If you have reached to this page means you want to really know about Metaverse. From concept to the core economic value we will be happy share all here. Let's start with a bit about us & the vision of founding team members to build Malls of Globe (MOG) Metaverse.
Malls of Globe (MOG) is a refined outcome of years of hardwork of our founding team.
In 2010 , Our Founders Mr. Yogesh Huja & Mr. Kapil Goel coined the idea of 360 Mall which encompassed the experience of 3D virtual shopping. Surely the idea was much appreciated & first few 100 retailers got the craftsman work done. Surely it wasn't a success as the shopper was on 2G & 3G connections which wasn't the right digital infrastructure to run such high speed experiences.
In 2015 , the persistence took another big leap & B2C app named Freedom Desi was launched bringing all shopping malls & their retailers on one platform. The app was built to facilitate a two way connect with each stakeholder of retail ecosystem.
In 2018, Freedom Desi got European Government's Startup approval & with refinement of business strategy rebranding of Freedom Desi was done as Malls of Globe.
In 2020, Malls of Globe was established as a registered Finnish Company with a vision to build what was thought in 2010.
From melodies of 1962 by British singer Anne Shelton & thereafter the title of song by Sam Cooke in 1964 "Rome wasn't built in a day" is an adage attesting to the need for time to create great things.
This stands true for MOG & you can read amazing experiences in the book titled " Footfall.in - Know Your Smart Shopper " written by our Founder Mr. Yogesh Huja
In 2022 , we are all set to build MOG as a premium real estate for all shopping malls of world in MOG Metaverse.
The efforts of bringing future tech into retail has been done by many stalwarts & until humans are thinking the innovation will be taking place. Before we learn about MOG Metaverse let us first know about just Metaverse.
The term Metaverse can be traced back to Neal Stephenson’s 1992 science fiction novel “Snow Crash,” which is said to have radically altered the perspective of people like LinkedIn founder Reid Hoffman, completely altering his views on the future of technology.
In the most simple terms , the Metaverse is the collective, persistent, parallel reality created by the stitching together of all virtual worlds to form a universe that we can seamlessly traverse.
Just as the physical world doesn’t cease to operate when you go to sleep, the virtual world of the Metaverse will similarly continue to evolve and change, even when users are logged off.
The concept of a Metaverse will give us the capacity to enter a “persistent” (always on) alternate reality where we can interact in a completely “synchronous” (real-time) way, with people, places and things.
A world where one can travel — without restriction — whenever and wherever they wish. A world where any experience becomes possible and accessible. It supersedes the present-day internet entirely.
As we speak, there are already companies that are building the nascent foundations of such a new world. For example, Fortnite, developed by Epic Games in 2017, allows players to engage in three different play modes, including a “battle royale” mode where up to 100 players go head-to-head in a last-person-standing free for all.
When asked in 2019 if Fortnite was a game or a platform, Epic Games founder Tim Sweeney replied, “Fortnite is a game. But please ask that question again in 12 months.” In the ensuing 12 months, Epic began to answer that question, by evolving Fortnite to become a world of its own, blurring the lines between real-world and virtual experiences.
For example, rapper Travis Scott delivered a five-concert series in Fortnite, drawing close to 50 million attendees. And Epic is hardly the only company that sees gaming as a gateway to the Metaverse.
Facebook too has clearly bought into the potential of the Metaverse, as evidenced by its 2014 acquisition of VR headset developer Oculus and, more recently, by its creation of Facebook Horizon, a virtual reality platform currently in closed beta. In its current iteration, Horizon allows individuals and small groups to interact and engage in a wide variety of experiences, essentially allowing users to step into a virtual, real-time version of Facebook. Facebook believes that the experiential content landscape in Horizon will be largely developed not by Facebook, but by users and organisations.
The overarching point here is that the Metaverse will not be developed by any one company or group of individuals but rather collectively, by all of us — individuals, brands, technology companies, government and non-governmental organisations — anyone and everyone.
And while companies like Facebook, Google, Disney and Amazon will all build their unique presence and experiential platforms within the Metaverse, all will have to agree on a set of shared protocols for interoperability across domains and accessibility across all device types.
Metaverse will not be developed by any one company or group of individuals but rather collectively, by all of us — individuals, brands, technology companies, government and non-governmental organisations — anyone and everyone.
