Metaverse: One for the Future? The combination of virtual reality and mixed reality worlds can be accessed primarily via AR/VR headsets and browsers

Metaverse started off a science fiction concept which has sort of breathed into life ever since the pandemic. The combination of virtual reality and mixed reality worlds can be accessed primarily via AR/VR headsets and browsers. Metaverse is an extension of a real world experience or a real-world interaction virtually. Metaverse is being adopted by different sectors at a rapid pace. Education, automobile, entertainment sectors are a few examples of metaverse being actively used. The different use cases indicate that the metaverse is going to be adopted heavily by most of the population of the world.

"The world is dominated by five platforms: Meta, Google, Amazon, Apple, Twitter and a bunch of other smaller platforms. Our data resides in these platforms, we are the ones generating engagement, data and content but we have no ownership or rights of any kind. The fundamental thing about metaverse and Web3 is we are saying that "Can users of a platform have the control and have a say of how the platforms are run?," said Vishal Gondal, founder and CEO, GOQii.

NFTs have been the buzzword for millennials and GenZ which have been constantly linked to the metaverse. Non-fungible tokens or popularly known as NFTs are digital assets that an individual can buy similar to a physical asset much like gold or stocks. Actors like Kamal Hassan and Salman Khan have also joined the bandwagon as major companies have also started to roll out NFTs. Facebook, Nike, NBA, WWE, Twitter are a few of the many organizations that have rolled out NFTs. NBA is selling videos of its most memorable moments as NFTs. As NFTs grow in stature and are growing in popularity in all niches, it has appealed to fans, teams, etc.

"NFTs in the digital format have certain value but a lot of the companies are now going for phygital NFTs. The real value of the NFT gets unlocked when it is linked to some tangible aspect in the physical world as well," said Ankit Prasad, founder and CEO, Bobble AI.

The Web3 or popularly called the 'decentralized web' came as an evolution of the internet. Web1 was the information-based internet whereas Web2 was social with people contributing on the social media platforms. Web3 is focussed on the participation and decentralization of the web.

"Social Media has revolutionized the way people consumed content. The transition from radios to TVs to Internet, the Web3 is becoming a phenomenon that keeps people engaged and hooked due to the immersive experience that Web3 and metaverse provides," said Ganesh Raju, founder and CEO, Akshaya NFT and Metaverse.

Crypto has been a dilemma that companies have tried to get past with some of them willing to adopt whereas some others are not. The valuation of the entire market stands approximately at $5 billion. The influx of people joining different platforms would significantly increased chances of businesses being built on the metaverse itself.

"Crypto enables borderless, instant settlements and assets are not tied to one's identity. These are few of the fundamental factors so crypto in essence crypto enables a seamless way to transact. The best thing is that the technology already exists so there is no need to build it from the ground up. The new economy that will be built on the digital reality can be helped by blockchain and metaverse," said Srinidhi Moodalagiri, co-founder and CPO, flippy.

Despite being early stages, people havebeen drawn to experience the metaverse as an alternative digital reality. However, it remains to be seen how businesses and how economies are built on the metaverse.