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What is the Metaverse?
The Metaverse is a 3D digital space that blends with the real and virtual world. It’s the concept behind the 1990s sci-fi novel Snow Crash, the 2000s Matrix movies and the 2011 dystopian novel Ready Player One.
It combines the best of virtual reality (VR), augmented reality (AR) and artificial intelligence. It allows users to immerse themselves in an experience that is as realistic as possible.
There are many ways to access a Metaverse experience: you can buy a VR headset, play a social VR game or create a free account on a platform like Roblox. There are also ethereum-based virtual worlds such as The Sandbox and Decentraland.
Companies that provide services and content will be crucial to the Metaverse ecosystem. They will need to monetize their services as effectively as possible, and non-fungible tokens (NFT) can help them do that.
Business leaders will have to grapple with a number of issues, from security and privacy concerns to technology questions. Fortunately, some organizations are trying to promote interoperability and build standards for the Metaverse.
For example, the Khronos Group has developed a royalty-free standard called OpenXR for bringing together VR and AR developers across platforms. The group has gained a lot of support from businesses and is looking to drive the creation of Metaverse-compatible products.
The Metaverse is going to be a huge disruption for consumers, and it will also change the way that business gets done. It will be important for marketers to understand the potential benefits and disadvantages of the Metaverse.