Even in these turbulent times, the metaverse is going strong. It’s no surprise that the metaverse is taking off like a recently fueled NASA rocket. If one thing falls off, the next replaces it and keeps the momentum going.
New opportunities arise daily, and we see whole industries transforming around the metaverse. So what makes the metaverse so potent of a concept?
Limitless applications have made the metaverse a juggernaut in the tech industry. People see its uses in industries that were fairly conservative.
Today, we will be sharing industries that have been impacted deeply by the metaverse.
But before diving in, let’s discuss the metaverse concept.
What is the Metaverse?
The metaverse is a virtual world that we will inhabit. In that world, we can be anything we want. A decentralized world with limitless possibilities – not bound by physical laws.
You can see glimpses of a true metaverse in platforms like Decentraland, XANA, The Sandbox, and others. Until these platforms can coexist and be interoperable, we will be confined to one of the many mini metaverses. A true metaverse will be a parallel world where your digital avatar will live.
Like the real world, finances and communities will play a big role in the metaverse. Even in current iterations, we see these fundamental concepts implemented.
In essence, the metaverse is a 3D, digital world that will replicate real-world experiences through technology.
As the world grows closer to a unified metaverse, many opportunities will arise. These will come from several industries. Today, we’ll delve into six industries that will be transformed drastically.
Gaming Industry
Gaming is a pretty big industry on its own. It grossed more than the movie and music industries combined. And this isn’t a fluke. This has been the norm for years now. So if we say that the metaverse will make gaming even bigger, that’s saying something.
We’re seeing some metaverse games making it big in the current gaming environment. But the future is a burning star for the metaverse in the gaming industry. Unique world-building, 3D characters that take your personality, and a truly open world you can explore on your own.
And then add the play-to-earn mechanic to the mix. We have a winning recipe for the gaming industry that will take the digital world by storm.
Millions of users are playing these games, and the number is bound to grow. Big metaverse game developers are investing billions of dollars to catch that audience.
Media and Entertainment
Media consumption is a subjective experience. For technology, we started with TV. The experience was very confined. A 2D picture that you see from a distance and can’t control. Then came the internet, and it changed how we perceive entertainment.
Now we, the consumers, had a voice. We could decide what we want to see. This has transcended the big screen. We watch shows on our phones at the pace we like. The metaverse is just the next step in consuming digital media. It is an experience unlike any before. We will be right at the center of the drama and witness it firsthand.
Disney, one of the biggest entertainment companies, is investing in the metaverse. Bob Chapek, Disney’s CEO, has stated that the metaverse will be the next big thing for the company. We may see Rapunzel extend her hair in the metaverse. Maybe Mufasa will lift Simba into the metaverse and show him a 3D world that’s his to rule.
VR concerts are also gaining momentum. Artists like Ariana Grande, Imagine Dragons, Travis Scott, and others have successfully held these concerts. The Covid pandemic was a catalyst for these concerts. But we may see more artists on the virtual stage – even with the Covid restrictions lifted.
E-commerce and Retail
E-commerce has been on the rise during the lockdown era. People opted for convenience and safety, which has reshaped their buying behaviors. Amazon became the world leader in online retail, and others like eBay followed closely.
Metaverse is the next logical step in this transition from physical to digital, as it is at the convergence of both worlds. Instead of just seeing pictures, people can now view and feel the object in 3D space – without physical presence.
Technologies like VR/AR can help people understand the products and make better-informed decisions. This will lead to a more satisfied customer pool and improved consumer-provider relationships. Some experts think that metaverse will do the same for retail as physical storefronts did for it centuries ago.
All of this may seem far-fetched. But metaverse stores that make the consumer journey more immersive definitely have a place in the retail world.
Manufacturing
We see a surge in demand for new vehicles, EVs specifically. Manufacturing has to be as efficient and cost-effective as possible to make the transition eco-friendly. Otherwise, all the efforts to reduce carbon emissions from fossil fuel vehicles will be in vain.
3D models and rendering have certainly helped. They give engineers and manufacturers a breakdown of what is to come. This can help better prepare for the real deal. But the metaverse has the potential to take it a step further.
Instead of individual 3D renders, the metaverse can simulate complete production lines. This will help control individual aspects and see where further streamlining is possible.
In addition to efficiency, virtual manufacturing also allows for greater creative freedom.
Architecture and Engineering
3D models have been around for some time now. Their accuracy has also improved drastically. But architects have been using these models with physical constraints. There’s the added obstacle of viewing everything from a distance.
The metaverse can literally put architects next to their creations. This will help their creativity and help them make bold choices about what they want from their creations.
The metaverse also gives them a chance to collaborate with engineers. Usually, both sectors interact minimally, causing a lot of feasibility issues. With the metaverse, architects and engineers can inhabit the same 3D space, bolstering collaborations to bring previously unimaginable structures to the world.
Healthcare Field
Healthcare in the metaverse has the potential to make life-altering innovations. We have seen how telemedicine – a combination of medicine and remote connectivity – has changed how we perceive healthcare.
The next step would be to create fully virtual twins with the same physical attributes. Physicians can use these avatars to research and personalize medication for each patient.
Therapy and support groups will benefit from fully 3D environments. The affected person can stay in their comfort zone, i.e., their home, and get all the help they need virtually in a safe environment. This could be a life-changing experience for them and could potentially save countless lives in the process.
And how can we forget medical training? This will be the next avenue for medical professionals with access to the most experienced professors from around the globe. The new generation will be trained at the best facilities in their hometowns.
What’s Next?
The metaverse is evolving. We may see it grow into something totally new. With that in mind, we must open our imagination to new possibilities.
Maybe the future we predicted for these 6 industries will remain just that, a prediction. And these industries will interact quite differently with the metaverse.
Another point we have to mention is the metaverse is ever-growing technology. So the number of industries affected by the metaverse will keep growing as well. We will see more conservative fields intersecting with the metaverse at some point – probably in the next decade.
Frequently Asked Questions
What opportunities are there in the metaverse?
The metaverse offers unlimited opportunities to individuals and businesses alike.
Metaverse real estate
If you have some money to invest, buying and selling metaverse land is a good opportunity. You can also lease your land or rent it out. People also build useful properties on their metaverse land to attract people.
Hosting Events
Virtual events have transitioned from the Covid era. Now artists hold successful events in the metaverse. You can organize such an event and charge attendees a fee– probably in NFTs.
Educate
Metaverse education is slowly but surely gaining momentum. If you have expertise in a specific field, choosing metaverse as an education medium will put you ahead of the curve.
3D Retail Stores
If you have a physical business, opening a virtual storefront in the metaverse will help you attract a new audience. This is more immersive than showing 2D images of your products.
What businesses will benefit from the metaverse?
Every business will benefit from the metaverse. There are certain industries that will reap more benefits than others though.
- Manufacturing
- Retail
- Healthcare
- Entertainment & Media
- Banking & Finance
- Real Estate
- E-Commerce
- Education
- Marketing
What companies have invested in the metaverse?
Meta, Microsoft, Nvidia, Alphabet, Linden Labs, Google, Shopify, Qualcomm, and other tech giants have invested in the metaverse.