Metaverse Real world Examples, Use-Cases, and Benefits.
The metaverse is the buzzword, but many ain’t still familiar with Metaverse Real examples, use cases, and Benefits and why do we even need a Metaverse? So let us try to answer all these questions today.
The term and the concept of the Metaverse are not something new. The term Metaverse was coined from the science fiction novel Snow Crash written by Neal Stephenson in 1992. Facebook announced that it is rebranding to Meta on 28th October 2021, and it will be focusing on its future on “Metaverse.”
The idea of a virtual counterpart which is known as a “Digital Twin,” which means something that exists in real life, was shared by David Gelernter in his book Mirror Worlds in 1991. The concept of the digital twin was applied in 2002 by Dr. Michael Grieves, and further, he came up with the concept of digital twin software. In 2010, NASA used digital twin technology to simulate space capsules.
To gain a deeper understanding of Metaverse: Examples, Use-Cases, and benefits. Let’s start with the basic understanding –
What is Metaverse?
The Metaverse is a digital reality that combines numerous aspects of online gaming, social media, Augmented Reality (AR), Virtual Reality (VR), and blockchain. Further, it compromises cryptocurrencies and Non-Fungible Tokens (NFTs), allowing users to interact in the virtual realm.
There is no exact definition of a Metaverse. Still, in simple words, Metaverse is a virtual universe where one can create their avatars, and those avatars will hold their identity to live in the digital world.
In the Metaverse, people holding avatars can connect with their friends, buy, sell, trade digital assets, and take trips to different virtual locations inside the Metaverse space.
Moreover, Metaverse holds no specific limit. Metaverse is connected with gaming, and even by playing Fortnite, you will get access to Metaverse. Massive Multiplayer Online Role Playing Game (MMORPG) is the basis of Metaverse.
As per Mark Zuckerberg, the estimated time to create the Metaverse as a mainstream will take around 5 to 10 years.
The Metaverse is considered interoperable, meaning that the digital asset collected from one platform can be used on another.
The Metaverse is not limited to one type of experience. Still, the Metaverse space will be utilized in various ways, providing an immersive digital experience to its users from a range of activities in completely different Metaverse spaces. Users can participate in the Metaverse space through a VR headset, digital glasses, or smartphones.
39% of households have purchased Augmented Reality (AR) or Virtual Reality (VR) devices and expect it to increase by 45% by 2025.
The Metaverse isn’t one digital space but several digital spaces, and the experiences created by different companies are focused on providing realistic and immersive digital experiences.
The elements of the Metaverse space are Digital Ownership, VR interface, and avatars. The Metaverse already exists in the form of video games.
Benefits of Metaverse
Because of the Covid-19 pandemic, the demand for digital communication modes, like video and web conferencing, has increased to interact with each other.
To take this experience to the next level, Metaverse brings an immersive digital experience in the form of 3D real-world experiences. Following are the nine key benefits of the Metaverse –
- Making remote work challenges easier
Metaverse holds the potential to make the remote work challenge easier. It provides a virtual environment where the managers can meet their employees in avatars form in the Metaverse space, and the managers can further interact with them, read their employee’s body language, and hold meetings in the Metaverse world. Moreover, the employers can track the team spending time inside the Metaverse space.
The Metaverse space can even enhance the work processes of any business. The meeting won’t feel like a zoom call but more of a physical meeting, with every person sitting in one room. Moreover, Meta has already launched VR (Virtual Reality) workrooms.
- Experience of Virtual Tours
Everyone holds their destination of traveling anywhere in the world, but not everyone can afford it, and thus, Metaverse space will solve these problems by removing geographical limitations. The Metaverse space allows the users to travel virtually where they can’t go physically and experience it in the real-time 3D world.
- Digital world without limitations
The Metaverse space is similar to the real world, but it is without any limitations as it is in digital space. In video games, players can experience the games and have fun with different genres of the game. GTA 5 provides real-time simulation to gamers, but the only difference is that in the game, the gamers can’t feel or touch anything inside the gaming world. The players in the Metaverse world can feel the environment because it is a 3D virtual world, and the players can perform several activities.
