Impact of the Metaverse
In Brief
The Metaverse is gaining momentum, and it can be difficult to keep up with its development. In addition to bringing new dimensions to social interaction, education, and events, the Metaverse offers new opportunities for the growth of economies. As a result, many platforms have emerged that surprise us with their revolutionary concepts. With the advent of Decentralized and Meta, the world has embraced the idea of gathering digital assets and transferring real-life experiences to the digital world. Consequently, the development of blockchain technology is fueled by this demand, which creates a demand for even greater advancements in these areas.
Back to the future
As reported by ― The World Economic Forum in 2016, digital technology is expected to transform health care services over the next decade. Similarly, to other sectors, the metaverse may have a role to play in the delivery of health care. Several cities, including Seoul in Korea, have announced that they will provide their municipal administration in a metaverse environment, including services related to economics, culture, tourism, education, and civics.
In spite ― of the lack of an accepted definition of a metaverse, it is posited that it has its own economy and native currencies. This is where value can be exchanged physically and virtually. With the use of self-sovereign identity, metaverses will be characterized by extended reality, DeFi, non-fungible tokens (NFTs), decentralized governance, and cloud services.
Blockchain systems and frontier technology applications have the potential to transform health care radically, and in the future, we will see the development of a comprehensive meta-health ecosystem. The development of metaverse platforms geared toward healthcare is currently in progress.
The Metaverse Age is predicted to bring a fusion of the physical and virtual worlds, resulting in more efficient economies and ways of interacting with others. With the combination of game theory and blockchain, tokenized incentives are being created in virtual worlds.
Future with Metaverse
Being at home and living virtually is a huge boost for the Metaverse, and as people realize how the Metaverse can be used in many ways to improve collaboration, education, economic opportunities in hospitality and retail, and social engagement through media, we will see tremendous innovation.
According to the declaration for the Foundation of Members of the First World Metaverse Council as defined by Dr. Jane Thomson :
- Ensure that the Metaverse is open, transparent, interoperable, decentralized, and accessible to all.
· Improve the functionality of Metaverses worldwide through global collaboration and the sharing of technological advancements
· Standards for global Metaverse adoption should be developed and shared
· Enhance teaching and education to promote respect for Metaverse rights and freedoms as well as transparency to ensure their universal and effective recognition and observance across all Metaverses
· The purpose of this project is to connect and merge resources in order to accelerate the adoption of open, free Metaverses. This is done by promoting an open Metaverse based on open source protocols, open infrastructure, and an open financial system.
· Develop protocols that ensure that creators and innovators who build them, developers who build on them, and players who play in them are fully rewarded for their contributions.
· Assist in the development of guidelines to ensure people have the right to freedom and wellbeing in both the real and virtual worlds. Insofar as avatars can be viewed as digital representations of real people and must be considered virtual objects, avatars also have moral obligations and rights similar to their real counterparts.
· Ensure that guidelines regarding data security, privacy, and rights and consumer protection are developed for the Metaverse.
· Establish guidelines for mitigating the effects of the Metaverse on physical and mental health.
· The Metaverse should be able to provide guidelines for informed consent.
· Establish guidelines for protecting children in the metaverse.
· Develop a truly decentralized, equitable and inclusive Metaverse that maximizes economic and social opportunities, while minimizing harm.
· Inviting Metaverse creators, artists, innovators, thinkers, governments, and supporting the mission of the World Metaverse.
Dr. Jane Thomason is an advocate of metaverse. In her views ― there will be considerable difficulty in determining jurisdiction in the metaverse. Can this be applied to a user’s location, an avatar’s location, or the location of the computer infrastructure? A challenge in the metaverse will be the protection of intellectual property, since content will be distributed and replicated across a number of decentralized networks.
Furthermore, it may be difficult to identify and respond to bad actors due to the multi-layered structure of the virtual environment and untraceable non-fungible tokens (NFTs — which are unique digital assets).
In the future ― NFTs will be the cornerstone of the metaverse economy, enabling the authentication of possessions, property, and identity. It is in spite of this that the European Parliament emphasizes the regulatory risks associated with NFTs — for example, the difference between owning an NFT and owning the right to exploit a copy of a copyrighted digital work.
