WHAT IS ?
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Muskan Malhotra
About Muskan Malhotra
Posts by Muskan Malhotra:
Secondary Research : Should handicraft culture be revived?
Stakeholders engagement : Consumer interest in Handicrafts
RESEARCH ON WHETHER OR NOT THE HANDICRAFT CULTURE SHOULD BE REVIVED ?
Background : I set up a query to users on instagram to make a collage of few things or sentiments that they think that need to be revived and popularised ?
Results : Five people sent the collages and two agreed to share them on my research journal as below.
Demographics :
Sex : Male : 1 ; Female : 3; Non- binary : 1
Age : 4 people were in bracket 24-35 years of age
1 in 40 years and above of age
Country : United Kingdom, India and China
Deductions : ” Interest in popularizing handicraft culture is seen”
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Will Metaverse replace social media, web 2.0?
An IZEA study of US adult internet users found that 56% of social media influencers are on the Metaverse.
Around 70% of all influencers believe Metaverse will replace social media. 60% of respondents, all social media influencers, already see themselves as creators in virtual worlds. Additionally, 72% of respondents also reported they are considering or are already making money in the Metaverse.
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Yahoo Finance : Meta Reality Labs reports loss
According to Reuters, Reality Labs lost $10.2 billion in 2021 and another $3 billion in Q1.
During its earnings call, CEO Mark Zuckerberg said Meta planned to “slow the pace” of some longer-term investments in its business platform, artificial intelligence infrastructure, and Reality Labs.
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Growth in the Augmented and Mixed Reality market
According to Global Newswire, the Augmented and Mixed Reality market is set to grow drastically in the next few years. In 2020, the market had a value of around $376.1 million. By 2021, this value is set to increase to around $3915.6 million– a CAGR of 41.8%
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INDUSTRY
Image Source : Netscribes
Consumer Retail : Digital Twin Technology , immersive experience, consumer interaction
Healthcare : Telemedicine, Block chain and digital twin
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Digital Twin : Consumer Retail
WHAT IS DIGITAL TWIN ?
A digital twin is a virtual representation that serves as the real-time digital counterpart of a physical object or process. It allows you to visualize your ideas in a virtual environment and test them before implementing in the real world
Digital twins correspond to the digital information copy of an actual product on the internet that can be edited and updated as the real physical product goes through different stages of its life cycle.
Unlike a simulation in manufacturing, digital twins in retail are more focused to track and trace products, applicable to logistic companies and supply-chain managers. This data-driven digital twin information can be shared among stakeholders, organisations, teams and even countries and can also be deployed in a multilingual format. It enables retailers as well as customers to keep track of products and their corresponding information as they are sourced, shipped, purchased, used or consumed.
Product Prototyping reduces Spoilage : This information can then be used to understand and refine product information at all stages of its life cycles. Brands can reduce the risk of spoilage and cut down the turnaround time as well as updating offers or promotional changes or update other information related to the physical product and its packaging.
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WHY NOW?
The DRIVING FACTORS for companies diving into the Metaverse.
- Decentralisation : The New Frontier
Centralized identity providers (Meta and Amazon) have the power to create and store users’ digital identities on their centralized systems. However, tech companies that rely on centralized technologies often fail to protect user data and interests. On the other hand, decentralized networks built on blockchain can ensure no single entity has rigid control over a technology/platform. The success of metaverse depends on whether it is open-source, interoperable, democratically controlled, or driven by the few as has been the case in the current Web 2.0. Thus, user empowerment will be key. - Retail : Immersive Consumer Interaction and experience :
Virtual cafes, Virtual fashion shows, virtual concerts, virtual shopping – a virtual economy but real experiences in real-time. The new era of customer engagement sounds transformative. A good Metaverse customer experience should facilitate the flow of customers between your business and other parts of the metaverse. Technology like holograms can replace wordy emails and blogs to communicate in a more immersive way with the user. When it comes to remote team collaboration, a virtual space with 3D life-size avatars and objects can help get rid of isolation. The possibilities are endless, but proceeding with caution in the untapped realm of a realistic virtual world is necessary. - Enabling : Creator Economy Boom :
It would enable the creators to create and monetize the content. Can emerge as a creative-centric platform. NFTs are creating a new revenue model for the existing virtual spaces, from virtual lord ownerships to new forms of digital art. The introduction of unique, rare, and indivisible tokens enables creators to discover fans and monetize in a new way without middlemen.
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Hello world!
Muskan Malhotra here. This post is the first step to my evolving MA Research journey.
Explore !
*this art resonates with who I am at the moment*
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