Strategist | Jan'23 | METAVERSE- A look into the Future

ConQuest

CONSULTING & STRATEGY CLUB IIM SHILLONG

A LOOK INTO THE FUTURE A LOOK INTO THE FUTURE A LOOK INTO THE FUTURE ISSUE

ABOUT THE CLUB ABOUT THE CLUB ABOUT THE CLUB

ConQuest, the Consulting & Strategy Club of IIM Shillong, was founded in 2008 with a vision of delivering sustainable solutions to society by acting as a forum between the industry and students passionate about strategy and consulting. It strives to equip the students with domain knowledge and skills by facilitating consulting assignments, expert talks, online newsletters, and competitions.

The team publishes a quarterly magazine to bring to light a trending sector of the economy. Through the magazine, we aim at giving a platform to candidates of B-schools across the country to share their thoughts, along with bringing forth enticing discussions from the industry stalwarts.

Team ConQuest

ANIKET SINGH ARPITA NAINA ISHAN SINHA KARNIKA PAGARIA

SAHIL MEHTA

SAMREEN REHMANI SHIVAM ARORA SHUBHAM SHARMA RAHUL SHARMA

Q&A with the team

EDITOR

'S DESK EDITOR'S DESK EDITOR'S DESK

Welcome to the latest issue of our magazine, Strategist, dedicated to exploring the exciting world of the Metaverse. As we witness the rise of virtual worlds and immersive technologies, we can't help but be amazed by the potential they hold to reshape the way we interact, learn, work, and play.

In this edition, we have curated a diverse range of articles, interviews, and features that offer insights into the latest trends, developments, and challenges of the Metaverse. From the ethical implications of virtual reality to the future of NFTs in gaming, we aim to provide you with a comprehensive view of this rapidly evolving landscape. We have also touched upon how Covid-19 has driven the growth of Metaverse and discussed how it will impact and transform the industries or the way business is done.

We have also invited some of the brightest minds in the industry to share their perspectives on the Metaverse, including entrepreneurs, developers, and artists. Through their stories, we hope to inspire you to join the conversation and explore the possibilities of this new frontier. Additionally, we have also tried to answer some of the most frequently asked questions pertaining to the metaverse.

As always, we value your feedback and input, and we invite you to share your thoughts with us on social media or via email. Together, let's imagine, create, and shape the Metaverse of tomorrow.

Sincerely,

Team ConQuest

Metaverse: A technology that will drive the future or a fad?

-Kapil Arora, IIFT Delhi

The metaverse: a mystical realm that transcends our physical world, where the lines between reality and imagination blur and anything is possible. A digital utopia where we can fully immerse ourselves in a digital landscape, interact with others, and create and explore like never before. It's not just science fiction anymore, the metaverse is quickly becoming a reality, thanks to the rapid advancements in technology.

Virtual reality (VR) and augmented reality (AR) technology make it possible for us to fully immerse ourselves in a virtual world and experience it as if it were real. The Augmented and Virtual reality market size was valued at USD 14.84 Billion in 2020 and is projected to reach USD 454.73 Billion by 2030 (2).

We can see this in action with popular VR games such as Beat Saber, which has sold over 3 million copies worldwide, or in VR experiences such as NASA's VR tour of Mars, which allows users to explore the red planet from the comfort of their own home.

Blockchain technology is also playing a crucial role in the development of the metaverse. It enables the creation and trading of virtual assets in a secure and transparent manner. The virtual world of Decentraland, for example, is built on the Ethereum blockchain and allows users to buy, sell, and create virtual real estate and experiences. In Decentraland's virtual economy, users can purchase virtual land, create and monetize their own content, and even participate in virtual events and experiences.

The metaverse has the potential to revolutionize a wide range of industries, from entertainment and gaming to education and business.

Figure 1: Metaverse framework

In the entertainment industry, the metaverse can be used to create fully immersive video games, virtual concerts, and other experiences that blur the lines between the real and virtual worlds. For example, in the game 'Among Us' players take on the role of characters on a spaceship, trying to identify the imposter among them, while in the VR game 'UMP9' players are able to explore an abandoned mining colony and uncover the secrets of its past. In the education industry, the metaverse can be used to create virtual classrooms and training simulations that make learning more engaging and interactive. For example, in the field of medicine, virtual reality simulations are being used to train surgeons in complex procedures, allowing them to practice in a safe and controlled environment. Figure 2 shows how businesses have been developing an interest in the metaverse.

Figure 2: Leading business sectors worldwide that have already invested in Metaverse as of 2022.

The metaverse has the potential to transform how businesses function, including the use of virtual meetings, remote work, virtual product displays and virtual customer support. Virtual reality technology can be used to conduct virtual tours of factories and offices, allowing businesses to showcase their products and services to potential customers. Additionally, virtual meeting platforms can be used for remote team collaboration, regardless of location. Furthermore, the metaverse can also be used to create virtual customer service experiences, allowing customers to get help and support in a virtual environment.

