Perspective of Development From Eastern to Western PDF

NEW MEDIA DEVELOPMENT Perspective of Development: From Eastern to Western 01 Prepared by Dr. Norsimaa Mustaffa "Metaverse is to be said as the new future marketing platform for presenting and giving life to all kinds of brands in the 3D interactive digit...

NEW MEDIA DEVELOPMENT Perspective of Development: From Eastern to Western 01 Prepared by Dr. Norsimaa Mustaffa "Metaverse is to be said as the new future marketing platform for presenting and giving life to all kinds of brands in the 3D interactive digital space". WHY METAVERSE? WHY METAVERSE? Metaverse connects us to a community-owned virtual world. It enables continuous, collaborative, and interoperable digital content that intersects with the physical world's real-time. It provides the feature to co-create and test products virtually. Unfolds new opportunities for content creators, VR developers, venture capitalists, and other businesses. For instance, Players are alliancing with one another to capture the attention of its target customer base and get good market share in Metaverse. The metaverse will provide enormous opportunities for businesses to; Improve the customer experience. Introduce virtual 3-D products that can only be found in the metaverse. Gather new customer data. Sell physical and digital goods and services. Provide hardware and software to support metaverse activities. Gen Z will be the generation pushing early Metaverse adoption. Gen Z is extraordinarily comfortable and at ease in circumstances that could exist in the Metaverse. The augmented reality environment is becoming more about the live experience of these worlds and how they interact, which includes playing, observing, and socializing, for this age. FEATURES INTRODUCTION TO METAVERSE INTRODUCTION TO METAVERSE Metaverse is a 3D online virtual realm that connects individuals in all parts of their lives. Augmented reality will power the metaverse, with each user commanding a different avatar or character. Metaverse will incorporate economy, digital identification, decentralised government, and other uses in addition to games and social media with the help of blockchain technology. Blockchain technology would be the backbone of Web 3.0. For instance, while Web 3.0 is primarily concerned with who will own and govern the internet of the future, the metaverse is concerned with how people will interact with the internet of the future. TECH LAYERS UNFOLDING METAVERSE! Experience Games, Social, Esports, Theatre, Shopping Discovery Ads Ntework, Social Curation, Rating, Stores, Agents Design Tools, Asset Market, Workflow Creator Economy 3D Engines, VR/AR/XR, Multitasking UI, Spatial Computing Geosptial Mapping Edge Computing, AI Agents, Microservices, Decentralization Blockchain Mobile, Wearable, Haptic, Gesture, Voice, Humon Interface Neural 5G, Wi-Fi, 6G, Cloud 7, MEMS, GPUs Infrastructure  METAVERSE MONETIZATION (1/2) Brands can use metaverse as an additional sales channel by integrating systems that let customers to purchase, invest, and sell in the metaverse currency. NFTs may also help to advance the metaverse by supporting the growth of digital markets. Metaverse creators might collect commission fees on transactions, just like how app shops work now. Real Estate: Buying, renting, and designing a plot of land. Creating NFTs: Convert any of your works into NFTs (non-fungible tokens) and sell them on open marketplace. Advertising: Brands may create virtual mall storefronts and market their products and services on a variety of virtual platforms, including leasing and selling virtual reality commercials. Fashion: Make money in the metaverse by creating a digital clothing brand for avatars. Education: Fee based virtual schooling. Business creation: Users may open stores and create enterprises with greater ease than they can in the actual world. METAVERSE MONETIZATION (2/2) Gaming: Users can gather and sell in-game assets in exchange for tokens that may have real-world worth when playing blockchain-based games or engaging in metaverse activities, like in the case of play to earn games. You may potentially generate money in the metaverse by creating games for people to play and enjoy. Travel and tourism: Earn as a tour guide and travel agent. Promotion and hosting of events: Events such as parties, concerts, and sports. Product testing for metaverse: Just like a software tester in real world. Virtual Labor: 3D artists, virtual reality architects, community administrators, developers, coders, graphic and fashion designers, recruiters, and metaverse content providers are some of the jobs to be in