Is it really that easy to start your own virtual world and your own cryptocurrency?
Large corporations like Walmart and Meta seem to think so.
The virtual world has evolved and expanded greatly in the last few years and we can see it before our very eyes. Social media was barely a concept a decade ago and now we’re entering a different reality altogether with the beginning of this decade. Technology has transformed the way we experience the world we are living in and created a wholly alternate universe, the metaverse.
It’s going beyond a simple gaming experience and encompassing the world at large. If companies like Walmart can enter the blockchain and crypto market, who’s to say you can’t have your virtual shopping experience online? And maybe have your groceries delivered to your actual home while you’re at it?
MNCs that Use Cryptocurrency and Blockchain
Now the trend of using blockchain for all cloud-based operations and transactions has been around for a while. A majority of the Forbes Top 100 organisations are already using it to transfer funds across continents for one simple reason – it’s a lot easier.
Nearly 60% of all MNCs that participated in a survey conducted by Pymnts claimed that they were using at least one form of cryptocurrency for their international payments. They also use blockchain to create smart contracts that are easily accessible, secure, and completely decentralised. Bitcoin is the most widely used cryptocurrency of them all. Blockchain technology is now something that is becoming increasingly difficult to ignore so large enterprises are embracing this shift and adopting at least some form of blockchain into their organisation.
Why is that?
It’s because blockchain offers limitless opportunities in terms of what can be done with the technology and its applications. Cloud-based decentralised software is one of them, and crypto is another. But the usage and compatibility of blockchain-enabled technology is what entices these companies to take the leap and invest in this craze.
Currently, the USA alone has over 1,000 published patents (Blockchain Magazine) for blockchain-enabled technology and payment solutions and the number of pending patents continues to rise with each passing day. Data analytics services and market research indicates that it is more than just a ‘craze’, and that blockchain and cryptocurrency are here to stay, despite their volatile nature.
Some of the companies that have heavily invested in blockchain technology are pioneers in tech like IBM, Microsoft and Google for their enterprise.
But just because these companies are using these services for their operations does not mean that they are accessible to the regular citizens of the world like us. Can they integrate their enterprise-wide blockchain tech to include services that can be accessed by users? Walmart and Meta seem to think it is going to be possible soon.
What Zuckerberg wants to do with Meta
A few months ago Mark Zuckerberg announced the launch of ‘Meta’, the next stage of social media. He claimed that it was going to be the future of the internet and it was going to change the way we curate social media experiences today. It’s concerning to say the least because we have barely figured out how these platforms work given the time we’ve had using them.
What does Meta want to achieve?
There are multiple levels to this answer but the basics of it are listed below.
Meta as a new way of using the internet
The future is almost here.
Mark Zuckerberg wants to enlist the help of different governments, companies, designers, developers (he’s hired over 10,000 of them already) and work towards a new social media experience altogether. He wants to evolve the way we use the internet and convert it from a two dimensional platform to a three dimensional solution. He claims that looking at “glowing rectangular screens” for hours on end is not the way humans are made to interact with one other. He wants to take the Zoom meetings out of the desktop, the Instagram out of our phones and change it into a 3D virtual experience.
Sounds fancy right?
But there’s one small glitch in this. Our technology is still evolving to make this a feasible, functional reality. We have VR headsets but they are still quite clunky and cannot be used all the time. It can act as a deterrent to what he wants to achieve. But he claims that he has designers, developers and scientists working on how to make them more minimal. The technology is soon going to be accessible. We are already in a world where we use nanotechnology and have managed to minimise the size of a supercomputer. The next step is to develop it to reach a stage that can fit this supercomputer into something easy to wear and carry around – like a pair of glasses.
Once the technology we have at hand reaches that level, the use cases for it will leap forward like never before. He visualises a world where your typical Zoom meeting can result in entering a virtual conference room and sitting around a conference table at your virtual office with your colleagues around you. Instead of looking at static images or faces on a screen, he wants to simulate a real-life environment and create experiences that you would have in the real world, just virtually.
Mark Zuckerberg’s aim is to come as close as possible to teleportation with Meta, where you can jump from one part of the metaverse to another instantaneously. The technology for it is here, and it is slowly becoming a real possibility. It just has to be upgraded and refined. He has employed a heavy artillery of the smartest minds in the world to help him achieve this outcome and he wants companies and organisations across industries to collaborate with him to make this metaverse into a reality.
The market seems to align with his concept of the future, despite concerns regarding the safety and governance of this metaverse. After Facebook relaunched itself as Meta, the stocks rose by 26% (Mint), so the consumers and the shareholders look like they agree with his vision.
Is Walmart Also Joining the Cryptocurrency Game?
Meta isn’t the only MNC that wants to curate digital experiences for their consumers and engage with them separately. Walmart is also investing in blockchain technology, and not just for their enterprise needs. They want to bring it to the users and enhance their experience like never before. They are planning on launching their own cryptocurrency and their own virtual world where the consumer can traverse through the store and shop, just like how they would in real life. They can pay for what they buy with the Walmart crypto and simulate a real shopping experience, you guessed it, in their metaverse.
The refined details for this elaborate plan aren’t out yet, but the aim behind this move is clear. Walmart is always on the lookout for different and emerging ways they can enhance the consumer’s shopping experience. So far, what brands have been doing is geotagging, sending out push notifications, optimising the in-app experience, and offering better deals for those who engage with their digital and online platforms. This is all still very two dimensional. Walmart wants to take this experience one notch higher where customers can feel like they are interacting with their product in real-time but as a simulation.
Sounds cool, doesn’t it?
So what do you think you can buy at the virtual Walmart?
Well, they are also joining the NFTs market. We don’t have much clarity on what it means yet except for the fact that they will be releasing their own non-fungible tokens that users can purchase using the Walmart cryptocurrency. Currently, they have filed a number of patents and are trying to get licensed to sell a variety of virtual goods to their consumers. The list includes virtual electronics, virtual toys, decor for your virtual home, personal care products, and more.
The move was incidentally triggered by Facebook relaunching itself as Meta. Teams at Walmart started to scramble and began to wonder how they would fit in today’s and tomorrow’s digital and virtual worlds. They filed for seven different patents in December and they called the entire process quite “intense” and “thought provoking”.
Read Also: How Can Blockchain Enable Sustainability?
Final Thoughts
The market is evolving to say the least, and consumer experience is evolving with it. We may not fully understand what is in the works at the moment, but we don’t necessarily have to. It will still take a couple of years at least to get the basic structure of what these industry giants are trying to implement ready. According to data analytics services, by the end of the decade we should have workable models of what is being proposed in the news today.
Technology is advancing like never before. The lightning speed at which we are evolving makes ten years seem like a long time for this to become a reality, but hey, the internet isn’t even 40 yet. It just celebrated its 39th (Library Lerning) birthday.
In less than 40 years we have gone from using dial-up internet that took ten minutes to send out an email to making a virtual universe a reality. It’s truly astounding. We are at the crux of the next evolutionary stage of how we consume content and participate in experience, and the following years have the power to change everything forever. For better or worse? It’s too soon to say.