Furthermore, the metaverse has the capability to revolutionize the way we learn, from virtual classrooms to virtual training simulations. Virtual reality technology can be used to create virtual classrooms, allowing students to attend class from anywhere in the world. Additionally, virtual training simulations can be used in fields such as medicine, allowing students to practice complex procedures in a safe and controlled environment. Furthermore, the metaverse can also be used to create virtual field trips and other interactive educational experiences, making learning more engaging and interactive.

The metaverse could greatly impact healthcare delivery by using virtual consultations and virtual therapy methods, it brings a new dimension to healthcare. Virtual reality technology can be used to conduct virtual consultations, allowing patients to see a doctor or specialist from the comfort of their own home. Additionally, virtual therapy sessions can be used to treat conditions such as PTSD and phobias, allowing patients to confront their fears in a safe and controlled environment. Furthermore, the metaverse can also be used to create virtual rehabilitation experiences, allowing patients to recover from injuries and illnesses in a more engaging and interactive way.

Despite the potential benefits, there are also concerns about the metaverse. One of the main concerns is the impact on privacy, as virtual worlds may require users to reveal personal data to play.

Figure 3 shows that a third (33%) of people believe data privacy and security are the biggest hurdles the metaverse has to overcome. Additionally, the security of personal information in the metaverse is also a concern, as virtual worlds may be vulnerable to hacking and other forms of cybercrime. Furthermore, the metaverse could also impact human interaction, as people may start spending more time in the virtual world than in the real world, leading to potential negative effects on mental health and social isolation.

Figure 3: Biggest Hurdles for Metaverse to overcome

Also, the metaverse is poised to have a significant impact on the economy, both in terms of new industries and job opportunities that will be created, as well as increased productivity and efficiency. The metaverse has the potential to create new industries such as virtual real estate, virtual goods and services, and virtual events and experiences. Furthermore, it could also lead to the creation of new jobs in fields such as virtual world design and development, virtual event planning and management, and virtual customer service. Additionally, the metaverse could also lead to increased productivity and efficiency by enabling remote work and collaboration in virtual environments.

Additionally, as the metaverse becomes more prevalent, it's important for governments to play a role in regulating it to ensure that it is developed in a responsible and inclusive manner.

Governments should establish regulations that ensure the security and privacy of personal information in the metaverse, as well as policies that promote diversity and inclusivity in virtual worlds. Additionally, governments should also consider how to tax virtual assets and transactions in the metaverse in order to ensure a fair and sustainable economy.

Furthermore, as the metaverse becomes more widely adopted, it's essential to make sure that it is inclusive and accessible to all individuals, regardless of their backgrounds and abilities. This means creating virtual environments that are welcoming and inclusive of people from all backgrounds and designing virtual experiences that are accessible to people with disabilities.

Additionally, it also means ensuring that the metaverse is accessible to people from all income levels, and not just a privilege for the wealthy. By designing the metaverse to be inclusive and accessible to all, we can ensure that it becomes a truly transformative technology that benefits society as a whole.

In conclusion, the metaverse is an exciting technology that has the potential to revolutionize a wide range of industries and improve many aspects of our lives. However, it is important to consider the potential drawbacks and to ensure that the development of the metaverse is done in a responsible and inclusive manner. With VR and AR technology, blockchain, and the internet coming together, the metaverse is becoming more accessible and more real than ever before. The future of the metaverse is uncertain, but one thing is for sure, it will shape the way we interact with technology and with each other in ways we can't even imagine yet.

How has Covid-19 driven the growth of Metaverse? Discuss how it will impact and transform the industries or the way business is done.

-Team Enigma, IIM Kashipur (Vrinda Diwan, Pranati Rai)

Human is a social animal. As we have been hearing since time immemorial. And the society we live in today is even more so, as compared to the older generations. This world moves, or more precisely, accelerates at a rapid pace in every direction and dimension imaginable. People aim to become advanced, developed and stay ahead of the people, organizations, countries and how can we forget the aliens in living on other planets and even galaxies. (if they do, for that matter)

And it’s a wonderful thing to progress. But at what cost? In this rat race of staying ahead of the game, we often tend to forget the things that matter the most to us. As a human, a social animal, it’s important for us to stay connected to the people important to us. To be able to celebrate their happiness with them and more importantly be present in times of need. Professionally too, communication and collaboration are indispensable while working in industries specially when it involves working in teams.

