As metaverses evolve from play to become life and business ecosystems, opportunities are opening up for businesses of all kinds to sell virtual products and services and build brands, said Mr. Rajan Navani, Vice Chairman & MD, JetLine Group of Companies & Founder & CEO, JetSynthesys.
As metaverses evolve from play space to become life and business ecosystems, opportunities are opening up for businesses of all kinds to sell virtual products and services and build brands. Mr. Rajan Navani, Vice Chairman & MD, JetLine Group of Companies & Founder & CEO, JetSynthesys addressed a Session on the same at AIMA’s 13th National Leadership Conclave.
Mr. Navani started off by saying that while looking at ways to scale his family business and digressing from the thought of building, manufacturing and having a strong marketing approach. He was looking for a way to tap into the next generation of consumers, to engage with them and build trust in them.
His company narrowed its future consumer to the Gen Zs, who are more likely to be involved in gaming and digital forms of engagement, so it started projects on the same, hence touched base with the metaverse.
So to say, Web 1.0 was purely a one-way information like looking for information etc, Web 2.0 made things a 2-way communication. What also evolved was the penetration of smartphones, 3G, 4G, Cloud Infrastructure, making it easier to do a lot more of that faster and cheaper, that’s when companies like Google, Amazon, Facebook also got a base for their business model.
What’s happened with Web 3.0 is that when you have a Digital Asset or Value that can be ascribed in a digital world, which means one can actually have a product in a digital world that has value and utility. The technologies that have driven that include blockchain that enables one to create a secure environment for transactions to happen and that has allowed it to become a currency- the cryptocurrency, which is non-fungible and cannot be replicated. The Utility Token is also in use now. A utility token gives holders, access to features of a decentralised application or ecosystem and forms the economy of that system. This could include a DEX, metaverse platform, or blockchain-based Web3 platform.
The thing about Web 3 however, is that the one cannot have ownership and that is the biggest disruption that the businesses are going to face. But there are multiple technologies that are driving the accelerated pace of the metaverse. Today, we have a digital world that has an economy that is significant. There are several hundred billion dollars of that cash that has gone into creating digital value.
Moving its products from the real world to the physical world is the first step for a company to do business in a metaverse. Besides, earlier there was virtual reality and augmented reality, and now we have extended reality. People now, are engaging in multiple realities. They may in the future, buy properties there and buy homes there. Metaverse is a continuously connected world all the time, and no more a world that one would like to digitally connect to for some time to exit later.
Lastly, Mr. Navani said that even if Generative AI has been used by consumers in a simple user-friendly manner. However, there should be regulations in place even when using Chat GPT so as to filter the illegitimacy, and with emerging technologies and unique mechanisms, problems will be solved and Generative AI will only get smarter to solve issues around governance and regulation.
Watch the full Session– https://www.youtube.com/watch?v=pXVY3ombDCM