Future Applications of the Metaverse: Key Sectors to Monitor

• Neeti
• September 12, 2022

One of the best things about the future is that it is ‘Unpredictable.’ Coupled with elements like uncertainty, the urge to unfold the secrets of the future has always been one of the greatest catalysts of human evolution. With our overflowing curiosity to dig beyond the visible, we as a society have outperformed ourselves on various paradigms. Be it tech development, innovation, or experimentation; humans have always been at the forefront of doing the unusual and unseen. If we take a stroll down memory lane, we realize how gracefully we have moved from the read-only Internet version of Web 1.0 to the present decentralized version of Web 3.0. Though we are still in the mid-way with the Web 2.0 version, which unlocked the potential of social media and digital content, the process of entering into Web3 is on a roll.

With different versions, we came across different technological innovations that emerged as the star players of that particular phase of the web. If the latest trend reports are anything to go by, Metaverse is undoubtedly that star player of the Web 3.0 cluster. Virtual space technology is one of the most remarkable outcomes of the Internet evolution. It promises a decentralized virtual infrastructure where people can interact, earn, and work freely without any hindrance from the outside world. With Metaverse technology, tech experts create a show that brings the virtual closer to reality. The rise of cryptocurrencies gave a much-needed blow to the concept of decentralization, where power distribution gives equal authority to all the participants. Metaverse uses decentralization to empower the users.

This blog will discuss Metaverse technology and its evolution into a multi-dimensional industry. We will highlight the most powerful use-cases of Metaverse in the near future. So, without much talking, let’s learn metaverse use cases quickly.

An Elaborated Take on Metaverse as a Concept

Before moving any further into the use-case section, testing your knowledge of Metaverse technology is important. How well do you know Metaverse? Or is this the first time you are hearing about it? Well, the latter’s chances are fairly dull because Metaverse has been one of the trendiest topics in the past two years. The first time we came across the idea of a digital world was in the popular novel Snow Crash. The book was published in 1992 by Neal Stephenson, who shared a glimpse of virtual spaces through his characters.

Metaverse is a blockchain-pegged network connecting multiple virtual spaces to unleash a never-seen-before digital experience. The participants can interact, play, work, trade, and exchange within the Metaverse ecosystem through their digital human versions called avatars. As blockchain comprises the core setup in a Metaverse, the system is free from central authority control and device dependence in particular.

The Metaverse economy is driven by cryptocurrencies and NFTs, which tend to reduce the financial gap in the real world. Metaverse blockchain combines Virtual Reality, Augmented Reality, and AI to offer the unmatched experience of simulated virtual space. It strives to mirror the physical world with technology-infused elements. You can think of anything you can or would want to do in the real environment, and Metaverse will offer it to you easily. Users can play games, go shopping, visit theaters, create digital spaces such as offices, work, etc. The list is exhaustive and interesting.

A major push for a decentralized web, Web 3.0, during the COVID-19 pandemic crisis paved the way for next-gen technologies like NFTs, 5G, and Metaverse. People explored using these resources when they were forced to work remotely locked within their houses. It encouraged experts to find new ways of employing Metaverse in the everyday hustle. So, when Facebook revamped itself into Meta, we knew that Metaverse was here to stay because it is not every day we see billionaires bragging about a particular piece of technology.

Potential Present and Future Use Cases of Metaverse Technology

The scope of Metaverse is expanding day by day as more and more firms are stepping into the sector. Virtual Reality and Augmented Reality allow Metaverse to achieve its full potential. Users can access a virtual world using VR and AR-enabled headgears, smart glasses, and handles. These gadgets make participants view their surroundings in an extra dimension by making enticing virtual changes to the physical things. Inclusion of 3D images, sounds, texts, and interactive graphics make Metaverse quite popular. The technology helps users to immerse in a digital environment with high-end security and transparency.

In the list given here we have listed some present and future use cases of metaverse technology, have a look:

Metaverse in Household

Metaverse can emerge as a strong player in enhancing our experience in our homes. The virtual and hybrid technologies can streamline a variety of home activities we presently struggle with. With head-mounted VR displays, simulators, and advanced computer devices already becoming an inevitable part of young gamers, Metaverse has begun to make a space in our households.

Soon, we are likely to see expansion of Metaverse in a majority of homes by means of fiber and WiFi. This will allow people to connect digitally in an intra-personalized world. Post pandemic, we have shifted to the Work-from-Home culture. Metaverse can play a significant role in preparing our homes for office work. Holding meetings, doing projects, collaborating and interacting with peers will go beyond the limits of web cameras and a computer screen. Metaverse will open doors for a more tech-hyped home environment which will foster new opportunities for every person.

Tourism

The sector witnessed one of its biggest downfalls in the pandemic. Governments across the globe are still struggling to recover the losses pooled during the year-long crisis. The pandemic restricted people from moving which gave a severe blow to the global tourism industry. Apart from this, concerns for a sustainable environment are also hampering tourism. This is where Metaverse can come to the rescue and save the crippling tourism economy.