The Covid 19 Pandemic acted as a stone thrown in a lake of water, sending huge ripples of disturbance, anxiety, fear and uncertainty down the life of every human. It transformed our lives in a multitude of ways. But the most important being the fact that it froze people where they were. They were not able to move, travel, meet their loved ones. This had a humongous impact- both personally and professionally. As people were forced to spend more time at home away from their families and friends, unable to travel, it increased the demand for virtual forms of communication and entertainment. Professionally too, businesses were forced to shift to remote work and this increased the need for virtual forms of collaboration.

Well, being the typical “advanced” race as we like to call ourselves, we obviously had existing traditional solutions for it. Applications like Zoom, Google meets and how can we forget the most important morning “Office Scrum Call” tune of “MS Teams”. These tools, though highly effective, had their limitations. They were effective as long as the professional office work was concerned, but then we realized the requirement of moving our whole social life

online as well. Now this required something more advanced. No matter how advanced a technology is brought to the market, its just half the equation. What matters more is that the society and culture should be ready to accept it. And that’s precisely what the Covid 19 pandemic did.

Metaverse as a concept has been around for quite a long time, but it’s the outbreak of the pandemic that generated the need for it , supported by the advancement in technology.

But now the question is what is “Metaverse”?

It’s a shared, online 3D environment that allows users to interact with one other, computer-generated items, and avatars. It is an online world with the Internet acting as its underlying network. The use of metaverses is widespread and includes social networking, online gaming, instruction, and training. It can be used to construct wholly other, fictional worlds or virtual ones that closely resemble the real world.

It provides a singular and immersive online experience unmatched by anything else. It provides countless opportunities for exploration and connection while continuously growing and improving. So now we can understand why Covid triggered the growth of Metaverse: It allows people to interact with each other in a shared virtual space, regardless of their physical location. And this has tremendous benefits.

According to a March 2022 survey of companies from selected countries that have already invested in the metaverse, more than 92 percent of responding businesses felt that the global COVID-19 pandemic had accelerated the development of metaverse technologies. This is also evidenced by four in ten respondents currently researching work environments and remote work projects in the metaverse.

1.Redefining Remote Work: The wave of Covid forced businesses to operate remotely. Though it seemed lucrative at first, it lacked reallife interactions between employers and employees. Metaverse would facilitate this real-life environment.

2. E-Commerce: Businesses can provide real-time interaction for customers to try different clothes and accessories on their avatars, bringing Virtual Reality closer to real life.

3. E-Learning: The metaverse will provide a new platform for education and training, allowing businesses to create virtual classrooms and training environments. This could potentially lead to increased efficiency and cost savings for businesses.

4. Real Estate: Metaverse would allow the real estate purchasers to choose, create and transform the commercial space of their dreams, monitor the construction work, get a feel of the space before moving in, all at the comfort of their homes. This could potentially lead to new revenue streams and increased engagement with customers.

5. Travel and tourism: For people who wish to explore the wonders of this planet but are unable to do so due to age, disability etc , Metaverse would provide an immersive wholesome real life experience wherein they can travel the world at the comfort of their home.

6. Reducing office costs: Virtualization will eliminate the need of physical offices hence reducing costs drastically.

7. Security and Privacy threats: Businesses will also have to deal with the metaverse's new security risks and privacy problems. Rich biometric data, facial traits, and distinctive movements are all captured by augmented reality (AR), mixed reality, and virtual reality (VR) technology. If not protected, these might be used to generate intrusive deepfakes and steal identities, according to Diana.

Getting our arms around the metaverse will quite literally be difficult as it is not a place or a physical thing that we can easily hold. It's an evolution of the internet.

The nature of occupations may alter as a result of persistent, decentralized, collaborative, and interoperable digital content, and each organization will need to investigate this possibility. For personnel and clients, new maintenance and installation workflows will be made possible by anchoring digital information to machines. Retail jobs may change as a result of adaptive digital signage and price tags. The way we make complicated decisions will alter as a result of collaborative 3D simulations, and this is just one example of the many ways virtual worlds will impact the way we work.

Summing up, as quoted by Tim Berners-Lee, Inventor of the World Wide Web:

“The Web as I envisaged it, we have not seen it yet. The future is still so much bigger than the past.”

And Metaverse is that future!

How will the regulators react to the increasing adoption of the metaverse? What will be the upcoming policy measure or regulations on the industry?

-Team Nirvana, MANAGE Hyderabad (Keerti Bhavana, Yadala Reddy)

Introduction:

The metaverse, also known as virtual reality, has been on the rise in recent years. As more and more people are joining these virtual worlds, regulators are beginning to take notice. With the increasing adoption of the metaverse, regulators are starting to consider what kind of policy measures or regulations are necessary to ensure the safety and security of users within these virtual worlds.

TheRiseoftheMetaverse:

The metaverse has been around for some time, but it has only recently started to gain mainstream attention. This is largely due to the increased use of virtual reality technology in gaming and entertainment. However, the metaverse is not just for fun and games. It is also being used for education, business meetings, and even socializing.

