WAQAS NAKHWA
CEO AND FOUNDER OF AQARCHAIN
How would you define the metaverse? The
metaverse is an abstract space on the internet that can be created using AR and VR. Any digital creation of space that can be accessed through the internet is a metaverse creation, the experience can be enhanced more by using AR/VR headsets and 3D characters with animation.
What will people be able to do in the metaverse? Since the metaverse is virtual and not a physical space there is no limitation to what can be done – it is beyond imagination. The whole concept is new and explorations are being done on what metaverse can achieve. Primarily gaming looks like the best use case but real estate, social platforms and entertainment are evolving in developing real world use cases.
How will it redefine society as we know it? It is the new change and since change in the last decade has been so fast, millennials are beginning to adopt it at a rapid pace. The first change was the use of social media which gave social connections a new paradigm, and now the metaverse will bring in another social connection in the virtual world, with many internet giants adopting the metaverse.
Similarly, how will it shift the way we do business? Just like how the internet and social media made a big wave in all sectors, businesses adopt it to create a presence. For example, a construction company has a website and social media profiles. In the future it will have the metaverse to conduct business meetings, discuss projects etc. So eventually there will be mass adoption in the longer run. The metaverse is only in its early stages – when do you think it will become the norm?
We have become fast adopters of change and the pandemic has taught us to adopt change much faster. Just how we have evolved from bricks and mortar to the internet, VR will be the next adoption.
What role will social media play in this? Social media is a catalyst, just like spices in food. In the internet age it is impossible for any business to not have any social media presence. Which platform each business chooses depends on the target audience but a social media presence is there for sure. So therefore social media has made the metaverse knowledgeable to everybody today and it will continue to be the conduit in the real world adoption of metaverse.
In your opinion, for those who don’t adapt, what will happen? There is no first comer advantage, it all depends on what use case is more practical than the other. Eventually all businesses will have a metaverse presence. Like we have seen internet giants in the early 2000s and social media giants in the 2010s, the 2020s will see the rise of metaverse giants.
How are you implementing aspects of the metaverse into your life? We will all adapt to the metaverse in our day-to-day life as the technology evolves, it becomes cheaper and more practical in real-life use cases. Today mobile phones have been replaced with smartphones and now wearable devices, so we all are implanting aspects of the metaverse knowingly or unknowingly. Today as we enter the evolution of technology from basic internet to web 3.0, blockchain and AI / ML (Machine Learning), the use of VR is becoming more accessible. With the pandemic technology adoption has increased and now in the digital age, we see immense growth in this sector.
“THE METAVERSE HELPS US ANSWER THIS CHALLENGE BY HELPING GET US EVEN CLOSER TO FEELING THAT IN-PERSON CONNECTION.” – Derya Matras, VP Middle East, Africa and Turkey at Meta (Facebook)