A platform for Augmented Reality which is called Metaverse, creates interactive experiences for users to combine virtual and real world. Moreover, it is also considered as the virtual version of cyberspace concept. Because of the technology used to access it, this virtual 3D world is immersive, interactive, and collaborative.
All these predictions are happening under the idea of transforming our real-world experiences into virtual reality, mixed reality and eventually augmented reality. It aims to create a digital community that is decentralized, whose components are interoperable and immersive.
In this post I will briefly explain what the metaverse is and list its features to make it easier to understand.
What Is Metaverse?
Metaverse is a shared online digital platform where people interact with each other with the help of Virtual Reality & Augmented Reality. It is not the ownership of a single vendor, nor does it depend on a specific device.
Digital currencies and NFTs enable a decentralized metaverse, supported by advanced technologies such as artificial intelligence (AI), virtual reality, blockchain, etc. By combining these technologies, users can create a digital representation of themselves to explore their surroundings.
Additionally, users have access to all the features like in the real world, such as the ability to shop, get jobs, etc. It can contain numerous virtual companies and organizations. And it has many more interesting applications.
The concept of Metaverse is quickly getting fame. This is due to the increasing use of Virtual Reality and Augmented Reality, and also the rising trend of 5G networks. After COVID, people have become more aware of Metaverse. Specially when they had to work from home.
Investors and general internet users around the world have seen it all, along with Facebook's recent entry into the metaverse.
The Reason Of Popularity Of Metaverse
Metaverse has grabbed the attention of everyone in the computer, technology and software industry. This has been made possible by Virtual Reality and Augmented Reality, and experts are calling it the next version of the Internet. Given its potential uses, this idea will become a reality within no time.
From payments to the identification verification, everything has converted into digital. Therefore, virtual worlds like Metaverse have the potential to change the way businesses and individuals view and use technology. Here we will discuss some of its possible uses.
1. Remote Working
COVID pandemic has increased this trend. Due to this trend, a significant change has taken place in the workplace in recent years. Many companies encourage remote work among their staff. While it has many advantages, there are also some disadvantages.
The most difficult thing while working remotely is the productivity and communication with your team. Metaverse has the solution for both. It can be used for many things, such as virtual teamwork, team building, etc.
The travel industry has undoubtedly suffered many losses as a result of the coronavirus pandemic, but the potential of virtual travel can lead to the emergence of a whole new tourism destination. Visitors can start planning their tour with Trip Research using 5G and virtual, augmented, or mixed reality metaverse platforms before visiting and booking in person.
The tourism sector has also made its way into the digital world with the help of VR headsets, virtual reality tours and 360-degree movies. People will stop taking vacations in reality and fulfill their travel passion in the virtual world. And such a world will make these experiences even better.
It is possible to explore replicas of famous places and buildings in their original state using Metaverse, which also offers virtual tours of real-world cities and digital representations of real estate. What's more, using a digital avatar makes travel as engaging as it can be in the real world.
Users can build a strong relationship by interacting with each other in the virtual world, walking together in a group and sharing their experiences.
Online entertainment is also moving towards the metaverse. From online gaming and social networking platforms to sports events concerts and TV shows, they all are counted as entertainment. Fans usually have a deeper experience of these events because they are more immersive than real-world events.
Metaverse has made future a reality. It reduces physical barriers so that millions of people can take their avatars and enjoy immersing themselves in the live world without leaving their homes and enjoying and achieving things online instead of in the real world.
4. Modern Education
The Metaverse is a media-rich world that can serve as a hub for education. A metaverse can be a restricted learning environment that extends the learning hub. Metaverse has the potential to be one of the technologies used to expand the reach of remote learning, which is already a more widely accepted technique.
Educational institutions can also leverage Metaverse technology to create more engaging media experiences. Using virtual reality headsets, students and teachers can connect in the digital world, regardless of where they are in the real world. Then the visual potential of a metaverse school appears.