As the metaverse becomes more prevalent, it is attracting the attention of regulators. They are starting to consider the potential risks and benefits of this technology and how to regulate it appropriately.

WhataretheRisks?

There are several potential risks associated with the metaverse that regulators need to consider. One of the biggest concerns is the potential for cyberbullying and online harassment. In virtual reality, users can interact with each other in a way that feels very real, which means that they can also be victims of online bullying and harassment.

Another risk is the potential for fraud and financial scams. As the metaverse becomes more popular, it is likely that scammers will try to take advantage of inexperienced users. This could include selling fake virtual goods or stealing virtual currency. Finally, there is the risk of privacy violations. The metaverse allows users to create avatars and interact with others anonymously, which could potentially lead to privacy violations.

WhataretheBenefits?

While there are risks associated with the metaverse, there are also many potential benefits. One of the biggest benefits is the ability to connect with people from all over the world in a way that feels very real. This can be especially useful for people who live in isolated areas or who have mobility issues that make it difficult for them to travel.

The metaverse is also being used for education and training purposes. It allows students to experience real-life situations in a safe and controlled environment, which can be very beneficial for learning.

Finally, the metaverse can be a great tool for businesses. It allows employees to meet and collaborate with each other in a virtual environment, which can be more convenient and cost-effective than in-person meetings.

RegulatoryMeasures:

As the metaverse becomes more prevalent, regulators are starting to consider what kind of policy measures or regulations are necessary to ensure the safety and security of users. Some of the measures that have been proposed include:

Age limits: One of the biggest concerns with the metaverse is the potential for cyberbullying and online harassment. To address this issue, regulators are considering age limits for certain virtual reality experiences. This would help to ensure that only mature users have access to these more potentially risky virtual environments.

Virtual currency regulations: As the metaverse becomes more popular, virtual currencies are becoming more common. Regulators are starting to consider what kind of regulations are necessary to ensure the safety and security of these virtual currencies. This could include measures to prevent fraud and financial scams, as well as measures to protect users' privacy.

User identification: In order to help prevent online bullying and harassment, regulators are considering requiring users to

identify themselves in the metaverse. This could be through the use of a user name or even a real-life identification.

Content moderation: To ensure that the metaverse is a safe and welcoming environment, regulators are considering measures to moderate content. This could include the use of filters to block inappropriate content or the use of moderators to review and remove offensive material.

Data privacy regulations: As the metaverse involves the collection and use of personal data, regulators are considering data privacy regulations to ensure that users' privacy is protected. This could include measures to ensure that personal data is not shared without permission and that users have the ability to control their own data.

Conclusion:

The metaverse is a rapidly growing industry that has the potential to revolutionize the way we interact with each other and the world around us. As more and more people join these virtual worlds, regulators are starting to consider what kind of policy measures or regulations are necessary to ensure the safety and security of users. While there are risks associated with the metaverse, there are also many potential benefits, and it is important that regulators strike a balance between protecting users and promoting the growth and innovation of this industry.

How will the metaverse impact our daily lives and the human-centered experience across industries?

-Team ConQuest

TheconceptoftheMetaverse

The metaverse, a term coined by science fiction author Neal Stephenson, refers to a virtual world where people can interact with each other and with virtual objects in a manner that is indistinguishable from reality. It is a shared, immersive, and interactive digital space that is being built on top of existing technologies such as virtual reality, augmented reality, and the internet. The metaverse is expected to have a profound impact on our daily lives, as well as on the human-centered experience across various industries.

In the near future, the metaverse will become an integral part of our daily lives, providing us with new opportunities for communication, entertainment, and commerce. For example, people will be able to communicate with each other in a more immersive and engaging way, using virtual avatars to express themselves. Entertainment will also become more immersive, as people will be able to experience movies, music, and other forms of media in a fully-realized, interactive digital world. Moreover, the metaverse will provide new opportunities for commerce, as businesses will be able to create virtual storefronts and marketplaces where people can shop, purchase, and interact with products in a way that is more engaging and personalized than ever before.

Implications of the metaverse on human-centered design and userexperience

Metaverse will blur the lines between the physical and digital worlds, and will require designers to rethink the way they approach user experience. In the metaverse, users will be able to interact with digital objects and environments in a more natural and intuitive way, which will require designers to create interfaces that are more intuitive and immersive. It will also change the way we think about personalization and customization. As users will be able to create their own virtual environment and experiences, designers will need

to provide users with more options and flexibility to personalize their experiences. Additionally, the metaverse will also require designers to consider the social implications of their designs, as users will be able to interact with others in virtual spaces.

Furthermore, the metaverse will also have a significant impact on accessibility. As the metaverse becomes more advanced, it will become an important platform for people with disabilities, as it will provide them with new ways to interact and access information and services.

