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The Metaverse Resurgence: Major Brands Embrace Emerging Technology

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The metaverse used to be a concept reserved for the world of science fiction. But it rapidly became a tangible reality in 2022 during the period of crypto and NFT mania. Then the crypto bear market lessened the euphoria, and the arrival of the artificial intelligence diverted the hype elsewhere. Some argued the concept was dead for good. 

But with major brands recently announcing plans to enter the metaverse, could 2024 be the year in which the idea is reignited?

Forbes has unveiled its new virtual estate in The Sandbox, envisaged as a gathering place for members of its Web3 community. Prospective members are required to register and link their wallets on Forbes’ Web3 Community Beta webpage. Membership grants access to premium Forbes content valued at $49.99 annually, priority participation in Forbes’ Web3 projects, and access to financial advice and investment insights.

The estate is envisioned as a hub for meaningful discussions among leaders, thinkers, and innovators, offering exclusive interactive experiences and hosting workshops, parties, and special events. Designed to exude luxury and sophistication, the estate features amenities like a lavish pool, a cozy bar, and a gallery showcasing distinguished personalities, including recipients of the 2024 Forbes Under 30 list. QR codes throughout the space unlock exclusive content, enhancing the gamification and interactivity for users. Taha Ahmed, Forbes’ Chief Growth Officer, emphasizes the move into the metaverse as a demonstration of Forbes’ commitment to embracing technological innovation and providing new avenues for community connection and growth.

eToro, a prominent online brokerage firm, is also considering integrating its trading application into Apple’s Vision Pro and Meta’s Quest devices, as revealed by CEO Yoni Assia in an exclusive discussion with CNBC. This move signifies a groundbreaking shift, potentially establishing a virtual reality store within virtual environments, should eToro succeed in entering the Vision Pro market and other VR platforms.

Assia highlighted the company’s focus on artificial intelligence (AI), aiming to enable user interaction through voice commands. The strategic vision extends beyond traditional trading methods, encompassing AI, VR, and AR technologies, with plans to incorporate natural language processing and voice commands by 2024. While financial institutions like JPMorgan and Citi discuss “metaverses” primarily in desktop environments like Decentraland, the enthusiasm for digital real estate platforms has notably waned in recent years.

As eToro and Forbes make their grand entrance into this digital realm, the question arises: are we witnessing the dawn of major brands immersing themselves in the metaverse? And what potential lies within this technology that will most definitely redefine our interactions, experiences, and even economies?

The Potential of Metaverse Technology

The entry of eToro and Forbes into the metaverse not only marks the beginning of major brands’ charge into this digital landscape, but also is a harbinger of the vast potential of metaverse technology. At its core, the metaverse represents a convergence of virtual reality, augmented reality, blockchain, and other cutting-edge technologies.

From a financial perspective, the metaverse has the potential to revolutionise how we access and engage with financial services. With eToro’s virtual trading floors and interactive experiences, users can gain hands-on experience in trading and investing, democratising access to financial markets and empowering individuals to take control of their financial future.

In the realm of media and entertainment, the metaverse offers possibilities for content creation, distribution, and consumption. Virtual events and experiences hosted by companies like Forbes provide a platform for collaboration, networking, and knowledge-sharing on a global scale.

However, with great potential comes great responsibility. As major brands venture into the metaverse, they must remember this is a landscape with inherent challenges and considerations. Security, privacy, and regulatory compliance are important, particularly in industries as sensitive as finance and media. Moreover, ensuring inclusivity and accessibility within the metaverse is necessary to prevent widening existing inequalities amongst various communities.

The entry of eToro and Forbes into the metaverse signifies the beginning of a new era in digital interaction and commerce. As major brands embrace this emerging technology, they not only pave the way for others to follow but also unlock the vast potential of the metaverse to reshape our world in ways we have yet to fully comprehend. As we embark on this journey into the metaverse, it is imperative that we proceed with caution and a commitment to use this technology for the benefit of all.

Author: Makinde Adeniyi

#Metaverse #Crypto #NFTs #Forbes #eToro #Blockchain

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