In the ever-changing landscape of finance, a remarkable phenomenon has taken hold: the rapid growth of decentralized finance, or DeFi. This ...
Imagine a world where you can have AI-enabled interviews with your colleagues, take meeting notes around an adventurous station, or teleport yourself from one location to another anytime, doing all these without stepping outside your home.
Does that sound like a virtual game? To let you know, it’s not a game. Instead, it’s a depiction of the metaverse.
So, to define it, let’s give you a rundown of the same …
The past year has been a revolutionary one for businesses worldwide. With countless iterations, the digital evolution brings vast modern business opportunities. Technology has come a very long way from surfing static websites to web 2.0. Now the evolution of web 3.0 changes the whole picture, all thanks to the rise of the metaverse.
The concept of Metaverse is not new; it was first introduced to the market by Neal Stephenson back in 1992. Later on, taking inspiration from the same concept, Mark Zuckerberg changed the brand name from Facebook to Meta.
As a result, big brands like Walmart, Nike, Gap, Microsoft, Roblox, Adidas, and others have started shifting to the metaverse space.
However, there are a few questions that business tycoons must consider asking themselves before stepping into the virtual space. Some of these include:
"What is the Metaverse? What can I actually do in the metaverse? What is the ideal metaverse strategy? How can I make the most of Metaverse technology for my business?” and so on …
Before digging any deeper, let’s first get a glimpse of what Metaverse is and what it does. So, without wasting any time, let’s get started!
A Brief About Metaverse Ecosystem
Metaverse is a 'BUZZWORD' in the industry, with many definitions presenting multifaceted opinions. To make everyone understand the meaning of metaverse, we can think of a three-dimensional world based on Augmented Reality (AR) & Virtual Reality (VR).
Users in the virtual world come together & perform numerous activities in a virtual world. It’s a virtual interconnected space containing digital entities like NFTs, avatars, and so on.
The recent proceedings in the metaverse development prove that technology brings AR, VR, AI, IoT, and Blockchain together to form a comprehensive virtual world.
Without a doubt, the metaverse virtual reality industry is taking businesses on a path to success, which has made companies worldwide place big bets on virtual evolution.
But the real question is, "what are the use cases of a metaverse in business?" For a deeper glance at new-age technology utilities, let’s give you a summation of their use cases.
Metaverse- A Rising Tide in Business
In 2021, Metaverse-focused companies generated $10.4 Billion in capital, nearly double the amount raised in the previous year. According to recent research, this high-end technology has the potential to recreate the world with revolutionary AR & VR technologies.
Metaverse is considered the next evolution of the internet & social media. With this being said, the virtual offers a pool of opportunities from a business viewpoint.
In this regard, let’s get a glimpse of what things are possible …
- Metaverse brings the new advertising concept with a whole new scenario that gives audiences unique storytelling experiences in 3D technology.
- The unified real & virtual world realm prevents geographical barriers in the business framework, which make brands engage their audiences worldwide.
- In the virtual universe, users can create avatars and join any event without revealing their identities. They can navigate across applicable projects.
- Businesses can regulate seamless transactions over the virtual ecosystem with digital wallets.
Metaverse in business opens numerous ways to stand out in the market. Being the upgraded version of the marketing channel, metaverse helps scale up new strategies & generate more sales.
As per the March 2022 survey, more than 17 percent of IT companies worldwide have invested in this innovative technology. In the meantime, other industries including- Finance, Healthcare, Marketing, and Education are rolling to work with this virtual technology.
Use Cases of Metaverse
Metaverse is getting momentum worldwide with many companies investing a good chunk of money & time in researching the most-potent use cases of the metaverse.
Through this blog post, our focus is on metaverse in business applications, followed by all key industries including- Healthcare, Gaming, Education, Tourism, and so on.
1. Metaverse Uplift the Future of Gaming
The gaming industry is soaring to new heights with every passing day. It’s rising with Blockchain & Metaverse, which is known as the way of future gaming.
The recent evolution in the gaming industry gives gamers a hypnotic & immersive gaming experience. Metaverse virtual reality integration with gaming brings a new generation of P2E (Play-to-earn) games. By playing Blockchain or NFT games, players can get in-game collectibles to deal with other players & in-markets.
Prominent games such as Sandbox, COD (Call of Duty), and Axie Infinity are some of the best-selling examples of virtual reality-based businesses in the online gaming market.
As per reports, Axie Infinity captures more than 350,000 active users, which is around 3 million monthly users.
Besides this, Metaverse games offer a next-gen gaming experience to gamers. Some of the key features of these games include-
- Their interoperable nature, which allows users to easily get their in-game assets from one meta space to another without doing any major changes.
- Their architecture is adaptable with Crypto & NFT assets which interpret permanent ownership.
- Players can create unique avatars for virtual representation of their identities.
- These games work on a play-to-earn concept that allows users to collect in-game items & sell them to make real-world money.
- They offer a mixed reality experience where players can switch between convenient communication methods.
2. Virtual Tourism
Who doesn’t love traveling?
Everyone loves to travel to popular places, but sometimes it’s not possible to visit every beloved place. This is where Metaverse comes in & helps people to visit places where they can’t go physically.
Virtual tourism is said to be one of the emerging use cases of metaverse tourism. The technology has reached such an extent that it lets everyone travel in a virtual world, which is a great add-on for people who can’t travel long distant places.
For instance, Thomas Cook launches the Virtual Reality Holiday “Try before you fly” which takes tourists to their favored destinations virtually.
Not only this, but you can also go digitally at a preferred location with realistic effects. This is also known as 360° virtual tourism.