Potentialimpactofthemetaverseonvariousindustries

The metaverse will also have a significant impact on the humancentered experience across various industries.

For example, in the healthcare industry, doctors and patients will be able to interact with each other in a more immersive and engaging way, using virtual reality to simulate surgeries and other medical procedures.

In education, teachers and students will be able to interact with each other in a virtual classroom, using virtual reality and augmented reality to create a more engaging and interactive learning experience. In the retail industry, customers will be able to shop in a virtual mall, where they can explore products, try on clothes, and even interact with salespeople in a more personalized and engaging way.

Real estate, where virtual reality and augmented reality will enable buyers to explore and preview properties from anywhere, even before they are built. This will make the process of buying and selling properties more efficient, cost-effective, and accessible for everyone.

In the travel industry, the metaverse will enable people to experience virtual travel, where they can explore new places, cultures, and attractions without having to leave the comfort of their homes. This will make travel more accessible, safe, and sustainable for everyone.

The metaverse will also significantly impact the gaming industry, enabling people to experience more immersive, interactive, and social gaming experiences. With the metaverse, people will be able to play games with others from around the world, in real-time, and in a shared digital space, opening up new opportunities for esports and gaming as a profession.

As businesses will be able to reach customers in a more personalized, engaging, and interactive way, the marketing and advertisements will also transform. With the metaverse, businesses will be able to create virtual advertisements and experiences that are more immersive, engaging, and interactive than traditional ads. This will enable businesses to reach customers in a more effective and efficient way, and will also open up new opportunities for creative and innovative advertising campaigns.

ImpactonCorporateLife

The metaverse will also have a transformative impact on the way we work. Remote working and virtual collaboration will become the norm, as people will be able to work together in a shared digital space, regardless of their physical location. This will enable companies to tap into a global talent pool and create more efficient and productive teams. Furthermore, the metaverse will enable companies to create virtual workplaces, where employees can interact with each other and with virtual objects in a more engaging and immersive way. This will improve the overall work experience and make it more satisfying and productive.

Economicimpactofthemetaverseonjobsandbusinesses

The virtual world of Metaverse where individuals can interact and transact in an immersive environment, has the potential to revolutionize various industries, including entertainment, education, and retail. As such, it is likely to have a significant impact on the way we live, work, and do business. Metaverse can create new jobs and business opportunities in fields

such as virtual reality and augmented reality design, content creation, and data management. Businesses in various industries could use the metaverse to expand their reach, create new revenue streams, and improve their bottom lines. However, there could be negative consequences for certain jobs and businesses. For example, brick-and-mortar retail businesses could be negatively impacted by the rise of virtual shopping experiences in the metaverse. Increased automation of certain jobs in the metaverse could lead to the substitution of workers.

Impactonsocialinteractionsandhumanrelationships

Metaverse could possibly lead to increased isolation and alienation, as people spend more time in virtual worlds and less time interacting with others in the physical world. It can also change the way we think about identity and selfexpression. In the metaverse, users can create avatars that allow them to present themselves in ways that may not be possible in the physical world. This could lead to new forms of self-expression and creativity, but it could also blur the lines between reality and fiction, making it difficult to distinguish between genuine interactions and those that are staged or fabricated.

Ethicalandprivacyconcerns

There have been several ethical and societal concerns associated with Metaverse. For example, the metaverse could exacerbate issues related to digital privacy and security, as people will be sharing more personal information than ever before. Additionally, the metaverse could exacerbate issues related to digital addiction and disconnection from reality, as people may become more immersed in the virtual world and less connected to the real world. Furthermore, the metaverse could exacerbate issues related to inequality and access, as people who cannot access the metaverse may be left behind in terms of communication, entertainment, and commerce.

Is Metaverse going to create a new digital economy for the transaction of assets or just another bubble?

-Team ConQuest

The metaverse is the topic of conversation right now. The metaverse, a hybrid of virtual reality, augmented reality, sensory technology, and spatial computing, promises to take us beyond our sofas or desks and provide new experiences. However, the metaverse is more than just a virtual world for video games. It is an entirely new economy, and it is not just limited to IT firms. Even established businesses are getting ready for the metaverse to become a place where you can buy, play games, meet friends, go to concerts, work, and overall create a virtual existence. Examples include eateries like McDonald's and retailers like Nike.

Whatdoesthecurrentmetaverselandscapelooklike?

There is no clear road to profitability for the majority of firms because the metaverse is still in its infancy; instead, everyone is vying to be the first to strike it rich. A more developed version of Web 3.0 can be used to explain where Metaverse is now.

As a result, the metaverse is a decentralized system that can be characterized as a community-managed, collaboratively built internet experience with privacy given by the blockchain. The metaverse market is anticipated to be worth between $8 and $13 trillion by 2030, and 5 billion users are anticipated within the same time frame.

