Metaverse Use Cases and Benefits
Internet technology continues to transform and bring fantastic opportunities for its users. From using static websites to navigating the web 2 experiences, we all have witnessed the power of digital evolution. Metaverse comes next in this chain of advancement.
Tech giants from all across the globe have been putting their hard work and creative ideas into redesigning the initial Metaverse concept coined by Neal Stephenson in 1992. He coined the term ‘Metaverse’ in a sci-fiction novel, and it’s now a mainstream technology.
Even though the concept of Metaverse existed for more than a decade, it became worldwide popular with big companies such as Facebook and Microsoft announcing their Metaverses projects. The buzz around a persistent shared virtual world continues to grow as more people understand the exciting possibilities of the Metaverse.
The Metaverse concept gripped overwhelming popularity during the recent pandemic as remote working policies and worldwide lockdown restrictions compelled more people to utilize the virtual world for business and entertainment purposes.
Metaverse represents a highly interactive three-dimensional virtual world. Like the real world, users can trade land, buildings, and other digital assets in the Metaverse and explore the space using their personalized avatars. These avatars are replicas of the user that can do everything a human can do in the real universe.
As per their business needs, companies can choose to build centralized or decentralized Metaverses. However, the demand for blockchain-powered Metaverse increases with various industries utilizing blockchain in their business.
Blockchain technology is also essential for Metaverse development as the future is decentralized and blockchain use cases like NFTs and cryptocurrency are much relevant. For a closer examination of Metaverse’s utility, let’s discuss its use cases and benefits in this insight.
- What is Metaverse?
- What are the benefits of Metaverse?
- What are the emerging and future use cases of Metaverse?
- What are the top technologies powering Metaverse?
- What potential challenges exist in the Metaverse?
- What Metaverse Development Opportunities does LeewayHertz offer?
What is Metaverse?
Since Metaverse is highly prevalent, it has various definitions, representing precise opinions. To quickly define the meaning of Metaverse, we must think of a three-dimensional web powered by virtual reality (VR) and augmented reality (AR). Metaverse is persistent, real-time, self-sustaining, infinite, and interoperable, and these features are the key characteristics together composing the Metaverse.
Persistent is what exists regardless of the user’s physical presence.
Real-time allows users to relish live experiences.
Infinite supports countless contemporary users and VR worlds.
Self-sustaining means that users can earn within the Metaverse and pay for their utility.
Interoperability help users to move their virtual items, including avatars, from one Metaverse to another.
Understanding’ Metaverse’ with a real-world example
We understand that the COVID-19 pandemic has significantly changed the situation worldwide. Like, the shopping malls have temporarily shut down, organizations have adopted remote working models, and people have isolated themselves from huge gatherings, meet-ups, and other events.
However, we all miss those in-person interactions, unique office environments, and gatherings. Imagine you are thinking about a friend. Suddenly, you call that friend, ask him for a meet-up, and he arrives in a couple of minutes. Can this be possible? Yes, it is with the Metaverse.
A pair of spectacles is all you need to virtually augment the real-world things around you. Although Metaverse’s virtual world is not real, it is very close to reality. The Metaverse is supposed to get even more exciting and real with technological advancement. For instance, users will soon touch and feel the virtual objects through one-of-its-kind haptic gloves.
What are the benefits of Metaverse?
What benefits does Metaverse bring along? Let’s find out this. With the growing telecommuting trend, people mostly rely on virtual spaces and digital modes of communication like video and web conferencing to socialize and interact online.
To take the existing digital experience to the next level, Metaverse brings a range of real-world capabilities to users in a 3D immersive world. Following are the key advantages that Metaverse brings to us.
Addresses the remote work challenges
Metaverse has the potential to address all the existing challenges of remote work. It allows managers to effectively communicate with the employees, including reading their body language and in-person interaction. Moreover, the employer can resolve problems like productivity time theft and goldbrick at the workplace by keeping track of team productivity through their unique avatars.
Great tool for healthcare professionals
Metaverse is a boon for healthcare professionals and medical staff who were previously unable to visit patients due to geographical limitations. In the virtual world of the Metaverse, they get to interact with the patient and have clear insight into their health condition.
Making online games more exciting
Most Metaverse games today have a decentralized economic model where developers and publishers own the in-game asset ownership and the right to distribute these assets. Meanwhile, the idea of allowing avatars to explore the vast virtual space is exciting for the players.
