Virtual Reality Meets Reality: The Impact of the Metaverse on Industries Today
The metaverse, a virtual universe powered by Web3.0 technology, has the potential to revolutionize various industries and transform the way we live, work, and interact. From real estate to healthcare, fashion to automobile, the metaverse is opening up new possibilities for innovation and growth.
Leading companies in each industry are already experimenting with the metaverse, leveraging the power of VR and AR technologies, digital twins, biometrics, and digital payments to create immersive, interactive experiences for customers and users. The use of holographic technology and fully autonomous vehicles, for example, promises to enhance in-vehicle experiences and engage customers in innovative new ways.
Let’s consider what traditional industries already benefit from using the metaverse. Read more in our long-read article from the tech experts of Moqod 10 Innovative Ways the Metaverse is Being Used Today.
Virtual land is becoming popular among property buyers and sellers, with Sandbox’s virtual plots reaching an average price of $20,000. This has led to the creation of the first phase of a ‘Mega City’ in Sandbox, where various partners collaborate to build a cultural hub, inspiring real estate development to move into the virtual realm. The built environment sector also benefits from using digital twins in the metaverse, with Midlands Holdings using them to create virtual experiences for their properties and the HKIA using them for airport management. In the future, biometrics powered by facial recognition could revolutionize how people interact with the built environment.
The fashion and luxury market is well-suited for the metaverse, with fashion houses such as I.T exploring it as e-commerce becomes more popular. One example is I.T’s collaboration with The Fabricant to create a digital collection that customers can interact with through AR and VR. Many other examples of real fashion brands already utilize metaverse technologies to enhance their customer experience and reach a wider audience. For example, Gucci recently launched a virtual storefront on the Decentraland platform, offering customers the opportunity to purchase virtual versions of their popular clothing and accessories.
Digital payments will play a crucial role in the metaverse as they facilitate the trade of digital assets. With its high real-time digital payment rates and government initiatives such as the India Stack and a national blockchain strategy, India has strong potential in this area. PayPal has taken a significant step forward with the launch of its new super app, offering customers the ability to purchase, trade, and store cryptocurrencies. The company aims to not only provide support for major cryptocurrencies and crypto payments but also explore the potential of issuing its own stablecoin. As the technology of blockchain and cryptocurrencies play a crucial role in the development of Web 3.0, it’s clear that PayPal is keeping a close eye on the Metaverse opportunities and striving to secure its place within it.
The healthcare industry is using VR to enhance training and education, with Beijing University of Chinese Medicine using it to teach acupuncture and a haptic robotics company developing VR-based simulators for surgical training. The National University Health System is also investing in holographic technology, including using mixed reality to teach medical students and even conducting holography-guided heart surgery. A digital twin is a simulation representing a physical entity and using real-world data to gain insights. In the Metaverse, an individual’s digital twin could potentially become their personal simulation for health and wellness purposes. Latus Health CEO, Jack Latus, envisions a future where digital twins serve as virtual “check dummies” to predict post-surgery recovery and reactions.
The automobile industry is expected to be greatly impacted by the metaverse in manufacturing, in-vehicle experience, and marketing. BMW Group’s Plant Lydia in China is one of the world’s first plants designed in the metaverse, shortening construction time. Companies like NIO use AR glasses and funding 4D motion sensors to create immersive in-vehicle experiences. Automakers like Baidu-backed JIDU use metaverse technology for marketing purposes, allowing customers to test-drive vehicles within the metaverse.
In the future, the metaverse will likely become an essential part of our lives, transforming how we interact with the built environment, engage with fashion and luxury products, make payments, receive healthcare, and even manufacture and market automobiles. As Web3.0 technology continues to evolve and mature, the possibilities are endless.
In conclusion, the metaverse presents an exciting opportunity for companies and individuals to embrace the potential of Web3.0 technology and shape the future of various industries.