By Marcus Levinco-founder of the world’s first crypto-backed geospatial blockchain oracle network XYOexplores how the metaverse is blurring the lines between our physical and digital worlds, and why it’s possible to trigger the next wave of digital disruption becoming a reality.
It is impossible to avoid the technological convergence currently underway. Prior to Facebook’s rebranding to Meta, the boundaries between physical and digital regularly blended, with the goal of converging on a future metaverse of our making.
For techies and novices alike, the metaverse serves as a place to immerse themselves in the digital world and construct a physical reality without being constrained to a time or place. In its full version, it becomes the gateway to most digital experiences – those that can evoke images of avatars, virtual worlds, and alternate digital realities like those depicted in works of science fiction like Snowfall and Loan player one.
Although these worlds are just an imaginary concept for now, companies are investing billions in the development of metaverse technologies and infrastructure – $120 billion in the first five months of 2022 alone — and its potential to spark the next wave of digital disruption becomes a true reality.
Uniting the physical and the digital
Working towards a fully engaged virtual future where data is the most precious commodity, all things in the physical world will eventually receive a virtual representation in the metaverse with which users around the world can interact.
From daily necessities like clothes and food to real estate and cars, the metaverse will amplify our experiences and interactions, while having a significant impact on how we conduct business. With the introduction of these new apps, customers can try new foods, participate in exciting product launches, create personalized digital avatars with the latest designer clothes, integrate brands into online games, or create customer loyalty programs through NFT collectibles.
As we begin to align with this new future, it’s important that developers and brands focus on creating engaging user-centric experiences that prioritize ownership, creativity, and inclusivity. Not only do these encounters need to feel real, but for there to be mass adoption, the metaverse needs to be accessible, affordable, equal, and valuable to everyone.
Some of these tools are already being introduced to users around the world to improve retail, gaming and entertainment. Apple has spent years implementing augmented reality (AR) and artificial intelligence (AI) technology by creating filters on social media apps like TikTok and Instagram, most recently announcing their AR Glass which will come in a development phase for release in 2024. In other niches, Logitech for Creators hosted the first-ever music awards show in the Roblox metaverse with performances from artists like GAYLE and Lizzo.
These increasing demands will ensure that virtually every data point in the physical world will need a corresponding data point in the metaverse.
As the ideas for the Metaverse get bigger and brighter, so do the requirements needed to facilitate it. The volumes of data needed alone to materialize a fully immersive digital experience are enormous and will only grow as more brands plant their stake in the metaverse and more tools and devices are being introduced to satisfy consumers’ appetite for ever more photo-realistic and interactive experiences. .
Aligning our journey with the metaverse
The more the metaverse grows to reflect the real world, the more critical it will be for the people, and especially the companies that operate within it, to have a shared reality.
Creating a virtual world that makes the unreal real depends on the ability to link real-world, real-time data and intelligence to the metaverse. While some digital-focused brands can apply their existing data and skills to the metaverse, using their digital personas and content to connect with users, many others will need to build data infrastructure from scratch to create a usefulness in the real world.
Already, we are starting to see large companies and brands taking steps towards this end of migrating their physical presence into the digital world.
Earlier this year, McDonald’s filed trademark applications to operate a virtual restaurant offering real and digital products, including a home delivery option – a suggestion that the fast-food giant could take steps to facilitate the possibility of ordering Real-world McDonald’s from the metaverse. In the same way, Nike has signaled its intention to create virtual retail environments to sell its virtual goods, having recently acquired RTFKT (pronounced “artifact”), which creates virtual footwear and collectibles.
Going forward, more companies will begin to follow suit to determine their foray into a future where a fully immersive virtual world is realized. As they consider their place in the Metaverse and the technology to support it advances over time, our physical reality will undoubtedly converge with the Metaverse to create something bigger, better, and more unforgettable than we know. can imagine it.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.