In the last blog we dived into the relationship between the metaverse and crypto, as well as some key features of the rapidly growing ‘Crypto Metaverses’. Now that we’re familiar with their key characteristics we can take a look at use cases that they’re about to bring to the world.
This article covers how the metaverse will fundamentally change not only how our daily activities will look, but also how we’ll experience them. Are you ready to explore why the metaverse appears to be taking over the digital world? If so, let’s get right into it!
Since the metaverse is a virtual world, where users, represented by avatars, can do everything they do in real life (socializing, participating in fun activities, shopping, learning …), it offers numerous marketing opportunities. Marketing in virtual worlds actually resembles marketing in real life, as it blends into the virtual space. Everything from billboard ads to branded digital products appears in the virtual world just as it would in real life.
Since real-time ads viewability can be obtained within virtual environments, developers can on the one hand sell ads based on CPM (“Cost Per Mille”, that is per thousand impressions) to businesses that want to promote their brand or specific products, while on the other hand users can pay for promotions in the metaverse.
But it doesn’t stop at the promotion of ‘real-life’ brands and products, as firms actually sell digital products in metaverses. These are digital representations of either real products or even products that exist solely in the virtual life. An example of a virtual product that represents tangible products can be a restaurant giving you an option to order a burger in their digital restaurant and then actually getting it delivered to your door. An instance of a digital representation of a product that exists only in the metaverse can be buying a better machine gun to gain an edge in some virtual shooting game or even purchasing expensive clothes in a virtual environment to enjoy similar benefits (in terms of recognizability) to wearing it in the real world. Pretty interesting, right?
We already have an option to virtually communicate with our peers or attend business meetings via Zoom, Microsoft Teams or other communication tools. However, the metaverse can take the experience of interaction to the next level by providing virtual office spaces, where all participants feel like they are in the same room together, as they can see each other’s avatars and their responses.
Instead of having passive communication, metaverse solutions turn it into an interactive and engaging experience by offering a fully customizable solution for virtual training, offices, events, conferences or simply communication with a colleague from afar.
These metaverse based platforms will actually recreate the physical spaces they are replacing, getting rid of the drawbacks we’re currently experiencing when it comes to virtual communication.
Virtual Learning Space
The Covid pandemic has taken a heavy toll on all levels of the education sector, as countless students around the world had to adapt to a totally different learning process. Being forced to learn from home, many students were left behind, because of all the barriers platforms like Zoom cannot overcome.
The metaverse promises to recreate the real life learning process in the digital world. And how would this work, you may wonder? By simply making the experience as a whole as interactive as it is when you attend classes in real life, while simultaneously making it available for much broader audiences by eliminating all geographical barriers.
Soon students will be able to move their avatar between virtual classes, explore campuses virtually before visiting them or even practice skills that are difficult or expensive to rehearse in real life.
The end goal is to actually merge the virtual world with the real one. Similar to what many students have already experienced during the pandemic, the future is likely to involve a mix between online and in person learning, only making the online world much more interactive and responsive.
Travelling is one of the most expensive and environmentally harmful industries. Luckily, technology today has enabled us to experience travel without the need to be physically present on the tourist destination itself, as the sites can be recreated in the virtual world. The metaverse takes solely seeing destinations on video to the next level, as users can have a first-person experience, much closer being there in person with the help of augmented and virtual reality.
On the one hand Youtube and other similar apps are growing their archives of 360° video content. On the other hand, unlike conventional travel, which enables you to move as you wish and interact with surroundings, current video content only allows you only to view what has been previously recorded for you to see, which shows that we’re still far away from the ‘end product’.
Virtual reality is currently in the first stages of development, as most activities in the metaverse are now limited to a “single-player” experience. But imagine how drastically it will improve once you’ll be able to explore these worlds with your friends, not to mention the progress in graphics and being able to get real time feedback through more senses than just sight.
* Check our third video on Metaverse below: