What will our workplaces look like in the future? Will they go beyond the remote-work model (where you get the flexibility to work from anywhere in the world using a laptop)? Or, will we go back to the on-premise work model?
The answer lies in the metaverse.
What you will be reading about now may sound to you like a scene from a sci-fi movie, but sooner than you know it, it will become a reality.
Imagine a world where you have to put on an Augmented Reality-Virtual Reality (AR-VR) headset to enter a virtual office, where you can instantly join your teammates and have face-to-face back-and-forth conversations (not like the ones you have in zoom meetings, where only one person can talk at a time due to technical reasons so you usually let them finish saying everything they want to before you respond and vice versa). This virtual office will have its own set of rules—dress code for your digital avatar and the team, designated access areas, rewards in the form of NFTs, and so on.
The metaverse will make this possible. It will replicate the real world, and everything that you do in its virtual world- including how we meet, engage with people and socialize. In the future, it will define our lifestyles.
- The metaverse is a network of 3D virtual worlds focused on social interaction.
- Some real-life uses of the metaverse include the creation of virtual offices and learning centers, social interaction avenues, and gaming spaces.
- Virtual commerce, tourism and hospitality, and media and entertainment are all expected to boom, thanks to the metaverse.
What is the Metaverse?
The metaverse is a combination or network of 3D virtual worlds focused on social interaction. Here users can interact with each other in the virtual world through their digital avatars using advanced human-computer interaction hardware (i.e., AR–VR headsets) and software.
Now you may wonder: But what use is it? And is it already in use? We got you. Read on for the answers.
Top Five Real-Life Metaverse Use Cases
Metaverse is not hype anymore. With advanced computation technologies combined with blockchain technology, metaverse will enable a truly decentralized virtual world. Although metaverse is still in the very early phase of development, the following are some of the real-world use-cases of the metaverse.
The metaverse takes gaming to the next new level, with the virtual world getting extraordinarily realistic for users.
If experts are to be believed, Gaming will dominate AR–VR investments and drive the metaverse growth. Microsoft’s acquisition of gaming company Activision Blizzard, the maker of the popular video gaming franchises Call of Duty and Candy Crush, for $68.7 billion, shows how tech giants are getting serious about the metaverse.
Still confused? The nearest example that can help us imagine a metaverse is Fortnite, a video game that resembles the metaverse in 2D. The metaverse is more than a gaming platform. To players, it’s like a social space where they could compete and also hang out with friends. Someone perfectly described it as a global living room for millions of gamers.
Gaming in the metaverse will combine the elements of GameFi, social gaming, and mixed reality experience. It will take gaming from walled-off data servers to blockchain networks, where every participant can engage and be rewarded for their efforts.
Over the centuries, social interaction among people has helped cultures to flourish and evolve. And such interactions were not just limited to one-on-one conversations. They assumed many forms like music, dance, art, and so on.
However, in the current scenario, where a large part of our communication is done through social media channels and messaging platforms, interactions can get very mechanical and emotionless, and often lead to miscommunication and misunderstandings— and that’s a huge problem.
The metaverse will redefine social interactions by allowing people to socialize in the virtual world, where they will be able to connect, collaborate, and communicate even without being there physically. Yet no one will feel the difference or experience physical separation.
Media and entertainment
Media and entertainment will no longer be a standalone affair. They will go beyond mobile screens and 2D web spaces.
Do you remember the movie Avatar? You will remember perhaps how the sci-fi movie showcased human interaction. In case you don’t, let me remind you that the humans in the film would interact with the alien world through virtual avatars, using a mix of Artificial Intelligence (AI), VR, and AR technology without ever leaving their safe premises.
Media and entertainment in the metaverse will look very similar. You just need to put on your AR and VR headsets to hop into the virtual world. As you do in the physical world, you can attend virtual concerts, visit virtual theme parks, sports betting, and so on.
Snoop Dogg, Imagine Dragons, BTS, and several other artists have already held virtual concerts in the past few months. The metaverse will increase participation and make it possible for multiple artists to perform together, making it possible to establish an even greater connection with the fans.
Virtual tourism and the hospitality industry
One of the biggest challenges in the hospitality industry is ever-evolving customer preferences. Customers nowadays prefer more personalized and optimized services, from seamless booking processes to unique stay experiences.
Using the VR platforms and hardware, customers will be able to take a 3D virtual hotel tour and research the place where they are considering staying. Travelers can assume their 3D digital avatars and get a virtual hotel tour before booking a property.
A related sphere where the metaverse can play a huge role is virtual tourism. People who otherwise cannot travel, either due to physical restrictions or other reasons, can use it to explore the world.
Just like e-commerce platforms changed the world’s business landscape, the metaverse will have a similar impact on commerce and trade. In the future, we will be able to see brands setting up virtual shops in the metaverse, where buyers would be able to take a 3D virtual tour and try out different products before making their purchase. Once the purchase is made, the products will be delivered to your home.
The buying process will be very similar to what we currently experience in supermarkets, but the only difference is, everything happens in the virtual world. It will be a place with no trade barriers, harsh regulations, or borders. Anyone from any part of the world can visit any store of their choice and make purchases.
Already we are getting news of big brands like Samsung and Adidas investing in virtual real assets and properties on metaverse platforms.
The metaverse presents an exciting new world and a lot of new opportunities.
When the web emerged, especially Web 2.0, businesses witnessed a sea change around them with every transaction moving online; now the metaverse will bring in the next stage of evolution in the web ecosystem. It will create opportunities never heard of or imagined before. A decade back, would you have thought there would be a massive demand for social media managers, social influencers, and so on? The same applies to the metaverse.
However, despite the hype and euphoria around the technology, the metaverse is still in its infancy, and it will take many technological innovations for it to become accessible and affordable to everyone.
Download the CoinSwitch app and start exploring the projects involved in the metaverse.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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