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    Metaverse 2.0 | Worth

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    The Metaverse is just around the corner. The Metaverse is over. The Metaverse is being overshadowed by AI. The Metaverse will be turbo-powered by AI.

    It's hard to know what to believe when it comes to Web 3, which has gotten all the hype and hype these days. But just recently, the Metaverse has been showing signs of exciting and uncontroversial life. AI will actually accelerate efforts to create lifelike avatars and more realistic online environments. And Apple's groundbreaking Vision Pro headset includes “EyeSight,” which allows users to see their eyes while wearing goggles, and command his controls that are activated with a tap of a finger. It debuted last month. There no longer seems to be any question of whether the Metaverse will occur. Rather, when and how does it happen?

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    Introducing Shurik Agapitov, author of “. Once Upon Tomorrow: Harnessing new opportunities created by the Metaverse (Forefront Books).He is also the founder of xora, a global video game commerce company. Part memoir, visionary manifesto, and how-to book for consumers and entrepreneurs who want to get involved early in the metaverse, the book reflects Agapitov's business knowledge and passion for predicting the digital future. doing.

    First, Agapitov points out that Meta and Mark Zuckerberg have made several mistakes regarding the Metaverse. Prominent among these is the idea that expensive, cumbersome, and sometimes uncomfortable VR goggles will become the primary means of access. In fact, Agapitov writes that such a view “represents a serious limitation on the technological capabilities of humanity.” [it]This includes screens such as mobile phones, televisions, desktop monitors, and digital projectors.

    The Metaverse is therefore more democratic and accessible. It's even more profitable. Agapitov puts the total multichannel hardware market at $8-13 trillion, rather than the VR/AR hardware market alone which he estimates at $1-3 trillion. If you add potential Metaverse revenue sources such as advertising to this number, the total goes from $10 trillion to $30 trillion. And, frankly, it's going to be more fun than Zuckerberg expected. Meta famously advertised the future of the Metaverse as a legless avatar attending meetings in her virtual office and participating in pedestrian leisure activities. “Why not sit on his friend's couch and play checkers with his digital avatar?” Agapitov writes, contrasting his vision with Zuckerberg's. “Or would you like to stand inside the Sistine Chapel, look up and see the hand of God touching humanity (all from your living room, without the need for a Metaquest headset)” Agapitov thinks the biggest meta mistake is that Zuckerberg tried to promote the idea that his company is a metaverse. Agapitov cited Facebook's 2021 name change as “very stupid,” adding, “It's like saying, 'I can call my company the Internet and be the CEO of the Internet.' It's something.'' It doesn't work like that. ”

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    How does it work?

    Agapitov argues that the center of the actual multiverse will be the next iteration of personal and corporate websites. He calls these “metasites.” These sites will engage with customers in more immersive, personalized, secure (in terms of data and financial protection), and creative ways than ever before. Again, how? Agapitov said much of the technology will come from the video game industry. “Metasite is basically his 3D version of a website. Technically speaking, Metasite will be the video game for any brand, or anyone doing business on the Internet.” At least that. is the basis. He points out that such sites will not be completely gamified, but will strategically employ interactivity and the resulting deeper customer relationships. “When I play video games, I am the central character,” explains Agapitov. I can make decisions. I can create the conditions and choose the path to follow. So this is next level engagement. ” Essentially, metasites “distribute” this intensely engaging experience beyond video games. Agapitov sees Metasite as nothing more than a “new storytelling device.”

    This is more satisfying from a customer perspective and provides vast opportunities from a business perspective. Again, Agapitov points to video games as a model, and the industry's profits have been impressive. (At $200 billion in annual revenue, it's more than the film, publishing, and music businesses combined.) Agapitov said the key to success in the video game industry is to use the 80/20 principle, which gives 80% of profits to 80% of profits. states that the fact is that it is assumed that . From his 20% of customers. This idea makes sense across economics. Certainly some superfans will be willing to spend more money than his two-tiered subscription plan offered by companies like Netflix, for example. Agapitov says that not only have other industries failed to take advantage of this principle, but Metaverse will be even more effective with customers who engage on an immersive level, as many of his users do.

    To meet the needs of these uber-enthusiastic customers, Agapitov points to a variety of possibilities. Some of these strategies are in their infancy when applied outside of games. For example, Xsolla is a leader in facilitating in-game purchases that players make in video games. These range from services customers can purchase (e.g. paying a fee to skip a level) to clothes their avatars can wear (a $425 virtual T-shirt with “Balenciaga: Fortnite” emblazoned all over it). It covers a wide range of things. (Yes, the latter found a customer.) Such purchases, sometimes featuring collaboration or revenue-sharing models, can be replicated in any metasite environment and exist alongside more traditional e-commerce opportunities. To do.

    In Agapitov's vision, advertising will remain part of the Metaverse landscape, but it will also become more satisfying for customers. Rather than leveraging data collection, we envision a more privacy-oriented, voluntary business model. In it, customers can earn the “compensation for attention'' with “digital items.'' Agapitov explains: “This means that now every time he visits a website he accepts cookies, which means he is being tracked by advertisers.” As a thank you, items will be provided in lieu. For example, exercise equipment to watch sports advertisements. It's a win-win, he says. “If we learn about your product, we can get it for free.” In many cases, online and offline, virtual and real worlds are further integrated. (Some of these digital His gifts will be used on His Web, but many, such as discount codes, may be used for purchases in the real world.)

    Agapitov says there is still much to improve. He believes blockchain will not only provide the primary means of payment in the Metaverse, but will also become the primary way for users to store digital items in the “backpacks” they carry around the web. (The privacy and speed that Web 2 offers is unparalleled.) Revenue sharing is not only a way to achieve profitability, but it also provides greater decentralization than Web 2, led by Apple, Meta, and others, offers. make it possible. Small but important strategies like loyalty programs will also reach new heights. Change, challenge and innovation continue.

    But what is indisputable, says Agapitov, is the opportunity the metaverse offers for everyone. How does he know? Decades ago, he was a poor kid in Siberia watching his MTV and dreaming of creative fulfillment and financial prosperity. Now CEO of a multibillion-dollar technology company, he wants to help other companies deliver on similar promises. And he believes what he calls “Web 3D” is the best way to do that.

    Shurick Agapitov is an innovative leader in gaming, metaverse, Web3, and fintech. xora and XLA. To order his book and learn more, please visit: www.onceupontomorrow.com/.

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