One of the latest buzz words in the tech industry is metaverse where everybody wants to join the bandwagon. The name of Facebook was changed to ‘Meta’ from Metaverse thereby generating an interest in the market. Yet, many are still unclear on what the idea represents. Is it just another name for augmented reality, or a different virtual universe altogether where people can connect?
The word “metaverse” was first used in Snow Crash, a dystopian science fiction novel by famous author Neil Stephenson published in 1992 where it is used to portray a continuous, shared 3D virtual universe with easy teleportation.
The concept of a shared virtual universe has been also explored in video games such as World of Warcraft, Minecraft etc. where players interact with one another with gameplay. The gameplay experience of such games is getting more and more ‘real’ as the gaming technology, system processing power, and graphic quality improves.
Metaverse today is a place where virtual, physical and augmented realities converge to provide a ‘real’ experience in the online world in different areas of life such as professional work, education, shopping etc.
Metaverse as an idea has matured from just being limited to the tech industry and is now being implemented across various industries and aspects of life.
Covid has forced companies to transform from physical working spaces into remote work. The improved employee satisfaction of remote work has made many corporate houses realize about the time and money their employees were wasting in commuting and renting. Thus, many companies have decided to go permanently remote or a hybrid structure. This transformation has been aided by metaverse technology which provides a virtual office space and saves the employees from attending the cumbersome video calls in front of their system the whole day.
You can dress as you like, attend virtual conference rooms for quick meetings, take guidance from your seniors, and interact freely with office colleagues, thereby experiencing all the benefits of a physical office space without leaving the comfort of your home. Corporate such as Microsoft are planning to move their virtual meetings to a virtual reality space.
Higher education in the world was already facing a challenge due to high debt and expensive loans. Augmented reality apps in education this has led to decline in millennia’s opting for major courses and premier colleges and preferring specialized courses. Covid has accelerated the decline as it forced the education institutions to go virtual. Now, many ed-tech companies and institutions are adopting online courses and offering complete distance learning programs. Such programs are aided by the metaverse technology.
You can visit the ‘rooms’ of the professors for queries, collaborate with batch mates, visit labs and virtual classrooms and get a complete comprehensive university experience in an online education program.
An augmented reality in retail experience will usher in a new era of brand engagement and customer experience. It will drastically change the shopping experience in sectors which involve physical presences such as clothing, real estate etc. Stores in the metaverse will be a reflection of physical stores.
The number of choices that could be accessed through virtual reality surpasses the choices you get in a physical brick and mortar store. With enhanced digitization, payments will be made by digital wallets, UPI transfer and customer data will be used to provide an even enhanced shopping experience and offers to customers by the companies.
Meta(Erstwhile facebook) is now working towards opening the facebook stores created by the users in the metaverse.
Many celebrities are embracing the virtual space and there are virtual concerts and festivals on metaverse. This provides vast economic opportunities as celebrities will be able to reach out to fans from all across the world in a completely new way.
Artists can also release NFTs to protect the copyright of their art and make decent money from their work. Recently, famous Indian singer Daler Mehandi had a virtual concert for his fans in the metaverse.
There are various avenues for investment in the metaverse such as virtual ‘real estate’ which provides ‘land’ in the metaverse as an investment. As the metaverse is free from boundations of physical topography and distances, a real estate investment in the virtual world provides a plethora of opportunities.
As per many reports, the investment opportunities in the metaverse are of the value of USD 1 trillion $.
The gaming industry was already steadfast in their work to provide a ‘real’ experience to the players but Metaverse has accelerated the development. With improved processing powers in systems, better graphic guards and audio qualities, the industry has been able to adapt to modern times and provide a completely immersive experience.
One of the premier examples is Roblon which provides a multiplayer gaming platform to kids and enables them to play with their friends. It has a variety of games that are steadily becoming popular.
Metaverse is the future which will drastically impact all the aspects of life such as education, shopping, entertainment, work etc. The market is expected to grow by around 40 % CAGR by 2030. All new entrants and leading players will try to capitalize and work on growing their business in this sector. Metaverse is an amalgamation of virtual, augmented and physical reality that transcends the challenges faced by physical distances.
Dairy Delivery Software
Native Milk always had to deal with route optimization to maximize profit and frequent changing of delivery boys. While this was easily manageable manually in offline business, it was a big headache when their business went digital.
We developed a mobile application for the drivers with route optimization. The total delivery area is divided into various routes and orders are sorted according to different routes. A driver is then assigned a single route.
PlanTech, (Construction Project Management software Case Study) a well-established US based construction company with huge projects, needed an improvement of their business processes and better optimization of their resources. As their business expanded, projects continuously got delayed which resulted in lawsuits by unhappy clients. We faced a variety of challenges to develop niche technological solutions for a company involved in the construction industry.
We designed separate web and mobile applications for foremen i.e. project managers and for construction staff (labourers). The applications has synchronized features such as calendar, attendance etc. that were updated real time Simple user interface for the layman was developed after many iterations and approval from the client.
We developed a dedicated central project management panel. The purpose was to have a centralised system update where all team leaders from different departments could update on their tasks at work.
We needed a fast technology to synchronize the source data to our system.
We had to run our programs real time during the horse race.
We ran our calculations on the given data, but by the time we generated an analysis of the probable winner, the market trends and positions of the race horses altered so our result had no value.
The reason behind using node.js is that we were able to establish a swift and persistent connection between betfair and our algorithm.
We could run our program with race data and generate results using the latest trends up-to-the-second with more than 99 % of the source data matching with our index.
On-Demand Delivery App
The client was clear with their needs but was not tech savvy enough to state specific requirements.
In GetIt the driver and vendor are treated as separate entities unlike a regular taxi application where such division does not exist.
We initiated brainstorming sessions with the client to plan out the project.
We built application functionality to optimize the process while simultaneously taking all stakeholders into account.
The client had an understanding of NFC but they had no idea of how the technology behind NFC works.
The client needed a secure platform as they wanted to keep the customer data secured.
We did a knowledge transfer with the client and explained the technology behind NFC and QR code.
We undertook a variety of security measures to prevent any leakage of user data.
The oldest insurance company of Lebanon reached out to us. They needed to digitize their operations and develop a lending application.
The target customers of the bank were mostly laymen with not much technical know-how. They consisted of old people, rural families, middle class urban families etc. Thus digitization was a challenge.
We developed a mechanism for the bank to directly disburse the loan amount to the customer’s bank account. This saved a trip to the bank of the customer and saved a lot of time for both the parties.