demand. TYPES OF METAVERSE OPEN & CLOSED METAVERSE Open or Decentralized Metaverse is controlled by many authorities; in which, user can transfer assets like virtual land or outfits with other metaverses easily. Open/ Decentralized Closed or Centralized Metaverse is controlled by single authority. In this, user cannot transfer assets like virtual land or outfits with other metaverses easily. Closed/ Centralized ECOSYSTEM MAP Gaming Retail Entertain ment FMCG Heathcare Real Estate E- Commerce MARKET DYNAMICS MARKET DRIVERS Integration of Cutting-Edge Technologies Internet such as Penetration and Blockchain, AR VR, Adoption of 5G, 3D 6G, & Edge Reconstruction, Computing that and AI with Allows a Better Metaverse Access to the Virtual World Adoption of NFTs Demand among for Trading Digital Consumers for Assets the Digitalization Awareness of MR of Identities in a integration in Virtual World metaverse Among Users MARKET CHALLENGES Risks of Cyber Threats. Regulations Imposed by Government based on access and usage rate. Lack of Knowledge & Skilled Personnel For Metaverse Development and Operation. High Setup Costs of Technologies. Customers avoiding prolonged use of VR headsets over health concerns. Massive adoption of metaverse would require a behavioral change of using headsets. OPPORTUNITY AREAS VR/AR/MR Devices Industry Scope The growth of metaverse industry creates huge opportunity in VR/AR/MR devices industry, as there will be a surge in demand for VR/AR/MR devices and accessories. Improving Digital Infrastructure Digitally connected world is vulnerable to cyber threats, and the growing risk could mean opportunities for companies providing cybersecurity solutions. Increased digitalization will also require high-speed wireless connectivity which create opportunities to invest in 5G mobile connectivity and digital infrastructure. Upgraded Gaming Experiences With an amalgamation of physical world and mixed reality, metaverse will aid in enhancing the user experiences; both virtually & physically. The gaming platforms allows people to work, play & socialize altogether. Consumer Tech/ Communication Metaverse creates a wide scope for the growth of communications and streaming platforms. These platforms can offer their content in a virtual world rather than on a screen. Enhanced Advertising Metaverse allows creative ways of advertising, which gain consumer traction as well as ensures better consumer engagement. OPPORTUNITY AREAS Cloud Computing Cloud computing is the integral part of metaverse. Hence, inclination towards cloud computing is expected to increase. As a majority of workload are migrated to the cloud, and a large number of innovations are expected to be carried out on the cloud; the cloud computing industry is likely to boom in upcoming years. Web 3.0 Web 3.0 refers to an integrated Web experience in which machines can understand and catalogue data in a manner similar to people. This will allow for the creation of a global data warehouse in which any data format may be shared and interpreted by any device over any network. The Web's growth will bring new opportunities. The autonomous integration of data and services that expand the pre-existing capabilities of Web services, as well as the creation of new functions, are the key opportunities recognized. Data Centers A significant rise of the Metaverse will create a huge growth scope for the Data Center. As all digital and virtual capabilities are rooted in physical infrastructure, so increased adoption of Metaverse will inevitably demand for more data centers. Better Content Creation in Metaverse Metaverse helps the content creators in the creation of interactive content by providing a means for the user to interact with virtual objects; it also provides simulations and animations. Due to this, consumers will get more attracted to the concept, which is likely to result in an increased inclination towards content creation. Scope for Mobile Phones, Tablets, Desktops and Other Accessories With rising trends of Metaverse, the demand for these devices are likely to be increase in the upcoming years, in order to get access to it. "WEB 3.0": EVOLUTION OF WEB COMMUNITIES EVOLUTION OF WEB COMMUNITIES Web OS Symbiotic Web - human and Web 1.0 machines will interact in 1990-2000 symbiosis Semantic Web Web 1.0 Virtual blending of online and offline worlds Semantic 1990-2000 Social Web Web 1.0 Interaction, sharing, and World Wide Web 1990-2000 collaboration Web 1.0 1990-2000 Read only Socialization TOTAL GLOBAL ACTIVE USERS OF POPULAR VIRTUAL PLATFORMS Platforms Number of User* Web 3.0 virtual worlds 50,000+ Non-fungible tokens 412,578+ Blockchain gaming 2,364,576+ Decentralized finance 3,450,000+ Global crypto 220,000,000+ Gaming/eSports 250,000,000+ Facebook 2,970,000,000+ Source – SkyQuest, Secondary Research, *as of January 2022 CATEGORY BREAKDOWN  ENTERTAINMENT (1/3) Entertainment industry will see a major swift with the mass adoption of metaverse. Currently experiencing 4D shows in entertainment parks and movie theatres could become one of the common place experiences for mass users. Some of the key functions the entertainment industry will also be benefited by these functions. This would impact the customer engagement. More Enhanced Enhanced Immersive Unlocking Accessibility Virtual World- Customer Storytelling Creativity to Various Building Engagement Content Metaverse Key Functions  ENTERTAINMENT (2/3) Future developments and investments plan of popular companies in entertainment industry in Metaverse. For instance: Disney got an approval for "virtual-world simulator" patent during December 2021. In October 2021, Netmarble created its own metaverse entertainment to bring K-pop into virtual reality. In August 2021, TikTok has taken a step toward establishing its metaverse with the acquisition of VR start-up Pico Interactive Inc. ByteDance Ltd. In October 2020, Netflix and the Brooklyn Museum curated a virtual-only immersive experience allowing users to virtually walk through the museum and look at the costumes from Netflix shows such as “The Crown” and “The Queen’s Gambit”.  ENTERTAINMENT (3/3) The major evolution that metaverse is making into the film industry is content and experience. Metaverse in the film industry promises exponential progress by revolutionizing the cinema business in terms of experience and content. Film makers are gradually getting into the metaverse. Peter Luo, the CEO of Beverly Hills-based film financier Starlight Media, has formed a new company dedicated to exploring entertainment and commerce technologies in the Metaverse. Metaverse Entertainment Inc. is a subsidiary of Luo's Stars Collective talent incubator, which he founded last year. “Number One Player” and “Out of Control Player” are the most representative “Metaverse” movies that earned around USD1.4 billion and USD150 million respectively. “We Met in Virtual Reality” is another short documentary film made in metaverse. Furthermore, the stars such as Rihanna, Kamal Hassan, David Binachi, and others are also attracted by metaverse and are launching their digital avatars, conducting concerts in metaverse and many other activities.  SOCIAL MEDIA (1/2) Social Media companies are becoming pioneers for people adopting metaverse across the globe. Facebook is one of the prime instance. 8,658 An instance of better customer engagement. Since the inception of metaverse by Facebook, the company has recorded increased 8,008 active users. 2020 (Q1,2&3)2021 (Q1,2&3) Active Facebook Users (Million)  SOCIAL MEDIA (2/2) Percentage of adults in the US have awareness about Facebook's virtual reality project metaverse A Lot 11% Out of Total, Age-wise share of US adults interested in Metaverse, November 2021 (%) Some 25% Not Much 26% 60% Nothing at all 38% 48% 50% 43% 40% 11% 30% 27% 38% 20% 25% 13% 10% 0% 26% 18-34 35-44 45-64 65+ A Lot Some Not Much Nothing at all Source - Statista  GAMING (1/3) The metaverse in gaming is a unified and interoperable virtual reality (VR) realm in which users may interact with each other and the digital world around them using improved human-computer interface (HCI) gear and software. Metaverse in gaming provide enhanced: Way to Interact & Support Favorite Player Play-and-Earn Play-to-Connect Game Options Engagement, Virality, and Monetization for Games Creativity and Social Gaming Experience Massive Multiplayer Online Video Games Content Delivery, Tech, and Game Designs  GAMING (2/3) Metaverse in gaming industry has aided to the significant rise in AR and VR users which opens up a wide scope for the growth of the gaming in metaverse industry. US Virtual Reality and Augmented Reality Users 2017-2021 85 77.7 68.7 59.6 57.1 37.6 51.8 42.9 34.7 22.5 2017 2018 2019 2020 2021 VR Users AR Users  GAMING (3/3) Some Metaverse Gaming Instances include: In January 2022, Brew Master, a new metaverse-based game, was announced by Zhongqingbao, one of China's earliest gaming firms. As a result, the company's stock price increased by more than 20% in the 24 hours after the news, prompting a trade stop. In January 2022, Animoca Brands, a blockchain gaming company, raises $360 million in its quest to build 'The Open Metaverse.’ In September 2021, Dimension Studio made $6.5 million in revenues as a result of their experimentation with metaverses for fashion brands. They created a virtual production set-up that allows users to go onto a platform, get scanned by 106 cameras, and then be placed into virtual worlds to try on clothes and other items. They are well recognized for their work on Balenciaga's Autumn/Winter 2021 Afterworld game. In February 2020, Grand Theft Auto V, an open-world sandbox game, featured clothing options similar to those worn by Hong Kong protestors. Many artists have been reusing virtual worlds for political expression, and Hong Kong demonstrators were able to take their conflict in the real world into the metaverse.  RETAIL (1/2) Retail metaverse allows companies and shops to build a presence in the metaverse and engage customers in the new interactive 3D format. The Metaverse's construction will allow to break away from the existing industrial shape and function of physical stores and move light years beyond even the finest digital shopping experiences available. Virtual shopping and AR shopping technology to enable brands and retailers to set up a 3D 360 digital store on their website. Consumers can engage with things they desire to buy in real-time using their own unique virtual avatar in the Metaverse. Users can enter a virtual storefront in the Metaverse, see the things they wish to buy, interact with others, learn more about the products, and then make a real purchase.  RETAIL (2/2) Major companies such as Walmart, Zara, H&M, Nike, Sephora, Dyson, L’oreal, and many others are all getting into the world of metaverse for an increased sales of their products as well as enhance the customer experience. For instance, In January 2022, Walmart filed for various trademarks for its plans to start selling virtual goods, including electronics, appliances, toys, apparel, sporting equipment, home decor, and many others. In November 2021, The Central Saint Martins graduates collaborated with a computer game The Sims to produce a 23- piece Modern Menswear collection that users can purchase for $6.76 for virtual usage. In January 2021, Jordan re-joined forces with the popular gaming platform to introduce new virtual clothes and Jumpman Zone, an interactive experience in Fornite's Creative Mode. There, players may go on a treasure journey to find Air Jordan 11 'Cool Grey' artefacts, perform Trickshot Challenges, and access Jumpman-inspired MVP zones. EDUCATION Digital avatars such as Bitmoji Classrooms have become a modern trend in the field of digital learning for educators all across the world. Metaverse technology has unified the online experience in which an avatar may roam across venues, including the lecture theatre. It has the potential to improve the quality of learning and engagement while also allowing faraway learners to virtually visit the campus. Virtual classrooms where the users will have the freedom to move and interact. Students can also interact with items and manipulate components. Lessons will be uniquely designed based on the topic with immersive and gamification features such as role-playing and teamwork collaboration. HEALTHCARE (1/3) Training simulations are expected to be a major application of immersive technologies in the healthcare sector. 3D avatars of health workers will be able to interact with tools like digital whiteboards in the Metaverse, and they will be able to meet face-to-face without the use of complicated conference equipment. Big tech companies such as Alphabet, Amazon, Apple, and Microsoft are stepping up their efforts to reshape healthcare by inventing and collaborating on new tools that could benefit consumers, medical professionals, and insurers. For instance, In 2016, Microsoft developed a HoloLens software, HoloAnatomy, in collaboration with Case Western Reserve University and the Cleveland Clinic, that allows medical students to examine every component of the human anatomy, from muscles to veins, in 3D on a dynamic holographic model. HEALTHCARE (2/3) In metaverse each patient will have a digital avatar, which is a 1:1 replica of data defining their health gathered from many sources, such as electronic medical records and wearable devices that measure physical parameters in real-time. Medical data will combine with information gathered elsewhere in the metaverse ecosystem, such as administrative data, consumer behavior, lifestyle, and so on. The metaverse can enable surgeons to meet in virtual operating rooms and cooperate more efficiently for surgery with the help of other professionals and consultants. Furthermore, the metaverse has the potential to alter teleconsultation and patient experience by allowing doctors and patients