The effects of COVID-19 on digital-based economies and the disruptions it caused to offline business structures have expedited the metaverse’s march to worldwide domination. The rise of blockchain technology, digital assets, and nonfungible tokens accelerates the growth of metaverse demand (NFTs). The metaverse, which is a virtual reality space where users can interact with one another, is evolving into a vast and diverse ecosystem comprised of metaverse gateways, platforms, and infrastructures, as well as a variety of service providers to enhance the customer experience with identity, social, gaming, and financial services. The metaverse is evolving from its current position as a user-interactive virtual reality space to that of a vast and diversified ecosystem.

As we approach 2022 and beyond, the following are some of our musings regarding the impact the metaverse will have on the natural world over the next five years, including the retail sector, the automotive and manufacturing industries, the financial services industry, the education system, and the real estate market.

Financial Services

If the metaverse grows similarly to NFTs, it might provide significant development potential for the financial services industry. During the first quarter of 2021, sales of NFTs alone surpassed $2 billion, an increase of more than 20 times over the previous quarter.When we project five years into the future, we see a world where users have created whole ecosystems. The metaverse has birthed virtual civilizations that participate in decentralized commerce and activity. You may anticipate seeing:

Incorporating virtual-to-physical redemptions and financial systems facilitates payments and financing inside the ecosystem. The formation of new trade access classes is promoted by non-financial trading entities that offer clients digital ownership.

The increasing complexity of augmented reality and virtual reality (AR/VR) is helping to bridge the gap between online and physical interactions, therefore driving the convergence of conventional financial services and ushering in a new era of innovation.Traditional organizations in the financial services industry have already begun to capitalize on the opportunities presented by the metaverse. Financial institutions in Asia are constructing online ecosystems for product creation, teaching, and branding. Universal banks use the metaverse to educate and instruct internal stakeholders and external customers. To optimize their position in the metaverse, actors in the payment industry are actively constructing crypto-based ideas and alliances. Therefore, “if” should be questioned rather than “when” regarding integrating the metaverse and financial services.

Manufacturing and the Automotive Industry

Suppose the automotive and industrial sectors have access to a single online space that crosses dimensions and is driven by a mixture of virtual reality, augmented reality, and mixed reality. In that case, they can establish themselves in the metaverse (MR). It is conceivable to construct an industrial metaverse by naturally mixing cyber-physical systems, digital twins, augmented reality, virtual reality, and artificial intelligence computer vision driven by 5G, low-latency remote control, and other applications.

With an industrial metaverse, the factories of the future will not only use augmented reality and virtual reality for on-site auxiliary installations or skills training, but they will also create an immersive and virtual experience of people working together in the virtual world, guided by artificial intelligence to verify results and correct errors in real-time without the need to be on-site. This will remove the necessity for physically present manufacturing employees.

Additionally, the company’s product design, development process, trial production testing, operation management, and marketing may be replicated and confirmed inside the virtual community before being transferred to the real world for production. This happens before the creation of the actual product. The second use of blockchain technology would be to document decisions and their outcomes, which could then serve as the foundation for review and auditing in both the virtual and physical worlds.The primary function of automobiles has shifted from basic location-to-location transportation to providing a mobile environment that may facilitate various activities, including work, entertainment, and others. Autonomous driving frees the driver’s and passengers’ attention and hands, allowing them to participate in activities or pastimes previously confined to the workplace or home.

In other words, the metaverse will use virtual and augmented reality in automobiles, superimposed over existing technologies like intelligent cockpits, voice recognition, and artificial intelligence.We anticipate that the metaverse and car development will proceed concurrently during the next five years. In addition to the virtual driving engine, other perceptual technologies like touch and taste might be included. The vehicle industry could establish a blockchain-based transaction system in the metaverse. For instance, a virtual car is produced in the metaverse, then transferred to an actual vehicle, and the process is repeated for the actual vehicle. Whether the driver is operating the car in the natural or virtual world, their driving behaviours, preferences about technology developments and adjustments, and the data created by their interactions may be transferred across the two dimensions for a seamless experience.

Also read: 8 Essential Things To Learn To Become A Metaverse Expert

 

Real Estate

The fact that land and real estate are essential assets in the “real world” raises issues regarding their worth in the “metaverse.” The notion of supply and demand will decide the value and price of virtual land and real estate as we anticipate the metaverse to acquire real-world qualities.

Location is one of the most critical variables in determining land value in the metaverse, just as in the real world. The distance from the metaverse’s epicentre and the calibre of the residents are the two most essential criteria in determining a location’s worth. Due to their buying patterns, several prominent people from different parts of the world have triggered intense debates regarding the financial potential of virtual real estate.

As the idea’s popularity increases, it is uncertain if price fluctuations will become more stable or maintain their chaotic pattern of soaring and falling. On the other hand, it is possible that the movement will not acquire as much momentum in China as it does in the West, owing to variations in metaverse understanding and perception. The metaverse attempts to imitate the logically measurable physical reality, which is rooted in Western concepts and culture and has no correlation with Eastern thought. Some time would pass before the East could understand that the world could be assessed logically and objectively. Therefore, financial investments in China’s real estate and virtual land continue to be seen as speculative and risky.

Education

Even though campus digital twins have substantially improved the distance education experience, this is the case. In the next five years, we anticipate that the metaverse will lead to organic changes in the education industry’s physical layout. The pursuit of knowledge will be redefined to include an immersive experience accompanied by metaverse-stored digital documents.In this age of the metaverse, traditional classroom environments and teaching methods are no longer required for education. According to our understanding, the education business may profit from a metaverse-like natural experimental playground. The metaverse will promote the global exchange of high-quality educational information via collaboration and build a shared digital environment based on a standard foundation. This will help a wide range of age groups and socioeconomic levels and make education a passion for life.

By providing an immersive experience for learning about space and history inside the metaverse, firms that have already begun their incursions into the metaverse enable us to think of various future educational possibilities. Because several “big actors” have already declared their intention to concentrate on the education sector, it is only a matter of time before the metaverse’s limitless educational opportunities become available to users.

The Retail and Consumer Goods Industries

In this age of digital consumption, companies are constantly developing new strategies for establishing direct contact channels with their target clientele. From the first days of website construction to the adoption of e-commerce, social media account creation, and even live streaming, the metaverse provides companies with an experimental new notion.

In recent years, the retail industry has experienced a rise in business potential due to the popularity of virtual characters, or avatars, and the rising significance of these characters. One of the many benefits of the metaverse is the ability to interact with businesses and goods using a customized avatar. In the present market, many customers prefer a blend of in-store and digital experiences. Opportunities range from putting on clothing and other essentials of everyday life to test-driving automobiles and enhancing the online purchasing experience.

Manufacturers of consumer goods cooperate closely with video game designers to include their products in various gameplay elements. Since its introduction in 2014, consumer firms have offered item expansion packs that enable virtual world users to connect with their brands. These releases aim to increase client brand loyalty and awareness. The most current edition of the popular simulation game, The Sims 4, offers a glimpse into the metaverse.The metaverse has become the new playground, particularly for luxury fashion brands. In addition to traditional product promotion, companies have engaged in or organized consumer-brand interaction events. Others have begun to collaborate with game creators to build their original games.In the future, we believe many enterprises will bridge the gap between the virtual and physical worlds to establish more innovative and meaningful partnerships with their target audiences.