Source: report value creation in metaverse, McKinsey, June 2022

WhatDoesMoneyLookLikeintheMetaverse?

The type of money utilised in the metaverse will differ from the money we currently use on a physical level. Cryptocurrencies will be used in a variety of ways similar to how we already use actual money; therefore, the way money moves will likewise change from how we currently experience it. The key to ensuring a continuous user experience will be blockchain technologies. It is anticipated that various kinds of cryptographic assets will rule the metaverse.

Consequently, one needs to first build a crypto wallet, buy some cryptocurrencies, and then finally buy NFT through an exchange in order to purchase NFT. When the necessary infrastructures are put in place, the consumer won’t have to convert their cash into cryptocurrency assets in the regions where the legal framework is sufficient for the existing metaverse environment.

Direct

NFT purchases may be made using a debit card or a credit

card. The most recent collaboration between Mastercard and the Coinbase NFT marketplace is an illustration of this. Thanks to this and similar cooperation, the complex procedures required for NFT acquisition will become outdated, and competitiveness in the NFT industry will increase.

The Metaverse’s financial side

A certain length of time is needed for Metaverse to create the technological foundation required for the virtual inter-world experience, its widespread use, and the rise in trust. To facilitate this entire transition process, a combination of products and services offered by metaverse finance (meta-fi), decentralised finance (de-fi), centralised finance, and traditional finance needs to be created.

Which areas of finance will Metaverse touch?

1. Property Rights: We can categorise these two sectors as having money as the first and property rights as the second. NFTs, which are immutable, distinctive, and capable of demonstrating ownership, are believed to be a useful tool for determining property rights in the metaverse.

The resolution of property rights will also give digital assets the foundation required for usage, appraisal, and trade. We may observe that solutions for the demands of buy-sell transactions and the financing of digital assets are being developed within the framework of Meta-Fi. The best instances in this regard include using NFTs as security when applying for a loan or withdrawing from a loan to obtain an NFT. These are only the first steps, of course.

2. Wallets: architecture is the foundation of Metaverse's financial system. The provision of the wallet infrastructure will be one of the most time- and resource-intensive financial jobs in the Metaverse.

Currently, a wide variety of cryptocurrencies are in circulation, financial transactions are carried out using multi-chain architectures, and users can access their cryptocurrency wallets using procedures known as multiple private keys. All of this makes financial transactions in the metaverse more difficult and sophisticated than the way that we typically use digital applications.

Financial institutions have a big obligation to manage and streamline these operations, as well as to give people the experience they are used to. Digital assets and cryptocurrencies should be connected to the real-world economy by fiat money and, by extension, conventional financial institutions. Therefore, the availability and usability of financial services in the metaverse will determine how quickly the creative economy develops.

Global corporations, including PwC, JP Morgan, HSBC, and Samsung, have already purchased virtual land tracts that they want to develop for a range of uses. To show how the metaverse can be used as a force for good, DBS joined forces with The Sandbox as the first Asian bank to create DBS BetterWorld.

Financial services in the metaverse will hold the future creative economy together, which will connect physical and digital assets. And the fundamental problem is a lack of a future-forward mindset, which is necessary to build competency and provide the kind of customer experience that the expanding creative economy demands.

What is the role of traditional banks in the Metaverse?

Consequently, banks have a few major opportunities:

1. Become dependable stewards of digital assets: At present, people have an implicit trust in banks with their money. There is no justification for them not to put their money and digital assets in the hands of banks.

2. Provide virtual wallets that any client may use easily: It will be practical to construct a digital wallet there as well if you keep your cryptocurrency, digital assets, and real-world money all in the same location.

3. Establish smooth, and secure transactions: Currently, using a combination of fiat currency and cryptocurrencies to make purchases in the metaverse is cumbersome and inconvenient. It frequently calls for absolute confidence between the parties.

4. Construct passageways from the metaverse to the physical world: In some areas of the metaverse today, it is relatively simple to spend fiat money. Money from the metaverse is more difficult to transfer to the real world. There are some early competitors developing crypto-to-fiat exchanges and related services, but banks could also participate.

Conclusion

It will be interesting to see how the metaverse continues to change our understanding of the economy and how value is defined. More utility has to emerge to build strong foundations for a successful ecosystem; many traditional financial systems and service providers may not be able to keep up.

The development of the metaverse economic system will incrementally change the financial industry through both steady changes and bursts of innovation.

No doubt, regulations will rise to meet the changing digital landscape, especially around the emerging DEFi systems. But one thing is certain—the metaverse is here, and our traditional society will never be the same.

