What is Metaverse and what are its applications?
Today the word “METAVERSE” is everywhere! It’s not that the term is relatively new, however, over the past few months, it has gained prominence, especially with big names like Facebook and Microsoft, Epic exploring its possibilities, and lately the Gemini empire.
In simple words, MetaVerse refers to a digital universe i.e. virtual world environments accessible over the internet. The word may be used to describe digital places that are more lifelike thanks to the use of technologies such as virtual reality (VR) and augmented reality (AR).
There is also a kind of metaverse that utilizes blockchain technology. In these, users can purchase virtual land and other digital assets using cryptocurrency. Many science fiction movies take place in completely realized metaverses (Avatar as an example) with characters in alternate digital universes that are indistinguishable from reality. But that’s another side of the story.
There are many possible areas where metaverses can be applied for business interests, but it is yet to be identified as a true commercial product. However, that doesn’t stop several companies from looking into its potential applications in education, military training simulations, virtual gaming worlds, and online marketing & advertising.
When can you be a part of the Metaverse?
There is no simple answer to this question. Metaverse, as a concept will require further leaps in technology to see what it looks like. The concept currently stands at mixing a variety of digital technologies to create a 3D environment where people can interact. This environment will be built to last, so you may think of it as an online world with real-world elements.
For example, some time ago Travis Scott held a concert inside the Fortnite game and it was a never-seen-before concert. Instead of attending the show or viewing it in front of a screen, fans were able to experience it in the comfort of their home, via a VR headset. With many such instances like these in the fray, the future seems promising with many new experiences to offer.
Applications of Metaverse
Business Communications
Metaverse can change the way we communicate in a business setting. With a virtual world environment, business professionals can share ideas and concepts with employees through avatars.
It can allow people to hold conferences with their virtual avatars, rather than just sending emails back and forth. The manager can simply project his or her hologram to the physical office or a dedicated virtual office. This goes beyond the limits of video conferencing platforms. Real estate companies can host virtual tours of properties, fashion brands can create a digital storefront, and so on.
Marketing & Advertising
Metaverse can change the way we advertise and present a product. Digital ads in virtual space can be more effective than traditional online advertising. They can even help companies create loyal customers.
Businesses may develop their avatars in common virtual spaces, just as they did with branding in the digital age by constructing websites and social media accounts. The same virtual realms are used to promote marketing via online platforms such as distribution of marketing materials and the placement of internet advertisements.
Businesses may use virtual stores to offer a more immersive and engaging online experience for their customers. The virtualization of the sales process experience enhances customer contact and after-sales service.
e-Learning
The COVID-19 pandemic literally changed the way education was imparted to students. Countries worldwide introduced virtual classes and e-learning platforms to cater to the needs of such drastic changes. To cater to the changing needs of education, many institutions are resorting to virtual classrooms instead of traditional classrooms.
However, some people have complained about the learning curve associated with video conferencing systems. In particular, the overall quality of communication has always been mediocre, and the intellectual property of the virtual instructors and students is at stake. Metaverse can change the very nature of education by enabling online schools to provide a high-quality virtual education to students regardless of their physical location.
Metaverse applications include concentrating on delivering online-enabled learning and allowing distance learning that is more lifelike through a digital platform that is visually rich.
Students can use their avatars and virtual reality equipment to build an online presence and participate in a collaborative, immersive digital environment with their classmates and instructors. This makes education more engaging and interactive.
Metaverse — The future of the digital world
The Metaverse will not be unlike our current online existence. It won’t simply appear as a platform developed overnight, but rather it will evolve over time and merge different technologies such as Virtual Reality, Artificial Intelligence, and more within its environment. The future of the Internet is uncertain, so predicting what the metaverse looks like is challenging. However, it might be a future in which people spend more time in virtual spaces than they do in real life. The projection concerning the market size by 2030 is already expected to be more than 1,542 B USD!
Kiriin Labs AG is based in Zug, Switzerland, and is an active FinTech and Web 3.0 Technology company with its core services providing decentralized solutions as well as design, transformation, and implementation advisory for both private and public companies and institutions. Feel free to contact us : info@kiriin.com
