Metaverse development across five different industries

The metaverse has been a hot topic in the media for a few years. This concept is of interest to many professionals and industries, with metaverse development becoming more widespread. For example, marketing and communication specialists, event organizers and those in the fashion industry should be aware of the metaverse.

While the technology is quickly evolving, numerous organizations are carrying out proof of concept projects. Indeed, some are already implementing real solutions.

An industry that has been using the fundamental metaverse technologies for years is the gaming industry. Therefore, gaming is the sector that will exploit and generate revenue through metaverse development in the short term.

Several other industries will also benefit from the metaverse. Here are five different use cases from a range of industries.

Fashion

The fashion industry was probably the first one to understand the opportunities presented by the metaverse. Of course, by harnessing metaverse development, fashion industry professionals can expand their business.

In fact, there are two macroscopic benefits in this space. Firstly, the metaverse can be used for marketing purposes, such as organizing events and online virtual shops. These online virtual shops are for products that will be physically delivered to the customer. Secondly, metaverse development opportunities include new lines of business like selling digital products in the form of NFTs. These products are very attractive for customers who care about the look of their avatars in the metaverse. It is expected that most users will behave in the metaverse in the same way they do in real life. For example, they will have a wardrobe and put together an outfit based on what their avatar will be doing.

For the fashion companies, selling a digital product is much more beneficial than the equivalent physical copy. Thus, metaverse development has a lot of potential in the fashion industry. Digital products have limited design costs, no production or shipping costs and no royalties for dealers and resellers. The digital product price is even sometimes higher than the physical price.

What’s more, there are already a number of brands launching metaverse-only collections and making millions selling fashion NFTs. Among these brands are global leaders that will influence the whole sector like Dolce & Gabbana, Gucci, Nike and Balenciaga.

The event industry

Metaverse development, as it relates to events, refers to participants joining a digital event area using their own avatar. Furthermore, they have the flexibility to walk around, communicate with other participants and, ultimately, create their own, distinctive event experience. This contrasts with the typical virtual events of today, where everyone is presented with the same video feed. 

Contemporary audiences are already accustomed to digital ecosystems and, therefore, this is a big advantage for digital event experiences. Metaverse development innovations include giving attendees an immersive experience and making them a component of the event.

In fact, attendees can get a completely immersive event experience. As part of this, they can interact with features and activities whenever they choose. This is especially true for sizable events like trade shows that have a number of concurrent speakers or attractions. Thanks to metaverse development, attendees can explore events at their own leisure, focusing on things that catch their attention.

Moreover, the speaker can see and speak to their audience rather than a column or mosaic of faces. Seeing people in the audience promotes a sense of community at the event.

Finance and banking

For retail banks, the creation of “virtual branches” is one of the most straightforward metaverse development opportunities available. Notably, this development allows retail banks to sell banking products or offer customer care to their current clients.

Financial organizations could look to metaverse development as a way of retaining connection with consumers and offering basic banking services. Of course, this is especially the case now that many current physical bank branches are being closed down.

Banks are also considering potential gains made by moving money and other assets between the virtual and real worlds. Spending in the metaverse is predicted to reach $5 trillion by 2030. Consequently, a presence in the metaverse will become a significant source of revenue.

Real estate

In terms of metaverse development in the real estate sector, users can experience many locations without having to physically move. This is the most noteworthy aspect, which allows the client to explore various locations and properties in the virtual world.

Therefore, customers benefit from metaverse development because purchasing and selling virtual land, flats or houses is now more efficient. They can explore the property without the need to move. Moreover, they will have a much better feeling of how it looks, compared with the videos and pictures available today. 

The real estate agent would benefit as well, given that metaverse immersive technologies can be used remotely. This significantly expands the pool of potential buyers.

Additionally, metaverse development in real estate can play an important role during the design, construction and interior design phases. The customer can be immersed in a real estate property that does not exist, yet.

Just as with the fashion industry, real estate in the metaverse can also operate on purely virtual assets. These can still be built, bought and sold in specific metaverses, such as Decentraland. This metaverse development opens up very lucrative possibilities for selling digital properties used as homes, stores and offices.

It is not hard to imagine that VIPs will rush to buy expensive virtual properties in exclusive places.

Education

Finally, the education sector has already undergone significant change during the COVID-19 pandemic. Students and teachers are familiar with interacting using e-collaboration and distance learning platforms like Zoom, MS Teams and Google Meet.

With metaverse development, platforms can integrate a virtual, immersive environment, thereby reproducing a classroom or even a whole school. Learners and teachers would be represented by their digital identities (i.e., avatars) in customized, realistic and dynamic forms. Avatar technology is making avatars more realistic and is able to reproduce a person both visually and via their actions. As you can imagine, integrating the metaverse into education can open up a wide range of learning opportunities for students.

In fact, metaverse development in education can be thought of as an upgraded educational environment. It combines components of the real and virtual educational environments with metaverse-related technologies. This enables students to enter the educational environment from anywhere. Furthermore, it enables them to engage with various objects in real-time using their digital identities. As a result, they will feel engaged in the same way as if they were in a real-world educational environment.

Conclusions

Metaverse development is still at an early stage and is continually changing. Additionally, the technology’s potential hasn’t been fully realized. The fast uptake of metaverse use cases across multiple industries, however, suggests that the metaverse is close to becoming mainstream.

A sizable number of companies across different industries are getting ready for the adoption of the metaverse. With further metaverse development on the horizon, they are also preparing for the opportunities presented by digital avatars. 

Gartner has predicted that 25% of people will spend at least one hour per day in the metaverse by 2026. This indicates that, for every industry, the metaverse will be a good place to meet both customers and potential customers.

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