Providing the experience of virtual tours
Traveling is adventurous, but everyone cannot travel around the world. That’s where Metaverse comes useful. It allows people to visit places virtually where they can’t go physically. By utilizing the combined power of Metaverse, AR, and VR, an advanced virtual world is being developed that offers a first-person experience to the users.
What are the emerging and future use cases of Metaverse?
Advanced blockchain use cases
Blockchain or decentralized technology is essential for the mass adoption of Metaverse across major industries. Blockchain is the primary technology that powers cryptocurrencies such as Bitcoin, Ether, Dogecoin, etc. Blockchain does much more than just complimenting and maintaining cryptos. It can function as a distributed ledger for recording peer-to-peer transactions and supports the creation of digital assets called non-fungible tokens (NFTs) and dApps.
With Metaverse, companies can design more exciting and realistic NFT marketplaces where users can interact with other users, look at desired NFTs, and thus make a better buying decision. Since Metaverse offers a shared realm of virtual space, it has been promoting new NFT or blockchain games in which players can acquire in-game collectibles and further trade them to other participants. Simply put, blockchain uses Metaverse to develop these next-gen online games.
Virtual work And learning spaces
The covid-19 pandemic has compelled worldwide businesses to adopt digital modes of communication. Due to this, video conferencing platforms have also become much popular for remote work, online classes, or other work-from-home arrangements. That being said, these platforms fail to provide a compelling, engaging experience as interaction is limited to real-time audio and video.
Metaverse provides users with a more engaging experience to address this limitation through its graphically rich-virtual environment and 3D avatars and immersive meetings. Instead of seeing the participants on a computer screen and communicating through microphones, Metaverse allows us to navigate through a virtual environment with life-like participants’ avatars.
Virtual businesses and markets
Technology creates new opportunities for businesses, helping them promote their services and offerings effectively. With the increasing implementation of the Metaverse, enterprises are coming out the two-dimensional surface of e-commerce and adopting life-like virtualized spaces for a profound experience.
Like, e-commerce business owners can interact with merchants in a virtual space and perform trading formalities such as products inspection, finalizing a deal, negotiation, etc. Plus, they can better impact customers using interactive and realistic marketing content rather than relying on digital marketing tactics.
With many new business concepts, Metaverse technology also complements the creation, ownership, and trading of digital assets and tokenized versions of real-world assets to empower cryptos and NFTs.
Expansion of social media platforms
Mark Zuckerberg and the minds behind Meta platforms understand that technology can do much more apart from connecting people through social media. Their idea of embracing Metaverse is to introduce a three-dimensional space that is not limited to watching people on computers or mobile screens and listening to their voices.
A platform based on Metaverse provides a more immersive experience for social media users by enticing a feeling of presence among them. Combining virtual reality and augmented reality enables a more realistic digital experience beyond the present social media universe’s abilities.
Of course, we have seen the expansion of social media from simple text-based chats to sharing memories on stories, and now we are entering the virtual world of the Metaverse. Content in the Metaverse is graphic-intensive, and the users become content creators themselves as they live virtually inside this universe.
What are the top technologies powering Metaverse?
Companies are on a mission to make Metaverse more immersive. For this, they are using leading technologies such as blockchain, augmented reality, artificial intelligence, IoT, 3D construction to power the virtual third-dimensional world. In this connection, let’s understand these technologies and augment the Metaverse.
Blockchain and cryptography
Blockchain technology is crucial for the development and constant evolution of Metaverse. With blockchain, enterprises can build decentralized and transparent solutions to prove digital proof of ownership, digital collectibility, value transfer, interoperability.
Moreover, cryptocurrencies act as a medium of exchange to support the transfer of value between users while exploring and socializing in the 3D virtual space. For instance, gamers on popular games like Decentraland require native digital currency MANA to buy virtual land and other accessories to continue playing games.
We are most likely to see a future where people contributing to the development of the Metaverse ecosystem will receive incentives through cryptocurrencies, similar to how miners are paid for validating the transaction and adding preceding blocks in the blockchain. Seeing such possibilities, we can expect breathtaking innovation related to blockchain-based Metaverse in the future.
3D technology is not new, but it turned powerful over time with multiple iterations. The implication of 3D reconstruction has increased in many industries, especially real-estate businesses.
