CDO: Pioneering New Technology at Yantra Inc.

 The asymmetric risk of being left behind is worth the incremental investment needed to get started and to explore this new digital landscape yourself.”

The Chief Digital Officer must enable the organization to not just build for the digital audience of today. He/she must also take the conversation to where the customer is – the metaverse. Much like Deep Tech, the Metaverse is becoming the default and it is right up the CDO alley to evangelize this new digital technology. Since its launch in 2004, Facebook never felt the need to change its name for 17 years till 2021 when the pervasiveness of the Metaverse pushed them to rechristen itself to Meta.

To define it loosely, the Metaverse is a network of 3D virtual worlds centered around social connections. It is an online space for those who want to learn, socialize, collaborate, and/or play. Users have the option to interact with the worlds either on a screen or through a headset for a more amplified, unique experience. But the question remains, why the sudden pervasiveness or ubiquity?

The Rise Of The Metaverse: Explained

Virtual realities have been a part of the world of technology for years now, but why has this sudden rise of the Metaverse expedited mass adoption? This can be attributed to 3 broad reasons:

The introduction of next-generation computing abilities meant the rapid expansion of new technology.

The COVID-19 pandemic accelerated a shift to the digitalization of everyday tasks – productive and recreational

The increasing adoption of digital payments and currencies (read cryptocurrencies) translated to seamless transactions in the Metaverse

Research by McKinsey shows that the top 5 activities in the Metaverse are social, entertainment, gaming, travel, and shopping-related activities!  According to the forecasted marketing impact by 2030, the net value of the Metaverse would be $2-$2.6 trillion for the e-commerce sector, $180bn-$270bn for the virtual learning market, and $144-$206bn for the advertising market. So, if you are thinking of technological advancement, think Metaverse!

The 7 Layers Of The Metaverse

The Metaverse operates on 7 layers, each with its own functionalities and target demographics. Let’s look at them:

Layer 1, Experience: This includes games and live events

Layer 2, Discovery: This is attributed to the push and pull that introduces users to brand-new experiences.

Layer 3, Creator Economy: In this stage, creators gain diverse tools, templates, and thriving marketplaces of content that can reorient development from a bottom-up, code-centered process to a more top-down, creativity-centered one.

Layer 4, Spatial Computing: This involves voice and gesture recognition, 3D engines, and data integration.

Layer 5, Decentralization: This ropes in distributed computing and microservices, along with blockchain technology.

Layer 6, Human Interface: Here, you can find computers, smart devices, Oculus, and 3D-printed wearables that have been integrated into fashion and clothing with the help of miniaturized biosensors

Layer 7, Infrastructure: Lastly, this consists of 5G networks, with a potential jump to 6G expected to increase speeds by a whole new magnitude

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