It’s the portmanteau of meta and universe. Metaverse is a hypothesized iteration of the Internet, supporting persistent online 3-D virtual environments through conventional personal computing, as well as virtual and augmented reality headsets.
In an easy way to understand, it’s the combination of technology elements (especially virtual reality, augmented reality, and smart glasses). Metaverse allows users not only to play but also live, work and communicate with anyone within the digital universe.
2021 is the year of Metaverse, we hear a lot of information about it. But is it possible to make it a reality?
As you can see, both Facebook and Microsoft spend a lot of money on this development plan. At Least $10 Billion is the number that Facebook expects the Metaverse project will cost. However, as Mark Zuckerberg estimated it could take around 5 to 10 years before Metaverse becomes mainstream and everyone prefers to use it day-to-day.
To bring the best long-term experiences and reduce lag in long-distance connection, it required infrastructure improvements.
If it’s possible to be a reality along with the vertiginous development of the internet and technology, are you curious about how it can affect Commerce and even your business in the next 5 or 10 years?
In the video The Metaverse and How We'll Build It Together -- Connect 2021, Mark said Facebook’s approach is to serve as many people, creators, and businesses as they can by keeping fees as low as possible and offering choice. And as far as we can see, Facebook is still doing a great job to offer the tools for the creator and commerce either at cost or billions of people love their products.
With the ambitious new initiative - Metaverse will create more offers and choices than ever before. Commerce is definitely a big part of Metaverse and you can sell both digital and physical products. Instead of only reaching your physical store to get a try or test with the first new product, your customers are able to join or visit the exclusive launch party no matter where they are in the world. They can have the feeling, sense, and experience they can in the virtual world.
Also, we are coping with the huge impact of COVID-19 on our current life, everything was shut down and we could not go anywhere and stay at home for the quarantine. As a result, we shop online more frequently and rely on the internet more for news and digital entertainment. According to the “COVID-19 and E-commerce” by UNCTAD, more than half of the survey’s respondents now prefer to shop online more often than before.
If you think about opening an online shop or converting your physical store to an online store, there are many platforms that help you launch your online store quickly and easily. For example, Shopify - Trusted by over 1,700,000 businesses worldwide.
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Long story short, I think in the future, we can not even imagine how meaningful the metaverse will be and how endless possibilities it can bring to us. But when the game changes, the butterfly effect will lead us to somewhere magical and incredible.
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