The future of Metaverse in a nutshell

Many people believe that the Metaverse is a passing fad that will fade away soon. In reality, it is more likely a long-term, tectonic, and paradigm-shifting trend that is just getting started. However, the requirements for maintaining the same are enormous. For the transition of citizen-centric services and applications to Metaverse, 5G networks and other cutting-edge technologies such as AR/VR, AI & ML, and Blockchain will be required. To protect users in this virtual world, legal frameworks and regulatory rules must be strengthened. Renewable energy resources to power the Metaverse are also required. All of this, and more, must be put in place in order to provide innovative services to developing-country populations at a fraction of the cost.

Although governments may need to recognize the importance of Metaverse and jumpstart it, it will need to be developed and sustained with the help of 5G enterprises, the majority of which are in the private sector. This places a great deal of responsibility on both the government and the private sector; perhaps a public-private partnership is a viable option.

India could play a critical role in the development of the Citizen-Centric Metaverse. Governments are frequently chastised for being too slow to address emerging technologies and their implications for national growth and development, the advancement of its people, business in particular, and society at large. In this context, Metaverse should be regarded as a positive development. One thing is certain: the Indian technology governance and regulatory policy landscape is evolving, as global best practices are bound to influence policymakers' strategic decisions.

To participate in the digital revolution, all people, regardless of socioeconomic status, need access to the Metaverse.

So, imagine the newlyweds from Tamilnadu in their "Digital Avatars" appearing in front of the authority (again, in his Digital Avatar) for the marriage registration formality!

Metaverse, as a secure and bankable infrastructure for citizen services, provides the leap of faith required to transform governance. It is based on blockchain technology and provides a means for governments to improve transparency and accountability. Metaverse's future prospects are brimming with opportunities. And governments must take Metaverse seriously because it provides novel ways to generate employment, impart education, provide healthcare, and map urban planning. Governments can use Metaverse to blend the surreal and the real. What appears enigmatic will become palpable as this Extended Reality universe matures and evolves fully. "The Metaverse could serve as a type of bridge that, until very recently, would have been difficult to grasp," says Omar Sultan Al Olama, UAE's Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications. That bridge is now a work in progress, with the promise of transporting governments and the governed far and wide.

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Future of the Metaverse

The concept of the metaverse has been around for decades, but advances in technology have made it increasingly possible to build one. The future of metaverse is still uncertain, but many experts believe that it will be a major part of our lives in the coming years. One of the main drivers of this is the increasing popularity of virtual and augmented reality technologies. With the development of more advanced and affordable VR and AR hardware, it is becoming more feasible to create fully immersive virtual worlds. Additionally, the growth of 5G networks and the internet of things (IoT) will also play a key role in enabling the metaverse by providing the necessary infrastructure for high-speed, low-latency communication. As virtual reality technology continues to advance, the demand for a metaverse development company and its metaverse development services will only increase as more businesses and individuals look towards metaverse software development.

The Metaverse will be one of the key technologies that will reshape the digital world in the coming years. According to a recent survey conducted by the technology company Ciena, 78% of business users worldwide are interested in leveraging the metaverse. That is why it is critical for businesses to prepare for this technology, strengthen blockchain capabilities, mitigate Metaverse and blockchain security risks, and embrace a new internet era.

It is estimated that by 2026, 25% of the world's population will spend at least one hour per day in the metaverse for digital activities such as work, shopping, education, social interaction, or entertainment. Furthermore, nearly a third of global businesses are expected to have metaverseready products and services by then.

Let's build together on Metaverse

Source: A droit Market Research 2021

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A comprehensive overview on Metaverse


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