Metaverse is a collection of virtual worlds built using different technologies. The beauty of it lies in how normal people can contribute to it. While earlier, there were versions of the digital spaces controlled by a single company, however, at present, the metaverse is transitioning to a more global nature, without any restrictions. Ownership now rests in the hands of several stakeholders.

In essence, the metaverse is like a mirror to the real world. It can be used to travel across different networks of virtual landscapes, without a passport, and right from the comfort of your home! Blockchain technology makes it possible for users to manifest as an avatar in the metaverse. There are costs associated with entry into each virtual world. The metaverse uses cryptocurrencies as its form of finance, and each virtual world owns a distinct one.

The metaverse is the future of the internet. With the massive social media platform, Facebook shifting to the metaverse, the increasing power of this virtual reality remains clear. Moreover, it is breeding the rise of the digital economy. Giants like Meta and Microsoft are building tech as infrastructure to create a better virtual world.

While this universe provides a limitless array of opportunities, it comes with several challenges. For one, the promotion of the use of virtual reality headsets may not be right. This is because most people experience motion sickness or physical pain after prolonged wearing. This is the same for augmented reality glasses. Therefore, more research is needed to develop safe protocols and practices in the metaverse.

Metaverse may have a huge impact on the growth of the digital economy. It is estimated that by 2030, the digital economy will be at USD 700 billion. However, this is only with the right investments to increase the economic and social growth of Pakistan. For it to truly venture out into the metaverse, Pakistan must also upskill its online labour force and educate the masses on the concept, as well as possibilities.

Sky is the Limit

The metaverse, if used and adapted to wisely and timely, can open an array of possibilities for Pakistan, and globally. The following sectors can hugely benefit from the potential of this new universe, while also unleashing employment opportunities:

Retail Sector:
The invention of online stores made it easier for people to make purchases without necessarily going to a store. Digital currency in the metaverse will further aid in the development of the virtual economy, products, and services. As a result, purchases will be made online and delivered physically.

Engineering and Architectural Sectors: Engineers will play a key role in crafting the virtual world along with architects, through a very detail oriented approach that will completely mimic real spaces.

Medical Sector: The use of augmented and virtual realities will make it easier for doctors to carry out certain surgeries, and for medical students to learn how procedures are done in real-time. This will bring transparency and support the onset of new inventions in the healthcare industry.

Education Sector: The metaverse will increase immersive learning through the use of virtual reality (VR) headsets. These headsets will support detail oriented learning, especially in fields that require practical demonstrations.

Agriculture Sector: The metaverse can aid research and development in the sector thereby allowing a foresight exercise for future practices. Farmers will be able to estimate their next harvest time, explore the efficacy of tools before making the purchases, use augmented reality tech to monitor their plants, animals, and data, undertake virtual surveys to check soils, appropriate crops, and crop production etc.

This is not an exhaustive list of industries/sectors that can benefit from the metaverse.