The term “metaverse” was coined by sci-fi author Neal Stephenson in the 1992 novel Snow Crash. It is about a virtual reality space where people can interact with each other and digital objects. In addition, the concept has recently been popularized in games like Second Life and platforms such as Roblox. But the metaverse has a far-reaching impact and implications beyond gaming and entertainment. It has conquered many other industries, such as education, oil and gas, pharma, law, and real estate. In this article, we will explore the impact of the metaverse in different industries and sectors.
The development of 3D online worlds is rapidly progressing and benefits all aspects of the business world. From education to healthcare to manufacturing, several industries are said to be majorly transformed by the evolution of metaverse.
Why is metaverse the “hot topic”?
Metaverse technology is being on the top charts, and it won’t be wrong to say that, as it has achieved fame after Mark Zuckerberg rebranded Facebook to Meta. The term has been in the limelight for several reasons. Also, technologies such as AR, VR, and mixed reality, are maturing to offer enhanced experiences to users. Hence, innovation will boost many sectors making a change worldwide.
Impact of metaverse in different sectors –
Here are some top industries that are being transformed by metaverse.
Education and Training
Metaverse also has the potential to revolutionize how education and training are delivered. Virtual classrooms can provide an immersive, more engaging learning experience than traditional classroom settings. Teachers and trainers can create virtual simulations to teach complex concepts more interactively.
In addition, metaverse can also provide opportunities for remote training and collaboration. Workers in different locations can collaborate in virtual environments, allowing for more efficient and practical training. It can also offer new opportunities for professional development, such as virtual conferences and workshops.
Gaming and Entertainment
The gaming and entertainment industry is one of the sectors that is expected to be most impacted by the metaverse. The metaverse provides an opportunity for game developers to create immersive experiences that are more engaging than traditional games. Users can explore virtual worlds, interact with other players, and engage in activities that are impossible in the real world.
It also provides new opportunities for content creators in the entertainment industry. Musicians, artists, and filmmakers can use the metaverse to create new types of content that can be experienced in a more immersive way. For example, a musician could perform a concert in a virtual venue, allowing fans worldwide to attend.
Real Estate and Architecture
The concept has a significant role and impact on the real estate and architecture industries. Real estate developers can create a virtual version of their properties, allowing potential buyers to explore them in a more immersive way. Architects can use the metaverse to develop virtual prototypes of their designs, allowing clients to experience them before they are built.
In addition, it can also provide new opportunities for urban planning. City planners can also use a virtual environment to create scenarios and test the impact of recent developments in the community.
Metaverse can transform the retail experience by creating virtual stores that offer customers a personalized and immersive shopping experience. Customers can browse virtual shelves, try on digital clothes, and interact with products in impossible ways in physical stores. The metaverse can also enable retailers to offer 24/7 shopping and reach customers worldwide. This will empower the virtual economy as retailers will thrive to adopt this new way of business to stay ahead of the curve.
Metaverse is influencing a new frontier in the automobile industry. Customers’ demands with rapid technological changes propel automotive companies to embrace disruptive innovations. With the help of metaverse, digital showrooms will help users to take tours and test drive the vehicles with avatars before deciding to buy them.
Not only that, but organizations can optimize their operations from vehicle design to the procurement of materials and manufacturing.
Remote healthcare is a new way of providing healthcare services to patients located in inaccessible areas. For example, people who cannot visit clinics or hospitals can seek help from doctors and nurses anytime through a metaverse.
Moreover, psychiatrists and psychologists can offer immersive environments in aversion therapy to patients with a mental illnesses.
Metaverse and infinite opportunities: real-world use cases
UNICEF (education) – has transformed their textual educational content into interactive, immersive experiences with the help of Veative’s WebVR-based applications and platform services. Along with easy access to the content, improved practical skills, increased retention, etc., the solution has also provided a report generation facility to analyze the impact of the immersive content.
Tafe Arabia (Oil and Gas manufacturing industries) – Tafe Arabia has simplified its training process for risky work practices through VR applications. With the help of this application, it has provided its team with a safe place to gain skills and work in a risk-free environment.
Indian Oil Corporation Limited: IOCL has saved time and effort spent training and onboarding its workforce through an interactive and immersive VR application. It is a one-stop solution for plant walkthroughs, crude oil refining processes, and more.
NTPC (power and utilities) – has set up one of India’s giant power plants and effectively trained its workforce to adapt to new technologies through PC-interactive applications, 3D videos, and VR-based applications. The application has helped NTPC to showcase the new power plant technologies to the leaders and train cross-functional teams.
Metaverse in future –
The metaverse is an emerging technology that has the potential to revolutionize many different sectors. As a result, the impact of the metaverse is likely significant across various industries, including gaming and entertainment, education and training, real estate and architecture, retail and e-commerce, and healthcare.
As the metaverse continues developing, businesses and organizations must adapt to these new technologies to stay competitive. The metaverse is a new frontier, and those who can embrace and leverage this technology will be at an advantage in future years.