Although a significant proportion of the global population still has no idea about what the metaverse is, it is also true that there is a rapidly growing awareness about it. In fact, searching “the metaverse” in Google yields about 164 million results.
So, what really is the metaverse and what can it do? Robert Rice, founder and CEO of Transmira, Inc., answers this question as he presents his metaverse platform Omniscape during the BSV Global Blockchain Convention held last May 24 to 26 in Dubai.
“I like to define [the metaverse] as something a little bigger and broader. I think it’s the sum total of all the data and information and everything digital that surrounds us. You know exactly where we’re at today with our phones or at home working with our desktops. But all this data together presented in a way that’s more immersive, more interactive, more visual and more tangible—whether it’s through augmented reality or virtual reality or something in the middle,” Rice explained.
“I think if you begin to think of things in this way as opposed just some 3D fun virtual world off to the side, but really think of the metaverse as this whole encompassing thing, I think it makes it a lot easier to really understand and identify the sheer potential that the metaverse has and what we can do with it,” Rice added.
For Rice, the metaverse is not just about fun and games. Yes, it can and will definitely be entertaining, but it should not stop there. Linking the metaverse to the real world is key to connecting businesses and consumers, effectively monetizing it.
“Yes, we could do a fun 3D something in Second Life or Decentraland or Sandbox, and it’s cool and fun for now. But without that real-world link or that crossover, I think you really miss the potential for utility and actual use cases,” Rice pointed out.
“It’s cool if it’s fun and immersive, but how do you make money? How do you share and transfer value in the metaverse? And this is where we talk about virtual goods and where the true value and potential of things like NFTs come into play,” Rice added.
Through Omniscape, a location-based metaverse platform that showcases “full-scale, city-wide, one-to-one, near-photorealistic digital twins,” people can communicate with each other, and brands and businesses can place 3D NFTs and virtual goods that can be exchanged in the real world as part of advertising and marketing campaigns.
With a platform like Omniscape, the possibilities are endless. For instance, people at home on the other side of the world can go to Paris and explore the Eiffel Tower like they are actually there. And if they find the avatar of a friend there, they can also chat them up. They can even buy souvenirs and have them shipped directly to their doorstep.
But it does not stop there. A more practical example for businesses would be managing a shopping mall. The president of operations does not even need to visit the mall as often as needed because they can click on the mall in the app and tap on certain objects to check out inventories, safety measures or even how many shoppers went on a particular day.
“Using metaverse technologies the right way allows you to communicate with other people. It’s sharing business, sharing culture. It’s sharing ideas, sharing technology. And that right kind of sharing and those kinds of environments lead to right into commerce and then education. And you know, retail and all kinds of other amazing things. The metaverse if done right becomes a multiplying factor to everything else,” Rice concluded.
Contributed by Makkie Maclang
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Rebecca D Walker 
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