While the NFTs (non-fungible tokens) were the big buzz in 2021, Metaverse is set to explode in a big way this year. The term has been gaining momentum since the outbreak of the COVID-19 pandemic and after Facebook announced that they are rebranding themselves as ‘Meta’ and spending billions toward what Mark Zuckerberg calls “the future of the Internet” (the Metaverse). 

The world today is incomplete without the Internet, social media, and smartphones. The advent of digitization has shifted almost everything to online channels offering innumerable opportunities to stay connected with people without physically meeting them. This is what the Metaverse looks like. Believe it or not, you are already experiencing life in the Metaverse and are a crucial part of this universe.

The term Metaverse was coined by science fiction author Neal Stephenson in his novel ‘Snow Crash’ in 1992. But the advent of technology has made Metaverse a reality with leading brands jumping onto the bandwagon. However, the term gained popularity after Facebook renamed itself Meta, which created the much-awaited hype around the term. 

According to research by Bloomberg, the Metaverse will become a nearly $800 billion market opportunity by 2024. Abroad, brands like Gucci, Ferrari, adidas, Dominos, Nike are stepping ahead to experiment with the Metaverse world, the market of Metaverse is still at its nascent stage in India.

Let’s look into the brands that are heavily investing in the Metaverse to explore endless possibilities:

While the year 2021 witnessed massive giant Facebook renaming itself to Meta, Microsoft acquired Activision Blizzard for $69 billion and has already launched its augmented reality glasses called HoloLens. On the other hand, Google is working on Project Iris. The world’s largest company Apple has also announced its plans for investing in the Metaverse.

Moreover, global investment bank Goldman Sachs sees Metaverse be a whopping economy worth $8 trillion. Blockchain gaming platforms like Decentraland, The Sandbox, Axie Infinity, Theta Networks, and Enjib Coin have seen tremendous growth after they announced plans of investing in the domain. 

India also witnessed the first-ever Metaverse wedding that took place on Yug Metaverse where platforms like ITC Fabelle and Matrimony.com were a part of the wedding. The association of the brands with the wedding was facilitated by the media agency Wavemaker India.  The digital avatars of the couple had their ceremony hosted on a scenic beachside venue where the guests also joined in via their digital avatars. In fact, recently a Bollywood movie ‘Bade Miyan Chote Miyan’ became India’s first movie to be announced on Metaverse.

It also gained traction after several Bollywood superstars and cricketers got associated with projects around NFTs. However, the primary revenue makers from Metaverse have been from the gaming world, especially video game makers. In fact, more than 40 percent of the world is already Metaverse ready. Millennials are, as predicted, set to drive the early adoption of the Metaverse as they want everything digitized. 

While metaverse is the hot topic of discussion among millennials, Indian brands are looking for ways to tap the opportunity in the best way possible. Not only this but several platforms have been developed to cater to the increasing market potential and explore endless opportunities. However, discussions have been going around on what kind of problems it would bring or whether companies should invest in something that is in its nascent stage is a key question that needs to be identified.  

As discussed, the market of Metaverse is still small in India, but the potential for growth is exponential. As per the reports, more than five lakh Indian users have shown interest in NFTs and Metaverse projects in November 2021. The same report also mentioned that India has been ranked fifth only behind the US, Indonesia, Japan, and the Philippines in terms of interest in Metaverse projects.

The Metaverse is soon going to become the next iteration of the Internet as it allows users to build virtual lives, cohabitate, share spaces, transact and collaborate in new ways. Metaverse provides an ultimate experience where you can actually become a part of the video. You can walk around freely, talk to people, and communicate with each other through virtual augmented reality. Also, you can shop for multiple things that you like in the Metaverse. 

Although people are still not certain about the future of the Metaverse, it is undoubtedly going to take the industry by storm as more and more people are showing keen interest in the domain. Tech giant Facebook (Meta) is currently working on a concept called Electromyography (EMG) technology that allows users to interact with something in the Metaverse just by thinking about it. 

The concept of bringing together a community of people through virtual reality could not have been possible without innovation and technology. While Metaverses rely on graphics to create an immersive environment, the virtual world is supported by Virtual Reality (VR), Augmented Reality (AR) and Artificial Intelligence (AI) combined to provide a seamless user experience. Based on blockchain technology, it enables one to own and create possessions that can not be copied or stolen. In simple words, blockchain technology ensures one-of-a-kind collectibles that can be sold at whopping prices in the Metaverse. Furthermore, cryptocurrencies make the Metaverse more secure and safe as everything is bought or sold using various types of crypto.

With each year passing, Metaverse projects are set to penetrate mass adoption as people will move from physical assets to digital ones, gaining interest from a lot of users. For the first time, Metaverse can usher mass adoption for VR headsets, AR extensions, and gadgets and tie them together to enhance the virtual experience. The Metaverse is a chance for global audiences and firms to embrace the radical shift and explore endless growth and development opportunities. While firms are already embracing technology to extract benefits and futuristic growth, people still need to be ahead of the curve. The year 2022 is going to witness a massive revolution in the form of AR/VR technologies that are spearheading market growth at exponential rates. 

Users will create their own digital avatars in the Metaverse and will understand their importance in the real world. While Metaverse has a long journey to accomplish, it is most likely to cause mind-boggling changes to the world. Whether it brings us closer to utopia or dystopia, the Metaverse is definitely here to stay and 2022 will be a deciding year to predict its future.

Having said that, it's imperative for brands and consumers to channel the potential and understand the market sentiments to utilize the concept of Metaverse to create an exceptional customer experience that is unique yet powerful.