Metaverse, a blockchain-based virtual space, allows users to interact with and explore virtual worlds. It is independent of any device and is not owned by any vendor. The digital currencies and NFTs that enable decentralization of the metaverse are used to power it. They also use advanced technologies such as artificial intelligence (AI), virtual reality (VR), augmented reality (AR) and blockchain. In the next few years, the metaverse market will grow rapidly. Gartner predicts that 25% of the population will spend at most one hour per day in the metaverse by 2026. Bloomberg predicts the metaverse market to be worth $783.3 million by 2024.
We will be covering a variety of metaverse use cases and benefits below.
The current and potential metaverse use cases
Many companies in different sectors have already benefited from metaverse use cases. However, the greater potential lies ahead. Here are some of the current and potential metaverse use cases.
Remote virtual office
Many companies nowadays encourage or allow employees to work remotely. This has many benefits but has some disadvantages. Remote work can be challenging, as staying connected with your team while maintaining productivity is difficult.
Metaverse can help you with both. It can support many purposes, such as virtual collaboration and team-building exercises. It allows you to create a virtual office for your team so everyone can work remotely and from any location. Metaverse makes it easier for you to keep track of your project. With the metaverse 3D environment, employees can visit a virtual meeting space or virtual help desk or chat with their colleagues in a networking room.
Digital learning space
Metaverse can be used in the education world for interactive and distance learning and create an immersive learning environment for professional training. Metaverse-based learning is also possible because learners can explore learning at their pace and revise concepts as necessary. Learning in a virtual space is also beneficial because learners get real-time feedback, which helps improve their skills and make the most out of their training time. Virtual learning allows people from different countries to learn in one digital space without social or linguistic difficulties.
Virtual tourism
Today’s travel and tourism industry are already digitally savvy with virtual tours, VR headsets, and 360-degree videos. Though people will not stop taking real vacations, they will continue to enhance their travel experiences with virtual ones. Metaverse not only offers virtual tours to real-world cities and digital representations for real estate but also allows you to visit replicas of famous landmarks in their original state. Digital avatars make it possible to have a virtual travel experience in the metaverse, which is as interactive and immersive as the real world. Users can communicate, move in groups, and share experiences.
Metaverse entertainment
Metaverse is the future of online entertainment, including concerts, shows, sports, online gaming, and social media platforms. These events can be more interactive and immersive than their real-world counterparts, giving fans a more personal experience. Users can create digital avatars and buy merchandise for their favorite clubs. Multi-view camera technology allows users to enter the sports field and walk with the players or cheer on the cheerleaders.
Online gaming
Gaming companies invest heavily in research and development to find innovative ways to bring new games to the metaverse. Players can trade in-game collectibles with other players or on external marketplaces by playing metaverse NFT and blockchain games. Metaverse games’ real-life content provides companies with additional opportunities to increase their marketing potential. Metaverse ads are discrete and appear in natural places such as character clothing or game billboards. This gives brands great exposure and offers the opportunity to place their products in the gaming environment.
Key Takeaways
The current and potential use cases of metaverse do not only apply to the entertainment and gaming industries. Businesses across all industries need to prepare for the challenges and opportunities that the era of the metaverse will bring. Companies can get a competitive edge by adopting VR solutions today and be prepared to capitalize on the new opportunities the metaverse will offer.