to meet in a 3D clinic or any other location for consultation and diagnosis. Metaverse can also enhance remote monitoring experiences and develop digital treatments. Furthermore, the integration of blockchain and cryptocurrency will enable patients to make healthcare payments using bitcoin as a more convenient and feasible alternative to traditional payment methods. Blockchain technology is likely to play a big role in maintaining data privacy in the healthcare sector, which is another reason expected to enhance metaverse implementation in the healthcare business. HEALTHCARE (3/3) In January 2022, The National University of Singapore (NUS) Yong Loo Lin School of Medicine announced a collaboration with Microsoft and the National University Health System to use 3D holographic technology to learn certain medical procedures and study anatomical structures. In January 2022, XRHealth and HTC announced that they will offer Virtual Treatment Rooms on the VIVE Focus 3 and VIVE Flow. Physical therapy, occupational therapy, and pain management will be among the treatments available in the virtual treatment rooms. In December 2021, Global Healthcare Institution, an Indian healthcare edtech academy, has established a strategic agreement with 8chilli, a California-based tech business, to bring healthcare training and medical education into the metaverse. In 2022, GHA will provide immersive VR training courses to over 20,000 healthcare professionals worldwide. In December 2021, DeHealth, a non-profit organization based in the United Kingdom, announced the creation of a decentralized metaverse with the goal of transporting doctors and patients to a virtual space where they can work and communicate in 3D and earn virtual assets by trading their confidential and encrypted medical data. The HLT coin will serve as the ecosystem's primary mechanism of settlement. REAL ESTATE Rising interest in Non-Fungible Tokens (NFTs) confirms that people are looking for novel and unconventional methods of investment. Over $100 million has already been spent on metaverse land plots Sandbox, Decentraland, Cryptovoxels, and Somnium are the "Big Four" in terms of real estate sales in Metaverse. Prices for plots have risen by up to 500%, following Facebook's announcement that it was going all-in on virtual reality and changing its business name to Meta Platforms. Several digital ID regtechs like Socure and Trulioo, have received mega-rounds (raised more than $ 100 Mn) in 2021. E-COMMERCE Online buyers will be able to engage with products of interest in real-time using their personalised virtual avatar. Many companies are venturing into this new digital frontier. In response to COVID-19 stay-at-home orders, Charlotte Tilbury opened its first virtual store in 2020. Moreover, by 2021, the beauty firm has taken this service a step further to establish a fully functional element of the metaverse. In November 2021, Nike debuted NIKELAND on the gaming platform Roblox, an immersive and customizable 3D area where the Nike community can engage in games and even develop their own using the NIKELAND toolbox. Players may also earn medals that can be redeemed for Nike clothes and accessories for their avatarS. FMCG FMCG companies are experimenting with non-fungible tokens (NFTs) and the metaverse. Coca-Cola and Campbell Soup Company are the two of the most recent companies which has used it. In January 2022, Mc. Donald's alliance with Humberto Leon to create an interactive “Hall of Zodiacs.” Coca-Cola's first NFTs — one-of-a-kind digital assets housed on a blockchain — are being auctioned onto the OpenSea digital marketplace over four days which has started in July 2021. In July 2021, Campbell Soup Company has not only redesigned its iconic soup label, but has also released its first NFT digital art pieces to highlight the transformation. AB InBev, Procter & Gamble, and e.l.f. cosmetics are among the companies experimenting with the metaverse, which is loosely described as virtual experiences and environments. While some brands are going digital-only in their debuts, others are accompanying the launches with physical replications of the assets. TOURISM AR for Travel Agency Metaverse Studio is a firm that was founded on the go Augmented platform for everyone. Their model is built on a QR code-based system, in which the user scans the code and the virtual experience is opened immediately anytime the user wants. AR has Brought Multiple Revenue Models in Tourism Advertising agencies are also participating in this industry, alongside virtual tours and navigation systems. AR for the tourism industry has opened up new revenue