Metaverse Development and Its Business Applications Explained
The Metaverse applications will be particularly important for emerging businesses and brand agencies that want to create new revenue streams in the cut-throat marketplace.
By Rakesh Raman
The word Metaverse is the portmanteau of Meta and Universe. In other words, Metaverse helps you build a cyberspace beyond the ordinary universe.
Simply put, a Metaverse allows you to create your presence in a virtual world which exists on the web driven by emerging technologies.
The underlying technologies used for the creation of a Metaverse include artificial intelligence, augmented reality, and the Internet of Things.
Now, the virtual world or artificial world phenomenon that was introduced about two decades ago is getting metamorphosed into the new-generation Metaverse.
It blends physical and digital experiences to create immersive locales for the Metaverse communities.
As the Metaverse development is still in its infancy, there are hardly any reliable platforms that allow you to create your presence on a functional Metaverse.
However, tech analysts believe that the Metaverse technology will eventually provide opportunities to multiple industries and users.
With the development of the Metaverse concept, the realm of its applications is expected to expand. After the initial hiccups, businesses of all types can move their operations from the traditional web to the Metaverse.
The applications that would leverage the Metaverse technology include online learning, e-commerce, telemedicine, travel, collaborative manufacturing, entertainment, and law enforcement.
It is also believed that the Metaverse will herald a major shift in the social media business as users will operate in a three-dimensional virtual world that mimics the real world.
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The Metaverse applications will be particularly important for emerging businesses and brand agencies that want to create new revenue streams in the cut-throat marketplace.
By Rakesh Raman, who is a national award-winning journalist and founder of the humanitarian organization RMN Foundation. He has been running the global technology news site RMN Digital for the past 12 years. Earlier, he was writing an exclusive edit-page tech business column (named Technophile) regularly for The Financial Express, which is a daily business newspaper of The Indian Express Group.
He had also been associated with the United Nations (UN) through the United Nations Industrial Development Organization (UNIDO) as a digital media expert to help businesses use technology for brand marketing and business development. You can click here to know more about him and his work.
