The term metaverse first came about in 1992 when American sci-fi writer Neal Stephenson coined the term in his book “Snow Crash”. The novel is about people exploring the online world using digital avatars of themselves as a way to escape the dystopian reality.
Metaverse is an ongoing process so it is difficult to predict what it will become in the future. However, it is expected that the metaverse will evolve as technology advances and more people become interested in participating in virtual experiences. This blog will discuss some possible developments in the Metaverse, as well as which and how industries will be impacted.
What is Metaverse?
Metaverse is the combination of two words “meta” which means beyond and “verse” which is an abbreviated version of the universe. It is a shared virtual space where people can interact with one another and with computer-generated content. It is often seen as a convergence of the physical and digital worlds.
What are the developments in the Metaverse?
As virtual reality technology continues to advance, the metaverse will likely become increasingly immersive and realistic, provide greater connectivity around the world and become more personalized.
Immersion and Realism: Advances in Virtual Reality hardware, such as more advanced headsets and controllers, could make the metaverse more immersive by providing a more realistic and seamless virtual reality experience.
Connectivity: The development of new connectivity technologies, such as 5G and high-speed internet, could also make it easier for people to access the metaverse from anywhere and with minimal latency.
Personalization: The metaverse could become more personalized by offering a wider range of virtual experiences tailored to individual preferences and needs. An example is users may be able to choose from a variety of virtual activities or environments based on their interests.
Overall, it is likely that the metaverse will continue to evolve and improve as technology advances, leading to greater personalization, immersion, and connectivity for users.
Industries that are impacted by Metaverse?
Retail Industry
Lacoste Virtual Store
Image from: https://www.lacoste.com/us/virtual-store.html
In the retail industry, companies like Lacoste S.A. has opened the virtual store for their customers to have the comfort of exploring the clothing collection in a virtual space before purchasing. Moreover, the virtual store has direct access to the online store so customers can purchase their items directly without any hassle.
Ralph Lauren Beverly Hills Virtual Store
Image from:https://ralphlaurenvirtualstores.com/beverly-hills/
Another example of a company implementing a virtual store is Ralph Lauren. Their goal was for their customer to have the accessibility to shop and experience shopping in a Ralph Lauren store in the comfort of their own home. Ralph Lauren has recreated their virtual store as an online rendering of their actual store.
Entertainment Industry
The entertainment industry has the potential to leverage the immersive capabilities of the metaverse to create a new and exciting virtual experience for users. Some examples are virtual concerts, theme parks, interactive gaming, and more.
Virtual Concerts
Travis Scott performs virtually in the online game Fortnite where more than 12 million players joined to watch. During the concert, there were segments of the show that featured underwater and space environments creating a visually captivating scene for players.
Image from: https://www.youtube.com/watch?v=wYeFAlVC8qU
Virtual Reality Theme Park
Some theme parks have added virtual reality into their theme parks that take riders to a whole new level of experience. The Great LEGO Race in the Florida Resort where riders are transported into a virtual world where they are against competitors such as LEGO pirates and wizards. With the VR headset on during the coaster rides, riders can surf on waves, smash through walls and fly across cliffs.
Image by LEGOLAND Florida Resort
Real Estate Industry
The real estate industry could be heavily impacted by the metaverse due to several reasons.
Virtual property ownership: The metaverse allows people to purchase virtual property and build virtual businesses which could potentially lead to the creation of virtual communities. This may reduce the demand for physical real estate as it may become an alternative form of property ownership and could potentially.
Virtual showrooms and storefronts: The metaverse could allow businesses to create virtual showrooms and storefronts which may reduce the need for physical retail space and allow businesses to reach a global customer base.
Virtual Reality Technology: Virtual Reality Technology has been evolving. It allows people to tour and view properties remotely. This could potentially reduce the need for physical property showings.
Conclusion
The metaverse is still evolving, however, we can already see the impact it has on different industries. The metaverse will likely continue to evolve and expand as technology advances and more people become interested in participating in virtual experiences. Hence, people in all industries need to continue to develop and become more widely adopted as the metaverse is likely to transform a variety of industries and create new opportunities for businesses and individuals.
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