Metaverse Concept – 3 Amazing Ways We Are Using It ?

3 amazing ways we are using Metaverse Concept ?

Metaverse Concept – Shaping the Future of Digital Economy

Firstly, the metaverse is still a work in progress . Further, as the man who coined the term 30 years ago says it’s “nascent” .

Moreover, it’s really just the last couple of years that everything has come together . Additionally, the cost of raw graphics processing power came down .

Essentially, you can make great games and three -dimensional experiences.

Especially, to network all that together, into something that looks like the metaverse … Actually you need a lot of networking capability and an ability to handle transactions . Essentially, that too cheaply , quickly, reliably.

Further, other elements which are less obvious. Moreover, they have not started to materialize until the last couple of years.

Developing of Metaverse explained –

Firstly, while the metaverse is still a way off being fully interoperable. Furthermore, when your avatar can wander between virtual worlds carrying whatever accoutrements you have acquired .

Moreover, Sci-fi is slowly becoming more of a reality , so companies are investing in the opportunities it presents.

Investment in Metaverse Explained –

Further, $120 billion was invested into the metaverse space in the first 6 months of 2022.

Moreover, according to McKinsey , double the investment across the whole of 2021. By 2030 , it is estimated to be worth $5 trillion.

Read More Metaverse Jobs – What Are 10 Amazing Jobs In Powerful Metaverse.

3 Ways in Which we are using it ? – Metaverse Concept

1.The Consumer Metaverse – Metaverse Concept

First, “This is like Nike or Gucci, J P Morgan Chase , that are pioneering ways to interact with customers in the metaverse. Retailers are experimenting with immersive shopping experiences.

Essentially, like IKEA’s Virtual interior designer app on Oculus . Effectively , a VR showroom . Where people can shop for products at home or in-store.

Further, Gucci hosted Gucci Vault Land in The Sandbox metaverse space in October 2022. Additionally, it has Gucci Town in th Roblox game.

Moreover, in September , makeup brand Sephora held it’s second immersive beauty festival “Sephoria “with masterclasses in different rooms and commemorative NFTs of the event.

Technology Evolution at Metaverse explained –

Further, it goes beyond retail to include media, entertainment , real estate and even banking .

Additionally, It is part of the building and defining the metaverse initiative launched in 2022 . Essentially, to shape a future metaverse that is safe , equitable and economically viable.

Bottom Line –

Again, there is no one-size fits for all or linear consumer journey in the metaverse. Furthermore , the value of consumers derive will depend on their personality type.

According to a research by Nokia and Ipsos , Members of Gen Z who are more introverted , will find value in being able to go shopping from home.

Further , others will value socialization and entertainment.

Furthermore, millions of Roblox community members today customize their avatars on a daily basis . As well as , all prepare for school, work, or social events in the physical world.

Further, it is no surprise, it’s most prevalent among digital natives who grew up online and know well how integral this avenue for self-expression is.

2. The Enterprise Metaverse – Metaverse Concept

Firstly as a case in point , a pre -pandemic experiment in using virtual reality to onboard new Accenture employees.

Essentially, it has now become an integral enterprise metaverse . Additionally, it is called the Nth Floor .

Moreover, in the past year it has been used to onboard 150,000 people. Further employees get a headset when they join the company.

Secondly , they go in for some guided experiences , orientation and training. And then, there are some unguided activities they can do to learn.

Furthermore , the Nth Floor has increased engagement during the process. As well as , learning retention . But it is also proving a useful tool in client meetings.

Firstly, as Meta’s Chief Product Officer Chris Cox told a panel in Davos . “The feeling of presence ” is the “essential ingredient for the user experience of something that feel metaverse like.

Secondly, the enterprise metaverse is also seen as a way to aid recruitment in certain sectors like construction by effectively gamifying the job.

As well as , to close the skills gaps with Adecco Group piloting a VR programme in Belgium to train forklift drivers . Essentially, one of the most in-demand job roles to fill.

Use Cases –

Further, it can be used for good. Essentially, the Forum has collaborated with Accenture and Microsoft on The Global Collaboration Village.

Essentially, a purpose driven metaverse to enable greater cooperation between business , government and civil society. Further, to solve the world’s biggest challenges.

3. Metaverse Concept – The Industrial Metaverse

Finally, there is the industrial metaverse . Moreover, it uses augmented reality and digital twins . Additionally, to bring the the metaverse to the outside operations of your business.

Furthermore, it was the subject of discussion at Davos , titled “Deployment in the Industrial Metaverse “.

Secondly, it touched on some of the use cases , including in the construction, logistics and healthcare industries.

Moreover, there is a lot what industrial metaverse can do. For instance, NYU was using cinematic rendering to illustrate disease .

Consequently, instead of sending a report and text to the patient, they receive a link to a 3D graph.

Furthermore, people can replace anatomy education. Additionally, instead of using human bodies , they can switch it to virtual exploring 3 D animations.

Meanwhile , port operations are using digital twins to improve efficiency . Additionally, reducing operations costs and CO2 emissions.

For instance, DP World is launching DPMETAWORLD to help tackle supply chain challenges.

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Metaverse Concept – Conclusion

First, across all these categories of metaverse , there are challenges . Additionally, from data privacy to trust and governance.

As well as , how the metaverse and other digital technologies will impact on people’s jobs.

Additionally, for example, when a 3 D image of a tumour displaces the role of a radiologist .

Further, who was trained on seeing a 2D slice . Further, implementing it as disease .

Furthermore, the radiologist has to undergo a mindset shift .

Meanwhile, Metaverse can become a more equal and inclusive space brimming with new opportunities . Further, it will be only be as good as we make it .

Lastly, we need to make it a metaverse that works for everyone.

Read More Metaverse Explained – How To Overcome Challenges In Powerful Metaverse Explained ?2023

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