What Exactly is Metaverse and Some Interesting Facts About It

We’ve heard and read about Metaverse in the news and all-over social media, but what exactly is it? In simple words, Metaverse is a world that is virtual. Any ideal scenario that you wish to adopt can be transported into Metaverse. It is in a 3D format, and you can take it as far as your imagination can soar. Even Facebook rebranded its name to Meta and made a huge announcement to enter the metaverse market.

Just as you would communicate with a friend in real world, in the Metaverse, an artificial Universe is created, allowing users to interact with their buddies and coded Characters or Avatars. This seemingly interesting parallel world is used for different purposes, such as, online gaming, education, and even for difficult training purposes.

Here are some fascinating facts about Metaverse:

  • According to stats, there will be a time in the near future (2026), when a quarter of our population will spend at least an hour daily in Metaverse by 2026.
  • Corporates will start selling their products to consumers vis Metaverse.
  • Facebook, the tech giant has already invested around $10 billion in the Metaverse business.
  • Metaverse has limitless potential and biggies like; Microsoft, and Google are setting a higher benchmark to evolve their own version of Metaverse.
  • They say marriages are made in heaven! Well, not anymore. Even marriages happen on Metaverse. Yes, this is for real! In India, a couple got married via the Yug Metaverse and many such events are underway to scale their social circle.
  • Dubai’s Ruler Sheikh Mohammed bin Rashid Al Maktoum declared that they are well on their way to creating a Metaverse ecosystem and the investment of $4 billion will be made by 2030. They also reported doubling the number of blockchain companies and creating 40,000 jobs.
  • There’s something called as Metaverse coins and just like you invest in Bitcoin, investors will find their share of profits by investing in this $800 billion industry (by 2024).
  • Sci-fi movies can be streamed on Metaverse World. And for this you do not need to invest heavily in any expensive device, simply buy a pair of VR headsets.
  • Another astonishing story is about Gucci – the Luxury Fashion Brand that everyone knows about. Gucci made a digitalized version of its most famous Signature Bag and auctioned it on Metaverse. And guess how much it got sold for? A whopping $4,115 is what it made. Would you pay that much to not even have a bag in your hand, but just own it virtually? Well, only time will tell where the world is heading!
  • What one experiences, becomes one’s reality! Binding this concept together, corporate training is now being preferred on Metaverse as the 3D phenomena offers a realistic scenario to employees or trainees who need the necessary induction and training. For example, if someone needs technical skills to perform work on heavy machinery, the Metaverse provides a safe space for trials without the fear of any hazards.
  • Conferences between different nations across the globe can take place virtually, all thanks to Metaverse. So, a summit between leaders of the Middle East can hold a conference with American delates, seamlessly without spending on travel.
  • The Covid-19 Pandemic did leave numerous countries devoid of tourism, including the GCC regions. What if another such scenario happens in the future? Is the tourism industry ready to take a big hit again? However, Metaverse is here to give tourists an authentic experience of a famous destination, before actually booking a ticket to get there. Similarly, hotels and 5-star luxury properties will benefit by putting up their project on exposure, so that guests get a feel of what it is like to experience such Luxury and get enticed to actually take the decision of booking the hotel for a night stay or a plot of land in UAE.

Now that you are aware of what Metaverse is and how technology is rapidly evolving, it is essential for Schools to catch up with changing times. Tech courses are not uncommon in IB Schools that abide by the STEAM curriculum. Technokids is one such learning platform that delves deep into teaching kids the basics of Computer Technology and even offers multiple projects to K-12 students to test their tech abilities. The biggest investment in your child’s future today would be gifting them courses on Technology so that they don’t feel left out when they Graduate from School.  

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