10 Ways Metaverse Will Change the World We Live in
Metaverse poses to be a game-changing technology for the world. Here are a few ways in which this new technology will impact our lives.
After Mark Zuckerberg’s announcement to rebrand Facebook into Meta, there has been a lot of buzz about the term Metaverse. This new technology is attracting a lot of investors, companies, developers, and entrepreneurs. But what is the reason behind this hype around this technology? What possibilities can it create when it finally becomes a reality? In this blog, we will take a look at 10 ways in which metaverse will change the world we live in.
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What is the hype around Metaverse?
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What is the hype around Metaverse?
Metaverse is a combination of different elements of technology. It consists of virtual reality, augmented reality, and video. You can think of it as a 3D digital universe where users can play, meet, work, and socialize.
The metaverse does not fully exist yet. However, some platforms have metaverse-like elements. You can find metaverse-like experiences in some video games. Games such as Fortnite and World of Warcraft are metaverses in some way.
10 Ways Metaverse will change the world
Here are the ten ways how this technology will change the world we live in.
1. Rise of Crypto Metaverses
Crypto metaverses are virtual worlds that have both social and financial potential. These worlds use blockchain technology to tap into the wider crypto economy. The most convenient way to shop in these metaverses will be the use of cryptocurrencies and NFTs (non-fungible tokens). You will be able to shop and travel across the world with cryptocurrency in your wallet.
2. Buy Virtual Real Estate
Metaverse offers many opportunities for digital real estate investors. It allows you to buy, rent or sell properties in the virtual space. The ownership is through non-fungible tokens (NFTs).
To buy a property, you will need to sign up on a metaverse platform, such as Decentraland, The Sandbox, and Axie Infinity. The transactions take place through a digital wallet. You can convert your dollars/rupees to cryptocurrencies or native currencies of the metaverse you are dealing in.
Nowadays, a lot of property deals are taking place in the metaverse. Some of these deals have even made headlines with record million-dollar transactions.
3. Advertising & Marketing in the Metaverse
As more and more companies and individuals move to the metaverse, the advertising and marketing industry will also reshape. We could see a lot of advertising in the virtual world. Just like we see ads on streets and billboards in the real world. We could see advertisements of the products and services that only exist in the real world or even for products that exist in the metaverse.
4. Shopping in Metaverse
The metaverse could also influence how we shop. This technology can enable companies to create a virtual replica of retail stores, showrooms, and malls. You can visit those stores and shop until you drop. This technology will enable brands to capitalize on virtual shopping demand by creating a comprehensive portfolio of virtual products at real-world prices.
5. Virtual Events and Concerts
Imagine a person living in India attending Justin Beiber’s concert virtually in Los Angeles with thousands of fans. Yes, metaverse can allow you to attend events and concerts anywhere in the world while sitting at your home. You will be able to experience concerts with your friends with a performer’s avatar, fully immersive VR headsets and real-as-life graphics.
In 2020, Travis Scott hosted a virtual concert in Fortnite. The concert attracted as many as 12.3 million people.
Also Read: 10 Ways Blockchain Technology Can Change The World Around You
6. Business Meetings in the Metaverse
During the COVID-19 pandemic, virtual work meetings have become the norm. Stay-at-home employees meet their team members through video conferencing. And it looks like the meetings will continue to take place virtually in the future as well but with a more immersive experience.
Bill Gates predicts that “in 2-3 years, most business meetings will be held in the metaverse.”
In the future, you can expect yourself to attend office meetings in the metaverse. The meetings could have avatars of people sitting around a table discussing ideas. The meeting could have a slide show presentation on a big screen or whiteboard with infinite space at the front of the room. Meeting attendees could use the VR headset technology that will convey their facial expressions to others in the virtual space.
7. Education in the Metaverse
During the pandemic, students only get to meet their peers and teachers through video calls. Metaverse can also enable educators to deliver content through creative and modern solutions. It could help in creating new experiences that can go beyond the current online education.
It would be possible for students to visit campuses virtually, without driving long hours. Students would be able to use their hands to take down notes with virtual pens. They would be able to raise their hands and ask questions. The instructor may even ask a student to walk and write something on the board.
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8. Travel the World in Metaverse
Using metaverse, developers can create a realistic interactive representation of anywhere on Earth. Instead of paying for long hours flights, you would be able to enjoy any place through a VR headset in the comfort of your house. Be it a tourist destination or a hotel room, you would be able to experience any place with this technology.
9. Virtual Training & Skilling
Training and skilling employees incur recurring costs in terms of time and resources. Metaverse can help us reshare the older training and skilling processes and systems. It can help companies by providing an easy-to-access, immersive hands-on training experience for employees.
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10. Go Out Without Leaving Your Home
You would be able to go to cafes, parks, museums, and restaurants to meet friends and family in the metaverse. No matter where you are located, you would be able to visit private and public locations where you can hang out with your friends and do activities.
It will enable you to have your lunch or dinner with others without actually going out or meeting them in person. Imagine going to a restaurant, where you order food by browsing their 3D food menu. You place the order and pay for it using cryptocurrency and the order comes to your doorstep.
Final Thoughts
Many companies today are betting their future on metaverse. And why not? This technology could be the next best thing after the internet. This technology can transform how we communicate and interact with each other. It has the potential to take different industries and economies across the world to the next level. While this technology is still in the early stages, it poses to be a promising tool for a brighter future.
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