Let me begin by dissecting the term metaverse. Metaverse technology originated in 1992, in a novel titled “Snow Crash” of the genre “science fiction”. The author of the novel “Neal Stephenson” coined the term metaverse where
meta means “beyond” and “verse” means universe.
And the plot of this fiction was that metaverse was a small place in the virtual world and the characters in the novel could go there to escape the dreary totalitarian system of politics. No doubt that now “Mark Zuckerberg” the CEO and co-founder of Facebook got inspired by this tale and has started to bring this metaverse (a virtual place) to reality. The first step on the ladder was when he rebranded his Facebook as meta. Now he has publicized the metaverse to be the web 3.0 or the next generation of the internet.
What is web 3.0?
Web 3.0 is the latest internet technology, being the next generation of the internet.
It is that version of the Internet that interconnects data in a decentralized way, as a result, it makes the user experience faster and more personalized. And interestingly, it has been tailored with the help of artificial intelligence, machine learning, and the semantic web. Moreover, these 3 have a layer, layer of blockchain technology that provides security to keep your information safe and secure.
And about Metaverse, it would be a part of web 3.0 and there would be no interventions, neither of government nor of private giants like google, or Facebook. etc.
Now let’s talk about how corporates could use it.
As a management student, I would perceive from a business perspective.
In these 4 walls, we got 4 elements.
- All these 3 have been submerged in some or the other Scenario.
In meta verse technology, these elements would be
- Meta humans
- Meta objects
- Meta organizations
- Meta scenarios
Why did the elements change?
Is anyone from the audience?
- There are so many mathematical concepts and principles that are not applicable in the real world because we live in the VUCA world. So, it is very difficult to predict short-term behavior.
But in the case of meta-organization businesses would be able to run multiple experiments and follow the trial-and-error approach.
So just picture,
From the pool of experiments, businesses would be able to pull out the successful ones and plug them, into the real world.
- Similarly, the concepts and principles of economics won’t be applicable in the metaverse. Because artificial intelligence would be controlling things, what are these things? “Meta scenarios”
eg machine learning
real world: supply creates its own demand
virtual/ synthetic world: demand creates its own supply
so, we would have meta-economics.
- And about management, the concepts and principles of management won’t be valid in the metaverse because there we would be dealing with metahumans and meta-objects. The degree of control that we would have would be different.
For example, the difference between the degree of control in online classes and offline classes is very wide. Online classes are perceived as augmented reality. So, we would need no improvise meta management.
In conclusion, it would be all about balance, the balance between the real and virtual worlds.
Metaverse is a new reality, the sooner we accept it, the better it is.
whatever Vaibhav said, I do respect that, but Perception is subjective, and reality is objective.
At a psychological level metaverse is very addictive and tempting. There is a term for “escapism”. And it is a fact that people do escape a lot since the internet became cheaper. Like playing games endlessly, scrolling on phone for hours. People are glued to these devices.
So, I think the metaverse should have limited restrictions for individuals.
For corporates, it is a good resource to trust us.
There is a change in the business environment. Now it is managers’ choice, that they would manipulate this change, the arrival of metaverse to opportunity, or tackle it as a threat. So, I believe that corporates should have open-minded and inquisitive managers.