There are many potential uses for metaverse projects, both in the enterprise and consumer space. Business and IT leaders should explore these possibilities to see how they can be used to improve their operations.
Many companies are looking to cash in on the money-making potential of what has been dubbed the metaverse examples. It remains to be seen if the competing extended reality experiences will coalesce into a single connected metaverse. What is clear now is that organizations across industries have been looking to metaverse components-for example, extended reality headsets, blockchain and nonfungible tokens (NFTs), IoT, and cloud technologies as a means of connection and new sources of revenue. As these technologies continue to develop and become more interconnected, exploration will likely continue in new ways. Therefore, IT leaders should familiarize themselves with metaverse examples and use cases, both in the short and long term.
Grabbing a metaverse share
“The idea of a world where digital and physical meet with a thriving economy is yet to be realized,” said Gopal Srinivasan, a partner with consulting firm Monitor Deloitte. “[But] we’re already seeing pieces of that being implemented.” Deloitte is one of the leading consultancies that have started an initiative to assist companies in taking advantage of opportunities in the emerging metaverse. There are also smaller firms that offer services to help companies explore this new frontier.
The research firm Gartner has predicted that by 2026, 25% of people will spend at least one hour a day in the metaverse. As metaverse technology platforms are predicte to become a lucrative market–worth $800 billion by 2024, according to a December 2021 Bloomberg report–the fear of missing out on those potential dollars is a powerful motivator.
Some people want to learn how to use digital technologies so they don’t feel left out or behind, said Nicolas Avila, the CTO for North America at professional services firm Globant. However, the term “metaverse” can mean different things to different companies. At present, there is no extended reality platform that allows users’ avatars to exist, work, and shop in what many are calling the next version of the internet. It is uncertain how and whether extended reality projects will come together to form that vision. The burgeoning metaverse also comes with a host of potential problems, from the greenhouse gas emissions it creates to the legal challenges it poses. ( metaverse examples)
1. Immersive entertainment
Though it may not seem apparent at first, entertainment in the metaverse could have significant implications for businesses and organizations. IT and business leaders should take note of this evolving area. The entertainment industry is taking notice of the metaverse, especially from younger consumers who are expecte to help the metaverse grow.
Pop superstar Ariana Grande’s 2021 concert series within the Fortnite gaming universe is just one example of how a metaverse can provide new immersive entertainment experiences. Other big names like Justin Bieber, Marshmello, and Travis Scott have also explored metaverse entertainment. It’s clear that the largest use case is seeing the most activity so far,” Srinivasan said, pointing to the advances made in metaverse-type technologies by gaming platforms.
2. Business operations
The use of augmented reality (AR) is already widespread across industries to improve efficiency and productivity. However, a fully-realized metaverse would take this a step further by supporting a more collaborative environment where data would be ubiquitous and always present, according to Srinivasan. The metaverse could offer a much more immersive experience to operations workers, who could use it to guide even the most complex field and service work, as well as coordinate more fully with others. ( metaverse examples)
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3. Improved education and training
The outbreak of the pandemic and the consequent restrictions on physical meetings forced educational institutions to adopt e-learning platforms and other digital means of communication. Srinivasan said that the future metaverse, with its expected ability to stream data in real time and support real-time interactions in the virtual space, could change and improve how educators deliver their lessons.
The use of virtual training opportunities is not limited to enterprises. Organizations across various industries could use the metaverse to provide enhanced training to their workers, said Tuong H. Nguyen, a senior principal analyst at Gartner. Instructors and students can connect from anywhere in the world and work through real-life scenarios together, using a steady stream of updated data to guide the learning experience.
4. Enhanced customer experiences
Metaverse platforms could revolutionize the way businesses interact with customers, by providing new extended reality experiences and information. This would enable businesses to connect with their customers in new and innovative ways, creating a more immersive and engaging experience. With a digital twin, workers can manage and monitor multiple retail stores remotely, allowing for quick and efficient responses to any situations that may arise.
Nguyen said that a ski resort, for example, could create a virtual guide for skiers that would deliver personalized information in real-time as they move down the mountain, enhancing the skiers’ experience. A tour company could provide an immersive virtual experience that would overlay onto the physical world to inform tourists as they move through new destinations. For example, this could bring historical events to life in old cities. One way companies could offer potential customers alternative shopping experiences is by letting them test drive products in an extended reality setting, Srinivasan said.