Tourism sector is experimenting with Metaverse and other virtual technologies to promote exploration without actual traveling. People can use smart gadgets to enjoy virtual tours to places around the globe. The 360-degree videos clubbed with 3D travel experience has immense potential to change the way we perceive tourism. Travel fans can strike a balance between real-world travels and virtual-world travels to unravel new experiences.

The technology facilitates virtual tours to cities and digital mimics of real estate. It also allows them to visit simulations of popular tourist spots and landmarks in their original state. Using digital avatars, one can explore their favorite places in a fashion similar to what they experience in real life. One can form groups and interact while visiting a digital place.

To encourage this, South Korea has planned to invest $186.7 million into Metaverse development. Its capital Seoul will become the first city to venture around Metaverse with the highly-anticipated project ‘Metaverse Seoul.’ The project will facilitate virtual tourism access for locals and international visitors willing to see historical simulations and popular city locations right from their homes. Metaverse training programs allow experts to design projects that satisfy the requirements of people at large.

Metaverse and Entertainment 

Experts predict that the entertainment industry will emerge as one of the most profitable fields for Metaverse expansion. The technology can be seen as the next phase of entertainment where digitalization will offer an unmatched experience to users. Within the metaverse entertainment cluster, one can find digital concerts, events, sports, social media groups, etc. The use of AI and AR-VR gadgets enriches the viewers with a more immersive and personal experience. For instance, they can choose the angle from where they want to enjoy a digital event. They can also interact with the sportsperson of the artist performing on stage.

Metaverse avatars can purchase and wear the official merch of their favorite sports clubs. They can enjoy a game with people supporting the same team as themselves. The multi-view camera facility helps fans to walk around the sports field close to their favorite players. They can also become a cheerleader within the virtual space.

Online Gaming

The e-gaming sector has emerged as the foundationary ground for Metaverse evolution. Presently, we can find a plethora of online gaming portals offering play-to-earn services to fans. With metaverse, they tend to engross themselves in a more immersive and realistic gaming environment. Firms are putting in heavy investment in the R&D to explore the growth opportunities for Metaverse in the e-gaming space. The use of blockchain technology ensures safety of funds and supports provable gaming to eliminate risks of manipulations. Players can store their funds in a metaverse wallet to ensure safety.

These games have an in-built economy characterized by Non-Fungible Tokens that provide ownership rights to token holders. Digital collectables are easily tradeable in NFT marketplaces and exchanges, thus, allowing users to expand their earnings. Also, metaverse gaming solutions open advanced marketing opportunities for business entities. The unobtrusive advertising mechanism gives the required exposure for product promotion. The ads form a part of billboards, official merch worn by avatars, game contents, etc.

Metaverse in Education

In the education sector, metaverse can be revolutionary for distance learning courses and online teaching-learning practices. Hybrid technologies, Artificial Technology and Web3 resources strive to create a highly interactive learning environment that involves technology in its truest form. Teachers can offer a more student-centric learning environment for learners through easy exploration of virtual spaces. While explaining a concept, they can provide 3D models for a more enhanced emphasis. It helps to make a classroom immersive, interactive, and highly-engrossing for the students.

The technology can be used effortlessly for virtual training experiences. For instance, a medical student can pratice treatments on patients in a simulated environment. This will help them to hone their skills and understand the working in a better way before going to the real world. Real-time feedback is an essential feature of Metaverse. It helps students to get timely outcomes on their performance which eventually allows them to improve quickly. In a virtual world, avatars do not face language barriers which are quite prominent in the physical world. This helps to bring together people from around the globe with different linguistic capacities in a unified digital and virtual ecosystem.

Metaverse in Industry

Industrial space is an important use case for metaverse technology. In the near future, we will see a dramatic expansion of metaverse in multiple industrial domains such as warehousing, logistics, factories, etc. The virtual space facilitates immersive training programs for the staff where they get to try their hands on the work they will be doing in future. It will help to maintain transparency in stock management and control for firms dealing in logistics and supply chain. The shift to digital spaces will bring down the cost of operations. The firms will require less staff as work will be managed digitally in a simulated environment on a blockchain network.

Conclusion

Metaverse is in its growing stage and so it will be quite early to predict its expansion chart. If expert reviews are to be considered then we can see that the era of metaverse is quickly ushering in. The virtual space technology has already set its foot strong in blockchain gaming. With more support and investment from industrial magnates, Metaverse will grow and gain a competitive advantage in the decentralized realm. So, if you are interested in metaverse, then Blockchain Council can help you. The platform offers a diverse range of metaverse course programs for interested candidates. You can choose a course that suits your interests and gain the necessary exposure in the fast-developing sector.