The Shift towards Metaverse
The virtual realm has progressed from being just fiction to reality. Millions of people around the world are spending substantial amounts of time on virtual platforms, whether it's playing games or trading, or doing business.
Talking about the virtual worlds, until recently these were limited to computers and tablets. But with the progression of technology and the improvement of virtual reality gear, it is getting more accessible. The experiences more becoming more real, blurring the border between our reality and the virtual worlds.
Apart from the equipment, the lack of a cohesive cross-realm ecosystem was the biggest roadblock to virtual reality’s transformation. Some virtual ecosystems aim for universality, whereas the majority of virtual worlds are purposefully restricted to specific games, with a certain mindset, and limited targeted audience.
The solution to this is to develop a mutual user-friendly interface that would emerge to integrate virtuality into the physical world of augmented reality. “The metaverse” is the name in town, What is it? It is a collective, enduring layer of interconnected virtual worlds.
Although it is uncertain how this development will occur, the research shows that VR, AR, and metaverses, are becoming the escape and essence of human socialization. Smart thinking is betting big in this area.
Metaverse: The Place for business opportunities
Trading of Virtual Products
Virtual products exist solely in digital form. It could be a virtual depiction of a worldly thing or a thing that only exists in cyberspace. While they aren’t “real” in the worldly sense, they are certainly “real” for people to spend money on them.
Such virtual products have important uses for many business ventures. It’s not difficult to picture someone purchasing a virtual high-end shooter Airplane so that they might have leverage in a virtual shooting game. Or purchasing an avatar in a virtual space has the same effect as owning one in the real world.
The impression is evident. If one can create and trade items in the actual world, then one can definitely create and trade them in virtual worlds. The worth of these products will only rise as technology is moving closer to a captivating metaverse era.
Massive target audience
The gaming industry is bigger than the media film and sports industries, this implies a larger audience and use of technology.
These audiences are not just enormous, but they are also likely to differ in fundamental ways from the typical audience. NFTs and virtual products are being used by businesses to reach out to young people. Two-thirds of the gamers usually lie around the age of 24. And for some games, the average player is even younger than 24, around the age of 16.
Luxury businesses see value in giving access to users to buy virtual copies of their high-priced products before they can do so in the “real” world. So it's not only the gamers that are targeted but people with every interest are being approached.
Protection of IP
The most common question about the products that are present virtually is, how to keep their worth intact and to be made sure that no replicas can be created. Counterfeiting is clearly a major challenge in worldly businesses, from footwear to art. It gets even more challenging in the virtual world.
It is highly possible to create virtual replicas of products, with no discernible differences in them. With virtual products, how do you preserve and enforce scarcity and exclusivity? This is where NFTs (non-fungible tokens) come into play.
At first look, the blockchain may appear to be quite intricate, but it is a record of ownership for specific assets which are present virtually. The blockchain differs from other records of ownership, is because it is decentralized, and gives no power to anyone to change, destroy, or alter it.
So, if you own a crypto token or a coin, that is added as a unit into the blockchain record. You can’t spend it twice because there’s no way to make a duplicate record for that coin. When you are trading a coin or token you’re essentially giving them a unique reference or private key to that particular asset. Hence there is full protection of your asset.
How does Narsun Studios Play a role?
Virtual product use cases are becoming vivid and valuable to both customers and the businesses of the virtual worlds, it is continuing to be innovative and it is growing vastly. You need to construct virtual copies of your products to be ready to take advantage of current and future chances to make money and build your brand in the metaverse.
Narsun studios has a flexible framework for creating 3D virtual products which can be used a variety of settings i.e games as well as the metaverse. Narsun Studios has expertise in creating photorealistic 3D assets, layering information over the assets’ attributes and contents, and exporting those assets into the file types that are virtually needed.
Narsun studios is marking its name in the field of blockchain technology, we have talented developers who can create NFT marketplaces and integrate blockchain into games as well. Narsun Studios is setting its foot into the niche of metaverse as well, making it one of a kind software house. We are leaping into the metaverse and the shift is going to happen with a bang.