The true promise of the Metaverse can only be realised when each of these “worlds” — be it Fortnite, Facebook Horizon and eventually millions of others — are stitched together into a universe where we can seamlessly teleport from one world or experience to another in real-time.
The metaverse will allow people to showcase digital forms of art and property, and NFTs will allow them to put a price on that content with proof of ownership. While NFTs use the same blockchain technology that cryptocurrencies use, they're not a type of currency themselves. Each NFT is attached to a specific item.
It is important to understand the economic value in the metaverse.
In the physical world, the value of an object is governed by a few key dynamics, among them, its authenticity, scarcity and ownability. Until now the internet has been, by its very design, fundamentally boundless in dimension and limitless in its supply of digital content. But it’s this same limitlessness that has commodified most digital products. After all, the internet was born as a means of file sharing, not of file buying.
For example, how much is a highlight video of LeBron James worth? Well, if I simply rip it from YouTube, not much. After all, there’s nothing inherently limited, authentic or unique about it. Anyone can download the same video but none of us can truly own it. Yet, at least one LeBron James highlight video is for sale for more than $230,000 on NBA Top Shot, a platform that allows fans and investors to buy, sell and trade officially licensed sports video highlights.
For all intents and purposes, there is little difference between the worthless LeBron clip from Google and the $230,000 clip on Top Shot, with a few important exceptions. Top Shot authenticates every clip and assigns exclusive ownership of these one-of-a-kind assets using blockchain technology.
Likewise, by virtue of blockchain, any digital asset — be it art, clothing, a LeBron James photo or even experiences themselves — can now be authenticated as genuine, verifiably limited and exclusively ownable. For these reasons, these unique and limited assets, also known as NFTs, can indeed carry a value. Think about the example of Pokémon cards. The cards themselves have almost no inherent value. It’s only the rarity and authenticity of certain cards that drive their value to extraordinary heights. The same key tenants of value can now be applied to digital assets for the first time in history.
For example, digital artist Mike Winkelmann, who works under the handle Beeple, had until recently never received more than $100 for one of his pieces. In late 2020 however, Winkelman sold an NFT of his work for more than $66,000 dollars. A few months later, the same piece sold for $6.6 million. And if that weren’t enough, in March of 2021, the artist sold a digital collage through Christie’s auction house for $69 million.
Yes, your question is Why?
Because now, using a blockchain ledger, the authenticity, rarity and rights of exclusive ownership can be conveyed and verified. Already these fundamental economic principles are cascading into other virtual goods including clothing, collectables and even virtual real estate — yes, real estate.
As we begun 2022, almost half a trillion dollars has changed hands through the sale and purchase of NFTs. Today, most of this is represented by the sale of digital art and collectables.
Platforms like Upland are making it possible to purchase virtual real estate assets like the New York Stock Exchange, for example, which recently sold for $23,000. Who would spend that kind of money on a digital representation of the NYSE? Someone who assumes that as more people invest, and prime assets become scarcer, the price of such digital holdings may logically rise. Simple supply and demand.
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"The best way to predict your future is to create it". - AL
When it comes to retail, there are those that foresee the creation of shopping venues — stores, malls and more — in the Metaverse. This is probably short-sighted. To simply transport industrial age shopping concepts and conventions to the Metaverse would be both unimaginative and ineffective.
The creation of the Metaverse will allow us to break free from the current industrial form and function of physical stores and move light years beyond even the best digital shopping experiences of today.
While the Metaverse may take decades to develop, there will be increasingly sizeable investments made now and, in the days to come, by organisations building that future.
Companies like Ikea are already successfully employing augmented reality technology to allow customers to design their spaces using its Studio app. Beauty giant L’Oréal has built an entire line of virtual cosmetics. And Gucci has begun selling virtual clothing, launching its Gucci Virtual 25 sneakers, designed by Gucci creative director Alessandro Michele, for $12.99 per pair.
Each of these things, while limited by the technologies and protocols we use today, is a small step toward the Metaverse. Growth will come slowly and incrementally until, as was the case with the internet, enough infrastructure, developers and users create a tipping point.
Smart brands will indeed buy real virtual estate and hire builders to develop their brand presence and experiences, where they will sell both digital and physical products to consumers who split their time between worlds. Laggard brands and organisations will be stuck in the real world and even worse, in the ghetto that the legacy internet will become.
Source Credits : Reilly Stephens from Retail Prophet