3. Virtual Learning
Imagine a classroom full of students where the teacher is taking a lecture on various destinations including- Canada, New York, etc. This is a glimpse of what education looks like in the metaverse. Users can customize their avatars, and build anything from a metaverse-based school premise.
Teachers & students can meet up in the digital metaspace via VR headsets regardless of real-life locations. Teachers can take lectures about discoveries with quick immersive 3D views simultaneously.
Educators can create virtual landscapes based on required lessons to add a new level of quality learning experiences.
A recent study shows that Mesh developed by Microsoft allows students, teachers, and faculty to connect using their 3D avatars.
4. Real Estate
The current real estate market resides in the metaverse realm over metropolitan cities or on scenic coastlines. In the last few months, it has become one of the most skyrocketed businesses by a 400 to 500% increase in the market. It’s reflecting how unrestrained the race for the virtual real estate world has gone viral.
As reported, Brands like Gucci and Nike are stepping into real estate metaverses and opening retail stores for meta clients.
Another Metaverse real estate example is Daler Mehndi, India’s first pop star, who bought “Balle-Balle Land” in the Facebook parent company.
With a metaverse list of property options, brokers don’t need to travel to the location. Clients can also save time by avoiding visits to dozens of properties. As a matter of fact, potential buyers can take a tour & explore all available options conveniently.
5. Banking & Finance
How about accessing banking services from the comfort of your home? Mobile banking, Net banking, and virtual branches have passed away.
The banking sector is starting a new revolution- called the Banking Metaverse. It allows access to a full-fledged view of banking solutions anytime, anywhere.
Financial institutions have been engaging with web3.0 institutions. In the context of web3.0, Banking sectors use metaverse for creating “virtual financial towns” & offering virtual advisory or banking-related services.
Metaverse-driven banks can insure & lend over virtual currency, NFTs, and Virtual Land. They can also do virtual transactions like cash withdrawals from virtual ATMs. In the next-generation ecosystem, Banks facilitate investment, payments, insurance, and loans as well.
Healthcare organizations ranging from hospitals to fitness companies are coming to the virtual space. Metaverse integrated healthcare entities are expected to be an efficient tool to perform complex surgical treatments and enhance patient care.
Metaverse context in healthcare has opened new channels for providing cures at low cost. The telehealth sector is fueled by the latest virtual world context where doctors & patients can engage in virtual 3D hospitals.
Recently, healthcare tycoon, Apollo Group has partnered with 8chili Inc to step out into the metaverse space.
7. Social Media
Metaverse implementation in social media creates new opportunities, where people can play, work, socialize, and shop. It has radically matured social media both for brands & audiences. Users can also connect with each other using virtual clones & digital avatars.
The metaverse space will be an extension of social media platforms. Adding immersion into social media will constantly bring new experiences to customers. It will merge several social media aspects including- live events with hypnotic experiences based on AR & VR technology.
For example, Decentraland is a Blockchain-powered platform that allows users to create, share, experience, and monetize their content & applications.
Since technology is heading to new heights, why not find out how businesses can profit from the metaverse? Let’s delve deeper into this-
Perks of Metaverse
The speed at which metaverse technology advances businesses is getting faster. Businesses need to be aware of this technology and know how it might influence sales, costs & marketing fundamentals. On top of all, businesses must explore advantages to make informed decisions.
Below are the major advantages of metaverse-
Benefit from Quick Transactions
The metaverse, cryptocurrency, and NFTs walk parallelly.
Today’s digital space looks for digital payment methods which become easier with digital wallets, cryptocurrencies, NFTs, and so on.
Cryptocurrency and NFTs implementation in the metaverse makes transactions quick both for brands & users. Furthermore, there is no need to link bank accounts with the virtual world. All the payments are transparent & just a few steps away.
Ingenious Forms of Advertising
As mentioned above, the metaverse changes the whole game of advertising. It introduces new approaches to advertising & brand storytelling.
Metaverse brings storytelling to a whole new scenario where the audience just won’t be listeners or content consumers but active attendees making choices in products & services.
Creating Virtual Events
People might get bored by attending live concerts in real places. This is where the metaverse changes the game and allows the creation of full-fledged virtual events that may be more immersive.
Metaverse can make this experience more engaging & give a better feeling of presence to all the viewers.
Museums & galleries have also shifted to the metaverse. Recently, we’ve heard about an NFT avatar exhibition project organized in the metaverse.
Show & Sell Your Merchandise
As technology evolves with the metaverse, brands have a never-before-seen opportunity in their hands to sell their product in the virtual world.
For example, many brands let their customers shop for glasses or clothes without stepping out of the room or using AR technology to see how new installations would look in their homes. Users might get a new virtual look or makeover to see whether they look good or not.
These are a few experiences that brands can provide to their customers or it will be better possible in the AR & VR space.
The above benefits & use cases of metaverse give a comprehensive view of what metaverse is. You can see how Virtual reality & Augmented reality will become an immense part of our daily lives whether it comes to promoting a business or selling products.
Many early startups of the metaverse crypto are already under experimentation for various sectors. It’s now time for organizations to come out of their slumber, steal the spotlight & get a step ahead by implementing future technology in their business operations.
How Debut Infotech Can Help in Your Metaverse Vision?
Whether you’re looking to integrate metaverse into your existing business services or seeking the right strategy to get started with your metaverse vision, we’ve got you covered.
Debut Infotech is a leading metaverse development company experienced in providing solutions for diverse industry niches.
Our mavens use cutting-edge technologies to create a virtual world experience for your businesses.
With our rigorous development services, you can keep your business stay ahead of the competition & advance the business goals.