, the nature of the term has led many to confuse and misunderstand it. Some analysts and media outlets have mistakenly labeled “Call of Duty: Warzone” as part of the Metaverse, just because it included Rambo along with other in-game entertainment properties.
However, the Metaverse is much more than a video game that incorporates elements of other companies or brands, it is an Internet where people will more tangibly replicate common aspects of their real lives, including socializing, commerce, and entertainment.
Ball affirms that the Metaverse will represent an important step towards the creation of new industries, markets, resources, and professions that we cannot even imagine yet.
For the expert, generational change will lead this global transformation in the way people create and consume content. Some parents may dismiss “Roblox” as a virtual babysitter or a distraction for their children. Even digital native millennials might scoff at why kids would want to use technology that seems primitive, without fully understanding the creative potential that “Roblox” may be unlocking.
“New generations are constantly expressing themselves, learning and socializing through virtual worlds where they can touch, change and collaborate. That won’t stop there. Rather, the capabilities of these virtual worlds will expand, the ease of use will improve, and their importance will increase. What’s more, the “native iPad” generation will continue to mature. Most are still consumers, some are creators, and almost none are business leaders. They will be, and their frameworks will drive transformational change,” says Matthew Ball.
Therefore, it is more vital than ever that leaders and professionals are given the task of updating and obtaining knowledge and digital skills of digital transformation, to be able to visualize new opportunities and evolve along with your business to this new Metaverse.
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