Blockchain technology has helped several industries to diversify their services and add more utility and create a user-oriented experience for their consumers. For instance, blockchain has introduced play-to-earn, engage-to-earn and research-to-earn models that give the users an opportunity to earn while engaging with different projects.
However, one of the most compelling use cases that blockchain technology has introduced is the metaverse. Metaverse is the amalgam of all next-gen technologies such as blockchain technology, Web 3.0, AR/VR, Artificial Intelligence, Machine Learning, etc. This amalgam has created a virtual world where the users can interact with each other while engaging in life-like yet unreal experiences.
Let’s take a quick look at some of the most compelling use cases of the metaverse, which can help it go mainstream.
Metaverse Use Cases
Metaverse in itself is a broad concept and can integrate itself into a variety of use cases. Here are some of the most compelling use cases.
The gaming industry is one of the core investors and an attractive segment of metaverse technology. Metaverse was initially tested in the gaming industry as it allowed the gamers who are already familiar with the virtual worlds to test out the combination of all exciting technological services.
Metaverse has enabled a new era of gaming where the gamers can participate in the cryptoverse while engaging with play-to-earn models and more. There are several games to start the Web 3.0 journey in the industry that you can look out for such as Decentraland, The Sandbox, Bloktopia, etc.
The growing popularity of the metaverse has also optimized the working environment. The metaverse has optimized several aspects of the working environment, such as remote work in virtual space, interaction with colleagues in the workrooms, organizing remote meetings and more. Microsoft is an excellent example of how metaverse can modify the workspaces.
Tourism is one of the most forward-looking ways to utilize metaverse technology. Metaverse can help you to explore virtual spaces as an alternative to the live experience or as a guide to explore the place virtually before you plan a trip.
The education industry is another promising avenue that metaverse is targeting as it can fundamentally change the approach to learning. The use of virtual reality has already been applied to the education industry. But the introduction of blockchain technology and models such as Research-to-Earn by NestFi can incentivize learning and research for students as well as professionals looking to expand their skill sets.
Fashion is also booming in the metaverse, as evident from Gucci’s new creation, “Metaverse design,” where users can purchase exclusive outfits from the fashion house on the gaming platform Roblox.
Shopping is one of the most progressive areas of the economy and is actively introducing new trends in the metaverse. Several luxury brands have created virtual stores in the metaverse to give the shoppers ability to explore the latest fashion trends digitally.
Social network is another avenue that metaverse is actively targeting as it enables a more tight-knit society with the ability to interact with friends and family more realistically. Moreover, brands and companies have been using the metaverse to develop their social presence in the metaverse by using incentives such as engage-to-earn. In engage-to-earn, users are rewarded for their engagements with a project’s social presence.
Recently Facebook rebranded itself to Meta to depict a metaverse approach for the social media platform and its subsidiaries.
The entertainment industry is also not lacking while integrating the metaverse as it is actively exploring the virtual world in the movies as well as in reality. Metaverse offers the entertainment industry more opportunities to create engaging and exciting content. For instance, you can now view a live event in the metaverse. Recently Travis Scott and Ariana Grande performed at the metaverse initiative by Fortnite, a popular game.
Virtual reality is being used to develop live streaming services that will give the viewer a chance to experience a real-world event while sitting at their home. Now imagine the ability to attend a virtual event in the metaverse with your unique avatars. This can be made possible using the metaverse.
Real Estate is significantly benefitting from the metaverse as the metaverse enables the ultimate virtual reality experience, which is elemental for the real estate industry. The clients and real estate agents can interact virtually to explore a property and see the potential of the development in real-time. Moreover, the architects can also present their vision more effectively in a 3D environment rather than on paper. Sandbox is a great example of how real estate such as land and building can integrate easily with the metaverse.
While NFTs and metaverse go hand-in-hand, it deserves a separate mention. NFTs sales have boosted with the introduction of the metaverse as it has increased the use cases of the NFTs. For instance, an NFT holder can now use their character or avatar to explore the metaverse. Moreover, the NFT can even act as the proof of identity for the user in the metaverse.
Several brands have been using VR for advertising, and the metaverse provides a new world for the brands to advertise their brand and products. As the metaverse is still developing, brands can leverage this early-bird opportunity to establish their presence in the metaverse and advertise. One of the projects pioneering in the advertisement vertical is Cryptovoxels billboards that charged at the rate of one ETH per week.
Data Service Provider
One of the most exciting use cases of the metaverse is for the data service providers. Data service providers can enable a variety of new features, such as improved data transmission service in the digital space.
As the metaverse expands, it will require a global payment network to help customers shop and engage with services in the metaverse. This creates an exciting and unique opportunity for the payment services providers as they can capture the market and pair it with exciting offers such as rewards and cashbacks.
The metaverse creates a virtual world that can mimic the real world or create an entirely new model that surpasses the limitations of the real world. The metaverse is only restricted by imagination and can be used to experiment with a new service or feature before launching in the real world.
These are some of the most compelling use cases of the metaverse that are responsible for the rapid growth in popularity.