- Numerous Opportunities for Businesses
The Metaverse world is another virtual world; thus, there will be numerous business opportunities. Moreover, Meta’s last name Facebook is building a better version of the social media platform, which will open up numerous business opportunities. Businesses can provide virtual products like accessories and clothes that the avatars of consumers can try in the Metaverse space.
- Engaged Audience
The Metaverse space brings a next-level immersive digital experience to the users. If the businesses introduce a Metaverse experience to the consumers, it will increase the possibility of attracting a more interactive and engaged audience for your business. There will be unlimited options to show your customers by providing virtual goods experience in AR/VR showrooms.
- Virtual Events
In business, you can organize virtual events for your customers to provide them with a better feel in the desired destination of the Metaverse space. Attending virtual events of the favorite artist on screen may not be that interesting as compared with the Metaverse world.
Virtual events like Museums and galleries can be shifted into the Metaverse world to gain the popular traction they deserve. NFT avatar exhibition project by Sotheby’s was announced, which was exclusively available on the gallery’s Metaverse. In 1 day 300 unique avatars were sold.
- Showcase products with a Better Experience
Different businesses and Ecommerce brands are actively using the Metaverse space for their consumers to showcase virtual goods like clothes, glasses, and everything related to a better experience.
Many brands are already using AR (Augmented Reality) for their customers to use their virtual goods or a virtual makeover with a new hairstyle or makeup.
In the Metaverse world, there is already an opportunity to buy or sell commercial spaces where businesses can either set up their stores or showrooms and showcase their virtual products to their consumers.
- New Approach to Advertisements
There will be a new approach in advertisements through Metaverse, through brand storytelling which will further enhance business identity and innovative awareness.
Moreover, the storytelling will be transformed into “Storyliving” in the Metaverse space, where the audience won’t be passive listeners. Still, more of an active audience making choices in your products and influencing the events in the virtual world.
- Easier Transactions
As the Metaverse world is the digital space, it requires digital money; thus, Cryptocurrency and Metaverse go hand in hand. The digital money will need a digital wallet, and the payments are only a few taps away, which further users don’t even require to link to bank accounts.
Metaverse Real World Examples across Various Industries
The Metaverse space, which is a virtual world, is not only focused on gaming but will impact various industries across the globe, and the list of industries that Metaverse is moving effectively are listed down below :
- Automotive Industry
With the use of Metaverse space, many luxury automotive companies provide a real-time environment for their consumers to experience their vehicles. 3D virtual rooms are the one technology where the consumers can configure the features of the car model and the car itself. Audio chat rooms are one of the features of the Metaverse world, where consumers can interact with others through virtual interactions. The consumers can further indulge in virtual test drives, vehicle modifications, and time trials with gamification creating a new bond between consumer and manufacturer.
Companies have launched their NFTs with the power of blockchain; thus, the audience can invest and trade in the online marketplace. Moreover, the companies collaborate with artists and creative agencies to reflect the design concepts for the Metaverse world in the Automotive industry.
According to Statista, the global automotive industry spending on Augmented Reality (AR) and Virtual Reality (VR) is expected to reach about 673 billion US dollars, with a CAGR of 175.7 percent from 2018 to 2025.
- Retail and Ecommerce Industry
The customer reach is vital for businesses with concepts like omnimarketing in the play. For an enriched consumer experience, businesses can see a high potential in the Metaverse world. The Metaverse provides an innovative approach to the consumer journey by providing an in-store environment at the fingertips.
The companies can build a close relationship with their audience for better acquisition and engagement through the Metaverse space.
Several brands have participated in the Metaverse communities of the Retail industry, which proves that 3D Augmented Reality (AR) or Virtual Reality (VR) can also help with sales.
According to a survey conducted in the United States in 2022, 7 in 10 professionals made B2B purchases in Ecommerce after the presentation was performed in the Metaverse or Virtual Reality (VR), and the remaining 21% haven’t come across but are interested in trying this out.
