“Metaverse is the future of the world”, says Dr. Nilima Thakur, Assistant professor, Department of Management Studies; Course : BBA
JIMS,Vasant Kunj-II
“Metaverse” , the term invented back in 1992, by Neal Stephenson in his novel Snow Crash, with the context that people in the future would create a virtual world similar to the real world, using computers. 30 years later, that futuristic idea is now knocking on our doors as a reality. The term with the Prefix “Meta”implying beyond the word “Universe” is a hypothetical synthetic environment linked to the physical world to increase user engagements through immersive experiences. #JIMS conducted national seminar in the college on this concept with huge participation of #BBA students’ curiosity towards the BUZZ word.
In simple words Metaverse is the latest version of the internet with the inclusion of advanced technologies of artificial intelligence i.e Augmented reality(AR) and Virtual Reality(VR) towards the convenience and comfort of existence.
With the promising sign of rising young population, vibrant startup ecosystem and a huge talent pool India is expected to pick up a massive role in metaverse space. Moreover the tech giants of Facebook and Microsoft have shown their investments in the space giving a kick ignition to the young professionals. Facebook changing its corporate name to Meta has created a hussle in the technical world at the same time Microsoft also came up with virtual incorporation with Microsoft teams. Though it is at a niche stage in India the corporates and startups have mushroomed into the space creating interactive, immersive and collaborative experiences for the users.
If we look down the stream Reliance industries pvt. Ltd is running its metaverse pilot project using AR,VR and mixed reality along with software and hardware to create digital twins to replicate the performance of sub-sea environments on a virtual platform creating 3-D walkthrough applications of real world locations. Other than this many more startups to count on LOKA , XR Central and Zippy are investing in Metaverse space and interacting with the immersive experience.
Indian promising Landscape of METAVERSE – as reported India is the fifth largest country after US,Indonesia , Japan and Philippines to show interest in the Metaverse Space. Industry leaders like Tech Mahindra, Infosys ,NVIDIA, Google, Shopify, JPMC have all invested billions in Metaverse. Indians can drive through the challenging factors below:
- Domestic market growth: The leap in Indian startup ecosystem standing third largest in the world and robust domestic markets are the vital testing grounds for new products and services that are shaping the future in the metaverse space.
- Skilled potential : With a talent pool of developer creators and entrepreneurs shaping the future of Metaverse.
- Creating Demand: Metaverse is not here because we demanded it but it has created its own demand. In the words of Partner at Deloitte Sreeram Anant, “ Moore’s law will take its own course.
- Targeting Audience: Gen Z or the one who is digitally mature where we millennials are happy buying on click they have something to engage and immersive.
- Indian Entertainment Industry: Hotstar announced its first ever series foray on to metaverse. Not only entertainment and gaming but banking, retail and fashion have also come up with their own space in the meta universe.
JPMC with its branches “ONYX in decantraland”, a bank in South Korea has come up in metaverse their own financial districts.Not only this Retail brands and Automobile sectors have also invested a lot in the meta universe and stepped into NFTs.
METAVERSE Challenges along the way
- With the growth and adaptation of Metaverse it is necessary to be cognizant with the issues coming along . Infrastructure , Regulations & Governance , Privacy & Security are the few that business organizations are already taking into concern.
- Data Security & privacy concerns : User privacy and security is an important concern with the adoption of Augmented and virtual reality tools as a surveillance device.
- Lack of Capital & Infrastructure: To create a metaverse ecosystem, startups and organizations need huge capital for infrastructure and tools , computer connectivity , networking and the user interface in a virtual environment. Since metaverse is still in its nascent stage it will take 5-10 yrs for the actual product to come in market with lack of patient capital from investors.
Undoubtedly Metaverse is the future but the question is How will it help??
Answer is creating demand to satisfy its own space, making big promises in bridging the gap between digital and physical universe. Immersive experience of the Meta universe and remote work will help engage in long distance surgeries in health space. According to creators of Maker’s lab, Chief Innovation Officer Metaverse believes four main aspects of business
- Reduces CAPEX & OPEX
- Increases NPS & Branding
- Reducing customers connect and service time
Hence, If not metaverse why cloud, why AI, why automation ……keep on changing the technical platforms in the space of comfort, clarity and convenience.
Dr. Nilima Thakur
Assistant Professor
Department of Management Studies
JIMS,Vasanat Kunj-11
