What is the Metaverse?
Posted: Oct, 03, 2022 12:18PM ET • 3 min read
Evolution is the one constant in the world. Opportunities presented by interactive digital worlds seem endless and will bring interoperability to a new level, one that has yet to be achieved. At the centre of it all is the concept of metaverses — a growing phenomenon that will alter how we interact, live and experience everyday moments— like parking.
So, what is the metaverse?
The metaverse is a seamless convergency of our physical and digital lives creating unified communities where we can exist virtually. Still early in its evolution, there’s no single definition of the metaverse; however, themes of what it can be are quickly emerging. It’s critical to understand that, today, similar to the early days of internet search engines, there is not one metaverse; instead, many are taking shape to deepen social interactions digitally.
The metaverse enhances digital interactions by adding an immersive, three-dimensional layers to the web to create more authentic and natural experiences. Consider the 5 senses – sight, touch, taste, smell, and sound – and now imagine experiencing these in a virtual world without physical constraints, like travelling to experience a new city.
However, the concept of the metaverse is not a new one. In many ways, the progression is linear, and the revolution has been underway since the early 2000s. The metaverse can facilitate accessibility in various ways, removing boundaries such as time, distance and physical abilities while democratizing access to goods, services and experiences. This is why so many businesses are adopting metaverse strategies—they can better manage their business and services while creating additional revenue generation opportunities. Digital accessibility is at the forefront of this virtual evolution.
The metaverse allows us to capitalize on the fact that we are developing digital footprints and will give us a means to transcend the limitations placed upon us in the physical world. As the metaverse becomes an increasingly vital part of our lives, it is important to keep an unbiased mind as to what it will offer your organization and your industry now and in the future.
The metaverse will likely infiltrate every sector in some way—including parking and mobility— and it’s up to industry leaders to pave the way and educate its partners and stakeholders on the opportunities available—instead of a more reactionary approach. To do this, take the time to view how your facility and parking management services can be integrated with the metaverse and where there are opportunities for your business in this new digital world.
References
Ecanorea. (2022, August 10). What companies use metaverses for and why the Big Tech companies are so interested. Plain Concepts. Retrieved September 17, 2022, from https://www.plainconcepts.com/metaverse-companies/
Ekberg, J., Zhang, J., Partner, M., Li, L., & Jesuthasan, R. (2022, February 7). The metaverse: A 5-year forecast of how it will affect your business. BRINK. Retrieved September 17, 2022, from https://www.brinknews.com/the-metaverse-a-5-year-forecast-of-how-it-will-affect-your-business/
How the metaverse will change transportation. Teague. (n.d.). Retrieved September 17, 2022, from https://teague.com/insights/innovation/how-the-metaverse-will-change-future-mobility
Kamin, D. (2021, November 30). Investors snap up metaverse real estate in a virtual land boom. The New York Times. Retrieved September 17, 2022, from https://www.nytimes.com/2021/11/30/business/metaverse-real-estate.html
Yadav, C. (2022, August 25). Difference between NFT and Metaverse. Ask Any Difference. Retrieved September 17, 2022, from https://askanydifference.com/difference-between-nft-and-metaverse/
Share Article:
ABOUT THE AUTHOR
Sarah Baldeo, BSc., Executive MBA
CEO & Equity Partner, ID Quotient Advisory
Presently Sarah serve as CEO & Chairwoman for IDQ Advisory Group - where she brings knowledge on digital transformation, cloud engineering, operations, UI/UX design, cloud infrastructure, neuroscience-based models of risk and procurement infrastructure. ID Quotient supports and partners with 169 international government agencies, health care networks, and Fortune 100 Organizations.
17 years of senior leadership experience spanning DevOps, Business Transformation, Regulatory Compliance, and Product Engineering - my career began in asset management and risk model design within financial institution frameworks - and continued with architecting Saas, PaaS, IaaS, and DaaS systems.
Sarah is a University of California Advisory Board Member for the Women in Leadership Program. She has also worked with the Canadian Women's Chamber of Commerce as a leader, Women Enterprise Organizations of Canada and as an ongoing seminar presenter for Alberta Women Entrepreneurs.
Questions?
Fill out the form below and we will do our best to connect you with a suitable contact.