- Architecture Industry
Although the 3D designing concept is already a part of the Architecture industry, with the help of Metaverse, the customers can experience a simulation of a physical construction before it is built. Under the Metaverse world, designers can create an interior and exterior design of a particular building or even an entire city structure.
And, through various systems, those structures can be analyzed to check their strength and durability with the help of real-life simulations. There could be a possibility under the Metaverse world where designers from around the globe can collaborate for virtual working projects like developing better Metaverse worlds, digital spaces, shopping malls, workplaces, hospitals, etc.
- Real Estate Industry
Companies in Real Estate are booming in the Metaverse world. Decentraland sells virtual plots of land in the Metaverse world, where virtual headquarters can be built to provide a virtual experience to staff or clients.
With the potential of Virtual Reality (VR) in the real estate of the Metaverse, real estate agents can give a walkthrough to the customers through VR across the world. Whether they want to buy or rent a home or even test out paint colors that will suit their homes before construction starts.
According to a survey conducted in the United States in 2022, 59% of teens and adults responded that Metaverse would enhance the activity for browning and shopping for real estate.
- Gaming and E-sports Industry
The video game industry is the main force behind the creation of the Metaverse. The gaming industry invests heavily in Research & Development (R&D) to explore innovative approaches by bringing games to the Metaverse world.
Games are getting popular among gamers because they provide realistic and immersive gaming experiences. The development of Metaverse projects development is essential because they are linked with the next wave of play-to-earn games. The gamers can obtain various in-game collectibles, which they can sell or rent to other gamers by participating in the blockchain or Metaverse NFT games.
According to a survey in 2021, global users who selected Gaming and Esports virtual platforms were 250,000,000.
The Metaverse projects can focus on centralization or decentralization, but the future is decentralization. Thus, the gaming industry is focusing on decentralized projects.
Gaming is the base of Metaverse, and if you talk about “Second Life,” which grabbed the attention of private sectors about a decade ago and still holds a robust community. The kids and adults in the gaming industry, which looks like Metaverse, are Fortnite, Minecraft, and Roblox, the famous games.
According to a survey in 2021, 65% of the Metaverse participants in the United States were part of media experiences within video games in the last 12 months, and 50% of the participants attended live in-game concerts.
- Manufacturing Industry
The manufacturing industry can build a virtual factory in the Metaverse. Because the virtual factories will be created in the Metaverse space, the companies would be able to see the whole production pipeline and can make real-time changes if required.
The manufacturing industry across various sectors has changed significantly because of rendering, simulation, and 3D prototype design. And this will continue further as the Metaverse technologies keep advancing and becoming more accessible.
Moreover, the companies in the Metaverse might build an online store for goods. By using their avatars, the customers in the Metaverse can inspect and get a sense of the product before making a buying decision. Also, the manufacturing industry can set up its own virtual marketplace in the Metaverse where goods and services can be traded. This step will help companies in the Manufacturing industry boost their bottom lines and expand their markets.
The Metaverse provides a possibility of virtual simulations. BMW had already put it into use, where the virtual simulation of full production cycles can save a lot of cost and time invested in the industry.
According to a survey in 2020, 75% of XR (Extended Reality) experts responded within the next two years, the major application of immersive technologies in the manufacturing industry will be instruction and feedback to employees and real-time remote assistance.
- Travel and Tourism Industry
The Covid-19 pandemic reflected setbacks and losses in the travel and tourism industry. But the potential of the travel and tourism industry through the Metaverse world could lead to the emergence of a new travel and tourism niche. Before reaching the destination in person, the visitors could begin their trip planning by using virtual, augmented, and mixed reality Metaverse platforms to feel the immersive digital experience.
The travel and tourism industry came into the Metaverse world through the route of Virtual Reality (VR) headsets, 360-degree movies, and virtual reality tours.
According to Statista, the virtual tourism industry is expected to grow by 24 billion US dollars by 2027.
