Metaverse-Use cases and benefits
With technological evolution, the internet has expanded from enabling text-based chatting to allowing users to communicate through video calls. Now the world is gearing up for the next big radical evolution- The Metaverse.
Many tech giants worldwide have identified Metaverse’s amazing opportunities for everyone, mainly for enterprises. Of course, businesses want to stay competitive amid the constant digital transformation and find new ways to engage their customers. Sounds futuristic? The Metaverse is far more fascinating than you think.
Let’s have a closer look at the Metaverse, Metaverse use cases, and benefits, and discuss the implementation of Metaverse that awaits the global adoption of the technology.
What is Metaverse?
The metaverse is a three-dimensional virtual space that resembles our real world. Users in the Metaverse can come together inside a digital universe, socialize, and do activities like playing games, visiting shopping malls, working in a virtual office and hanging out with friends.
Those new to Metaverse are often stuck at a common question: How can a virtually interconnected world consisting of digital items, NFTs, objects like land, and buildings gather much hype? Metaverse is much bigger than people think, and it allows people to socialize through their digital avatars, similar to how people interact in the real world.
What does Metaverse mean for business?
With its ability to replicate the real-world using revolutionary technologies such as virtual reality (VR) and augmented reality (AR), Metaverse is considered the next iteration of social media and the internet. With that, Metaverse offers various business opportunities for worldwide companies. In this regard, let’s see what things are possible inside the realm of the Metaverse:-
- Metaverse allows the users to access the virtual world via VR, which opens up exciting brand engagement opportunities for the companies like real estate and e-commerce that are required to showcase demo products to potential sellers.
- Brands can interact with audiences worldwide despite any geographical barriers in the e-commerce business framework.
- The Metaverse will have a digital wallet that regulates seamless transactions across the ecosystem.
- Interoperable Metaverse projects allow the users (avatars) to navigate various projects inside the Metaverse world. It means they can navigate freely and can join any event they want.
- Metaverse takes the concept of advertising to the next level with a unique kind of storytelling experience for the audience using 360° videos and 3D technology.
We must understand that every business will leverage the Metaverse technology based on their business model and user-specific needs. Like some enterprises, Metaverse will be the upgraded version of the marketing channel that helps generate more sales and scale up new strategies.
While for the other set, the Metaverse will play a crucial role in replacing their physical and online stores with persistent 3D virtual space. With that, they provide a close-ti-reality experience to the customers. To see the full potential of Metaverse, we need to wait for the next few years to see how enterprises leverage it to discover revolutionary use cases.
What are the major use cases of Metaverse?
Metaverse is gaining traction globally with companies investing a good chunk of their research and money in discovering Metaverse use cases beyond social media and entertainment.
Since our focus in this post is the decentralized Metaverse, let’s delve deeper into the Metaverse use cases that essentially empower the blockchain-based projects and are equally useful for a centralized model.
Crypto use cases
Since Metaverse is the replication of the real universe, real-world activities such as trading and exchange occur inside it. To regulate trade activities and enable users to exchange value, Metaverse leverages cryptography technology. Metaverse can mint crypto tokens to integrate into their project depending on the ecosystem structure.
NFTs use cases
NFTs or non-fungible tokens represent true digital ownership, and thus, they play a crucial role in the development and regulation of the Metaverse. Some specific Metaverse projects, mainly the gaming feature in-game collectibles, unique gaming items, and gamers’ avatars, are backed by non-fungible tokens. Without tokenization, identifying a player’s identity and ownership of the assets will become extremely challenging.
DeFi Use cases
Like the real world, people in the virtual world also feel like buying virtual properties like a piece of land and building. But, how do you pay for it? Every Metaverse project has its native currency like Decentraland has MANA. However, such crypto-backed currencies cannot include institutions like banks to regulate the money transfer. Addressing this limitation, DeFi networks brings many possibilities, supporting trading, lending, staking, P2P transaction, and much more in native currencies.
Metaverse introduced by big tech companies such as Facebook and Microsoft is more of a centralized model. Meaning, that the one whom Facebook authorizes to regulate their Metaverse has full control over the user details and how the ecosystem works, similar to today’s social media.
Now that blockchain technology is redefining major industries, including social media, we will eventually experience a decentralized world where everything will be permissionless and free from intermediaries. And while the enterprises might not realize the true potential of Metaverse right now, the constantly emerging use cases and the evolving ecosystem will be quite intimidating for a positive transformation. It will completely dominate today’s internet and other big technologies.