Metaverse Opening New Business Avenues

Metaverse Opening New Business Avenues

Mark Zuckerberg, the CEO, and Co-Founder of Meta, Inc. (formerly known as Facebook, Inc.), expressed his vision for the metaverse. He is steering the world towards a digital eternity. To stimulate his imagination, he announced the rebranding of his company, from Facebook to Meta.

What is Metaverse?

Metaverse is an alluring virtual realm that resembles the existing world but is simulated digitally. It is a hypnotic iteration of the internet and real-world that accommodates 3D digital surroundings. This space would be obtainable through smart devices such as VR Headsets, AR Glasses, Mobile Phones, PCs, and Gaming Consoles.

Applications of Metaverse

The metaverse has applications in various industry verticals, but majorly within the following sectors:

  • Video Games: AR and VR have initiated a revolution in the gaming sector. These technologies help create a lifelike representation with intensified sound and additional sensations. This offers an imaginative environment that incites a gamer’s presence in the environment.
  • Business: The metaverse could be utilized efficiently for Virtual Office platforms, wherein employees can virtually collaborate in a 3D arrangement, in real-time, that imitates a real-world office setting. Metaverse has the potential to drive the work from anywhere concept to a different level and lessen the need for employees to be physically present at a particular destination. Instances of these include Facebook Horizon Workrooms and Microsoft Mesh.
  • Education: Metaverse could not only be used to facilitate immersive study and field visits but also to enhance a student’s overall subject learning experience. It would enable learners to explore and learn at their own pace by creating an interactive educational experience without the use of textbooks. Some researchers are also working towards creating realistic avatars, which could reanimate several renowned historical and significant figures using AI.
  • Retail: Retail business owners could offer virtual versions of their physical “at-the-store” facilities, providing an enhanced shopping experience. Customers could try out virtual 3D pieces that are in reference to the real-life sizes, which could improve certainty and decrease returns/exchanges while shopping online.
  • Real-Estate: Metaverse can provide a fascinating virtual home tour. The potential homebuyers could tour homes from anywhere in the world via the metaverse. The scope is not just limited to residential sites, but commercial and industrial as well. Another streaming line is developing in this market: Virtual Real Estate, which will make the use of AR & VR enabled technologies.

Technologies Employed in the Metaverse

The metaverse is a technology that enables you to interact with people through digital avatars. The 3 key technologies used in this are:

  • Augmented Reality (AR) – This is an innovation of advanced technology that adds digital elements to a physical view usually by using a smartphone camera. It overlays the digital objects over the live view of the surrounding in your digital device.
  • Virtual Reality (VR) – This is a spectacular tech feature that completely makes the physical world disappear and helps you enter an artificially created imaginative world. It gives an indulging sensitive and conscious experience that mimics a pragmatic setting.
  • Mixed Reality (MR) – This is a combination of both VR and AR by an amalgamation of the real-life environment with digital elements.

Extended Reality (XR) is the umbrella term used for Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR). It covers the entire range of real and virtual environments. These technologies have predefined purposes and are used in accordance with the requirements. Extended Reality is widely used in the entertainment and video game industries, making these domains the largest users of XR.

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Infinium Global Research has published various market research reports in the IT and AI domains. Their latest reports on AR/VR Market deliver an insight into the investment spaces that new or current market players can consider.

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