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It is not easy to dismiss the metaverse as overhyped, and it’s even more difficult to imagine how something that only partially exists could be worth $800 billion. The real question is not whether the metaverse will be significant but when, for whom, and for how long. As a new portal to digital experiences, the metaverse eliminates geography. It opens up exciting new possibilities for entertainment, arts, collaboration, productivity, etc., and new ways to make money in the metaverse.
With everyone’s attention focused on digitization, the rise in user demand for richer experiences has prompted organizations to consider newer technologies. Metaverse is a virtual world that combines Virtual Reality (VR) and Augmented Reality (AR) to allow users to interact socially, wearing wearable devices.
Gartner believes that organizations that use metaverse can virtually connect and engage customers using the Human-Machine interaction principle, thereby generating a new economy of income streams. However, the metaverse has undergone several changes in interface, avatars, accessibility, and use cases in response to changing customer behavior.
The industries on which the metaverse has a significant impact are listed below:
Metaverse events are rapidly becoming an important component of the new digital frontier. Modern metaverse events include several features that create a highly immersive virtual environment. Moreover, hybrid events have been getting great traction recently. A hybrid event offers an in-person component in addition to a virtual presentation. For such events, people can attend an event personally while others can join virtually, which ultimately makes the event limitless and extensible without physical barriers.
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This mode of immersive presentation will allow event management companies to make money in the metaverse. Following the COVID-19 outbreak, the metaverse and hybrid event experiences were overwhelmingly positive. According to a 2021 study, 91% of respondents were extremely satisfied with online events, and Grand View Research predicts that the global virtual events market will exceed $500 billion by 2028.
Socializing is one of the core concepts of the metaverse. Metaverse is disrupting the social internet by providing an enhanced user experience with an added layer of immersion. Instead of simply connecting us to people via 2-dimensional web pages, social media platforms in the metaverse will focus more on providing interactive and immersive experiences that stimulate our senses. If you are an influencer, I bet you are looking forward to knowing how to make money in the metaverse. Once social media is evolved enough in the metaverse, it will surely open many opportunities.
Coming to the entertainment sector, one of the major reasons for the metaverse’s popularity is that it enables audiences to interact with entertainers in ways that would be impossible in real life. Whether in the gaming, sports, or film industry, metaverse employs immersive channels to extend audience reach far beyond venue capacity and geographic boundaries.
Lustration is a fine example of metaverse filming. The animated series allows viewers to see the story from multiple angles and watch the characters talk like we do in the real world.
When smart classes were introduced into school curricula, they improved students’ learning by projecting videos on various subject topics. The metaverse aims to improve these classrooms by allowing students to fully immerse themselves and experience the content more closely. Furthermore, the metaverse provides the opportunity to participate in virtual campus activities, such as creating simulations of real-life situations, virtual tours, and other events. There is more to the metaverse in the educational industry than meets the eye. Check out the Top 10 applications of the metaverse in the education sector.
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Many of the world’s largest e-commerce companies have integrated early metaverse technologies into their marketplace. The most recent augmented reality shopping tool lets you use your phone or tablet to see how furniture and other decorative items will look in your space. You can view multiple products simultaneously and even save screenshots of your room for later review.
Furthermore, augmented reality technology enables consumers to be completely confident in the quality and form of a product before purchasing it. This provides retail owners a great opportunity to make money in the metaverse From a practical standpoint, this benefits shoppers by reducing product returns and expanding their customer base. For example, Warby Parker has a virtual fitting app that allows you to try on every pair of glasses in its catalog before purchasing them. As these emerging technologies mature, they will continue to shift our perspective on e-commerce from “click and buy” to “experience and buy.”
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Metaverse real estate, in simple terms, is real estate in the digital world. In the metaverse, we can construct land and building by embracing creativity to the fullest. The idea of metaverse real estate is very similar to real-world property. It primarily exists digitally in 3D cities where users can stimulate real-life activities such as meeting, gaming, partying, and trading.
Most of the same criteria that go into determining the value of an actual piece of real estate, such as location, existing structures, and demand, also determine the price of virtual real estate. Decentraland and sandbox are the two very popular gamified metaverses offering real estate.
The main reason for investing in digital real estate properties is that once owned, people can make money by developing and leasing out virtual properties. As in any real-life investment, owning properties and trading in metaverse real estate also entails risks.
With 47% of bankers expecting AR/VR to be an alternative transaction channel by 2030, many banks have begun VR training for their employees. Bank of America, for example, has created a virtual reality training program for its 50,000 employees that simulates real-world customer scenarios. Furthermore, BNP Paribas has launched a VR app that allows users to conduct banking transactions using VR.
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Enabling 3D employee and customer experiences will enable banks to provide more elevated offerings, allowing them to connect with a new target audience and establish their prominence. Banks could increasingly use virtual reality (VR) technology to implement immersive technologies that may provide new ways to engage customers. Banks can lend and insure against the virtual currency, non-fungible tokens, and virtual real estate via metaverse in this burgeoning metaverse economy. They can also simulate virtual client interactions, such as cash withdrawals from virtual ATMs.
Investors have highlighted the potential of the metaverse because they believe it is a great long-term investment opportunity while it is still developing and will be one of the megatrends of the coming year.
Utilizing the metaverse, Dubai has unveiled a new strategy that will see the city create 40,000 jobs and add more than $4 billion to its economy over the next five years. Dubai’s Prime Minister and Crown Prince, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, unveiled the Dubai Metaverse Strategy, which aims to transform the emirate into a global hub for crypto-blockchain technologies. Over the next few years, this plan aims to establish global standards to create safe and secure platforms for investors and users. The adoption of blockchain, crypto, Web 3.0, and metaverse technologies will be aided by updated infrastructure and regulations.
Currently, the metaverse is moving far beyond the hype. The metaverse, like all markets, is heavily influenced by speculation and the opportunity to monetize “virtual” through games, events, word spaces, and other profit-generating projects. If JPMorgan’s involvement in Metaverse investments or Morgan Stanley’s, Goldman Sach’s, and Grayscale’s predictions that this virtual world will generate trillion-dollar revenues soon, then the fact that Microsoft, Facebook, Google, Nvidia, Unity Software, and Qualcomm have all purchased Metaverse land should be.
According to experts, the metaverse will represent the next step in our digital evolution, bringing new risks and opportunities and new software and hardware. Experiences, rather than technology, will be crucial in understanding the metaverse and developing business models within it. But doing business in the metaverse will be difficult; questions about regulating it are already being raised.
A fully-fledged metaverse could be years away. There are still numerous technical challenges to overcome, beginning with the fact that the world needs an online infrastructure supporting millions of people using the metaverse simultaneously. An uninterrupted internet connection, for example, is a critical component of the metaverse because a glitchy virtual world scenario is very far from what an actual metaverse world should look like.
Remember the 1990s, when the internet was brand new, and anything seemed possible?
We can find that hope and opportunity in today’s metaverse but much larger scale that will revolutionize the world in ways people can’t even imagine.
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