The Metaverse also offers virtual tours of the real world. With the help of simulations, Virtual Reality (VR), and Augmented Reality (AR), it is possible to explore well-known landmarks and different places all around the world. With the help of digital avatars in the Metaverse, the world makes it engaging compared to the real world. In the virtual setting of the Metaverse world, users can use strong bonds whether they communicate, share an experience or even move as a group.
- Entertainment Industry
The entertainment industry in the Metaverse includes anything from online gaming to social networking in different forms of events like concerts, television shows, and sporting events. Fans of specific concerts experience those events because they usually participate in their real-world counterparts.
The Metaverse has removed the geographical barriers, so anyone can enjoy the live events just by sitting in their homes and attending those events in their digital avatars in the Metaverse world and can achieve those things online rather than in the real world.
- Education Industry
The Metaverse holds the potential to be a rich media and serve as an earning hub for the educational industry. The technologies in the Metaverse world can increase the reach of remote learning because the technique of remote learning is widely accepted. Educational institutions can leverage the Metaverse because of its rich media experiences.
The teachers and students can connect in the Metaverse world using Virtual Reality (VR) headsets. The students and teachers will be in the Avatar form and can feel the simulation of Metaverse school’s visuals. The educators and teachers can set the 3D immersive settings, which can further provide virtual landscapes, discuss discoveries, and demonstrate the virtual effects to the students. The Metaverse can enhance the educational industry by providing immersive digital reality where students can explore historical sites or even perform risky experiments, which will be secure in the Metaverse world.
- Banking and Finance Industry
The banking and finance industry has been known to be early adopters in terms of technology. Thus, the Metaverse world is utilized by the banking and finance industry to cut down expenses, improve customer service, and streamline processes.
The most common use case of the Metaverse in the banking and finance industry is identity verification. By using the Metaverse, banking and other financial institutions can confirm their clients’ identities. This use case is vital in battling financial crimes like money laundering.
- Healthcare Industry
The healthcare industry is going into revolution because of Metaverse. The healthcare industry has speeded its innovation through the Metaverse by improving communication and collaborations between various entities.
For example – Doctors can securely interact with other doctors or companies about patient information and their medical records with the help of Metaverse.
With the help of the Metaverse world, digital treatments are gaining more popularity. Different applications are enabled under the Augmented Reality (AR) and Virtual Reality (VR) technologies like psychiatric assessments, rehabilitation, support groups, cognitive therapy, and haptic sensors for physical therapy.
According to a survey conducted in the US in 2019, 36% of C-suite executives stated that Virtual/Augmented reality was deployed in their healthcare organizations.
The Metaverse is known as a valuable tool in the healthcare industry for patient care and performing surgical procedures that are pretty challenging. There is a use of robotics in surgical procedures, and soon, there will be the use of Virtual Reality (VR) in complex surgeries, and there is a use of smart glasses for effective diagnosis. Thus, the Metaverse holds the potential to transform the healthcare industry where effective treatments can be done and save lives.
Technologies and Tools used for Metaverse Software Development
The key technologies that are used for Metaverse software development are –
- Blockchain & Cryptocurrencies
Blockchain technology provides a transparent solution for digital collectibility, transfer of value, proof of ownership, accessibility, governance, and interoperability. With the help of Cryptocurrencies, the users can transfer their money and socialize while in the Metaverse world.
For example – Users can buy virtual land with the help of cryptocurrencies from Decentraland. The ownership of those virtual lands can be secured using blockchain technology.
Cryptocurrencies hold the potential to attract people to work in the Metaverse world. There will soon be Metaverse job-related offers as more and more companies start taking their offices online in the Metaverse space for remote working.
- Augmented Reality (AR) and Virtual Reality (VR)
Augmented Reality (AR) and Virtual Reality (VR) provide immersive digital experiences and engaging 3D experiences. There are few differences between Augmented Reality (AR) and Virtual Reality (VR):
Augmented Reality (AR) uses avatars morphed from the real world and digital visual elements. The accessibility of AR is higher compared to VR because it can be used on any smartphone or digital device with a camera. Through AR applications, the players can view their surroundings in digital visuals like the mobile game “Pokemon GO.” In Pokemon Go, when gamers open their mobile phones, they can see pokemon popping in different areas of their surroundings.
