There is an alternative to the physical world now. Metaverse technology has come a long way since Neal Stephenson came up with that term in his novel “Snow Crash” published in 1992. Tipped to be the next iteration of the Internet, Augmented Reality, Virtual Reality, 3D, and Blockchain technology will act as the driving force behind the quest for decentralization. As a pioneer in Web 3.0, COMEARTH, the world’s first e-commerce metaverse on the Polygon blockchain, overviews the current state of the digital world.
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Metaverse: A $800 billion opportunity worth exploring
Social media companies, online gaming giants, and instant messaging apps have big plans for metaverse technology. Touted to be an $800 billion industry by 2024, it stands at the convergence of the physical and the digital worlds.
Primarily, the focus will be on offering an immersive experience to users in a controlled environment. While the transition to the Web 3.0 era is imminent, specific industries will act as the entry point into metaverse technology.
According to a report by Bloomberg Intelligence, gaming and live events are the two sectors that will garner more attention in the metaverse. Blockchain technology will act as the backbone for interaction in the digital world. By giving more priority to decentralization, users will have more control over their data. Besides that, the phenomenal growth of NFTs indicates that creators will digitally own their content and command a value for it.
Encapsulating the impact of metaverse on everyday life
Physical offices may lose existence due to the adoption of remote and hybrid working. Thus, employees will attend meetings and conferences in digital avatars. Metaverse technology will facilitate virtual collaboration and provide a viable alternative for face-to-face communication. Thus, organizations will have to create virtual spaces as they venture into an embodied Internet.
Spatial audio will also help in making conversations in the metaverse natural. The future of work will also be characterized by trends like digital onboarding of new employees and training sessions powered by Virtual Reality (VR). Hence, workers will drop in and out of the digital world that closely resemble the real workspaces. While metaverse technology may not fully replace in-person working, it will offer similar conditions to retain the trust and comfort level of employees.
From weddings to concerts, the metaverse is the happening place. Likewise, hosting events in the virtual world will change how people socialize. Attendees can register in advance and create a digital avatar for themselves. They will benefit from an immersive experience in the digital world. Business firms can also connect with their customers by using gamification. Organizing hybrid events will also help in balancing the expectations of those who attend in-person and people who meet virtually and interact in holographic spaces.
Not everyone can afford to make a trip to their favourite destinations. However, metaverse technology makes that possible through virtual tours. “Try before you Buy” is a big trend that will shape the future of the travel industry. Hence, visitors can try out accommodations and hotels before making a reservation or a booking. Apps powered by Augmented Reality will also share information about landmarks and places of interest when travellers wander a city. This will offer tourists an immersive experience in the digital world as they need not seek information from a guide while exploring a location.
Footfalls in malls will dwindle and orders placed by customers on e-commerce platforms will decrease. Augmented Reality will transform the shopping experience. Brands will establish virtual storefronts for dealing with consumers. Shoppers would also try out products in a predefined environment and check if it fits their tastes before purchasing. Retailers will have to use sensory marketing in their attempt to replicate the real-world experience. Customers can also design their own space while testing the functionalities of different goods. Computer-generated imagery (CGI) will help brands in the fashion and beauty industry to reach out effectively to customers.
Metaverse technology will also play a significant role in the future of education, healthcare, and real estate. Trends like on-demand training, e-learning, telemedicine, remote therapy, and digital land will disrupt the distribution of essential services. Currently, the stakes are quite high in the digital world. While Web 3.0 will drive innovation, the key lies in how virtual spaces evolve parallelly to the physical world. Are you interested in strengthening your position before leaping into the metaverse? Reveal your requirements to our team now!