What Exactly Is the Metaverse?
There is no disputing that there is a lot of hype and misunderstanding surrounding the metaverse and Web3. So what exactly is it? The simplest explanation is that Web3 is the technology and the metaverse is the whole experience. It is continuously changing to give us more interactive and immersive experiences for both businesses and people. We engage in real-time video meetings, play games from various locations, use FaceTime, view livestreams, and participate in Twitter spaces. Unaware or not, many of us engage with the metaverse daily in a variety of ways. As these user experiences develop to become more immersive, more of the activities we perform in the real world will now take place in digital spaces than they did a few years ago. Online gatherings for parties, concerts, art exhibits, fashion shows, and meetings with friends and colleagues have all become common place.
What important features set this most recent iteration of the internet apart from earlier iterations?
Siloed user encounters are first to fall apart. Our previous user interfaces for media, gaming, communications, commerce, and banking were distinct. All of this is now accessible to us through a singular website or application. Second, consumers are increasingly able to control their digital identities, because of decentralization. We will use a single identity that we own across the entire metaverse in place of repeatedly signing into and out of platforms, experiences, and apps that are controlled by corporate gatekeepers like Facebook, Google, Microsoft, or Apple.
Metaverse Applications for Small Businesses
The business apps used in the Web2 era have little in common with those used in the metaverse. What has altered is the appearance and accessibility of Web3 technology, which has empowered small businesses from various backgrounds.
Personalized Customer Experiences
Two types of Web3 tech can help your small business deliver that same level of customer experience, right now. One is digital identity registration. Services such as Unstoppable Domains or Ethereum Name Service allow anyone to register their digital identity for use with Web3 tech and metaverse experiences. The other is WalletConnect. Enabling WalletConnect for your website or decentralized application allows customers to sign into your experience with a digital identity via their mobile/digital wallet, bringing all of their online history and preferences with them so you can deliver personalized customer experiences.
Effortless payments and enhanced commerce flow
Regarding innovative tools like WalletConnect, transfers are the other side of technology. Do you recall the advertisement for the “Buy now with 1-Click®” icon that Amazon has trademarked?
Consumers today are required to input their payment information every time they make a purchase. Currently, small companies must pay third-party service providers to add payment functionality to their websites or mobile apps.
Because users will have logged in using a wallet that also includes payment information, open-source protocols like WalletConnect will streamline the payment method and eliminate the need for third-party transaction providers. This is a fantastic choice that almost everyone who wishes to use this payment method will appreciate.
In light of the fact that money will live in the same domain as data, commerce will move at the same rate as information, giving users and companies a better and quicker understanding.
The Importance of the Open Metaverse
Facebook had all the tools necessary to thrive in the metaverse as this new technology arrived when it changed its brand to Meta. Why did they fail to hit the target, then?
The reason is that it has to do with digital identity and who controls the data associated with it.
Whether a person logs into Facebook or a third-party website using Facebook Login, in Meta’s iteration, they own that data for each and every individual. Then Meta gathers, extracts, and sells that information to other companies hoping to influence us to take a different position, make a purchase, etc.
We provide them with our digital selves, which is why Meta is effective.
The importance of one’s digital self in the internet environment is something that people are becoming more and more conscious of.
People are becoming more and more conscious of how important their online persona is. They’re coming to the conclusion that having all of their info owned by one company is bad. Do we let companies like Facebook or Amazon own our data indefinitely, or do we choose a different course? With the help of the Metaverse, everyone can fully take control of their digital identities and enjoy the frictionless Facebook Login experiences they’ve come to expect.
Open-source technology standards are important for this reason. Anyone can use an open-source system, regardless of who developed it.
Futureverse
Futureverse is developing open-source technology protocols for things like money, identity, and communications while also showcasing how they can be used. The goal is for these protocols to become global standards that anyone can create with. More people will then be drawn to visit and create experiences in the vast metaverse, which will in turn entice more people. The metaverse, altered state machines, and artificial intelligence (AI) are all brought up by this.
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