Tokenomics: Pandemic propelled people into digital space, says expert

The world is on the cusp of going meta with major companies perfecting the technology required. So what exactly is Metaverse? And why are companies spending billions of dollars on it? From a far-fetched concept in a 90 sci-fi novel, technology has made the metaverse an inevitability in the near future. Simply put, this digital universe is a network of virtual 3D spaces where you can partake in multiple activities, usually separated by distance in our physical world while in one place. This essentially means that you can pay your bills, interview for a job and then attend a concert with your friends all while sitting in your bedroom.

So how can one enter this topic all in one transferrable internet? Accessing the metaverse is as easy as typing out the URL of any 3D virtual world browser based platform on your laptop. A crypto wallet is also needed for purchases and the first you will make will be for your online look or avatar. This avatar will be your vessel as you traverse the digital space. However, if you would like to step into the metaverse itself, a virtual reality headset is the way to go. Headsets like Oculus Quest, which are becoming more affordable by the day, are your portal to this world. A touch controller completes this illusion with users able to even reach and pick up the objects. So now that you know how to enter it, what services can you expect on the metaverse?

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Given the number of companies that are clamouring to get on this digital bandwagon, your entertainment and shopping options are likely to expand daily. With companies like Meta, Google and Microsoft already investing billions, the metaverse is only likely to get more accessible as time passes. So how can governments regulate this technology? And what are the glitches in this tech that are left to be ironed out? Vignesh Selvaraj, Co-Founder, Tardiverse; Shourya Agarwal, Co-Founder, Flamverse; and Deepshikha Deshmukh, Co-Founder, Poojaverse, discussed this further.

Global pandemics have accelerated people into the digital space, said Deshmukh.

“It is a new world, it is evolving as we speak so we are building as we fly,” she said.

The entire way of approach of internet right now has completely changed in metaverse, said Selvaraj.

Agarwal believes it is a massive opportunity. “Augmented reality, virtual reality will take a major portion of how metaverse will shape,” he said.

For the entire discussion, watch the accompanying video.