Facebook’s name change to Meta was a line in the sand, an announcement that the metaverse had arrived. The concept of the metaverse is still very much undefined and evolving. While some definitions describe it as a fully immersive virtual world, others, including myself, perceive it as an extension of our current digital communication tools, such as Zoom, WhatsApp, or Google Meet.
While ideas about how the metaverse might remain blurry, there’s no doubting its economic potential. In India, things are looking good, with Deloitte predicting the metaverse could boost the economy by $79 Bn to $148 Bn annually by 2035. That’s 1.3–2.4% of the Gross Domestic Product (GDP).
New Digital Economy
With help from augmented reality (AR), virtual reality (VR), and a host of other technologies, the metaverse will provide new ways for humans to interact with the world virtually. People will socialise, work, shop, and find entertainment in a virtual space available 24/7.
Welcome to a new digital economy with new rules of engagement. In the future, a real estate agent in the metaverse might take homebuyers on virtual tours of physical properties. An engineer could replicate an online model of a yet-to-be-manufactured tool, giving investors a 360-degree experience of how it would look, feel, and work. The emergence of digital twin cities could improve urban planning practices.
Already elements of the metaverse are being used to train retail staff and healthcare personnel. And there’s more in store. Last year, a Hong Kong-based luxury fashion brand held a virtual fashion show with no physical apparel, then offered VR and AR tools enabling shoppers to trial clothes virtually before placing an order. It resulted in less inventory, a lower carbon footprint, and a new way to shop.
In a recent online sneaker purchase with Adidas, I was struck by the powerful impact of AR in providing an immersive, lifelike experience. With AR, I was not only able to see what the shoes looked like on my feet, but I could also feel their texture and get a true sense of their fit.