In order ― to create an NFT, you must have an underlying digital asset (such as a photograph), and copyright protection only applies to the asset to which the NFT is attached, not to the NFT itself. NFTs and the assets they refer to often have a loose connection.
Lastly, Dr. Jane brings thought provoking queries about implementation of the metaverse. As we know ― There is a rich and unique experience waiting for children in the metaverse. However, when one is immersed in a hyperrealist environment, it can be difficult to distinguish between what is real and what is augmented. This is because the technologies engage in sensemaking experiences that influence brain functions, memory and cognition. It is possible that this could have harmful side effects on vulnerable children if they are exposed to abuse, harassment, bullying, racism, and pornographic content. What are the methods by which we can determine whether a user is a child? What can we do to protect them?
What is the impact of Metaverse on the retail industry?
Considering Forbes’ retail industry research, where does the metaverse rank? Some brands are experimenting. Organizations are using metaverses to increase awareness, engagement, loyalty, and learning. Several luxury brands like Dolce & Gabbana, Hermes, and Gucci in order to generate interest in their products.
As technology advances ― online shopping can become more engaging and useful in the metaverse. An online shopping tool that would allow consumers to explore and discover better than they can now bring online shopping closer to what consumers can accomplish in stores without requiring them to leave their homes. When this occurs, the process of converting visitors into customers, which is less effective online than in-store, could greatly increase the viability and value of online retail. Additionally, it would negatively affect the viability of many physical stores.
The metaverse will continue to be mostly a talking ground until technology improves, according to optimists and skeptics. To make the metaverse effective, hardware must be less burdensome to wear, cheaper, and capable of conveying individual facial expressions. Even though these obstacles are formidable, they are precisely the types of obstacles that can be overcome through investment and research. However, it is impossible to predict when this will occur. In the metaverse ― gamers are most likely to be the early adopters, since they are used to the fully surrounding, three-dimensional visual and auditory experience it provides.
In contrast― we can expect the metaverse to take off much like online and mobile shopping did just decades ago, as more brands establish virtual presences and users develop a greater demand for metaverse shopping experiences. As a result of the metaverse, the retail industry has entered a new era of shopping, one that will transform retail, offering limitless opportunities for the future, taking retailers into new territory, and integrating their brands into virtually any home.
Still, Metaverse retail is on the way, but it will not occur overnight, as predicted by Forbes. It will be necessary for transaction fees for virtual products to decrease before metaverse retail becomes mainstream. For virtual stores to become successful, there must be enough potential customers who own VR headsets or glasses, which in turn requires them to be both affordable and easy to use.
It has been demonstrated that businesses that sit on the sidelines for too long may miss out on a golden opportunity as a result of mobile communications. Metaverse has already commenced. From a non-biased viewpoint― A retailer would be well advised to review the landscape now, decide on a strategy soon, and be ready to act when the time is right.
How does Metaverse affect the media industry?
Web 3.0 is here to stay. Consumers are showing enormous interest in the metaverse, regardless of whether the industry believes it or not. To align with customer needs, the media must implement the role of the metaverse. Though the metaverse is still in its infancy, and Meta’s stock tube aims to establish itself as a media channel, consumer engagement will be influenced by the availability of other media channels. By finality, device, and region, their share of consumer engagement differs significantly. While media time spent by users across this culturally diverse part of the content varies widely, they collectively spend less time on mobile and social/messaging apps than any other region.”
According to Variety Intelligence Platform, the metaverse will be a shared virtual space where all will be able to interact through digital avatars navigating three-dimensional environments.
However, to put it in a broader context, the metaverse could be characterized less as a specific virtual place and more as an umbrella term describing the digital experiences that we will all eventually encounter once technology (including augmented reality and virtual reality) allows us to interact in ways that are currently impossible (such as playing a game on a platform with no concurrent user cap).).
It is not surprising that Bloomberg Intelligence predicts that the metaverse market opportunity may reach $800 billion by 2024. This is because of such a broad view of the metaverse.