streams, such as AR-based airport advertisements. By scanning a code with their smartphones, people can encounter adverts in augmented reality. Providing More Information in Real Time Various factors such as a comprehensive experience of the destination place, cost-effective solutions, and real-time information available to travelers help the augmented reality travel and tourism sector. In a single click, a user can check their travel experience, the weather, and the main highlighted spots to visit. In January 2022, Ariva’s new initiative aims to improvise tourism by combining travel with VR. Innovation- The Ariva’s team has recently produced an NFT series starring ‘Arivaman’, the main character of Ariva Wonderland. Arivaman shall travel to over 24 different countries. In November 2021, Korea Tourism Organization launched new global campaign 'Come Play with Korea, K-VIBE FESTA' using metaverse. GEOGRAPHICAL INSIGHTS  GEOGRAPHICAL INSIGHTS (1/5) Asia-Pacific region is projected to be the second dominating metaverse European market is expected to hold a market with more than 20% substantial share of in the market 2021. more than 15% in the market 2021. North American region accounted for a dominant share of more than 50% in the market 2021. The emergence of a metaverse will also act as a stimulant for the development of blockchain platforms focused on decentralised governance or finance. GEOGRAPHICAL INSIGHTS (2/5) CHINA China launched its first industrial metaverse association in November, which is supervised by the state-run China Mobile Communications Association (CMCA). With the rise of the metaverse, the virtual human market in China might reach $42.4 billion by 2030. Blockchain Services Network (BSN), a Chinese state-backed blockchain business, intends to build new infrastructure to allow the deployment of non-fungible tokens (NFTs). JAPAN In Japan, crypto firms have teamed up to form metaverse association. The establishment consists of 4 firms FXcoin, Ginco, Coinbest, and Intelligence Unit. In December 2021, Tokyo-based VR (virtual reality) developer HIKKY received around US$57 million to grow its metaverse business, collaborating with cell phone operator NTT Docomo. GEOGRAPHICAL INSIGHTS (3/5) INDIA Indian IT giants such as TCS, Infosys, and HCL Tech are getting ready to take advantage of Metaverse's possibility to gain a substantial market share. Tata Consultancy Services (TCS) has already made its initial investment in the Metaverse. Decentraland, a popular virtual world, has sold virtual plots of land worth $1 million, while two Indians, Vignesh Sundaresan and Anand Venkateswaran, bought NFT-backed digital artwork for $69 million in 2021. SOUTH KOREA The South Korean Ministry of Finance stated in August 2022 that it planned to invest US $20 million on the creation of the metaverse platform. SoftBank invested $150 million in the South Korean metaverse platform Zepeto in November 2021. In same period, Softbank also invested in a gaming platform located in Hong Kong. The bank sponsored a $93 million investment round in The Sandbox, an NFT gaming platform that allows users to create and own their own virtual property. GEOGRAPHICAL INSIGHTS (4/5) AUSTRALIA Tennis Australia has collaborated with Decentraland to organize the Australian Open (AO), making it the metaverse's first official tennis grand slam. The augmented reality (AR) and virtual reality (VR) industry in Europe is expected to reach $20.9 billion in 2025, rising from $2.8 billion in 2021. CANADA Dueling metaverse ETFs are ready to emerge in Canada, each with an own approach to futuristic space. Evolve Funds Group Inc: Evolve Metaverse ETF (MESH) Horizons ETFs: Horizons Global Metaverse Index ETF GEOGRAPHICAL INSIGHTS (5/5) UNITED STATES As of February 2022, Epic Games invested in Spire Animation’s US$20 million funding round to collaborate and build metaverse experience. In July 2021, US based tech giant Eon-Reality announced the launch of the EON Knowledge Metaverse, a multi-year global project to create a new and improved interconnected world for users to learn, train, and perform in Metaverse. As per the survey conducted in United States on “U.S. adult interest in Meta’s VR project” in 2021., 39% of Male and 27% of Females are showing interest in different ongoing Meta’s VR project. EUROPE In October 2021,Top Social Media giant, Facebook plans to hire 10,000 in Europe to build a virtual reality-based metaverse. COMPETITIVE VIEWPOINT COMPETITIVE VIEWPOINT (1/2) The key players in the metaverse market are Unity Technologies Inc., Lilith Games, Roblox Corporation, Facebook, Tencent Holdings Ltd., ByteDance, NetEase, ZQGame, Nextech