The wide range of metaverse solutions includes devices such as displays, sensors, smart glasses, headphones, programming software tools, asset creation, technologies, platforms and virtual markets. Grand View Research estimates the global market size at $47.5 billion in 2022, growing to $679 billion by 2030, at a compound annual growth rate of 39.4%.
Web3 is essential in this space – infrastructure built on technologies such as augmented/virtual reality (AR/VR), blockchain, 5G, artificial intelligence (AI), and the cloud – that enables functional systems such as governance and economic and social models, also as cryptocurrencies and non-viable tokens. replaceable (NFTs). To better understand this technological reversal – and bypass the hype – here are five potential use cases in sectors we should look at:
fashion. Imagine a main street lined with attractive storefronts, inviting your digital personality. The in-store experience, transformed with AR/VR, will include store sizes and improvements that extend well beyond what real-world budgets allow. Product displays will have much greater variety, and your virtual avatar can experience on clothes and shoes without any physical exertion. The store can offer limited edition exclusives, even patterns that are still on the drawing board. Online checkout would enable physical delivery.
Real estate. The metaverse option can create unprecedented interest, eliminating the physical boredom of multiple home search visits. The virtual replica can recreate the dwelling – and its surroundings. Now, your virtual character can get a better feel for the neighborhood stores, where your morning walk will take you on and off campus, what equipment is in your gym, and what amenities are shared. Inside the house, you can reorganize spaces, rooms and colors, limited only by geometric restrictions. Then there are the digital real estate offered by entities such as The Sandbox, Decentraland, and Cryptovoxels, which are purchased with NFTs, which can be designed, and then held or monetized.
Let’s sing metaverse
sports. In the metaverse sports arena, your avatar can take pictures with the stars, chat, train or party with them and with other sports fans and with friends in other countries. You can run alongside the players, jump on the field, or join the cheerleaders. Special cameras in the VIP box will enable panoramic views, zoom and playback options. It also opens avenues for sportswear, equipment, merchandise, and souvenirs. Interactive games and pre- and post-match entertainment opportunities add to the list of possibilities. As with content creation, which is enabled by realistic spatial sound effects.
Health Care. Metaverse should be the perfect blend of physical, virtual and augmented reality in healthcare. In countries like India, which has a severe shortage of medical personnel, telemedicine consultations have gained a boost thanks to Covid, with tests being carried out locally. Now, remote interaction is almost real with AR/VR, as if the doctor is in the same room, ideal for patients who consult psychologists or psychiatrists. Digital twins of humans can be created to investigate different situations, including reactions to medications, or simulate future risks.
By using the blockchain, electronic health records will be secure, transparent and easy to share across multiple organizations. Immersion will also enable robotic surgeries involving expert surgeons in different locations, unimpeded by a lack of information, details or collaboration tools. Virtual hospitals are on the cards for accident interventions, physiotherapy and consultations.
the games. The video game industry has grown rapidly. Metaverse is a game changer. If sharing sparks excitement, imagine the excitement as you play your digital avatar to win. Being restricted indoors during Covid has greatly enhanced your gameplay. But a shortage of chips and a lack of supply of gaming hardware temporarily halted growth. Renewable investments now spur innovation in products, services, brands, merchandise, collectibles, and customer communities. And in NFTs, too. Wearable clothing and underwear to simulate sensations and provide sensory feedback is another important component here.
No wonder we recently saw
Launch a metaverse foundry, invest in an extended virtual lab, start TechMVerse, and Accenture to start 150,000 metaverse resources.
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It all began in 1992, when Neil Stephenson’s science fiction novel, Snow Crash, imagined a world run by a few powerful corporations, after governments and the global economy collapsed. The Metaverse, an alternate world accessible with glasses and earphones, provides a haven for people.
We will surely see a huge amount of predatory innovation involving identity theft, fraud, religious and political polarization, and exploitation on this journey. Although there is no doubt that the metaverse should certainly promote the highest levels of overall data security, it will also have to provide comprehensive emotional security.