In what way will these billions of dollars find their way into the pockets of the entertainment industry stakeholders, including television networks, film studios, and video streaming services? Isn’t the metaverse already comprised of platforms like Roblox and Fortnite? In addition, haven’t people been speaking of “metaverse” for quite some time before 2021?
A VIP survey was conducted with eight executives across a wide range of industries, including entertainment, research, venture capital, and gaming, on issues such as revenue potential, best practices, and challenges for media brands in the metaverse.
A special report on “Metaverse and Media: How Tech’s Hottest Trend Will Impact the Entertainment Industry” combines these interviews with original VIP+ analysis to provide concise insights as to whether or not the metaverse matters to media executives, as well as whether executives should take action to address it.
What is the impact of a metaverse in the hospitality industry?
In traditional hospitality, guests were received physically, but new technology and the hospitality metaverse have changed that. Here are some examples of how the hospitality industry can be integrated into the metaverse.
One example is the presence of hotels in the metaverse. A major way in which the hospitality industry is already beginning to present itself within the metaverse is through the development of metaverse hotels. During the booking process, hotels can offer virtual reality tours, or the option to explore the hotel with an avatar.
Prior to booking a hotel room, guests can get a clear understanding of what to expect. Although this is one method of exploring the metaverse, it is not the only one. Some hotels are offering their guests access to virtual spaces, where they can host virtual birthday celebrations or hold virtual business meetings.
Another example is restaurants in the metaverse. Many other hospitality sectors are exploring the metaverse besides the hotel industry. Utilizing virtual reality technologies, cutting-edge restaurants can provide customers with the opportunity to fully explore their menu before they book, including options for viewing how meals are prepared and inspecting the facilities.
At present, some of the most popular hospitality marketing trends focus on the idea of bringing outdoor experiences into the home environment. A metaverse-based takeaway restaurant might allow users to place their order in a virtual restaurant and interact with restaurant employees whose avatars are displayed.
Another interesting topic worth considering is the role of nightclubs and casinos in the metaverse. The metaverse hospitality industry is also beginning to emerge in the nightclub sector. It is possible to experience many of the benefits of visiting a nightclub, including the music, dancing, and social interaction, without leaving the comfort of one’s own home through virtual recreations of nightclubs. Users can then enhance their avatars and access new music through virtual nightclub providers who can monetize the experience.
Similarly, virtual casinos can enable customers to play games like poker, roulette, and blackjack where they can interact with others and explore a realistic recreation of a real casino.
Last but not least, Concerts in the Metaverse is a worthwhile adventure. In the metaverse, concerts are an area where metaverse hospitality has already shown its potential. In terms of approaches, there are a variety of options, ranging from virtual reality concerts where users are placed in a realistic recreation of a concert venue, to concerts that take place within video game worlds. There are almost no limits to the potential here. Among the benefits of virtual concerts are not only the possibility of virtually unlimited numbers of people attending at the same time but also the ability to overcome ordinary barriers. It may be possible for customers to attend a virtual concert given by The Beatles, Elvis, or another artist who is no longer touring in the real world.
Conclusion ― Metaverse will have a significant impact on all industries.
I would like to conclude by stating that The Metaverse is a virtual reality that combines social media features, augmented reality (AR), virtual reality (VR), online gaming, and crypto currencies. There is no doubt that the Metaverse is the next step in the evolution of the internet, providing an interconnected and decentralized virtual environment.
In the metaverse, users become avatars to interact in a shared online environment, which is defined as “a more comprehensive universe.
In the metaverse, users live in a richly interactive world that mimics the real world in many ways. The virtual world incorporates all the real-world activities such as playing games, attending concerts, hosting parties, and even owning land. Technology giants, unprejudiced investors, and businesses envision 3D interactive virtual worlds as the future of technology. There is an increase in the value of digital real estate. And as per reports, the annual revenue of Metaverse is expected to aggregate $1 trillion.
Consequently, the rapid development and support investments in the metaverse will likely reshape various industries, including the hospitality industry. As of now, the hypothetical metaverse holds a wide range of possibilities for the hospitality industry, ranging from shopping to socializing, among others.