Virtual Reality (VR) works differently in the Metaverse space; it produces a digital environment with entirely computer-generated visuals. Further, the players can explore it using VR headsets, sensors, and gloves.
Augmented Reality (AR) and Virtual Reality (VR) reflect the early stages of the Metaverse. With the help of VR, there is already a creation of the digital world that reflects fictional visual content. As technology advances in the Metaverse world, AR can provide physical simulations with the advanced version of AR equipment. Thus, the avatar characters in the Metaverse world will be able to feel, hear, and interact with users worldwide.
- Artificial Intelligence (AI)
Artificial Intelligence (AI) has been widely applied in various areas in our daily lives, such as facial recognition, decision making, business strategy, faster computing, etc. Experts in the Metaverse space have been learning about the possible usage of Artificial Intelligence (AI) to provide an immersive experience in the Metaverse world.
AI is already in use for many things; thus, the potential of AI cannot be denied; which can process data at lightning speed. Moreover, suppose AI is combined with machine learning techniques. In that case, the Artificial Intelligence (AI) can learn from previous repetitions, which are historical data, and then the AI can come up with some unique outputs.
AI can play a vital role in the Metaverse world for Non-player characters (NPC). NPCs exist in every game; they are part of the gaming environment and are designed to respond to the avatars in the game. With AI processing abilities, the NPCs can complete their specific task, like interacting with the avatars in the Metaverse world. The AI NPC will be different compared to the avatar as it can interact with millions of users at the same time and can interact in multiple languages.
- 3D Reconstruction
3D Reconstruction is not a new technology, but it was already in existence for the real estate industry during the Covid-19 pandemic. The 3D reconstruction technology provides a virtual tour of the different properties.
The one challenge that Metaverse is facing is creating a digital environment close to our real world, and that challenge can be solved with the help of 3D Reconstruction. The 3D reconstruction technology can create realistic and real-world natural spaces in the Metaverse. The virtual replicas of the real world can be called digital twins.
- Internet of Things (IoT)
The Internet of Things (IoT) concept was first introduced in 1999. In simple terms, the Internet of Things (IoT) connects the physical world to the Internet with the help of different devices and sensors. Once things are connected to the Internet, those devices have their unique identifier and send or receive any information automatically.
In recent years, IoT has connected medical devices, voice-activated speakers, and thermostats to a wide range of data.
One application of IOT helps in the Metaverse world to collect and provide data from the real world. This step could increase the efficiency of digital representations.
Use Cases of Metaverse
Everything in the world has turned digital, from payment to identity verification. The Metaverse holds the potential to transform the present technology in advanced form from businesses to daily lives. Here are some use cases of Metaverse you should explore –
- Blockchain Technology Use Cases
The foundational requirement for the decentralized Metaverse is blockchain technology. Blockchain technology is vital for the adoption of the Metaverse across various industries. Blockchain technology powers various cryptocurrencies and maintains them. Blockchain technology functions as a distributed ledger that records peer-to-peer transactions. Further, it supports digital assets: Decentralized Applications (dApps) and Non-Fungible Tokens (NFTs).
With the Metaverse, the companies can create better NFT marketplaces, and the users in their avatars can give a walkthrough in those NFT marketplaces and make a better buying decision. The Metaverse is a digital space that provides a shared realm of digital space. Moreover, the companies have been promoting NFTs or blockchain games in the Metaverse world, where gamers can acquire in-game NFTs or tokens and trade NFTs with other gamers. With the help of Metaverse, blockchain game developers can develop next-gen online games.