Due to long shutdowns and social distancing practices, people missed their in-person visits to the properties they were willing to buy. As a solution, real-estate agencies adopted 3D reconstruction technology to take potential buyers on the property tours without forcing them to step out.
Much like the Metaverse, 3D reconstruction facilitates the creation of a natural environment where the users can navigate through using their avatars to check out the replica of physical buildings and objects. To further intensify their experience, developers combine 3D with 4K HD technology.
Artificial intelligence is widely applicable in our day-to-day lives: business automation, strategies & planning, facial recognition, faster computing, and much more. Likewise, AI has been enabling the creation of immersive virtual space.
Regardless of the project type (Gaming, commercial, or general niche), AI is adding value to Metaverse in many ways, including the following:-
- Data processing and management become easy and faster with AI.
- For gaming Metaverse, artificial intelligence empowers non-player characters in different instances, improving their actions and way of interaction.
- AI technology analyzes 3D scans and images to generate more realistic avatars and align with the real participant.
- The technology is also crucial to make the entire Metaverse process more dynamic so that the user experience is enchanting every time they enter the space.
Augmented reality (AR) and virtual reality (VR)
AR and VR are crucial to Metaverse for it gives users an engaging and immersive 3D experience. These two technologies are the entry points to a virtual world, Metaverse, or similar digital spaces. But, what’s the difference between augmented reality and virtual reality? Let’s define it.
AR utilizes visual elements and graphical characters to morph the real world. AR-based applications allow users to view their surroundings through attractive digital visuals close to what we enjoy in games like AR Dragon and Pokemon GO. Anyone with a digital device and a smart camera can access AR applications.
VR differs much from AR, and it resembles Metaverse’s concept. It creates a complete computer-generated digital world that users can explore using VR headsets, gloves, and digital sensors.
The initial capabilities of VR and AR represent the early model of the Metaverse. These technologies are becoming more mature with time and are supposed to redefine our digital experiences from time to time. Besides, AR and VR have gathered much hype that encourages big tech giants to invest in VR and AR equipment development to accommodate futuristic Metaverse projects.
Internet of things (IoT)
IoT, as a system, bridges the gap between our physical world and the internet, enabling sending or receiving data through sensors. For Metaverse, the internet of things collects from the physical world and renders it to virtual space, which increases the accuracy of digital representations. It means that IoT data feeds can determine the functioning of objects within the Metaverse based on the changing environment and other instances.
IoT technology seamlessly connects the 3D virtual world to various real-world devices and enables the recreation of real-world processes in a digitally interoperable infrastructure. To further upgrade the Metaverse ecosystem, IoT can use AI and machine learning technologies to manage the data it accumulates effectively.
What potential challenges exist in the Metaverse?
Metaverse is undoubtedly the greatest innovation in the virtual reality world, and it will change our perception of the internet and social media interactions. But Metaverse is still in its initial stages of progression. Like every emerging technology, Metaverse beholds some potential challenges. Considering this, let’s take a look at those limitations.
- Contrary to what we experience in the real world, it’s quite challenging to identify people in the Metaverse. One has to verify the users through their voice, facial expressions, and features of avatars.
- Scammers or bots trying to damage someone’s reputation can pretend to be someone’s avatar and accomplish the end objective.
- Another vital challenge is the privacy concern. The dependency on Metaverse on VR and AR devices can lead to the leaking of personal data since they are equipped with camera capabilities and unique identifiers.
Note that these challenges are certain, and they do not exist in every Metaverse project. With complete knowledge about Metaverse development and a professional team, one can easily design and launch their personalized virtual world without risking security.
What Metaverse development opportunities do LeewayHertz offer?
LeewayHertz offers end-to-end Metaverse development services for diverse industry niches. Our developers have a complete understanding of Metaverse and supporting technologies like blockchain, NFTs, cryptos, VR and AR tools, 3D technology, and more required to develop futuristics projects.
We support the development of projects spanning gaming, social media, trading, and NFT marketplaces. Our team also customizes the project as per your project-specific needs. Our Metaverse service includes the following.
- Decentralized platform development.
- Metaverse marketplace development
- Non-fungible development & integration
- Metaspace marketing
- 3D space development
- Metaverse app development
Please connect with us to hire Metaverse development services or optimize your existing blockchain Metaverse project. We are happy to hear about your project requirements.
Start a conversation by filling the form
All information will be kept confidential.