'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.

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.

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)