The World Economic Forum has a list of four industrial revolutions, and we are in the fourth one right now. The third revolution, which was digital transformation and information technology, came after that. WEF said that the Fourth Industrial Revolution has four main effects on businesses: customer expectations, product improvement, collaborative innovation, and organizational forms, all of which are influenced by the revolution.
The fourth revolution is marked by a mix of technologies that blurs the lines between the physical, digital, and biological worlds. Metaverse, Virtual Reality/ Augmented Reality (AR/VR) will play a big role in the fourth revolution. It will touch every part of our lives in a way we've never seen before. These technologies are a way to make sure that the digital and physical worlds aren't too different.
What is the Metaverse?
In fact, because the "Metaverse" is still in development, there isn't even one definition of it that's the same across the world or universal definition of it.
There are many online worlds in the "Metaverse," and they can be used for work, study, fun, games, and business. You can use virtual reality and augmented reality to interact with 3D avatars in these worlds.
"Snow Crash," by Neal Stephenson, was the first time the term "metaverse" was used in a novel. In the book, people wear virtual reality headsets to interact with a game-like virtual world.
Cryptocurrency is already used as a form of payment in some metaverses. Decentraland is the first fully decentralized world. If you visit, it will be the first thing you do. If you want to live in Decentraland, all you need to do is buy tokens called "MANA" to buy anything and everything you want.
As it turns out there are only a few tokens in the metaverse that have turned green this year: Decentraland, Sandbox, Alien world, Axie Infinity, and Enjin (ENJ) are just some of them.
AR/VR technologies not only improve legal outcomes, but also shorten the distance between different places in the world. Legal professionals will no longer be afraid to take on high-profile multi-jurisdictional trials. When AR/VR technologies are used in multi-jurisdictional and geographical lawsuits, they will also help cut down on the cost of those lawsuits.
Metaverse is beyond the realm of gaming and fun. The utility of these and many more evolving technologies is still unexplored yet promising. Additionally, we are still in the early days of evolution and don’t know how they will evolve. It’s important to start to explore how these technologies can enhance your business model and client experience. While Metaverse offers new and refreshing ways of professional and personal interaction, easing human efforts, the potential cons could not be overlooked. Right from the fraudulent transactions to potential data compromises to invading private space, unregulated space calls for laws and regulations.
Some blockchain-based platforms, like Decentraland and The Sandbox, require Ethereum-based crypto tokens, like MANA for Decentraland and SAND for The Sandbox, in order to buy and sell virtual goods.
In Decentraland, people can trade NFT art or charge people to go to a virtual art show or concert. They can also make money by selling land, which has risen in value over the last few years. They can do this because land prices have risen.