Metaverse uses, cases and benefits

Internet technology is constantly changing and bringing great opportunities to its users. From using static websites to browsing the web 2 experience, we’ve all witnessed the power of digital evolution. The Metaverse is next in this chain of progress. Tech giants from around the world have been reworking their hard work and creative ideas into the original Metaverse concept that Neal Stephenson came up within 1992. He coined the term “Metaverse” in science fiction, and it’s now a mainstream technology. Although the concept of Metaverse has been around for over a decade, it has been globally welcomed by major companies such as Facebook and Microsoft announcing their Metaverse projects. The discussion around persistent shared virtual worlds continues to grow as more people learn about the exciting possibilities of the Metaverse.

The metaverse concept has gained overwhelming popularity in the recent pandemic as remote work policies and global lockdown restrictions force more people to use virtual worlds for business and entertainment purposes. Metaverse represents a highly interactive three-dimensional virtual world. As in the real world, users can trade land, buildings, and other digital assets in metaverse, and explore the space using their personalized avatars. These avatars are replicas of users that can do everything a human can do in the real universe. Depending on business needs, enterprises can choose to build a centralized or decentralized Metaverse. However, as various industries use blockchain in their business, the demand for the blockchain-powered Metaverse is also increasing.

What is Metaverse?

Since Metaverse is so popular, it has various definitions and represents precise opinions. To quickly define what the metaverse means, we have to think of a three-dimensional network powered by virtual reality (VR) and augmented reality (AR). Metaverse is persistent, real-time, self-sustaining, infinite, and interoperable, which together constitute the key features of Metaverse.

  • Persistence exists regardless of the user’s physical presence.
  • Real-time allows users to enjoy a real-time experience.
  • Self-sustaining means that users can earn money within Metaverse and pay for their utility.
  • nteroperability helps users move their virtual items, including avatars, from one Metaverse to another.

Understanding “Metaverse” with a real example

We understand that the COVID-19 pandemic has dramatically changed the global landscape. For example, shopping malls are temporarily closed, organizations are adopting a remote working model, and people are isolating themselves from large gatherings, gatherings, and other events. However, we all miss those face-to-face interactions, unique office environments, and gatherings. Imagine you are thinking of a friend. Suddenly, you call that friend, ask him to meet, and he arrives in a few minutes. is it possible? Yes, it has something to do with the metaverse. All you need is a pair of glasses to virtually enhance the real things around you. The virtual world of Metaverse, while unreal, is very close to reality. As technology advances, the metaverse should become more exciting and real. For example, users will soon be able to touch and feel virtual objects through unique haptic gloves.

What are the benefits of Metaverse?

What benefits does Metaverse bring? Let’s find out. With the trend of telecommuting, people mainly rely on virtual spaces and digital communication methods, such as video and web conferencing.

Addressing remote work challenges

Metaverse has the potential to solve all the existing challenges of working remotely. It enables managers to communicate effectively with employees, including reading their body language and interacting face-to-face. Additionally, employers can track team productivity through their unique avatars, addressing workplace productivity time theft and BRIC issues.

A great tool for healthcare professionals

Metaverse is a boon for healthcare professionals and medical staff who were previously unable to visit patients due to geographic restrictions. In the virtual world of the Metaverse, they can interact with patients and gain a clear view of their health.

Make online games more exciting

Most Metaverse games today employ a decentralized economic model, where developers and publishers like gamefi own in-game assets and the right to distribute those assets. At the same time, the idea of ​​having avatars explore vast virtual spaces is exciting for players.

Provide a virtual tour experience

Travel is adventurous, but not everyone can travel the world. This is where the Metaverse comes in handy. It allows people to virtually visit places they couldn’t go in person. By harnessing the combined power of the Metaverse, AR, and VR, an advanced virtual world is being developed to provide users with a first-person experience.

What are the emerging and future use cases for the Metaverse?

Advanced Blockchain Use Cases

Blockchain or decentralized technology is critical to the mass adoption of Metaverse across major industries. Blockchain is the primary technology that powers cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, and others. Blockchain does more than a supplement and maintains cryptocurrencies. It can be used as a distributed ledger for recording peer-to-peer transactions and enables the creation of digital assets called non-fungible tokens (NFTs) and apps. With Metaverse, companies can design more exciting and realistic NFT marketplaces, where users can interact with other users to view the NFTs they need to make better buying decisions. Since Metaverse provides a shared virtual space realm, it has been promoting new NFT or blockchain games where players can acquire in-game collectibles and further trade them to other participants. Simply put, the blockchain uses Metaverse to develop these next-generation online games.

Virtual work and study spaces

The covid-19 pandemic has forced businesses around the world to embrace digital communications. As a result, video conferencing platforms have also become very popular for remote work, online classes, or other work-from-home arrangements. That being said, these platforms fail to provide an engaging, engaging experience because interactions are limited to real-time audio and video. Metaverse addresses this limitation by providing users with a more engaging experience with its graphically rich virtual environments and 3D avatars and immersive sessions. Rather than seeing participants on a computer screen and communicating through a microphone, Metaverse allows us to navigate a virtual environment with lifelike participant avatars.

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