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Enterprises will be able to design, build, manage, and monetize digital assets that will be deployed across multiple worlds thanks to companies offering Metaverse platforms and tooling technologies
Ever wondered what could be the possible outcome when IoT and Metaverse intersect with each other in real-time?
The interaction would result in creation of digital twins. Digital twins are virtual reflections of real physical entities that look and act in similar ways as the real being in an online stimulated environment. IoT is being referred to as Internet of Things which is all encompassing now, as every possible tech process is increasingly becoming ‘Smart’ by integrating the unconnected products into connected smart solutions and services. Metaverse, on the other hand is all about the way in which humans interact with technology and with each other using technology. A recent Bloomberg analysis estimates that global Metaverse revenue opportunity will approach $800 billion by 2024. People are spending more time engaging with digital systems, socializing in digital spaces, than ever before.
Over the last couple of years, it has been observed that, some major companies are placing big bets on the Metaverse or unlimited reality to fundamentally change the way people interact. As a result, the Metaverse is escalating quickly to a topic for boards to address and consider their company’s growth and talent strategies, and opportunities. The maximal value of both Metaverse and Web3 will depend on the ways in which the two converge with one another. Both driving new lines of business, new ways of working, and new means of interaction between businesses and people.
Market Integration and Impact
Metaverse will challenge businesses to rethink their presence online and become a part of shaping the next platform revolution as they build new ways to connect to customers, partners, and their digital workforce. According to Accenture Technology Vision 2022 report, 71% of global executives state that the Metaverse will have a positive impact on their organizations, with 42% believing it will be a breakthrough or transformational.
According to the Monetizing the Metaverse Economy report the new digital future will be known as the “Metaverse economy” have come together basis these technologies:
Influences of decentralisation in the intelligent web
New means of value exchange via cryptocurrencies
Interactive experiences in digital worlds, and the use of artificial intelligence (AI) and mixed-reality technologies
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