A 5-YEAR FORECAST OF HOW WILL METAVERSE AFFECT YOUR BUSINESS
Internationally, the metaverse is gaining momentum. This is due to COVID-19’s effect on digital-based economies as well as disruptions to traditional business models. The demand for the metaverse is further fueled by the rise of digital assets and blockchain. The metaverse can be described as a virtual reality space where users can interact. It is growing into an increasingly rich ecosystem that includes metaverse gateways and platforms, infrastructures, and a variety of service providers to improve the customer experience.
Here are our thoughts on the future impact of the metaverse on various sectors in 2022 and beyond.
The metaverse could become a huge growth opportunity for financial services players if it develops in the same way NFTs did. NFT sales topped $2 billion in 2021 alone, more than 20 times the amount of the previous quarter.
Five years in the future, we can see a world where all user-generated ecosystems exist, and virtual societies are created. What can you expect to see?
· Development of virtual-to-physical redemptions and financial systems that underpin payments, financing, and the ecosystem
· NFTs provide users digital ownership and drive the emergence of new access classes for trading
· Augmented Reality/Virtual Reality (AR/VR), sophistication reduces the difference between online and offline. This in turn drives greater participation and engagement in financial service and fuels the convergence of traditional financial services with the new era.
The metaverse is already being explored by traditional financial service providers. Banks in Asia are creating virtual spaces to promote their brands, provide education, and develop products. The metaverse is being used by universal banks for education and training, both for internal clients and for external clients. To maximize their position in the metaverse, payment players are developing crypto propositions to increase their market share. Integration of financial services and the metaverse is not a question about “if”, but “when”.
Automotive and Manufacturing
The shared online space will allow the automotive and manufacturing industries to become deeply rooted in the metaverse. It will be powered by VR, AR, and mixed reality. If it organically integrates cyber-physical systems, digital twins, 5G-powered AR and VR, as well as AI computer vision, low latency remote control, and other applications, then creating an industrial metaverse can be possible.
The future of factories will use AR/VR to create an industrial metaverse. This will allow for the creation of an immersive, virtual environment of workers working together in the virtual universe, guided by AI to correct mistakes and verify results in real-time.
The company’s product design and development, as well as trial production testing and operation management, can all be simulated in the virtual community. This allows for verification and transfers to the real world before actual production. Another use of the blockchain is to record decision-making results and other information, which can be used as a basis for auditing and assessment in both the physical and virtual worlds.
Automobiles have evolved from being a means of getting from A to B to becoming a mobile space that integrates entertainment, work, and other functions. Autonomous driving frees up attention for both the driver and passengers, allowing them to work or have fun in a way that is not possible in a traditional office environment.
Simply put, the metaverse will use VR and AR in automobiles. It will be layered onto existing technologies like voice recognition, AI, and smart cockpits.
We expect that the metaverse will continue to evolve alongside automobiles over the next five years. The virtual drive engine could be complemented by other perceptive technologies like touch and taste. A unique transaction method using blockchain technology in the metaverse could also be developed for the automotive industry. A virtual car can be built in the metaverse, and then mapped to the real vehicle. For seamless experiences, the drivers can share data between dimensions. This includes driving habits, technology upgrades, preferences for modification, and other data.
Real estate and land are valuable assets in the real world. This raises questions about their value in the metaverse. The metaverse will mirror and take on characteristics of the real world. We also expect that the price and value of virtual land and real property will be affected by supply and demand.
The metaverse’s value is affected by location just like in the real world. The location’s value is determined by its distance from the center of the metaverse and the quality neighbors. Virtual real estate investing has been a hot topic due to the heated discussion about international celebrities’ buying habits.
The trend in China may not be as popular as it is in the West because of differences in understanding and perceptions about the metaverse. The metaverse attempts to mirror the rationally quantifiable world, but it is not rooted in Western culture and ideologies. The East would take time to accept the idea of a rationally quantifiable universe. Investments in virtual land and real property in China remain speculative and are subject to risk. It remains to be seen whether price fluctuations will continue to rise or fall unpredictably as the concept grows in popularity.
While the remote education experience is already much better with campus digital twins we expect the metaverse will naturally drive spatial changes in the education industry over the next five years. The pursuit of knowledge will not be limited to images, words, and lectures that are available online, but it will be expanded to include an immersive experience with digital records in the metaverse.
Education in the metaverse era does not have to be a real-life learning experience. The metaverse is a natural experimentation ground for education. The metaverse is a natural experimentation ground for the education sector. It will be possible to collaborate and establish a standard framework to create an ecosystem of digital resources.
Companies that have made their first foray into metaverse learning help us to imagine endless possibilities in the future. They can provide a rich experience of learning space and history in the metaverse. It is only a matter of time before the endless possibilities of learning in the metaverse are unlocked. Many “top players” have already declared their focus on education.
Retail and Consumer
In the age of digital consumption, brands are constantly evolving their approach to communicating with consumers. The metaverse is a new way for brands to experiment, from the beginning of creating a website to opening social media accounts and live broadcasts.
The rise in popularity and importance of avatars or virtual characters has presented many business opportunities for the retail industry. Consumers expect to have both in-store and online experiences. The metaverse allows them to interact with brands and products through a personal avatar.
The metaverse is already revealed by the well-known simulation game The Sims 4. Game developers are working with consumer brands to integrate their products into the game. Consumer brands have created item expansion packs that allow gamers to interact with brands in virtual reality since its launch in 2014.
Beyond the marketing products, brands also organize or participate in interactive activities with customers. The new playground for luxury fashion brands in the metaverse. They have organized or participated in interactive activities with consumers.
We expect more brands to step in to blur the lines between virtual and real to have more meaningful interactions with customers.