- Virtual Work and Learning Spaces Use Cases
Because of the Covid-19 pandemic, businesses started adopting the path of digital mode of communication. Online platforms like video conferencing have become the most popular among remote work, online classes, businesses, and other work-from-home things. Though those video conferencing platforms fail to provide the compelling and immersive real-time digital experience that the Metaverse could provide.
The Metaverse provides engaging and immersive real-time experiences through its Augmented Reality (AR) and Virtual Reality (VR) technologies. The Metaverse provides engaging, lifelike avatars in the immersive digital environment compared to video conferencing platforms, which are only limited to computer screens and microphones.
- Virtual Businesses and Marketing Use Cases
Every new technology provides new opportunities for businesses which helps them either with their products or services. Thus, with the rise of Metaverse in various industries, E-commerce companies are moving from Web2 and adopting lifelike 3D spaces for immersive digital experience.
With the help of Metaverse, business owners from Ecommerce companies can interact with their clients through virtual space regarding their trading formalities such as negotiations, product inspection, and finalizing deals. Moreover, virtual spaces can influence the audience of E-commerce companies through realistic and interactive marketing content.
The marketing opportunities open ups for brands where they can monetize those opportunities in the Metaverse world. Most brands have successfully focused their marketing opportunities on the Metaverse. Roblox plans to launch on its Metaverse platform from next year. The ads in the Metaverse reflect real-life immersive experiences, which are well-placed ads in the right places.
- Expansion of Social Media Platforms Use Cases
Mark Zuckerberg rebranded Facebook to Meta because he understood that technology could do much more than only connecting to people through social media. The Metaverse is a three-dimensional space that is not limited to screens watching from mobile phones or computers, and listening to voices; rather, it is much more than that.
The Metaverse provides social media users a feeling of presence with an immersive, lifelike experience. The technology of Augmented Reality (AR) and Virtual Reality (VR) provides a richer experience beyond the present social media abilities.
Social media have been upgraded from text posts to images, videos, and memes. But in the Metaverse world, the content will be graphic intensive, and anyone can become a content creator in the Metaverse; they have to live in the form of avatars in the Metaverse world.
- Virtual Tourism Use Cases
The Metaverse provides the experience of traveling in an immersive digital space without traveling to a real-world location. The technologies that could make this dream true are Augmented Reality (AR) and Virtual Reality (VR), which support the Metaverse for creating an immersive digital environment.
Virtual tourism is one of the emerging use cases of the Metaverse, which holds the potential for recognition and adoption worldwide.
Future of Metaverse
In the future, Metaverse is expected to transform itself through virtual reality, a digital world that could be used for various purposes, either on the personal or enterprise level.
The focus of virtual reality in the Metaverse is to provide an immersive digital sense of presence, and many experts believe that it will be the key to attracting and retaining users. Mark Zuckerberg claims that the Metaverse is here in the form of video games. Meta acquired Crayta, which is a user-generated platform. Microsoft acquired Activision to develop its own Metaverse.
Virtual reality in the Metaverse will only replace certain aspects of the real world. The believers in Web3 technology believe that the Metaverse should be an opportunity to decentralize the internet’s control, experience, and monetization in favor of its users.
How can Agicent help you to create Apps for Metaverse?
As the Metaverse is improving daily, there is an increase in the need for skilled developers. Agicent, help you with our skilled developers on short notice across a range of technologies such as iOS, React, Android, Node.js, react native, Java, Full Stack, C/C++, 4G/5G, Embedded, etc.
Moreover, We, Agicent, also solve your problem if you are looking for someone to help you to develop Metaverse Software. We hold expertise in the programming language, which supports Augmented Reality (AR) and Virtual Reality (VR) technologies.
We focus on understanding the client’s problem; based on that; we provide expertise in creating world-class products to satisfy our client’s needs.
Metaverse is still in the initial stage of progression. There are numerous ways in which the Metaverse can develop an ecosystem that will be dependent on research, innovation, policy, and investment. If the Metaverse transformed, the transformation experience would be so vast that it is hard to predict, and no one can claim any certainty for the future Metaverse transformation.
What are your thoughts on the Metaverse transformation in the future?
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