AR Solution Cop., and Nvidia Corporation. Metaverse is also a growing platform for startups and every facet of the metaverse is used by startups, from infrastructure to VR gear to aesthetic assets. Although the industry is still in its infancy, given the massive sums of money necessary to run a large- scale virtual world, these firms will almost certainly be acquired by digital behemoths. Meta, Microsoft, Epic Games, Roblox, and Minecraft are the early adopters of metaverse and is projected to hold majority market share in the global metaverse market however, the overall market is growing, and the market is witnessing a huge competition and is projected to show similar trend over the next 4 to 5 years. Meta Platforms Inc. is a strong supporter of the metaverse, and it helps to promote its usage through goods such as virtual reality headsets and smart glasses. It is, however, the next generation of the internet, and it is vastly expanding the prospects for developers, entrepreneurs, and inventors. With the growing popularity of the metaverse, metaverse fashion stylists will be in high demand to create avatars and dress them up to reflect one's personality in the future. COMPETITIVE VIEWPOINT (2/2) Furthermore, attractive potential for virtual reality (VR), augmented reality (AR), and NFT-savvy firms abound in the metaverse. Many of these virtual worlds are supported by blockchain technology like that which powers cryptocurrencies and NFTs, allowing users to exchange virtual assets. Because of the NFT boom, Metaverse has also gotten a lot of attention in recent months. The emergence and development of the metaverse is speeding up dramatically in tandem with the growing gaming and entertainment industry. In the following years, it is also expected that the expansion of the internet and digital gaming would boost demand for metaverse. As a result, this aspect is projected to boost market expansion in areas like Asia Pacific and Europe.  ACQUISITION – A NEW MONOPOLY The top two industry players, including Meta Platforms Inc. and Microsoft Corporation have adopted acquisition as their key strategy to lead in the Metaverse Industry. Since, Facebook converted into Meta, a number of companies (for instance – Microsoft) are striving hard to get into the industry. These companies are adopting various growth strategies to compete in the market. Till the date, Microsoft has done the biggest investment of US$69.0 Billion for the acquisition of Activision Blizzard Inc. to get into the Metaverse Industry. Meta Platforms Inc. Microsoft Corporation INVESTMENTS – BY REGION Europe $8.0+ Bn Asia Pacific $20.0+ Bn The Americas $100.0+ Bn RoW Country ~$0.8 Bn METAVERSE INDUSTRY INVESTMENT SHARE BY SECTOR (%) 2% 6% 9% Gaming 30% Entertainment Retail 8% Education E-Commerce 5% Healthcare Real Estate 2% FMCG Tourism 11% 27% FREQUENTLY ASKED QUESTIONS (FAQs) Q.1 What is the Metaverse? Metaverse, essentially a word inspired from the 1992 cyberpunk novel "Snow Crash," which suggested a society in which people may connect with one another through their avatars. In many ways, the metaverse you're hearing about now is comparable to the same concept. The metaverse is a 3D virtual world in which people can interact with one another. Consider the metaverse to be a connected ecosystem of online 3D virtual environments where users may interact with one another, produce assets, play games, work and collaborate. Q.2 What are the uses of the Metaverse? The prospects of exploiting the metaverse to unlock new marketing opportunities are the first promising use case of the metaverse. In the metaverse, people can engage and associate with one another using digital avatars. This characteristic could be used by brands to discover good marketing opportunities. The metaverse may also provide new prospects for the creation of virtual workspaces. Enterprises, for example, could use virtual reality developers to create customized virtual workspaces that are ideal for company management and employees. Q.3 What is the role of VR and AR in the metaverse? Anyone who can put on a headset can have an immersive experience with virtual reality. It makes it possible for anybody to view and operate in a digital environment. Users may immerse themselves in a 360-degree virtual environment using complete VR headsets, allowing them to walk about freely. Augmented reality, on the other hand, is essentially a mirror of the digital world in the actual world. AR-connected spectacles might aid in the construction of new 3D virtual worlds, while VR could improve participant involvement in the metaverse. It's a wrap! Thank you.