The Metaverse, a Business Model with Great Social Impact.
By Ragunath. T
Technology is the means by which fantasies can become a reality. Just a decade ago, you could only imagine these things happening in sci-fi and futuristic movies, from selling products in 3D in the Metaverse NFT marketplace to allowing customers to virtually visit your business. However, this technology is already in use, constitutes a paradigm change, and offers a business opportunity now.
The way we communicate, collaborate, and have fun online has been revolutionized by the metaverse, an innovative economic model with significant social implications. The opportunities and challenges presented by this virtual world, which is made up of interconnected 3D places, augmented reality, and virtual reality, are transforming several sectors and social conventions. Here is a summary of the substantial social effects of the metaverse as key points:
Digital socialization: People from different backgrounds can interact, work together, and socialize in common virtual areas because of the metaverse, which transcends physical barriers. Through reducing isolation, bridging cultural divides, and cultivating international friendships, this could ultimately advance intercultural understanding.
Economic Opportunities: The metaverse has spawned new economic structures including in-game economies, digital art, and virtual real estate. The creation, purchase, and sale of digital assets by individuals has opened up new revenue streams and job opportunities for creators, developers, and business owners.
Education and remote work: The metaverse has the potential to completely reimagine these two activities. Without regard to a person's geographic location, virtual office spaces and classrooms provide remote collaboration and learning experiences, enhancing access to both education and work.
Media and entertainment: The metaverse is combining with the traditional entertainment sectors to create immersive experiences like online performances, interactive storytelling, and live events.
Google search volume records are being broken by projects in the Web.3 environment (read, write, and digital property), with NFTs (Non-Fungible Tokens), and the Metaverse. Bloomberg predicts that the market for the Metaverse could be worth 2.5 trillion dollars in 2030. Because of this, we are currently experiencing an unheard-before level of technical advancement, where disruption is just around the corner. If we want to survive in a volatile, uncertain, ambiguous, and complex market, innovation is no longer a luxury, it is now a must. Knowledge of the usage of technologies is crucial for the survival and evolution of any form of organism since the 21st century offers limitless potential for exponential expansion for those who are able to take advantage of their organization.
We can now look to exponential organizations (Salim Ismail), which have an influence that is ten times bigger than that of their counterparts, as a new successful model in this fourth-revolutionary context. As demonstrated by the examples of Uber, which effectively handles an abundance of drivers, and Airbnb, which does so with an abundance of accommodations, they are capable of exponential growth. The Metaverse Development Ecosystem Developer is one of the ten most in-demand occupations, and Telefónica recently hired its first Chief Metaverse Officer, according to IEBS Business School, the top digital school for online training.
The "metaverse" is a network of constantly active virtual worlds where numerous users can communicate with one another and with digital items while controlling avatars, or virtual representations.
To put it another way, the Metaverses are a network of always-on virtual environments where many people can interact with each other and with digital objects while operating virtual representations, or avatars, of themselves.
As a result, we can say that the Metaverses are the meeting point of the various technologies and that we define them as the possible digital world in which people freely participate and coexist as independent digital identities. They are currently operating at
full capacity and creating exceptional social and corporate expectations.
To understand the metaverse's future extent, existence, interoperability, and standardization, we cannot neglect three crucial features. The sensation of truly being in a virtual environment and interacting with other virtual beings is called presence. The capacity to move between virtual worlds using the same virtual objects, such as avatars and digital objects, is known as interoperability. And standardization is what enables its wide acceptance.
Without cryptocurrencies and the blockchain (a block chain that eliminates middlemen by decentralizing all management), the metaverse would not be conceivable. NFTs, or unique and non-exchangeable tokens, are another invention of this technology that we may now identify with digital goods. Because of these factors, investment in the metaverse will multiply by 10 in just the upcoming year.
What are exponential technologies?
Exponential technologies are ones whose capacity and number of applications grow exponentially as their price and complexity significantly reduce over a very short period of time. They are practical, workable, inexpensive, and effective at addressing actual issues. I would want to add the following to the list of already well-known ones, which includes artificial intelligence, the internet of things, the cloud, sophisticated robots, autonomous cars, and 3D printing:
1. HAPTIC TECHNOLOGY: By using sensors built into various pieces of the worn equipment (gloves, clothing, accessories), they may simulate the sense of touch.
2. AUGMENTED REALITY: This technology adds more information to reality, changing how we perceive information, and has a wide range of applications in fields including education, travel, hospitality, and medicine.
