Metaverse – Current Trends & Changes

Chief executive officers and executives from related industries believe that the concept of the workplace is changing. Along with the technologies that influence the development of these concepts, there are new ideas about business culture, manager-employee dynamics, the convergence of real and virtual places, as well as the evolution of these ideas.

People think that the metaverse is about living in a virtual existence, when, in my opinion, it is actually an adaptive and functional way for the fictional worlds to join our reality.

According to an article in The Hindu (https://www.thehindubusinessline.com/info-tech/virtual-banks-digital-humans-social-chat-spacesinsides-tcs-metaverse-gameplan/article65267748.ece) – “Metaverse is the new buzzword in the technology world globally, and IT companies seem to be leading the way. IT services major Tata Consultancy Services (TCS) has already started working on several metaverse projects including a “virtual bank” for retail transaction and a non-fungible token (NFT) marketplace using its own blockchain solution, a senior company executive told BusinessLine.”

According to an article in the Business Standard (https://www.business-standard.com/article/companies/ltts-forays-into-meta-world-to-carve-out-business-unit-for-metaverse-122032900666_1.html) – “Amit Chadha, CEO & MD, LTTS shared that while the Coronavirus (Covid-19) pandemic accelerated digital transformation of the business across the globe, the confluence of 5G, digital products, AI and digital manufacturing is finally merging the physical and digital to create a plausible phygital universe.”

According to Yourstory (https://yourstory.com/the-decrypting-story/biggest-trends-metaverse-space/amp) – “One of the biggest trends that is already taking over the metaverse space is Cryptocurrencies and NFTs (Non-fungible tokens). Already more than a $10 billion market, digital items like NFTs can be created, sold, and purchased in an open market, owned by an individual user without interference from a centralised entity”

In spite of the fact that some changes had already taken place in the workplace before the outbreak, COVID-19 has demonstrated the necessity of a functional world separate from the real world, has accelerated the consideration of unorthodox practices, and has opened doors for the implementation of new practices. While the pandemic is in progress, businesses that wish to survive and keep personnel are adjusting to these changes. In the post-pandemic age, these changes will almost certainly become permanent.

Over the course of COVID, there has been a growth in the popularity of two significant themes in the metaverse and the future of work: hybrid work and the so-called "Great Reshuffle."

Creator economy is already there in Metaverse! “Internet 3.0” is entirely decentralized. Almost all virtual games or environments that are being built in the metaverse are already selling their assets, avatars, and all usable equipment as NFTs. The value of digital goods is increasing compared to their physical counterparts, for example, NFTs of tweets and avatars are valued higher than some high-priced paintings!

The idea of DAOs which represents Decentralized Autonomous Organizations is another pattern that is assuming control over the metaverse. The metaverse is actually an independent reality that isn't constrained by a brought-together substance. DAOs are advancing step by step and with time, will give clients more command over concluding what they look for from each computerized stage, great or administration

Building components for the metaverse include the capacity to host hundreds of individuals in one server (perhaps, future metaverses will be able to accommodate thousands or even millions of people at once), and motion-tracking systems that can identify where a person's eyes are, and more. 

Companies, brands, and individuals who are aware of these trends and the online culture that exists in the metaverse can develop and expand their digital identities, content, and products to outperform their competitors. The greatest way to expand your brand is to adapt to the ever-changing metaverse and embrace their digital development.

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