Abstract

The socialization in digital world has shown a significant growth over the past decade, majorly due to COVID-19 pandemic. This accelerated growth has given birth to the development of the new world: metaverse, a virtual world which is a replica of real life involvement. Microsoft and Meta (Formerly known as Facebook) decided to invest huge to create virtual environment, virtual technologies and avatars with goal of creating innovative experiences for consumers. Forecasting suggests that metaverse arena is assured for notable increase $485.8 billion by the year 2030. Foreseen advantages will be combination of intense e-education, networking, and online gaming and e-commerce paradigms. Companies apply metaverse to increase their customer base by including their businesses in metaverse environment. This paper is a theoretical framework for exploring few aspects of metaverse. The paper describes metaverse as evolution of new technology like Augmented Reality, Artificial Intelligence, Virtual Reality and Extended Reality. They made real time interactions possible in replica virtual environment. Businesses use these technology and metaverse to boost customer reach and increase profitability. This paper emphasizes the importance of metaverse in different facets which integrates consumer’s life technologically, mentally and financially. This paper also reflects adverse effects of metaverse on consumers and society.

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