Also, Read More: Metaverse Virtual Worlds; The Best Way To Experience the Metaverse
5. Work meetings
The COVID-19 pandemic has forced many workers to trade in-person meetings for Zoom meetings. However, tech companies that are focused on metaverse development, such as Meta (formerly known as Facebook). And Microsoft is using this increased comfort with virtual meetings as a stepping stone to the next version of the metaverse. In the next few years, I believe that most virtual meetings will move from 2D camera image grids to the metaverse a 3D space with digital avatars. The aim is that you will eventually use your avatar to meet with people in a virtual space that replicates the real world.
To create realistic virtual expressions, and body language. And the quality of others’ voices, VR goggles, and motion capture gloves will be required, Gates said. With these tools, workers will be able to carry out tasks virtually, expanding their reach. The technology will be able to transport them to other
6. Advertising, branding, and marketing opportunities
There are a growing number of brands creating a presence in established VR settings. For example, Hyundai Motor Company debuted Hyundai Mobility Adventure, a metaverse experience on the gaming platform Roblox. Gamers’ avatars can also experience Hyundai’s future mobility projects and current products.
Some are branding their metaverse projects. The Walt Disney Co., a longtime leader in imaginary worlds, is one such company. In a November 2020 LinkedIn post, Tilak Mandadi, the head of digital. And technology for Disney Parks, Experiences, and Products Inc. Disney has announced an ambitious new initiative that will see physical and digital worlds converge like never before. The so-called “theme park metaverse” will make use of cutting-edge wearables, and smartphones. And digital access points to immerse guests in unique and unforgettable experiences.
Mandadi listed computer vision, natural language understanding, AR, AI, and IoT as crucial technologies. ( metaverse examples)
7. Digital locations
Some early adopters are exploring digital representations of real estate, according to an article in The New York Times. These investors are buying up concert venues, shopping malls, and other properties in the metaverse. “This virtual real estate is highly speculative but it’s drawing interest from certain groups,” Avila said. “Roblox, Minecraft, the metaverse — they’re creating an environment, they’re creating locations. And they’re connecting with consumers in that space.”
A restaurant, for instance, could have a presence in a metaverse so customers who are occupied, playing, or exploring in that digital space can readily. And also quickly order real-world pickup or delivery, Avila stated. The restaurant could create a virtual experience on Web3, where the user could enter the restaurant. And place an order using or earning loyalty points that the company tracks digitally. A future metaverse could theoretically allow users to do everything without having to leave the page they are on and log into another website. ( metaverse examples)
A virtual farmers’ market
There is expected to be increased use of the term metaverse to describe a variety of projects. For example, Parade, an internet publishing company, has its headquarters listed as “metaverse” on its LinkedIn page. Furthermore, its MetaMarket offering is described as “the first-ever farmers market in the metaverse. The virtual market, MetaMarket, is a great place to find Chicago-based vendors, such as Field + Farmer. With 500 customers as digital avatars, you can talk with other customers, and visit vendors. And buy products, all while having a great time! On March 13, the 5-year-old company started the local food movement. And also focuses on plant-based food with no artificial ingredients moved into a virtual marketplace, becoming one of the 20 or more vendors selling within MetaMarket.
“Field + Farmer’s senior vice president of marketing, Isabella Chia. Also said that the company’s leaders saw the digital sphere as a way to boost accessibility. You can dial in from the comfort of your couch,” Chia said.”
8. New revenue streams
NFTs are becoming increasingly popular as companies attempt to tap into the digital world. Gucci has teamed up with Superplastic to create a limited series of collectible NFTs. Ralph Lauren is now selling clothes for avatars. And Nike is following suit by creating an NFT that links to its real-world counterpart. This is a huge step forward for the virtual world and its economy.
9. A more connected work experience
The potential for the metaverse to boost productivity. And efficiency in the workplace is one of the most promising applications for this new technology. Nguyen believes that the fully realized metaverse will be able to stream information in ways that make workers more effective and successful.
An example of the metaverse in use might be city workers who need to check properties across the community. By overlaying the digital world onto the real world. They can also see a stream of the required information about properties as they look at them Nguyen said. A worker could check a traffic light that was reported broken, get information on that complaint. And update its status immediately. In addition, that platform could provide a means of informing other workers. And community members of that repaired status, all within that platform.
10. The yet-to-be imagined
“Business and IT leaders will need to work out several metaverse risks. And security challenges, as well as figuring out technological issues. Most metaverse use cases are still unknown, so there is a lot of potential value yet to be discovered,” Nguyen said.
He said that the maturation of metaverse platforms will change the way the world interacts incrementally. But the accumulating change will be dramatic. He said that the maturation of metaverse platforms will change the way the world interacts incrementally. But the accumulating change will be dramatic.
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