In an immersive 3D world, the teacher can discuss a discovery with the class and provide explanations to students. Virtual reality can augment traditional classroom approaches by allowing students to explore historical sites or conduct risky experiments in a safe environment.
5. Gaming & E-sports
One of the most powerful forces behind the creation and use of metaverse technology is the video game industry. Gaming companies are investing significantly in research to find new and inventive ways to bring games to the metaverse.
Games that use the metaverse provide users with a more realistic and immersive experience, and this is the reason for their popularity. Expanding the Metaverse project is essential for the promotion of play-to-earn games.
Players can participate in Metaverse NFT or Blockchain games to earn various in-game collectibles to trade with other players or in outside markets.
Metaverse can either be centralized or decentralized. But since the future is decentralized technology, gaming companies prefer decentralized projects. Metaverse Games' realistic content also provides an additional platform for businesses to access new marketing opportunities.
Advertisements in the metaverse are discrete, for example displayed on character costumes or in-game billboards. It offers businesses great product placement possibilities in the gaming industry.
6. Social Media
Social networks, as we know them now, will also change because of the metaverse. Social media platforms are evolving from a two-dimensional ecosystem into a digital metaverse. Metaverse provides users with a sufficiently advanced level of immersion that feels almost like an in-person connection unlike existing messaging services and social media.
Social platforms like Facebook and Tinder are introducing new VR features, a first step towards the metaverse. The rules governing communication in the metaverse will be different, changing the dimensions of social media interconnection and information transmission.
7. Private Digital Space
Private digital space will also be very popular in the metaverse. People will be able to access advanced digital real estate and online forums. These will act as restricted/private digital spaces. Metaverse will serve as a hub for digital characterization and reduction.
Digital terrains and borders have already added value to games like The Sandbox and Decentraland Venues.
8. Banking And Finance
As a new technology comes into the world, it has traditionally been the banks that adopt it first, and Metaverse is one such technology. Banks and other financial institutions use Metaverse to improve their customer service, reduce their costs and streamline their transactions.
The most common use case for Metaverse in the banking and finance sector is identity verification. Banks and other financial institutions can easily and quickly verify the identity of their clients with the help of Metaverse. This is necessary to prevent financial crimes such as money laundering.
9. Heavy Industry And Manufacturing
Manufacturing Sector Industries can create virtual factories using Metaverse. Industries will be able to see their entire production pipeline from start to finish and make changes in real time. Additionally, companies will be able to train new workers on the job without actually being on site.
It is also possible for companies to create an online store for their products. This will allow buyers to inspect the product to see how the product will perform in the real world.
In addition, the industrial sector can benefit from using the metaverse to establish a virtual marketplace where companies can trade goods and services. This will help companies expand their markets and increase their profits.
Another sector which Metaverse has revolutionized is the health sector. Using Metaverse in the health sector can accelerate innovation by improving collaboration and communication between different institutions.
For example, doctors can securely communicate patient information and medical records with other doctors, researchers, and pharmaceutical companies through Metaverse. This would make information sharing more efficient and perhaps speed up the creation of new treatments and therapies.
Digital therapies are already gaining popularity in the Metaverse, where VR and AR technology make possible applications such as cognitive therapy, support groups, psychological assessment, rehabilitation, and even physical therapy using haptic sensors.
Metaverse can be a useful tool for performing a difficult task like surgery and improving patient care. Complex surgeries will soon start using Augmented Reality, just as general surgery uses robotics.
Moreover, technology like smart glasses will also be used for effective diagnosis. In short, applying Metaverse to the healthcare sector has the potential to change the way treatment is delivered and even save lives.
These are just a few of the interesting uses for Metaverse across multiple industries. As the platform evolves across sectors, we can expect many groundbreaking and industry-changing uses for Metaverse. With Web3, Metaverse, and other new-age technologies, we are definitely headed for a brighter future of better communication with the world.