Picture this, it’s 2040, and you hear about a human settlement on the moon everywhere you go. Boy, would I want to witness that spectacle! Let’s imagine you get to live your dream of going to the moon. But here’s one problem, how will you conduct your business sitting so many lightyears away from home? Here comes the miracle of virtual reality or the metaverse you observe in many sci-fi movies. We all have seen movies where people are sitting miles away but still can see each other in a virtual space. Fortunately, the metaverse is now not just a part of human imagination! As man continues to conquer the world of technology, everything seems possible at the touch of a button. According to research, metaverse now has more than 400 million users monthly aged between 14 and 48. Undoubtedly it still has a long way to go, but Metaverse looks promising, and people are excited about its prospects.
Components of Metaverse
Metaverse is a whole ecosystem that is immersive and interconnected. People can create their avatars and explore virtual space with a touch of realism. Metaverse is a complex phenomenon comprising different technologies. Some of the components of Metaverse are as follows.
VR/AR
VR/AR stands for virtual and augmented reality. You must have experienced virtual and augmented reality while watching a 3D movie in a cinema. It is an indulging experience that gives the user a sense of reality.
3D Animations
3D animations allow developers to create lifelike representations that depict the settings of the world with a dash of imagination.
Artificial Intelligence
AI is at the core of the metaverse. Virtual assistants and chatbots that realistically interact with humans and many other features are possible because of the information that we put into artificial intelligence.
Metaverse use cases
Metaverse is currently benefiting us in various sectors of the industry. Here are some of the top examples where Metaverse serves its purpose.
Gaming
More than 51% of the users of Metaverse are teenagers. This statistic shows that teenagers have embraced metaverse technology more quickly than people of other age groups. Fortnite, a popular game, allows users to immerse in the game environment and play all day.
Social Networking
We all know Facebook and the hold it still has on the public. Mark Zuckerberg is always on the lookout for new ideas to improve Facebook. Using metaverse technology, Facebook allows users to connect in virtual environments, hold events, and form clubs.
Education and Training purposes
Metaverse can create virtual classrooms and interactive chatrooms for students to indulge in the experience and understand the task at hand clearly. Airlines and pilot schools use the flight simulator experience to train their pilots.
Business and Marketing
Metaverse experiences make the shopping experience more comfortable. Brands can use this tool to increase brand awareness and revenue. Virtual product demonstrations, storefronts, and promotions are some ways to utilize the metaverse. Hyundai, a locomotive brand, used Metaverse to promote its products by creating a virtual space where people could play games and interact with one another.
Healthcare Industry
Metaverse has allowed people to address their ailments in the comforts of their homes. People can have virtual consultations with doctors and specialists. Medical schools use Metaverse to demonstrate medical training without harming anyone.
Benefits of Metaverse
Metaverse is the future, and 68% of developers believe that within five years, Metaverse will have its rightful place in this world. As mentioned afore, Metaverse has a role in almost all important industries and has the potential to revolutionize the way we interact. Some of the benefits of Metaverse are as follows.
Virtual Events
Business and entertainment industries use the metaverse to hold events, concerts, trade shows, fashion shows, and many more. Metaverse has helped brands broaden their customer base. Through interactive sessions, people can be a part of brand campaigns globally.
Marketing and Advertising
An excellent example of advertising through Metaverse is the collaboration between Ariana Grande and Fortnite. The game owner held a live concert during the game, and fans went crazy! Fashion brands can use Metaverse to create virtual fashion shows, and locomotive brands can offer test drives through Metaverse.
E-commerce
Recently we saw a rise in online shopping. It made the shopping experience more comfortable, but sometimes consumers didn’t like the product they got. You can guess who came to the rescue! Its Metaverse. It allows consumers to design avatars and then demonstrate the brand’s products on those avatars. Nike used Metaverse to encourage athletes to try on the articles before buying. If this isn’t convenient, then what is?
