Top 6 Industries to Benefit from the Metaverse
These days our lives are getting more digital by the day. We live with advanced smartphones, blazing fast internet, and incredible new technology that makes everyday life easier. The latest advances in futuristic tech have given birth to the ‘Metaverse’, a unique virtual world set to be a multi-billion dollar industry. In this article, we explore the top 6 industries that will benefit the most from this Metaverse.
What is the Metaverse?
The Metaverse takes the internet to the next level, with detailed virtual worlds where users can interact, travel, shop, watch concerts, and perform many other activities which can be conducted online. These worlds can be accessed via web browser on computers or mobile phones, but this only offers basic 2D style viewing. Augmented Reality/Virtual Reality headsets deliver the best experience and allow a first person perspective. No one actually owns the Metaverse, but Facebook (META) is the biggest player so far. After acquiring the OculusVR company, they have re-branded as META and began offering special virtual reality headsets that allow users to enjoy 3D entertainment from the comfort of home.
An excellent example of a popular Metaverse world is Decentraland. This digital platform began as a virtual environment parceled off and sold to individuals and businesses around the world. Now the Decentraland community has grown into a massive digital world with all kinds of exciting activities, including online casinos, NFTs, concerts, shops, and more.
Top 6 Industries that Will Benefit from the Metaverse
There are many benefits for businesses that aim to set up in the Metaverse, including reaching a wider audience, delivering the best customer experience, and having a first mover advantage in this young but growing virtual industry.
Online casinos have always been innovative and quick to use the latest tech to offer the best experience for players. The Metaverse fits perfectly into this business model and allows players to enjoy a much more realistic experience, with lavish virtual settings to enjoy the best real money casino games.
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The entertainment industry is huge and is made up of many sub-categories including Concerts, Comedy, Movies, Music, Television, Streaming, and more. All these industries use the latest technology to ensure their customers are 100% satisfied. The Metaverse and the digital worlds within offer the perfect virtual environment for entertainment businesses to benefit from.
Concerts are an excellent example of an entertainment business that can benefit from the Metaverse. With this new tech, the most popular musicians or comedians could deliver concerts to their fans across the world. Users enjoy the experience with advanced VR headsets that immerse them in the environment, and make them feel like they’re there.
One unique way the Metaverse can benefit businesses is by allowing brands to showcase their products to customers in a more detailed way. For example, an e-commerce store selling clothing could have a dedicated shop space, with products displayed, allowing customers to virtually walk in, inspect the item, and make a purchase.
The Metaverse works in tandem with cryptocurrency, and many worlds are built on the same blockchains as popular tokens like Ethereum and Solana. This design makes it easy for businesses to set up shop in a virtual environment, where customers can visit the store, see the goods, and pay for them with cryptocurrency. 3D Virtual Reality can help businesses by boosting conversion rates, thanks to the ability for customers to interact with digital items.
The art industry has enjoyed a revitalized boom thanks to the invention of NFTs. These Non Fungible Tokens (NFT) use the latest blockchain technologies to ensure creators can protect their digital property and customers can always verify. This unique model has allowed creators of all kinds to showcase unique art, pictures, clips, animations, and other creations available exclusively on digital platforms like Opensea and Rarible.
With the growth of the Metaverse, the art industry and creators will benefit from many opportunities in the future. It will be easier for creators to display their work to a wider audience, and ensures that art fans can find the most creative works available in the world.
With META making such large investments in the industry, social media as an industry can expect many benefits with the roll out of Metaverse technology. Social media is already its own world, and billions of people sign in to connect with their friends and colleagues everyday.
The need for social interaction will help drive those creating Metaverse worlds, with the aim to connect easily. This will open the doors to people from all corners of the globe to find new friends, engage in activities, and more from the comfort of home.
These days, it’s becoming more common for big entertainment and sports brands to partner with new companies to deliver products and services via the blockchain. A recent deal saw the United States Football League partner with the BCL to deliver digital NFTs to fans, with proceeds going to the team and players. With partnerships like this, it’s expected that many other sporting leagues will follow suit and start to benefit from this type of business model
Companies like SportsIcon have created virtual worlds to cater to sports fans who wish to compete in a digital environment, trade NFT memorabilia, and other activities. Similar to the Internet boom in the 90’s, many sport franchises will use blockchain technology and the Metaverse to extend their reach, access new fans, deliver digital merchandise, limited edition videos, and other services to grow their teams on the global stage.
The Metaverse is still an early concept, yet already it’s drawing huge interest from some of the world’s biggest names. After the explosion of cryptocurrencies, the new digital revolution has arrived. Now, businesses are looking to get in early and benefit from establishing a presence in the Metaverse before it’s too late.