What’s up, MetaverseBay here. 

We share what newcomers should know, what updates experts should know about, and what everyone may find interesting. 

Let’s get down to it. 

This week we’re looking at Digital Twins. 

The technology has arrived and is showing itself to be the forefront of a new frontier. 

Now, during the early stages is the time to implement best practices. 

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.

An addition to our newsletter is our Metaverse Liveliness Index.

It gives us an idea of public interest in the metaverse and how relevant it is at this moment in time.

This week the index dropped by 2 points. 

ETFs and metaverse-related tokens took a bit of a hit after their recent end-of-year run while trends saw a bit of an uptrend. 

This week we are touching on Best Practices.

In business these are the methods and techniques that deliver optimal results, increase efficiency, and help cut costs. 

Using these practices with digital twins would mean that in testing or design phases errors can be corrected to prevent issues further down the line.

Making the Most of Digital Twins

Digital Twins provide a lot of benefits to engineering, risk mitigation, and countless other areas. 

The field is still in its infancy and while learning about it and seeing it grow its best to learn and adopt best practices now. 

These best practices involve the following:

Be an early adopter: 
Digital twins have shown significant promise to become widespread and “the norm”. Don’t wait for your competition to adopt them first, getting ahead now means you won’t plat catchup later. 

Don’t accept the status quo: 
Saying “we’ve always done it this way” or “current systems are sufficient” doesn’t allow for advancement or evolution. 

Start the design and use it now: 
Rather than waiting for construction of a project to be complete to use digital twins, use them for various “what if” scenarios. Testing them now means less cost of switching later. 

Beware of shiny objects: 
Digital twins are a metaverse technology and stepping into the metaverse fully is tempting. But baby steps are important, but taking the appropriate amount of time to adopt change is necessary.

Ask the hard questions: 
Determine the short & long-term benefits of the model as well as financial implications.

Not every project will benefit from digital twins but for larger scale projects, testing and changes with digital twins can make it more cost effective in the long run.

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The Next Steps for Digital Twins (TechBriefs.com)
What we need to do now to connect digital twins to current systems

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Digital Twins Can Radically Disrupt Healthcare (Forbes)
Patient care has reached a turning point.

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5 Best Practices For Digital Twin Implementation (Cio.com)
Use them correctly, implement them now.

Web3 promises to decentralize the internet and have it be more community-led and creator-owned. This is a founding idea of the metaverse. 

Today with Web2 we upload our content to platforms who largely take control of it, give a sliver of profits to creators, and regulate it on their standards. 

Web3 pledges a transfer of power to the users granting them complete ownership of the content they share, fairer profit sharing, and regulation determined by users.

In short, centralization leaves the control and power in the hands of the host platform, users have no say in what can or cannot be done and must comply with the established rules. 

Decentralization wants to change this, it seeks to give power to the people allowing users of a platform to decide what should and shouldn't be allowed.

Thank you for reading!