ALICE IN METAVERSE: HOW IT PROMISES TO CHANGE BUSINESS AS WE KNOW IT? - Abhinav Goyal

 

As we move into the new year, it is only fair that we look ahead and paint a picture of how the world will change again this year, and on that front, nothing is more exciting than the waves of excitement created by “the Metaverse”. Something right of a science fiction movie (Read: The Matrix), a virtual world in the clouds, is touted to become reality soon enough.

Meta (erstwhile Facebook) brought the concept of a parallel world based on virtual reality into the forefront with its surprising rebranding and pivoting exercise in 2021, and for them India will be the largest market with a population of 140+ crores, with ~70 percent of which in 15-64 age bracket. Combine it with ever increasing penetration of cheap internet and smartphones we might witness the war of the worlds (but virtual) soon.

Partly due to the pandemic and breakneck innovation in the tech world, the world is looking to adopt the metaverse faster than expected and it might be long before it becomes a household presence like the smartphone. Hence, we will dive deep into how a metaverse might change the existing ways of doing business and what new kinds of risks it might carry with it.

The First Movers

Retail might be the first sector to witness an impact with gaming, media and education. A majority of these have already transitioned to the tech space in the last 2 years, flush with VC money and a need to reduce costs due to increasing rentals and inventory costs.

Imagine having the option of putting on different outfits, shoes and accessories on our personas, customizing the best look for the season before making the purchases and having them delivered on our doorsteps. We can play around with the size, colours, fit and even customised designs and the companies are no more limited by the inventory they can carry.

Similarly, the implementation of metaverse tech in gaming is endless. Like every other anime and sci-fi novel creating a world with its own folklore, money, kingdoms, tribes and weapons, people can effectively live a second life in this world, fight, earn, trade and level up. This is every teenager’s dream come true.

We might get to watch movies and TV shows in a virtual theatre, experiment on projects with classmates and host a college fest virtually plush with celebrity performances and activities.

One of the earliest use cases of this tech might be implemented by automobile companies who will offer simulators to customers to experience driving their cars in India and customize the look and feel of the cabin. Such simulators have already existed for pilots, now this tech might be available for the common man too.

The Party Poopers

With every new tech comes the risk of new kinds of dark actors, predators and criminals who will plunge at every loophole to make a buck. The creation of the virtual world carries risks of money laundering, identity theft and other security problems. What if certain viruses are spread that completely eliminate or take over someone’s access to their avatars, leading to financial and security troubles. What if the concept is too alien and hard to understand for the general public that it flops or is caught in a regulatory nightmare?

I believe it is imperative for the burgeoning Indian start-ups and regulators to work together in its early days to enhance security frameworks and plug any loopholes during development before it reaches scale.

With its vast resources in engineering, design and tech skills, flush with investments and excitement, India might be in a good position to become a leader in the space and the tech itself carries enormous potential that might solve problems for us in the long term.