The global tech giants have been pumping billions of dollars into projects that amplify their Metaverse capabilities. Of course, these companies understand very well that the Metaverse is the world of tomorrow- just in the same fashion as the internet once was- and will revolutionize the way we work and live and network. The use of Metaverse is widespread; from working in a domestic environment, we will be propelled into a global world, free to collaborate, market, and sell our products to a local and international customer base.
As per a comprehensive research report by Market Research Future, the global Metaverse market was valued at $21.91 billion in 2020 and is predicted to grow at a whopping CAGR of 41.7% by 2030.
Even though the Metaverse is quite a new phenomenon, applications of a Metaverse in the real world are already racing ahead, creating a niche for themselves. Let us look at how Metaverse is making itself relevant to our world.
1. Virtual worlds
A virtual world could be crafted based on our lived reality or could be divined out of pure imagination. There are thousands of virtual worlds running on the Metaverse, which are permanent, decentralized, and continue to run irrespective of whether anyone is present in it or not. These virtual worlds let you create your avatar with your style and persona choices. Using these avatars, you can explore virtual spaces, network with other people, put out your audio-visual content, and license your work. Companies are even creating Meta based dating apps that help participants choose their avatars and destinations for their dates; mind you, Mars.
Hubs Mozilla, Gather, Fortnite, and Horizon Worlds from Meta are examples of these virtual worlds.
2. Gaming
Gaming is undergoing a paradigm shift in the Metaverse. In the old games, the protagonist and the villain were defined, and one had to play within the little world set by the graphics artist and designer. The games in Metaverse are expansive, allowing multiple players to interact freely, create new alliances that help them meet their goals, and perhaps even discover things outside the gaming world. The games in Metaverse are immersive, absorbing, and have a real-life feel compared to the clunky graphics of the games of yesteryear.
Illuvium, Roboblox, Sandbox, Minecraft, and many other games have garnered immense fan-following in the previous few years.
3. Real estate
In March 2022, famous folk & Bollywood singer Daler Mehndi purchased virtual real estate on a Metaverse platform called PartyNite. The Indian Metaverse platform lets users create their own identity, purchase, or sell NFTs and enjoy rock concerts on its platforms. Overseas, many real estate transactions run into millions of dollars that are transacted daily. A large section of investors is waking up to the fact that the future of human business, recreation, and networking is on the Metaverse, and it is even more critical for them to capture areas where people are most likely to populate and connect. Platforms like Sandbox and Secondlife boast of jaw-dropping virtual real estate deals that have been transacted in actual real-life standard currency or crypto-currencies.
4. Professional use-cases
Business applications of Metaverse are not falling behind; in fact, they are being widely accepted in the professional world, and their contours are changing at a breakneck speed. For a moment, try and shelve the idea of the Zoom or the Microsoft Teams meeting space. You can now attend a meeting in the garb of your avatar in a meeting space designed by you or someone more creatively gifted in your own office. Changing elements within the meeting space is entirely within your control. This merges the dual possibility of being able to work remotely but also being present (virtually) in person.
5. Events
While this may sound like a new-age concept, rock concerts have been happening with the Metaverse for a while. Hatsune Miku is one such artist whose loyal fan base has been listening to him in real life and in the Metaverse. But it is not just rock concerts that are shaking up the Metaverse. Many people are attending yoga and kick-boxing sessions from the comfort of their homes with the help of Metaverse goggles. Besides this, business and enthusiastic conferences have also been happening on several platforms. One of the metaverses called Sensorium Galaxy sports works by reputed artists who are delivering surreal, other-worldly visual experiences.
To many, Metaverse still seems like science fiction, far too distant and removed from their current reality. But all it takes to imagine how current and future applications of Metaverse would change our lives is to think back to the pre-internet days. One day, Metaverse will be as regular as the internet, if not more, an essential and indispensable fixture of our life. In this series of all things Metaverse, we will talk about the top prominent companies from the Metaverse innovation world. Stay tuned!
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Despite being a relatively phrazle recent development, the use of a Metaverse in real-world contexts is rapidly progressing, establishing a distinct position for itself. Now, let's examine how the concept of Metaverse is establishing its relevance in our reality.