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How Metaverse is Reimagining the Future of Internet?

ICT | Apr, 2023

Metaverse, a dynamic and interoperable virtual space like the Internet but in 3D, spans various digital platforms where people can shop, play, work, and hang out together in real time. Rise and advancement of digital technologies such as cloud computing, web 3.0, ultra-low latency networking and blockchain technologies have led to the evolution of metaverse, also known as virtual universe. Although Metaverse is still in nascent phase, it has become big business with technology titans such as Meta (previously known as Facebook), Microsoft, Roblox, Epic Games, etc. creating their own virtual worlds on the platform. Within the metaverse, users can communicate with people, design virtual fashion items, sell and buy virtual articles, attend events, take trips online, try on clothes digitally for purchase, etc. The possibilities are endless with what Metaverse can allow one to do.

Metaverse is quickly becoming mainstream among masses, especially for younger generations. Google has invested USD39.5 million into a private equity fund for metaverse projects, particularly in VR and AR and development of a shared virtual reality space. Even Microsoft acquired the video game development company Activision Blizzard for a whooping USD70 billion to establish its stakes in the future of metaverse gaming. Brands like Nike, Gucci, Balenciaga, Samsung, Louis Vuitton, etc. also participate in the metaverse universe. In 2022, Dolce & Gabbana sold the first ever collection of non-fungible tokens for about USD5.7 million, some of which were accompanied by the physical versions of the items. With heavy investments and interest from tech companies and brands around the world, it is safe to say that Metaverse is the future of the internet, which promises an entirely new way of interaction and brings a new wave of innovation.