A Bee in the Metaverse

DigitalAvatarsheadtoSchoolsandOffices

There is no denying the role of the metaverse in stepping up the game of virtual meetings, be they corporate or educational. It looks promising to turn passive meetings over Zoom into more interactive and collaborative spaces for users. The employees of large corporate houses can find themselves interacting in virtual workspaces all while working remotely. While their physical selves comfortably lounge on their couches, their digital twin avatars are the ones grinding in these coded offices. Meta’s Horizon Workrooms and Microsoft’s Mesh are precedents for this immersive experience. Following in the footsteps of these tech giants, ed-tech firms are also looking at enriching the learning experience of students by leveraging the metaverse. Such is the initiative of the Indian edtech firm Edverse. They have set their sights on getting students industry-ready by providing them with a digital platform to interact and work on acquiring soft skills. Their rationale is that simulating real-world activities would help students understand and mould into the role better.

Digital bees give their hive a facelift

TakeyourDateforaDrive

The sunny side of this picture is brighter on a lot more fronts. Automobile bigwig MG Motors is painting its services in codes that would be delivered on its virtual world called the MGverse. Potential customers would no longer need to get into the driver’s seat themselves and go for a test drive. They would not even have to report to the showroom to get the paperwork done. All they need to do is put on their VR headsets and drive off in their virtual ride. All these digital services place the consumers’ interests first, which in turn drives their satisfaction. The benefits of the metaverse do not fade away here. They also seep through the online dating scene, making it less dependent on users’ way around the keyboard. Virtual dating worlds make it possible for potential matches to go over and above the chat, setting their avatars up on dates and providing more polished experiences. Clearly, the Metaverse is the new heaven where matches are made!

A date to impress!

Blood,Spine,andTeeth:BiologyintheMetaverse

The impact of this sophisticated technology is profound. It holds the capability of transforming another niche—biology. While it might feel conflicting to dogmatists, technology is not separate from biology. The complex physiochemical processes that happen day in and day out can all be better comprehended with Virtual Reality (VR). Most biological processes, including the genetic code, had taken tens of years to add up to the complex theories through which we now know them. Documenting these theories squeezed many funds and efforts, even while using an interconnected network of sophisticated supercomputers. Moreover, a slew of physiological processes had only been studied in lower organisms like invertebrates, given their complexity in humans. Designing the anatomy of higher organisms, including humans, with technologies such as 3D modelling would improve the prospects for research and documentation. By mounting VR headsets, the researchers could get a real-time experience of the functioning of the human body without compromising the model. The Metaverse could do away with working on dead organisms where there is little to no possibility of preserving the life processes without inducing post-mortem decomposition. The amount of data and observations these researchers would generate would be overwhelming. Although these observations of the various biological experiments are stored in databases, recovering the data we need can get cumbersome, given the substandard search engines of these databases. For anyone to retrieve this information later is like scouring a heap of mud for a dime. Storage and curation of these heaps of information are affairs of a sub-field of biology called bioinformatics. The predominant databases that accommodate biological information are public, where researchers upload their work. This convoluted mass of data can be streamlined with more sophisticated technology.

The scope of the Metaverse also gets through to medicine. Drug discovery and development efforts can be augmented with virtual reality (VR) and artificial intelligence (AI). Potential drug target sites in the body can be better understood with 3D models and their reactions to bound drugs. The effects of various drugs on nontarget organs can also be examined. Over and above that, personalised chemotherapy can also become economical for the practitioner and the patient. These personalised medications are used as a last resort for patients who have no or severe side effects from generic medications.The relationship between biology and the metaverse does look promising. This might help tweak the long-standing view—relationships do not work out when you have nothing in common!

Dissecting the internals.

TheGood,theBad,andtheUgly

A bee’s day is anything but laid-back, something that it shares with man. Giving some respite to this tiny creature and its complex counterpart, the Metaverse surely ups their game.

Switching most activities to the screen makes a huge difference in their daily lives. This has given them enough time to toil on more essential tasks while their holograms are busy presenting to clients.

Still, in its diapers, the Metaverse has a long way to go before it helps transform lives as it hopes to do. It has an impertinent responsibility to shine brightly amidst the dark clouds of increased cyber fraud and online hatred that loom over our heads. At the moment, the good outweighs the bad, given technological strides.

From the corporations burning huge holes in their pockets to the ones unable to take their dates out to fancy restaurants, there is now a way out. It is almost here. The metaverse is the door to the future, the door to convenience.

Finding common ground with the uncommon

Q&A WITH Q&A WITH Q&A WITH THE TEAM... THE TEAM... THE TEAM...

In what ways can the metaverse be used to improve healthcare and wellness, and what are some potential applications for virtual therapy and rehabilitation?

