Guest Post | 07-02-2023 | Anmol Mehta
Web3 gaming is on the boom with metaverse projects gaining the limelight. The metaverse market is expected to project the highest CAGR of 47.6% from the period 2022-2029. The Illusionary World of the metaverse has now opened doors to an experience that is unimaginable in the real world. Metaverse may seem to be complex but stepping into it may drive you crazy with the thirst for exploring more of the 3D immersive world.
The top brands such as Nike, Gucci, Louis Vuitton, and Samsung are leaping into the metaverse marketplace considering it to be the future of the shopping experience. Below are the top 10 big industries that are being disrupted by the metaverse world :
Metaverse is all set to reshape the future of the fashion industry. Digital clothing may not be taken very pleasantly but it has immense potential for social engagement. Although the idea has a lot of friction, many fashion brands have decided to explore the possibilities of the metaverse. The shoppers, particularly Generation Z are more inclined towards a fascinating metaverse world. Generation Z contributes to 73% of shoppers. With such a large percentage of the population contributing to shopping, excluding fashion from the metaverse is not a choice.
The appeal of digital fashion is grabbing the eyeballs as it gives complete freedom to designers to dress the digital avatars the way they like and experiment with clothes in a variety of ways, before launching the final product in the market. Furthermore, 3D avatars and NFTs are becoming new promotional tools for fashion brands.
The craze of a metaverse in the fashion world cannot be dismissed. The top fashion and luxury brands have their eyes set on the metaverse and are keen to follow metaverse trends. Co-founders of digital fashion retailer DressX-Natalia Modenova and Daria Shapovalova believe style is genuinely important even in a virtual world. DressX became the first digital-only fashion company in July 2022 to provide apparel for Meta‘s new avatar fashion marketplace, besides luxury brands such as Prada and Balenciaga.
The gaming business is gaining the limelight owing to the metaverse. Metaverse is all set to deliver inevitable gaming experiences. The virtual world allows us to play games giving an altogether immersive experience. Gaming has always caught prime attention and with virtual gaming, players are shifting their attention toward it for the next level of experience. Online gaming platforms like Roblox allow people to create their own virtual worlds. These games include 3D images, VR headsets, and avatars that help in transforming rooms into playgrounds. By sitting in the comfort of your home, you can immerse yourself in a 3D world.
Many gaming industries also provide in-game assets such as virtual clothes, weapons, skins, props, and vehicles that make these games even more interesting to play. Various tech brands are jumping into the metaverse race and leveraging metaverse platforms to create games to increase engagement levels. The concept of gaming is moving in businesses and social connections that are using avatars for virtual meetings and much more.
Metaverse is not just limited to games and entertainment but is expanding more with more and more utility-driven cases coming up. The latest is the blend of the metaverse and preventive healthcare from the Indian fitness technology company GOQii. Metaverse could contribute massively to the healthcare industry while delivering cost-effective treatments, allowing remote monitoring and telemedicine for patients confined due to geographical boundaries.
Metaverse assures a new self-care system while breaking the norms of the traditional healthcare system. The industry has a huge scope of transformation with metaverse as the solution has immense potential to bridge the gaps in the traditional healthcare system.
The real estate industry is greatly benefiting from the metaverse. You can sell or purchase property at the convenience of your home. Through the virtual world browser-based platform, users can buy virtual plots and lands. Metaverse platforms are good to go for real estate, buying, and selling using digital wallets.
Metaverse in real estate ensures transparent property inspection across the globe and is not susceptible to fraud. The digital assets are programmable that allow people to play, socialize, meet, and transact like they do in the real world. The real estate in the metaverse is blooming owing to transparent buying and selling with no security concerns involved.
Metaverse 3D space where real and virtual worlds meet has immense potential for the education industry. The COVID-19 outbreak made humans rethink how to make learning and teaching more accessible across the globe. Moreover, there should be ways that make education more fun to learn and ways through which one learns the concepts with ease. With metaverse, more realistic learning can be attained by leveraging technologies such as digital twins, VR, AR, XR, etc. Metaverse stimulates realistic scenes that make learning more immersive, engaging, and participatory. With fast-paced 3D space, students can create their own virtual worlds and interact with other students and teachers.
Concerts, theme parks, and movies are all set to submerge in the metaverse world. Creators are on the way to creating a 360-degree interactive environment with AR and VR technologies taking the front seat. Metaverse is all set to grip the movie world. Raj Kamal Films International intends to launch unreleased scenes that use de-aging technology. Young Kamal Hassan from the movie Vikram will be shown exclusively in Kamal Hassan’s metaverse.
Metaverse can revolutionize the way through which people interact with the travel industry. Hotel industries are on the verge of transformation and the metaverse has a huge role to play. By sitting in the comfort of home, it would be easy to view the other side of the world. Metaverse will allow you to virtually view cabins, hotels, and flights before booking accommodations and flights. The revenue is also going to take a sharp upturn with the virtual visits. Qatar Airways was the first airline company to step into the metaverse world with ‘Qverse’ VR and the first metaverse human crew virtual reality platform unique to the airline, also check offers in Qatar.
Metaverse has a promising space to offer to the retail industry. The retail industry is facing a lot of challenges such as ever-changing customer expectations, retaining & engaging employees, and maintaining customer loyalty. Metaverse has immense potential to address the issues. Coupled with Augmented and Virtual reality, it has immense potential to re-create the in-store experience. With metaverse, customers are presented with an immersive 3D shopping experience wherein they can try the products in the comfort of their homes. Brands such as Dior, Ralph Lauren, Gucci, and Bloomingdales are creating a strong presence in the metaverse, while other retailers are in full momentum to catch up.
Another favorite area of the metaverse is the sports industry. With virtual stadiums, fans are all set to enjoy another level of experience. Fans can interact with each other virtually and also create a virtual training playground to practice. A recent study has shown that the spending power is shifted towards the younger generation who are more interested in virtual games and sports. Looking at the present scenario, it cannot be ruled out that the metaverse has a key role to play in sports.
The advertising industry has become very competitive owing to changing consumption habits and behavior. To match up with new patterns, behavior, and consumption, brands have re-align themselves with the metaverse. Brands such as Gucci, Louis Vuitton, and Ralph Lauren have already started carving out their influence in the metaverse. Other brands have started following in their footsteps to drive engagement levels. It would be no surprise that advertising and marketing industries turn out to be big in the metaverse with new and profitable avenues.
With the upsurge of the metaverse, industry 4.0 is all set to embrace a new world full of amazing possibilities. The metaverse is a hot topic where a lot is being written and talked about in the way it can lead to the transformation of various industries. Metaverse is garnering a lot of interest with extended reality platforms that deliver an impeccable experience for consumers. Business leaders, pundits, and consumers are getting crazy about the advent of the metaverse and its impact on industry 4.0 now and in years to come.
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