Interest in the metaverse is increasing with every passing day. More business organizations want to be part of the Web 3.0 revolution. Let us take a look at some interesting use-cases that shape the future of the creator economy.
Table of Contents
Key use-cases of the metaverse are:
Tourism
VR can transform the travel experience. People can see international destinations and remote areas without physically visiting locations. Headsets will showcase virtual tours. Hence, there is no need to depend on a tourist guide.
Hotels can also utilize the metaverse for welcoming guests after they make a booking. Travelers can get a glimpse of what they can expect ahead of their stay. 3D images will help tourists to compare attractive places. The metaverse will also assist in telling stories about historical locations. Luxury travelers can also avail themselves of concierge services in the metaverse.
The future of travel will revolve around trends like “Try before you Fly”, “Virtual City”, “Online Expos”, and “Virtual Theme Parks”. The special focus will be on offering an authentic and realistic experience for tourists.
Real Estate
There is a high demand for digital land. This is evident from the fact that virtual plots are selling for millions of dollars. For instance, Propy, a platform, recently sold an apartment in Kyiv as an NFT. Fractional ownership is also transforming real estate investment. Prospective buyers will get a share in the property after they invest a nominal amount.
Importantly, a 116-parcel estate on Decentraland, a virtual world on the Ethereum blockchain was sold for a mind-boggling $2.43 million. Overall, metaverse real estate sales on the 4 leading platforms (Decentraland, Sandbox, Cryptovoxels, and Somnium) crossed $500 million in 2021. The value of the digital properties varies based on the utilities being offered and the location.
Gaming
In-app purchases constitute an important part of games. Today, there is more buzz around Play-to-Earn (P2E). The business models are changing and players are getting rewards in digital tokens for participating in challenges and tournaments. The success of games like Axie Infinity, Gods Unchained, Splinterlands, and Sorare explains this phenomenon. Players can also interact with each other in a social environment.
The explosive growth of the metaverse has resulted in the permanent ownership of digital assets by gamers. The future of the gaming sector will depend on aspects like interoperability, cross-chain compatibility, avatar enhancements, and character customization.
Retail
The metaverse will also transform the shopping experience. Brands are coming out with digital storefronts for showcasing their products. Hence, customers can try out goods before purchasing them. Avatars inspired by Artificial Intelligence (AI) will also change how retailers sell their goods.
Prospective shoppers can swipe items in a virtual room powered by Augmented Reality (AR). They can take snaps of products, customize and design their space using templates, and view the simulation in AR on a real-time basis.
Sports
Athletes and teams are getting closer to their fans now. National and international leagues are launching their NFT marketplaces. Sports aficionados are placing bids aggressively for trading cards, autographs, videos, and merchandise during auctions. Renowned players can also reward their most loyal fans with one-of-the-kind NFTs. Virtual stadiums and exciting contests can also create the feeling of a live match. This will uplift engagement as athletes can interact personally with die-hard fans and hardcore supporters.
Fashion
Designers and luxury brands are also making waves in the metaverse. They are selling digital garments, virtual sneakers, and wearables via auctions. Popular names like Nike, Adidas, Gucci, Zara, and Prada are making rapid progress in the Web 3.0 era.
In an encouraging sign, several streetwear brands across the world are also accepting crypto payments. Hence, customers can buy merchandise by using digital currencies. Celebrated designers are releasing their new collections in fashion shows and ramp walk events. More attention is being given to offering a phygital experience to fashionistas.
Wrapping Up
Undoubtedly, the metaverse is the hottest trend around the globe right now. It will contribute around $3 trillion to the global GDP within the next decade. The Web 3.0 era will also change the future of education, entertainment, e-commerce, financial services, healthcare, and music. Hence, virtual reality and augmented reality will embed into the real lives of people. Eager to attain an advantageous position in the decentralized economy? It’s time to march into the best metaverse now!