3. IMMERSIVE REALITY: This technology simulates actual locations that you can interact with. The closest approach to teleporting is the 360-degree photography used to capture the reality we typically observe and other methods to accurately portray reality for later study.
4. VIRTUAL REALITY: One of the most popular, largely because of the video game and leisure industries. It enables you to reproduce the surrounding virtual environment, transporting you there or providing experiences that are not possible to have in the physical world. It is the entrance to a made-up universe in which the only bounds are those of the mind.
5. INFRARED: Although this technology is not new, it is currently seeing a new generation of applications because of the increased computing capabilities of modern gadget processors.
6. DIMINISHED REALITY: This unheard-of technology, which is the reverse of augmented reality, strips reality of some of its details to leave only the essentials. Visiting a fully deserted city and having your office clear of noise and mess.
7. HOLOGRAM: This novel method of engaging with things and people uses two light beams to provide the illusion of three dimensions in a physical space without the use of any gadgets.
8. TELE IMMERSION: viewing a show with friends from across the globe, participating in a virtual class with your classmates, or being inside a movie. Due to the high Internet connection and bandwidth requirements for an entirely good experience, it is the least developed. Its use could be revolutionized by the rollout of 5G.
How can these technologies help organizations?
As we've seen, they provide us with a variety of options, and the market is starting to produce significant instances that point the way forward. Indra has introduced Phygital, a creative proposal for all-encompassing solutions to connect the physical and digital worlds (OT/IT) in five priority sectors, while Metrovacesa starts to construct apartments in the metaverse.
Disney will participate in the event by valuing its ability to grow its business as a result of the company's experience in the field of animation and the creation of experiences in its theme parks and audiovisual productions, and the tourism sector will enable its users to travel to any part of the world from a completely immersive perspective. Manufacturing and logistics, cities and territories, sustainability, and customers will also be important areas for Disney to highlight. The cutting-edge ecosystem Red Mundo Atlántico, which connects all of its partners in the Atlantic axis to produce initiatives, enterprises, and good change, operates on a smaller scale. There are as many options as one's imagination will allow.
The metaverse NFT development will undergo a transformation akin to the one businesses went through when they switched from providing their physical services to moving the sales process online due to the Internet.
It will be quite similar to the transition businesses made from providing their physical services to moving the sales process to the online channel due to the Internet being able to provide goods and services in the metaverse. In this scenario, formerly science-fiction concepts will become real. We analyze business models and design smooth transitions to these new channels at Interim Manager Consulting (IMC), with more than 10 years of experience in these issues and the application of innovative methodologies (ExO, mission management, digital management, OKR...), while measuring well the costs, the impact on the teams, and the adaptation to the organizational culture.To create new opportunities, we combine culture, talent, and the business model with exponential technology. We impact cultural and strategy changes, talent development in digital skills, and the development of specialized marketing strategies for metaverses that have a high degree of message personalisation and are backed by technological foundations. For instance, you can visit, enter, and use the features of our online conference room, which enables us to have high engagement with all guests. We can therefore conclude that using these technologies creates its own virtual economy and has a significant social influence.
How does taxation affect the metaverse?
We now face one of the biggest legislative difficulties as a result of this new reality. From a Spanish perspective, there is no question that any sort of income obtained by a corporation or person tax resident in Spain from a metaverse should be liable to taxation in Spain under a personal obligation as a taxpayer of the relevant tax. If a non-resident of Spain owns virtual land in various Spanish towns and earns money by renting or selling those plots in the Metaverse, they must report or pay taxes on those properties to the Spanish Tax Administration. However, if this individual or business makes money off of a video game that was also not created by a Spanish corporation,The idea of tax residence is steadily fading away, leaving this virtual world with almost no content. So there will be a lot of discussion about taxes in the Metaverse in the years to come, and it wouldn't be shocking if the States found a new source of funding there.
“ In order to create new opportunities, IMC combines culture, people, and the business model with exponential technology “
In the future, you will be able to telework in the same way as if you were at the workplace, engage with your pals while designing in the air, and see them as holograms. You'll be able to learn more quickly by observing how the user manuals for any item appear floating next to you, you'll have your own virtual story, and you'll be able to make purchases using a decentralized money that is free from governmental control. You will communicate with people from all around the world, exchange knowledge, and get instruction just like you would if you were there in person. Even more amazing experiences, like floating through space or comprehending ideas that aren't feasible to convey in the physical world, will be possible for you.