Why companies are spending millions in the Metaverse?
Credits: Finextra

Why companies are spending millions in the Metaverse?

In the previous few months, many companies have invested millions of dollars in a completely virtual world: Metaverse. But this question is bound to arise in your mind that a time when people are struggling to fulfil their dreams in the real world, what is the rationale behind investing millions in the metaverse?

Recently, Mcdonald filed 10 trademarks to build a virtual restaurant in the metaverse to sell real and virtual goods. But before knowing their aspirations behind that let’s try to understand what metaverse is!

What is Metaverse?

The metaverse can be described as a vision of a well connected 3D virtual world, where the real and digital worlds are integrated using technologies such as virtual reality (VR) and augmented reality (AR).

Metaverse
Credits: Techidence

This virtual universe can be accessed through devices such as virtual or augmented reality glasses and applications for smartphones. People will meet and communicate through digital avatars, explore new areas and create content.

The idea is that the metaverse will develop to become a collaborative virtual space where we can socialize, play, work and learn.

Reason behind investing millions

When someone purchases property in the real world, the result is tangible: a place to live, to have security, to receive family and friends. We know that virtual properties do not provide physical protection but there are some parallels.

You can buy virtual land in the metaverse and can build something on that. You can also purchase a built home, place, bar or building. You can personalize it with different (digital) objects.

You can organise events there, you can also invite your friends and visit virtual houses also from other people. You can make a bar, restaurant or shopping mall where you can sell and purchase virtual or real goods.

Reason behind investing
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Metaverse is in its developing phase and many people don’t believe in that. This vision is still a long way off. But before doubting it, we should keep one thing in our mind there was a time when people had doubts about the internet’s potential. But now we are witnessing the age of the internet. It’s impossible to imagine a life without the internet and social networks.

Technologists predict that the metaverse will mature into one Economy in full swing in the years to come. In addition to a synchronous digital experience that is as closely connected to our lives as email and social media are now and this is the biggest and most important reason why all the big companies around the globe are focusing on metaverse and investing millions of dollar in it.