Rene - Simply put, the metaverse is the new immersive internet, but you can go into it via virtual reality, or it can come to you via augmented reality. Right, so you have also the physical world actually embedded into computing.
Dedipya - The biggest difference between the metaverse and VR is that it's actually got persistence. So that means that even when you leave the metaverse, it still continues to keep going, it still continues to perform, function, even when you're not there, and its got its own virtual economy. So, with the metaverse being its own sort of like organism, it brings with that lots of opportunities.
Dedipya - One of the biggest use cases we're seeing is improving customer engagement. There are big shoe stores, there are big merchandising companies within the metaverse that are selling their merch collections, like they're selling their stuff through the metaverse, you can sell them as NFT's or you can sell them as like a digital marketplace. So, one of the biggest things we're seeing with the metaverse is that it's just so immersive and you can have this whole new experience with a whole new generation.
Rene - Gartner is predicting that 1/4 of the world population is going to spend one hour per day in a metaverse solution by 2024. Another signal is also McKinsey is saying that the metaverse is a three trillion U.S. dollar opportunity, and it's simply too big for companies to be ignored. And what I typically add to this is, a company that doesn't have a metaverse presence by 2030 is likely to compare to a company who doesn't have a website today. And so, they might not get a lot of business and that's why, although it's still early, you want to be early in the game.
Dedipya - So, the biggest thing that Valorem brings to the customers is being able to have these educated conversations with them. So, when a customer comes to us and says, hey, we'd like to engage with the metaverse, we can talk to them about what is the best way to do it, what is the best use case for them to do it, and in some cases that might be like an incremental approach. But with our experience over the years, we're able to have those conversations with them and guide them through how to think about their use cases and how to think about how they want to approach the metaverse.
Rene - We have a very skilled immersive team, which is perfect in creating these metaverse experiences and world-building, so we can create custom worlds for customers of course. And then also in the broader Reply network, we also have these communities of practice where we have specialized focus groups for specific things like spatial computing, digital humans, digital assets, all of these things that touch metaverse-related content. We have our fingers basically everywhere and exploring all the latest trends and platforms for being ahead of the curve.