Only time will tell if the competing extended reality experiences merge into a single integrated metaverse. But the following is now apparent: Businesses from all sectors are already looking at metaverse components as a way of connecting and finding new revenue streams such as cloud computing, IoT, blockchain, and nonfungible tokens (NFTs) are some examples of emerging technology. As these evolving technologies grow more interconnected and sophisticated, such investigation will likely continue in new ways. Therefore, both now and in the future, IT leaders may want to comprehend use cases and examples related to the metaverse.

Getting a part of the metaverse

Gopal Srinivasan, a partner with the consulting firm Monitor Deloitte, said, “The idea of a full-fledged economy coexists with hybrid and digital technologies in this planet. realised.” We can already see parts of those being used, though.

One of the top consulting firms, Deloitte, has started a project to assist businesses in navigating new metaverse opportunities. Smaller firms also provide such services.

By 2026, 25% of individuals, according to research firm Gartner, will spend at least an hour every day in the metaverse. Fear of losing out on the potential money is a strong motivator because metaverse technology platforms are expected to grow into a lucrative sector worth $800 billion by 2024, according to a December 2021 Bloomberg study.

Top ten use cases for the metaverse serve as examples and highlight the possibilities of this emerging digital space.

1. Experiential media

Younger customers, projected to drive metaverse expansion are showing much interest in entertainment in the metaverse. The metaverse’s joy may not initially appear relevant to the business. However, business and IT leaders might wish to monitor this space.

The 2021 concert tour by pop diva Ariana Grande in the Fortnite game environment and related occasions offer a glimpse of the new immersive entertainment experiences that a metaverse will bring. Stars like Travis Scott, Marshmello, and Justin Bieber have also experimented with metaverse entertainment. About the development of metaverse-like technologies by gaming platforms

2. Business activities

Augmented reality (AR) is already used by businesses across many sectors to enhance operations. According to Srinivasan, a fully developed metaverse would promote a more collaborative atmosphere where data will be pervasive and always present. For instance, the envisioned metaverse should provide operations staff with a far more immersive experience, enabling them to employ technology to direct even the most challenging field and service tasks and better cooperate with others.

3. Improved training and education

Educational institutions were compelled to use e-learning platforms and other digital modes of communication due to the epidemic and the limits it caused on in-person gatherings.

According to Srinivasan, some might think about how the future metaverse, with its anticipated capacity to enable real-time interactions in the virtual space and stream data in real-time, could alter and enhance how educators present their lessons.

Businesses can also benefit from online learning possibilities. According to Tuong H. Nguyen, a senior principal analyst at Gartner, businesses in various sectors might use the metaverse to improve employee training. Global instructors and students can collaborate on real-world problems in the metaverse while leveraging a consistent stream of up-to-date data to direct the learning process.

4. Improved consumer encounters

As extended reality platforms make it possible for enterprises to offer new experiences and present information in novel ways, metaverse platforms have the potential to alter how, when, and where businesses connect with their customers.

According to Nguyen, a ski resort could, for instance, develop a virtual guide for skiers to use as they descend the mountain to provide individualized information in real-time to improve their skiing experience. To inform travelers as they go to new places, a tour operator may offer a consistent immersive experience in the virtual world superimposed on the real one, possibly bringing historical events to life in ancient towns.

Companies might also provide potential customers with other shopping options. For instance, Srinivasan suggested that automakers give test drives in a setting that simulates extended reality.

5. Meetings at work

During the COVID-19 pandemic, many employees substituted Zoom meetings for in-person ones. That comfort is being exploited as a stepping stone to the upcoming iteration of “virtual meetings” by tech companies like Meta (formerly known as Facebook) and Microsoft, focused on metaverse development.

Bill Gates predicted that most virtual meetings would switch from 2D camera image grids to the metaverse, a 3D realm with digital avatars, within two to three years. The concept is to eventually meet with people using your avatar in a virtual setting that mimics being in an actual room with them. According to Gates, this will require motion capture gloves and virtual reality (VR) goggles to depict facial expressions, body language, and voice quality.

These tools may enable workers to perform activities virtually, expanding their reach. According to Srinivasan, the technology will enable individuals to go to other work sites and communicate with people in both the virtual and real worlds.

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6. Possibilities for marketing, branding, and advertising

Many companies are developing a presence in well-known VR environments. For instance, the game platform Roblox hosted the launch of Hyundai Motor Company’s Hyundai Mobility Adventure, a metaverse experience. Gamers’ avatars can interact with existing and future Hyundai products. Additionally, Warner Bros. Pictures had a Roblox party last year to promote the film In the Heights.

Others, meanwhile, are marketing their metaverse initiatives. One such business is The Walt Disney Co., a longtime pioneer of fantastical universes.

The initiative for a “theme park metaverse” where “physical and digital worlds [will] converge, with wearables, smartphones, and digital access points immersing the guests in the metaverse experiences” was announced by Disney’s head of digital and technology, Tilak Mandadi, in a November 2020 LinkedIn post. Mandadi mentioned computer vision, NLU, AR, AI, and IoT as supporting technologies.

7. Online resources

Early adopters are also looking into accurate estate-related digital representations.

According to a New York Times report, “Investors… are buying up music halls, shopping centres, and other properties in the metaverse.” Although highly speculative, certain parties are interested in this virtual real estate.

“They’re creating an ecosystem, they’re creating locations,” Avila said of Roblox, Minecraft, and the metaverse. And they are interacting with customers there.

According to Avila, a restaurant might establish a presence in a metaverse so that people working, playing, or exploring there can quickly and easily order pickup or delivery in the actual world. The user can virtually enter a restaurant and place an order using or accruing loyalty points that the business tracks utilizing a seamless Web3 experience created by a restaurant. The user may theoretically accomplish all of this in the future metaverse without leaving one website and logging into the restaurant’s website, as is the situation now.

8. New sources of income

Businesses already market products and services that are exclusive to the internet.

Gucci and the product and entertainment business Superplastic have collaborated to produce a small run of collectible NFTs. While Nike is developing an NFT that connects to its real-world equivalent, Ralph Lauren is offering clothes for avatars.

It may indicate prospects for the larger business landscape since well-known fashion labels now offer digital-only clothes and accessories, following in the footsteps of gaming platforms that have long marketed similar things. According to Avila, one of the significant changes for many businesses might be selling digital assets.

9. A more engaging working environment

Extended reality’s promise to improve worker performance, particularly when combined with augmented reality (AR), is the focus of one intriguing business-oriented metaverse use case. According to Nguyen, the fully developed metaverse ought to be able to stream information in ways that increase productivity and efficiency at work.

An example of this metaverse use case would look like this: Nguyen said city employees who must inspect houses throughout the neighborhood could use a metaverse’s overlay of the digital onto the physical world to view a stream of necessary data about the properties as they looked at them. A worker might investigate a traffic light that had been reported broken, learn more about the issue, and update the progress of the repair right away. Additionally, inside that platform, that metaverse platform may offer a way to alert other workers and community members of that mended status.

10. The future possibilities

Business leaders and IT must address several security issues related to the metaverse. They will also need to resolve technological problems. Most metaverse use cases fall under the still-unknown category for the reasons above and more.

According to Nguyen, we don’t yet understand much of the value. He predicted that how the world interacts will change gradually as metaverse platforms mature, but the overall impact will be profound. According to Nguyen, how people engage with one another, how people interact with technology, and how technology interacts with other technology.” And as a result, the category of “I don’t know” use cases is by far the largest.