Historically, the existence of the term metaverse goes long way back. Nevertheless, while metaverse had been discussed its potential even as early as in the 1930s, it is not until recently metaverse had become the buzzword of the world. The hype for metaverse takes place and continues to grow as we hears the gigantic news where Facebook rebrand itself as Meta in 2021 and then the announcement of Metaverse among the Gartner’s top strategic technology trends 2023 in 2022. What is metaverse and why there is hype for this technology trend?
The term metaverse is a close compound word, the combination of Greek prefix meta that means post, beyond or after and the word universe. Therefore, metaverse literally means post-reality universe. In elaboration, according to Mystakidis, Stylianos. (2022). Metaverse. Encyclopedia. 2. 486-497. 10.3390/encyclopedia2010031, metaverse refers to a perpetual and persistent multiuser environment merging physical reality with digital virtuality. In other article, Gartner defines metaverse as a collective virtual shared space, created by the convergence of virtually enhanced physical and digital reality. Simply put, metaverse represents a virtual shared space that is created through the combination of physical and digital reality by multiuser. Metaverse however is not a single entity. Specifically it for metaverse to meet its definition, it requires the integrations of multiple technologies and trends.
In succeeding and becoming business leader today, enterprises have to explore every marketing strategy there is. Metaverse is believable of those technology trends that will enhance users experience. Through collaborative innovation and technologies such as virtual reality (VR) and augmented reality (AR), users are offered with new trading experience; virtually opening or visiting a shop and purchasing products. Online business and services had already normalised in daily activities, and the possibility of users accepting metaverse which is emerging is nearly positive. Additionally, the recent days show how advancement of technology and environment has had great impact on consumers demand, thus metaverse can be a trillion-dollar opportunity.
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