Metaverse
The term "metaverse" refers to a virtual universe or space that is accessed through immersive technology such as virtual reality (VR) or augmented reality (AR). In the metaverse, users are represented by avatars—virtual representations of themselves that can move and interact with the digital environment. Metaverses have evolved into 3D models of the Internet, where users can interact with each other, enjoy entertainment, discover and gain knowledge, or buy and sell assets and services.
Like the physical world, metaverses are platforms where users are able to buy, sell, and trade virtual goods and services. Many of them facilitate the transaction of non-fungible tokens (NFTs), which act as proofs of ownership for digital artworks as well as physical goods, particularly high-value products such as luxury items, collectibles and cars.
As metaverses grow, so will their economies and the exchanging and purchasing of NFTs. Many customers will not want to risk damaging or losing these products during delivery to a new owner every time an NFT is traded. Customers in metaverses can opt to purchase NFTs and exchange them for products in the real world, having them automatically delivered to an address.
For logistics companies and digital marketplaces, metaverses also signal the rise of a new demand for secure and insured warehouses. E-commerce giant eBay launched a temperature-controlled, 24/7 secured vault for collectible trading cards with its own special digital marketplace in 2022. While ownership of the cards may change hands, they remain safe and protected in the vaults unless owners request them to be delivered. In 2023, eBay plans to expand this service to other collectible categories and luxury products, storing up to US$3 billion in assets in its vault.
In the future, metaverses can potentially provide opportunities to visualize, plan, and collaborate on ideas and proposals without compromising real-world operations. and accumulating real-life costs that may disrupt their current operations. From a new conveyor belt system to an entire supply chain, logistics providers will be able to use metaverses as digital twins to run different scenarios before evaluating the best solution.
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