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    Tuesday, June 18, 2024

      Metaverse Will Reach Industrial Ecosystems Before Consumers : World Economic Forum

      Industry experts from the World Economic Forum (WEF) have bet about the metaverse sector. An important element of the Web3, metaverse tech is expect to see a widescale industrial adoption before individual consumers begin to come onboard the virtual universe ecosystem.

      More companies and industrial players are expect to adopt the metaverse tech in order to give a fresh, new-age twist to their advertising, task monitoring, and web-designing methods.

      Built on blockchain networks, metaverse allows people to exist as avatars in parallel digital realities.

      Two parts of the metaverse tech, Digital Twinning and Extended Reality (XR) have name by the WEF as the elements with the most promise to finetune the sector.

      Digital Twinning revolves around collecting data and digitising the physical environment around us, XR is an umbrella term that encapsulates Augmented Reality (AR), Mixed Reality (MR), and Virtual Reality (VR).

      As per WEF blog post :

      “We are witnessing the rapid emergence of a metaverse focused solely on industry. So far, digital twins have been used mainly for monitoring and analysis, but the full potential of the industrial metaverse is far greater. As edge and cloud processing capabilities, private 5G wireless networks, and new sensing, interface and AI technologies are added to the mix, we’ll move from a state of awareness to a state of control,”.

      The market opportunity for the metaverse could reach an estimated $800 billion (approx. Rs. 59,58,700 crore) over the next 2 years, research reports suggest.

      Social media, gaming, as well as the automobile industry are expect to be beneficiaries of the boom in industrial metaverse adoption.

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      The WEF is reportedly gearing to launch a metaverse venue call as the Global Collaboration Village, which will be introduce at Davos in the coming days.

      This will serve as a virtual destination for organisations and world leaders to meet and work.

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