The metaverse is a shared virtual world that users can access from any platform via the internet, and where they can interact with their virtual avatars. Access can be via virtual reality, augmented reality or a combination of both, e.g. through VR glasses. An important feature is that it has its own economy, which has real value and is connected to the real-world economy. Some of its sub-services were already available on other platforms; integration is the novelty. The theme and the built world of a given part of the metaverse depends on its provider, and the technology can vary. In practice, the metaverse is used in computer games and social media platforms, but it can also be used for virtual conferences, events (such as livestreamed online concerts, and fashion shows), for entertainment, digital libraries, and is revolutionising e-commerce with virtual shopping malls. In addition to commercial uses, organisations are exploring the use of virtual worlds for other purposes. For example, the metaverse is useful in the healthcare sector to offer virtual therapy and perform remote surgeries. It will also expand the possibilities of online education. The public sector can also use metaverse to provide virtual consultations and civil service. The interconnectivity and interoperability of different areas of the metaverse can be brought about by NFTs (non-fungible tokens), whereby goods tokenised in one part of the metaverse and thus acquired virtually as a token, such as a tokenised garment from a luxury brand, can be used in another part of the metaverse.
The metaverse is not just technology, it is a new business model
The Big5 companies have already invested a huge amount of money in the metaverse and companies supporting it with VR and AR technologies. Selling products and providing services in the metaverse requires a change of business models, the tokenisation of products, artworks, digitalisation, and the virtualisation of services, which also needs new company policies, terms and conditions and a new economic mindset.
