Do you think the buzz around Metaverse is just false hype? If yes, you might have to reconsider it.
Metaverse, a virtual world built based on an immersive 3D environment, is all set to reshape the world in all possible ways. There are several hypothetical explanations for the metaverse, but the technology is simply looking to replace the real physical world with a virtual world full of infinite possibilities. Augmented Reality and Virtual Reality (AR/VR) experiences are lifted to the next stage and the potential of the metaverse makes it a strong technology that can mirror the revolution brought by the Internet.
In this article, you’ll find out how the impact of the metaverse is transforming businesses and bringing significant changes to workspaces, e-learning, entertainment, and much more.
If you are still at the nascent stage of understanding the concept of the metaverse, here is an interesting video that might help you get clarity about the technology.
Investments are pouring in for the future development of the metaverse and big companies are coming forward with huge amounts to benefit from the technology.
Why is Metaverse a big deal?
The biggest advantage of entering the metaverse would be its quality to break the laws of space and time that exist in the real physical world. Once you strap on to a VR headset, you are transported to a whole new different world that has no boundaries for creation and imagination. The flexibility programmers get on this platform is very beneficial as they get a wide range of options and space to implement what the users want.
Creators are pumped about this quality of the metaverse and are eager about stretching the borders of content creation. For example, a few years down the line we all might attend concerts inside the metaverse network virtually, sell and purchase digital goods, and even make professional or personal decisions.
Having said that, the metaverse does not have any on-off switch and there will be an ocean of consumable experiences designed and created by various people from almost every field. However, most of the users on metaverse enter the virtual world to have an immersive gaming experience and this is supported by a study from Statista.
Top Characteristics of Metaverse
You must have gotten a clear idea about the possibilities inside the metaverse by now and it’s time to quickly know the important characteristics that make the technology bigger than what it is.
- Metaverse is always active
- Your virtual universe exists in real-time with your avatars
- Users can have individual agency
- Players get a fully functional world
- Different platforms can exist at the same time inside metaverse
- Any amount of user-generated content can be loaded
- Metaverse uses blockchain-based operations
- Supports Web3
How Metaverse is applied in different fields?
Most of you reading this must probably fall under any one of the sectors mentioned in the pic above. This directly means that investing in the metaverse would be a wise choice for you as the technology is not leaving any industry behind.
Below mentioned are some of the real-world applications of the metaverse.
Education on Metaverse
E-learning is a fast-growing space and students around the world are already used to remote classes after the pandemic. By creating educational content on the metaverse, institutions and private tutors can reach every individual in a more virtually attractive way.
In the digital environment built using AR/VR technologies, students can have an interactive experience and use visual objects and simulations while learning. This innovative way of educating people will encourage many to pursue courses that can be very useful to build careers. The metaverse technology not only makes education more interesting and accessible for students but also helps teachers to take up advanced ways of teaching.
A metaverse platform for education consists of:
- A mobile app that allows teachers and students to access their classes from anywhere in the world;
- A library of content that includes courses, textbooks, and other educational materials;
- A marketplace where teachers can sell their own courses or participate in publisher-run courses;
- A social network where students can connect with each other
Medicine and Healthcare using Metaverse
The current market size of healthcare in the metaverse is above $11 billion and this is expected to reach $72 billion or more by 2030.
The use of AR/VR in healthcare is already widespread and the metaverse can be an extension of the revolution that is happening in the industry. In the metaverse, medicine and healthcare professionals can provide care to patients who have been diagnosed with a disease or condition that is not treatable in real life. The patient can be sent to the metaverse for a consultation, diagnosis, or treatment.
The patient has access to all of their medical records while they are in the metaverse. The physician's office can also send information about any medications that the patient may need access to when they are in the metaverse.
The metaverse has many advantages over real life: it allows for easier collaboration between doctors, patients, and other stakeholders. It will allow for better communication between patients and their families regarding their health issues and treatments. Patients will be able to undergo treatments without traveling long distances or being separated from their loved ones.
Gaming in Metaverse
The gaming industry has been one of the first to embrace the technology of augmented reality and virtual reality. However, it’s not just the games that are changing; so are the players.
According to GlobeNewswire, “The Global Metaverse in Gaming Market Size is projected to surpass around USD 663.8 Billion by 2030 from valued at USD 36.93 Billion in 2022 and poised to grow at a CAGR of 37.85% from 2023 to 2032”
With VR and AR technology, gamers can now experience their favorite games in an entirely new way. Instead of just sitting in front of a screen, you can inhabit the world around you as if you were really there. You can walk around your living room like an entirely new world, or even jump into another galaxy with nothing but your smartphone.
In simple terms, gamers on the metaverse can be transported into a different dimension where anything impossible is made possible according to their personal desires and decisions.
Social Media on Metaverse
The media industry is another place where the metaverse can bring a huge change. Several companies have already stepped up to develop virtual realms for media purposes. Media-based metaverse platforms are built for any individual to express themselves with total freedom and this is a primary need for any media professional.
Social media giants leaping into the metaverse is an encouraging sign and this will only widen the opportunities for creators and journalists. In fact, Facebook, the world’s largest social media platform, changed its name to Meta and this is a clear signal of how important the metaverse could turn out to be.
Metaverse media platforms offer a great advantage for authors, artists, and other creative professionals to connect with people in real time. This increases the value of any content or digital objects created and its impact becomes more powerful.
Capabilities of the Metaverse
The real-time applications of the metaverse are important and many industries benefit by using the technology. But the platforms on the metaverse are not only for serious businesses but also for fun activities and more.
As mentioned earlier, the capabilities of a virtual world are endless as we can create things beyond our imagination. Take a look at this list of the remarkable things that are possible in the metaverse so that you know where humankind is heading.
- Virtual reality tourism: Users can visit and experience places, environments, and cultures that may not exist or are not accessible in the real world
- Virtual economies: Complex economic systems can be created and managed within a metaverse, allowing users to buy, sell, and trade virtual goods and services.
- Artificial intelligence and machine learning: Metaverse can incorporate advanced artificial intelligence and machine learning systems, enabling them to respond to user actions in new and unpredictable ways.
- Collaborative creation: Users can work together to create and build new virtual environments, experiences, and communities, leveraging the collective imagination and creativity of a global audience.
- Augmented reality: Metaverse can blend virtual and physical reality, allowing users to interact with virtual objects in the real world and vice versa. This is bringing a big change to how workplaces function virtually (i.e., remote jobs becoming more common and acceptable).
These are just a few examples, and the possibilities of what can be done inside a metaverse are limited only by the imagination and technology of its creator. Flying, transportation, time travel, shape-shifting, and immortality are some of the practically unimaginable tasks that are easily possible in a metaverse.
Closing Thoughts
Overall, industry experts are very confident about the growth of the metaverse market. The actions and future plans of many top tech enterprise are more dependent on the success of metaverse and hence we would be able to see a big breakthrough sooner than expected. Applications are built and released for metaverse users on a regular basis and the user count is only going to rise at a fast pace.
This evolution in technology is a clear indication that experiences are going to change, innovations are going to spike, and the internet is getting more advanced. The best we could do is make sure our current work and future plans are in line with the growth of virtual worlds and ideologies.
