When the first smartphones came onto the market, there was a lot of hype about this revolutionary technology. After almost two decades, smartphones have become an integral part of our lives. In the meantime, the technology has evolved and produced various new, exciting innovations. Many of these innovations led to the Metaverse. As with the smartphone almost two decades ago, industry experts believe that the metaverse will shape the technological future.
The Metaverse ecosystem helps to structure. The new technology trends hold economic potential for both consumers and companies. To demystify the concept, this article briefly discusses core elements of the Metaverse and how they are implemented in various business areas.
As the concept of the Metaverse is new and still vague, it is viewed differently. While some believe that it will revolutionize the market of the future in the form of the future Internet, others assume that it is a simple advancement with practical benefits beyond dystopian prospects. What is clear is that the Metaverse can redefine how we interact in a virtual world based on a variety of sensors. It can also expand people's capabilities beyond what is physically possible.
It often describes the three-dimensional virtual world that consumers can explore via VR glasses and other wearable devices. With the help of this technology, we can immerse ourselves in virtual worlds and interact with each other via our avatars. Exploration can be done via augmented reality systems or traditional 2D devices such as desktops, laptops, tablets and smartphones. Anyone who users a smartphone, plays online games or customizes avatars is ready to enter the metaverse. Step by step, we are moving in this direction.
The Metaverse Galaxy highlights the influential technologies that can be identified today. The basic building blocks of the Metaverse include:
These technologies opened the door and accelerated the development of Decentralized Infrastrucure, Computer Vision, Natural Language Processing, Non-fungible Tokens (NFTs), Crypto Currency, Smart Contracts, Digital Twins, Digital Assets and VR/AR/Mixed Reality technologies.
The aforementioned technological advances, in turn, create a favorable environment for Decentralized Communities and the Digtal Marketplace, enable Device Independence with Avatars, Chat Bots, and Sensory Suits, and initiate decentralized self-governance to ensure control and security.
These elements allow the development of new applications and business models in the areas of Digital Workplace, Immersive Education, Digital Shopping, Immersive Social Networks, Immersive Events, AI-created Art and Virtual Tourism.
In simple words, the Metaverse is only possible through a mix of innovative technologies and their new applications in this particular time during the rapidly evolving Web3 culture. In the Metaverse, people and businesses are enabled to achieve their goals beyond physical boundaries and current digital realities.
Companies from different industries work together to create the Metaverse ecosystem. Here, organizations and people can interact, socialize, work, transact, and entertain each other.
In fact, the consumer-focused business domain shall witness the creation of virtual three-dimension spaces for experiences like:
Here is an in-depth narration concerning the industries where the metaverse will play a central role in the near future.
The digital fashion industry became an art. Today, the fashion industry drives personalization development in the metaverse. From NFT fashion collectibles to VR and AR fitting rooms to customizable avatar outfits, concerts, fashion shows, and grand events, digital fashion has become an independent branch of the industry. The fashion and entertainment industry professionals were among the first to leverage the power of metaverse platforms. They are now investing in the new products, sales channels, and advertising placement of the brands and products.
Gaming has shaped the metaverse, and today, games are the most obvious way to enter the metaverse because of their prevalence.
Gamification is a core part of most Metaverse worlds. From world creation to NFT collection to digital collaboration, gamification elements are present at every level of the Metaverse. New game categories are becoming more popular as blockchain enables the growth of play-to-earn and play-to-collect games.
Overall, gaming remains the most dynamic and intriguing entertainment category on most metaverse platforms today. Learn more about top metaverse-powered games in our previous article. Every week, Adello introduces a new metaverse game or platform in a dedicated review.
Nikeland on Roblox
If you consider tech surveys, metaverse for tourism may revolutionize how people engage with the 21st-century travel industry. Imagine a scenario where you get an opportunity to enjoy the Arctic Northern Lights in Virtual Reality (VR) from the comfort of your house. That opens up new customer groups.
By creating 3D models of these real places, metaverse travel can create something new. This can lead to innovative experiences for travelers and help them choose their accommodations and activities. The implementation of VR experiences and digital storytelling is of enormous importance. From quick trips to metaverse travel, VR can influence the way travel enthusiasts make bookings and discover places virtually - even for a fee.
E-learning is another field that can be transformed with the Metaverse. Combinations of AI-supported assistance, VR/MR make it possible to make things tangible and comprehensible beyond simple text. However, this requires a rethinking of the concept of today's way of imparting knowledge.
In addition to these industries, the Metaverse will also transform the fields of medicine, science, education and more. From developing cutting-edge, lightweight wearables to reshaping banking and finance, the Metaverse has opportunities to attract the masses and become mainstream.
Collaboration spaces, such as co-working spaces for conferences, meetings, training, etc., have already emerged and are enabling productivity gains. Innovative business models and sales channels open doors for emerging and existing business growth.
The metaverse is in its nascent phase, a fast-moving expanding galaxy after the Big Bang. Where and how a company can profit is something everyone must explore and learn for themselves.
If you want to learn about the Swiss Metaverse Ecosystem and assess how your company can benefit from the metaverse presence, contact us via sales@adello.com.
Adello published the first Metaverse Ecosystem and updates it periodically to profile the key companies that are helping to shape the future of the Metaverse in Switzerland. We believe the Metaverse has similar potential to the introduction of smartphones in the 2000s. As the next stage of development of today's Internet, which will affect every business.
