Inside the metaverse: What is it, why it’s trending and how India is responding to it – The Financial Express
Metaverse: If you have been keeping up with the virtual world of tech, you would know that Metaverse is the current buzzword. Actually, you would know that even if you have no interest in anything tech. With pandemic bringing everything online, Metaverse has gotten a momentum that has led to its adoption much faster than anyone could have imagined. It became even more commonplace when Facebook rebranded itself to Meta last year, indicating its plans to invest in Metaverse.
The fact of the matter, however, is that Metaverse is gearing up so fast that even those with no interest in the virtual world would have to soon work with it, much like how they had to cope with video conferencing et al amid the pandemic. So if you are looking for a one-stop guide to understanding Metaverse, what it is, why it is becoming popular and what roadways it has already made, financialexpress.com can help!
Metaverse: What is it?
Basically, Metaverse is a 3D virtual rendition of the real world. If you have ever played simulation games like say SIMS, this will probably be easier for you to understand. Metaverse is the creation of a virtual world that has virtual economies, sometimes being 3D replicas of the real world, with different people creating their avatars and participating in this virtual world, interacting with each others’ avatars. In Metaverse, people use their avatars to imitate what they would do in real life while meeting others. With the pandemic causing everyone to stay inside their homes, the development and adoption of Metaverse has become more accelerated.
Origin of Metaverse and why it is popular
The word Metaverse is believed to have originated in the 1992 Sci-Fi novel Snow Crash as a blend of the words ‘Meta’ and ‘Universe’. There have, since, been multiple virtual platforms like Second Life that have developed their own Metaverse.
Metaverse is now becoming more popular as more mainstream companies such as Meta (formerly Facebook) are investing more in the virtual world. With video conferencing, virtual connections, and AR/VR/XR catching up quickly, the tech-savvy younger generation is also more open and excited by the prospect of having a chance to live in a virtual world in the form of avatars. This excitement likely stems from the perceived notion of lack of freedom in the real world that seems to be gaining popularity in the youth, especially Gen Z. It is possible that the youth is looking at the virtual world as a place where they get to live freely the way they wish to, while also having the chance to interact with avatars operated by other actual people.
Metaverse: Entering many spheres of life
Many Indian brands have started to experiment on Metaverse as the technology is becoming more and more popular. Many brands have incorporated this into secondary activities, seemingly testing the waters in terms of both their capabilities and people’s adaptation to it.
Along similar lines, online skilling platform SkillSoft is planning to use Metaverse for skilling and upskilling, due to its scope of developing new experiential learning scenarios.
Earlier this month, Indian jewellery brand Tanishq launched its new jewellery collection by hosting the press conference on a Metaverse platform that aimed to create a personalised as well as immersive 3D virtual experience for the viewers and participants.
Tata Technologies and AjnaLens created a Metaverse to virtually teleport their trainees to job sites and impart them with industrial training. With this, they digitised 150 ITIs in Karnataka.
Apart from this, Tata Group’s Tata Tea Premium, in fact, made its debut in the world of Metaverse by hosting a Holi platform using the virtual technology. The party even witnessed a virtual festive performance by music duo Sachet-Parampara.