In my view,

Metaverse is a vision which aims to provide a hybrid environment for the physical and digital world.

 What technologies make up Metaverse

Any new vision is usually an amalgamation of existing technology, trends and markets. The backbone technology for building Metaverse – Cloud, IoT, AI, Blockchain Ledger, Digital Twins, AR/VR, Virtual Enterprises/World, Digital Avatars.. (and many more enablers) all exist, but together it’s now wrapped and advanced under an umbrella coined “Metaverse”

How Metaverse claims to be different

  • A persistent virtual world representing digital twins of you and your environment.
  • Advancement in Hardware and Technology to make Metaverse more consumable and scalable. 
  • Integrated Ledger and Finance for managing identity, digital assets and currency.

What is Consumer’s Role in Metaverse

  • Understanding the behavioural aspects and sentiments for consumers would be critical to understand in a Metaverse world.
  • Are consumers happy with buying digital virtual outfits (using NFT) for their virtual avatars or consumer’s looking at Metaverse as a virtual experience store and get assets physically delivered, like using a virtual fashion store and trying outfits using his/her persona. Understanding this distinction is important. 
  • In my view, the latter seems a reasonable (with or without Metaverse) first step.

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The author Navveen