While the ongoing pandemic has led to a dramatic loss of human life worldwide, presenting an unprecedented challenge to public health, food systems, and the world of work, the economic and social disruption caused by the pandemic is devastating.

Even as the world limps back to normalcy as the aftershocks of COVID-19 simmer down, the last couple of years have accelerated some of the cultural trends and behaviors that need to be in place for a metaverse to be created.

Kiran Dommeti, the founder and chief executive of Asgard DAO says while the adoption of the metaverse was inevitable, the pandemic sped the timeline up by years with social, educational, and economic opportunities in the space being abundant.

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Dommeti, in interaction with CNBC TV18, says as the metaverse develops, it will erase the issue of geography for business interaction with companies starting to build their own little metaverses.

“Adoption of the metaverse was inevitable, but the pandemic sped the timeline up by years. Social, educational, and economic opportunities are abundant. It just so happens that we have that power, of a sort, and our need to escape a pandemic- burdened world is propelling us forward into a disease-free alternative reality,” he says.

Dommeti added that the pandemic has hastened the acceptance of the online concept, be it e-learning, online meets, online gaming, or even the metaverse. “Travel Restrictions have just about bumped up the metaverse ecosystem as we find new ways to travel, collaborate and conduct business. There is no doubt that the metaverse as a mirror to real-life was inevitable, with friends and family constantly scattering to the winds as they chase better jobs, opportunities to own homes, and other goals,” he says.

The Co-founder of Asgard DAO added that social media is great for staying in touch, but it leaves a lot to be desired and that a mirror world where things are as real as you want them to be was already the answer to that problem, but as long as it was safe and easy to travel, only a few people explored the metaverse as a social alternative.

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“It is easy to see how the pandemic pushed the metaverse along on its adoption timeline, much like it did for other settled, but growing, tech revolutions, like eCommerce. The entire world is looking at ways to use metaverse platforms to fulfill social needs that have been neglected at home, work, and school. This spells a huge opportunity for anyone who makes smart investments in these brave new worlds,” he said.

When asked where does he see the gamification world is headed towards, Dommeti said the next few years promise huge advances in mobile technology, including the widespread availability of 5G in major urban areas, with retail apps, particularly those that have physical shops, looking for ways to use this cutting-edge tech to gamify their app offerings.

“The benefits of Augmented Reality (AR) can be fully harnessed through 5G technology and opens up many exciting gamification opportunities. In one scenario, an AR screen overlay could be used in the style of PokemonGo! and guide shoppers through a physical store where they might search for hidden discounts or collect coupons. In another, fashion apps could use AR to give customers a virtual makeover and allow them to ‘try on’ outfits without ever having to enter a changing room. The NFT intervention will add a new layer in collectibles and with the metaverse trend, all dovetail into a whole new world - no an all-new meters,” he said.

Asked to comment on the Indian government’s stand to impose a 30 percent tax on profits from cryptocurrencies, while not legalizing as a tender, Dommeti said imposing taxes proves its legitimacy and is not just a speculation but something people can use in their daily lives.

“Asgard DAO will honor the boundaries set by the government and operate within the rules and regulations. Moreover, the talks about the new CBDC for India will play a huge role in initiating the fourth industrial revolution. This is why the use of Stable coins in the Asgard DAO ecosystem will ensure that the Indian community is able to reap the benefits of Asgard by seamlessly carrying out their financial activities through Indian CBDC and Stable Coins,” he said.

- The author, Murtuza Merchant, is a senior journalist and an avid follower of blockchain and cryptocurrencies