Metaverse is generating a lot of curiosity in people since Facebook announced its Meta project for creating a whole new experience by roping in modern technologies with the help of a Metaverse Development Company. Metaverse can be seen over every facade of life right from gaming to social networking, it is making news. Due to this, there has been a change in the approach of businesses as they have made plans of joining Metaverse to keep up with the pace. Being more competitive or finding new avenues for business in their respective sectors, enterprises are exploring all avenues to keep their customers engaged and offer a good experience. Before we dive deeper into the topic, let us know what is Metaverse and how can it affect people at large.
What is Metaverse?
Metaverse is an interactive virtual space created by combining advanced emerging technologies consisting of Augmented Reality (AR), Virtual Reality (VR), Blockchain, Artificial Intelligence (AI), and others. Metaverse lets users experience a whole new 3D digital virtual world that is parallel to the real world where they can do a number of things like create, engage, monetize and own content or an asset. In short, we can say that Metaverse will usher in a new era of digital connectivity and that has already caught the attention of many brands. Lately, there have been some great trends observed in Metaverse and here we will be discussing them below.
Top 5 industry emerging trends in Metaverse
Augmented Reality and Virtual Reality in Gaming
Augmented Reality and Virtual Reality can be said to be at the forefront of the trends observed in the Metaverse arena. Both these technologies have witnessed exponential growth while strengthening their valuation and relevance to the current market. The trend of AR and VR can be accessed from the growth of around 60% in the market for AR and VR headsets sales.
Recently the futuristic gaming platform named The Sandbox has developed a decentralized virtual world where users can personalize their avatars, innovate, and govern the land. This gaming platform can also serve as a place to host events and exchange ideas.
The recent pandemic has changed the dynamics of the retail sector and has resulted in the dramatic rise in e-commerce, which is dominating the scenario worldwide. Digital transformation has already made inroads into the retail industry and it can be observed from the fact how retailers and brands are reimagining their businesses. Even small-time retailers are more favorable than before to integrating digital tools and technologies in this modern age of consumerism.
Hongkong-based fashion lifestyle brand named WEAR has founded a premium metaverse marketplace for featuring exclusive digital collections, ranging from fashion and lifestyle to music. Their platform WEARhouse is accessible through their minted WEAR-key and this marketplace is exclusively for a digital luxury ecosystem for fashion followers, art enthusiasts, and NFT collectors.
Digital Real Estate
Virtual properties are another trend that is increasing at a rapid pace, as the real estate sector has broken the physical barriers. The sales of Metaverse-based real estate in the digital space have surpassed over US$500 million in the last year and are anticipated to soar further this year.
Metaverse real estate lets users connect, create and cultivate over the digitized land, while in turn owners and creators can monetize by renting, leasing, and even trading their NFT properties. All this can be done similarly to the physical real estate industry and the Asian property investors are rushing to utilize this trend. A Thailand-based Metaverse platform developed by top Thai 3D creators named Bangkokverse has already caught the attention of prominent real-estate developers.
Social Networking Space
Creating a robust social networking space is one of the main prospects of Metaverse. The ability to simulate the realities, the ability to connect with others over the network and socialize through immersive virtual experiences, without revealing any vital information has given Metaverse a much-needed opportunity to grow leaps and bounds.
Recently a Singapore-based real estate giant has made their intent to launch a virtual hotel over the Metaverse platform where visitors are free to explore the virtual hotel while interacting with fellow avatars.
Metaverse is already making a mark in the media and entertainment sector, as it offers a secure and user-friendly platform for creating and managing digital assets. Metaverse when collaborated with Blockchain technology can let users do a number of things. Metaverse will offer personalized content more related to consumers like time preference, language preference, and avatar personalization, and further enhance the experience of audiences while offering new avenues to the media industry.
Metaverse offers transformative ways to engage and connect beyond the real-life limitations posed by the physical realm. Metaverse creates new opportunities and paves the way for growth, competition, and will completely transform the way how we will communicate in the future. Metaverse consultants at Rejolut predict that Metaverse will grow to include multiple cross-chain possibilities across the different industries while strengthening the virtual economy simultaneously.