COVID-19’s impact on digital-based economies and disruptions to offline business models has accelerated the metaverse’s moment internationally. Demand for the metaverse is being fueled by the growth of blockchain, digital assets, and nonfungible tokens (NFTs). Metaverse gateways, platforms, and infrastructures, as well as a wide range of service providers to enhance customer experiences with identity, social, gaming, and economic services, have been defined as a virtual reality space in which users can interact.
Here are some thoughts on how the metaverse will affect various sectors of the real world in the next five years, such as financial services, automotive and manufacturing, real estate, education, and retail, as we approach the year 2022 and beyond.
Services in the financial sector
If the metaverse develops in the same way that NFTs have, it could be a massive growth opportunity for financial service providers. In the first quarter of 2021, NFT sales alone totaled $2 billion, a 20-fold increase from the previous quarter.
The metaverse will give rise to virtual societies that transact and engage in decentralised transactions in five years, according to our vision. You can expect to see the following on your screen: Development of virtual-to-physical redemptions and financial systems that underpin the ecosystem’s payments and financing mechanisms
Digital ownership and new trading access classes are being created by the use of NFTs.
Technology advancements in augmented/virtual reality (AR/VR) are helping to bridge the gap between the online and offline worlds by facilitating greater participation and engagement in financial services.
This metaverse potential is not lost on traditional financial services players. Banks in Asia are creating virtual spaces for product development, branding, and education. For both internal and external clients, universal banks are utilising the metaverse for training and education. Players in the payment industry are working hard to improve their position in the metaverse through the development of crypto propositions and partnerships. It’s not a question of “if,” but rather “when” the metaverse and financial services will be integrated.
Manufacturing and Automobiles
The automotive and manufacturing industries will be able to become firmly rooted in the metaverse with the help of a shared online space that spans dimensions and is powered by VR, AR, and MR (mixed reality). If cyber-physical systems, digital twins, 5G-powered AR, VR, and AI computer vision, low latency remote control, and other applications are integrated into an industrial metaverse, it is possible.
AR/VR will be used in manufacturing facilities in the future, but it will also be used to create an immersive and virtual experience where people work together in the virtual world under the guidance of AI in order to verify results and correct errors in real-time without the need to be present on site.
It is also possible to simulate and verify the company’s product design and development process, as well as trial production testing, operation management as well as other operations in the virtual community before transferring it to the physical world for actual production. Another use for the blockchain would be to record decisions and results, which could then be used for both virtual and real-world audits and assessments.
Automobiles have progressed from being merely a means of transportation to becoming mobile spaces capable of serving as mobile workspaces, entertainment centres, and more. It allows the driver and passengers to do work or enjoy an entertainment experience that is normally restricted to the office and home environments, thanks to autonomous driving technology. To put it another way, the metaverse will make use of existing technologies like voice recognition, smart cockpits, and AI to augment VR and AR in cars.
We expect the metaverse and automobiles to grow together in the next five years. Additionally, more perceptive technologies such as touch and taste could be integrated, as well as a unique transaction method via blockchain for the automotive industry in the metaverse. As an example, in the metaverse, a virtual car is built and mapped to a real one. When driving in the real world or the virtual world, the driver’s driving habits, technological upgrades, customization preferences, and the data they generate can all be shared seamlessly.
There will be more brands breaking the virtual-reality divide to provide customers with more innovative and meaningful experiences in the near future.
Investing in property
The value of land and real estate in the real world is questioned in the metaverse. Supply and demand will have an impact on real estate prices in the metaverse, as we expect the metaverse to mimic and adopt real-world traits.
The value of land in the metaverse is determined by its location, just like in the real world. The value of a location is determined by its proximity to the metaverse’s centre and the quality of its neighbours. Many international celebrities’ purchases of virtual real estate have sparked heated debates on the subject.
Due to a lack of understanding and perception of the metaverse, this trend may not take off in China as quickly as in the West. The metaverse is an attempt to reflect the rationally quantifiable physical world, which is rooted in Western ideologies and culture and does not align with the East at all. A rationally quantifiable world is still a concept that the East has yet to accept. Virtual and real-estate investment is still speculative in China, so there are still risks involved. Price fluctuations may stabilise or continue to skyrocket and crash unpredictably as the concept gains traction.
However, we expect a metaverse to naturally lead to spatial transformations throughout education in the next five years.. Immersive experiences and digital records in the metaverse will allow people to pursue knowledge in a new way that goes beyond words, images, and lectures.
Metaverse era education is not limited to a real-world experience. As educators, we see the metaverse as a perfect place to test new ideas. Sharing high-quality educational resources on a global scale will be realised through collaboration and the establishment of a standard framework to create a shared digital ecosystem in the metaverse, benefiting a wide range of audiences of all ages and social classes.
There are already companies in the metaverse that help us envision a future in which education has no bounds and where students can learn through an immersive metaverse experience. With many “top players” already declaring their interest in the education sector, it is only a matter of time before the infinite possibilities of learning in the metaverse are unlocked.
How Does Buying the Metaverse Work?
Brands for retail and consumer use
Brands are constantly rethinking their strategy for establishing direct communication channels with customers in the digital age. It has come a long way since the early days of building a website, and now the metaverse offers new concepts for brands to experiment with.
Virtual characters, also known as avatars, have become increasingly popular in recent years, which has opened up new business opportunities in the retail industry. For many consumers, the metaverse provides the opportunity to interact with brands and products through a personalised avatar. Even if it’s just enhancing the browsing experience in a virtual store, the options are nearly limitless in terms of what you can do.
Metaverse gameplay can be seen in the well-known sim game The Sims 4. They collaborate with game developers to incorporate their products into every facet of gameplay. To promote brand awareness and cultivate brand love, consumer brands have been releasing item expansion packs for gamers to interact with the brands in the virtual world.
Apart from product promotion, brands have also organised or taken part in consumer interaction activities. There is a growing trend for luxury brands to launch their new collections in the virtual world, while others collaborate with developers to create their own unique virtual reality experience.