The concept of the Metaverse began with Roblox, Fortnite, and Second Life and the gaming industry is where the greatest use cases are found.
However, as people move to digital, users are interested in engaging with their physical and virtual worlds. Second Life began back in 2003 and is now being modernized with its own digital currency (which has a GDP value of more than a few countries combined). With Roblox, a new game released in Q4 2020 provides the co-existence platform for humans to learn, play, and connect together.
If the Metaverse wants to reach its full potential in terms of commercial space, it must adhere to persistence, interoperability, creating value for advertising and marketing, and runtime user experiences that will keep users on these platforms. The power, network, and digital audience required for such a platform are already present today and Metaverse will inevitably expand in the upcoming decade.
Technology giants including Facebook (now Meta), Microsoft & Unity have already invested a lot in building the Metaverse and will play a big role in its success. Companies with the upper hand in building AR and VR headsets, such as Microsoft’s HoloLens and Facebook’s Oculus VR, will be the trendsetters in this space. However, many new startups and industry experts are following and adding to this market with significant investment capital.
Facebook is also using Horizon Workrooms, recently rebranded as Meta Horizon Workrooms, internally. Employees can come together to discuss work and even design in the virtual space. Microsoft created Microsoft Mesh for Teams, which enables the creation of 3D avatars that can be used during office meetings. Imagine three employees want to have a meeting – two available at one location but another who is working remotely.
Each will wear the headset and necessary gear to be in the Metaverse. These employees will be visible to one other as avatars who can create 3D objects and design in the virtual space, rather than on a screen or laptop. These creations can be kept in safe, shared storage once finalized. This provides excellent interaction between employees whether they are in the same physical space or working remotely.
There is a lot of commercial potential for Metaverse and its applications. It will alter how we live life and impact every industrial sector, from retail and events to manufacturing, construction, healthcare, etc.
Any product you see in the Metaverse could be purchased seamlessly, without requiring an external site or app. This would enable businesspeople to market their products and purchase virtual space worldwide, regardless of location.
It will be a great opportunity for businesses and celebrities to increase collaboration, and people will be able to interact with brands and stores directly. All of this combined will provide better user engagement and great commercial impact.