The metaverse has the potential to revolutionize healthcare and wellness by creating new opportunities for virtual therapy and rehabilitation. Here are some potential applications for this technology:

Virtualtherapy: The metaverse can be used to create virtual environments that simulate real-world scenarios, allowing patients to receive therapy in a more immersive and engaging way. For example, virtual reality therapy has been used to treat post-traumatic stress disorder (PTSD), phobias, and anxiety disorders.

Rehabilitation: The metaverse can also be used for physical rehabilitation by creating virtual environments that simulate the movements and challenges of the real world. For example, patients recovering from a stroke or traumatic brain injury could use virtual reality to practice movements and improve their coordination.

Remote monitoring: The metaverse can be used to remotely monitor patients and collect data on their health and wellness. For example, patients with chronic conditions could wear sensors that track their vital signs and send data to their healthcare providers, who could then use this information to adjust their treatment plans.

Education and training: The metaverse can be used to train healthcare providers and patients on a variety of topics related to health and wellness. For example, virtual simulations could be used to teach patients how to manage chronic conditions or to train healthcare providers on the latest surgical techniques.

How can the metaverse be used to improve urban planning and design, and what are some potential applications for virtual city simulations and smart infrastructure?

Metaverse has the potential to revolutionize urban planning and design by providing a virtual platform for experimentation and simulation. By leveraging this technology, urban planners and designers can create more efficient and sustainable cities that are better equipped to meet the needs of their residents. Here are some potential applications for this technology:

Urban design: The metaverse can be used to create virtual simulations of cities, allowing urban planners and designers to experiment with different designs and configurations. This can help to identify potential problems and opportunities before they occur in the real world.

Transportation: The metaverse can be used to simulate traffic patterns and test different transportation solutions, such as bike lanes or public

transportation systems. This can help to reduce traffic congestion and improve mobility in urban areas.

Energyefficiency: The metaverse can be used to simulate the energy usage of buildings and test different energy-saving strategies, such as green roofs or solar panels. This can help to reduce energy consumption and greenhouse gas emissions in urban areas.

Emergency response: The metaverse can be used to simulate emergency scenarios, such as natural disasters or terrorist attacks, allowing emergency responders to test their response strategies in a safe and controlled environment.

Smart infrastructure: The metaverse can be used to create virtual representations of real-world infrastructure, such as bridges, roads, and buildings, allowing engineers to monitor and analyze their performance in real-time. This can help to identify potential problems and prevent failures before they occur.

How can the metaverse be used to improve environmental awareness and sustainability, and what are some potential applications for virtual simulations and environmental education?

Here are some ways in which the metaverse can be used to improve environmental awareness and sustainability and potential applications for virtual simulations and environmental education:

Virtualsimulationsofenvironmentalscenarios: The metaverse can be used to create virtual simulations of different environmental scenarios, such as natural disasters, climate change, and pollution. These simulations can help people understand the impact of human activities on the environment and encourage them to take action to reduce their environmental footprint.

Virtual reality tours of natural habitats: Virtual reality technology can be used to create immersive tours of natural habitats, such as rainforests, oceans, and coral reefs. These tours can give people a first-hand experience of the beauty and diversity of the natural world, and inspire them to protect and conserve it.

Virtual eco-tourism: The metaverse can be used to create virtual ecotourism experiences, promoting sustainable tourism and reducing travel's environmental impact. Virtual eco-tourism can also provide an opportunity for people who may not be able to travel to experience different cultures and natural wonders.

Virtual reality environmental education: The metaverse can be used to create interactive and engaging environmental education programs using virtual reality technology. These programs can help people understand complex environmental issues and promote sustainable practices in a fun and accessible way.

REFERENCES REFERENCES REFERENCES

1) Guarda, D. (2022) The layers of the metaverse in an infographic, IntelligentHQ. Available at: https://www.intelligenthq.com/the-layers-of-themetaverse-in-an-infographic/ (Accessed: January 19, 2023).

2) Augmented and virtual reality market with COVID-19 impact analysis, by organization size, application, and industry vertical, Global Opportunity Analysis and Industry Forecast, 2021–2030 (no date) Augmented and Virtual Reality Market Size, Trends Analysis 2030. Available at: https://reports.valuates.com/market-reports/ALLI-Auto4H304/augmented-and-virtual-reality (Accessed: January 19, 2023).

3) Clement, J. (2022) Global business sectors investing in the metaverse 2022, Statista. Available at: https://www.statista.com/statistics/1302091/globalbusiness-sectors-investing-in-the-metaverse/ (Accessed: January 19, 2023).

4) Staff, V.B. (2022) Report: 33% of DEVS say data privacy is a big obstacle for the metaverse, VentureBeat.

5) Lee, L. H., Braud, T., Zhou, P., Wang, L., Xu, D., Lin, Z., ... & Hui, P. (2021). All one needs to know about metaverse: A complete survey on technological singularity, virtual ecosystem, and research agenda. arXiv preprint arXiv:2110.05352.