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As technology has advanced, the Internet has evolved from text-based chatting to allowing users to communicate via video calls. The world is now preparing for the next significant radical evolution: The Metaverse. 

Many IT giants worldwide have recognized Metaverse's incredible opportunities for everyone, particularly businesses. Businesses, of course, seek to remain competitive in the face of constant digital upheaval and develop new methods to connect with their customers. Does that sound futuristic? The Metaverse is significantly more intriguing than you think. 

Let's take a closer look at the Metaverse, metaverse use cases, and its advantages before talking about its implementation, which is awaiting the widespread adoption of the technology. 

What is Metaverse? 

The Metaverse is well-known worldwide, with numerous definitions representing various points of view. To quickly define Metaverse, consider a three-dimensional web powered by virtual reality (VR) and augmented reality (AR). 

The key features of Metaverse are. 

• Persistent in the sense that it exists regardless of the user's physical presence. 
• Infinite supports many modern users and VR worlds. 
• Self-sustaining means users can generate money and pay for their usefulness within the Metaverse. 
• Interoperability enables users to transfer virtual things, such as avatars, from one Metaverse project to another. 

Since the COVID-19 epidemic, the world has undergone a significant change. Shopping malls, for example, began to pursue social distance. A few even went offline for a while. Organizations have adopted remote working methods, and people have removed themselves from large meetings, meet-ups, and other activities. 

People have missed in-person encounters, distinctive office environments, and social gatherings. Consider thinking about a friend. Suddenly, you phone that friend and ask for a meet-up; they arrive in a few minutes. Is this possible? Yes, it is true with the Metaverse. 

All you need is a VR headset to virtually augment real-world objects around you. Although the virtual world of Metaverse is not real, it is pretty near. The Metaverse may become even more thrilling and lifelike as technology advances, and users may eventually be able to touch and feel virtual objects using haptic gloves. 

Market Insights of Metaverse 

Metaverse virtual worlds are becoming increasingly popular nowadays, and they can be accessed from any device, including smartphones, tablets, laptops, and PCs. Leading businesses like Google and Microsoft have also started to develop their metaverses. 

Major companies started utilizing VR app design services even more vigorously to give their customers new degrees of connection and engagement. 

In the upcoming years, the metaverse market is anticipated to expand dramatically. By 2026, 25% of individuals will spend at least an hour daily in the Metaverse, predicts Gartner. By 2024, the metaverse market, according to Bloomberg, will be valued at $783.3 billion. 

Underlying Technologies Behind Metaverse 

Businesses are attempting to increase the immersiveness of the Metaverse. They build virtual 3D environments using cutting-edge technologies like the blockchain, augmented reality, artificial intelligence, IoT, and 3D structures. Considering this, let's examine these technologies. 

Artificial Intelligence 

Artificial intelligence is applied in many facets of our daily lives, including business automation, strategy, and planning creation, face recognition, computer performance optimization, and other areas. The building of an immersive virtual space is also made possible by AI. Regardless of the project's focus (gaming, business, or niche), AI benefits the Metaverse in several ways. 

• AI makes data processing and administration simpler and more rapid. 
• Artificial intelligence technology analyses 3D scans and photographs to build more lifelike avatars. 
• In the Metaverse of a game, AI gives NPCs many advantages that enhance their behavior and interpersonal interactions. 

Augmented Reality and Virtual Reality 

The Metaverse depends on AR and VR because they give users an enjoyable and immersive 3D experience. These two technologies can access the virtual world, the Metaverse, or another comparable digital space. 

Augmented reality uses visual components and graphical characters to alter the real world. Users of AR-based apps can view their environment with captivating digital images reminiscent of those in games like Pokémon GO and AR Dragon. 

Anyone with a digital gadget and a smart camera can use AR apps. VR is significantly distinct from AR and is like the idea of the Metaverse. With VR headgear, gloves, and digital sensors, users can explore a digital world that has been built by a computer. 

Internet of Things 

The Internet of Things bridges the gap between our physical environment and the Internet by allowing data to be transferred or received through sensors. The Internet of Things gathers information from the real world and sends it into the Metaverse, increasing the accuracy of digital representations. 

The functionality of things in the Metaverse can thus be determined by IoT data streams based on changing environments and other occurrences. 

IoT technology makes it simple to connect various physical devices to the 3D virtual environment and allows for the digital recreation of physical operations. The Internet of Things can effectively handle the data it collects using artificial intelligence and machine learning technologies, enhancing the metaverse ecosystem. 

Top 5 Metaverse Use Cases 

We've listed the top 5 uses for the Metaverse and identified some excellent examples for each. 

Training and Onboarding 

It can be challenging and time-consuming to onboard new staff and train them on the company's goods, services, and procedures. The problem was made worse by the COVID19 incident. Since most workers want the option of working from home, businesses must go the digital path. 

The Metaverse allows businesses to create a digital twin of their entire corporation or a specific division. With that, employees worldwide can join the virtual environment and become familiar with the company's ethics and culture. 

Metaverse is immersive and scalable in contrast to the usual onboarding procedure, which is somewhat mundane and uninteresting. For instance, rather than sitting through a three-hour presentation, trainees can take a virtual tour of the workplace, chat with their superiors in a virtual meeting space, operate a manufacturing unit, and participate in entertaining games and quizzes. 

• Example of Onboarding in Metaverse 

BMW Group is now leveraging NVIDIA's Omniverse, a 3D collaborative metaverse platform, to build a flawless "digital twin" plant constructed digitally and virtually connected to its employees in a physical space for training purposes. 

Events 

Many companies intend to host subsequent business events in the Metaverse, from the Australian Open sporting event to Samsung's product launch. 

It gives businesses a convenient, affordable option to invite their target audience, who doesn't have to leave their homes, to the event. Users can enter the Metaverse using a desktop/laptop or a VR headset, create digital avatars, and establish real connections with individuals worldwide. 

By taking customers on a product journey and enabling more immersive product interaction, Metaverse enables brands to create memorable experiences. Additionally, it allows businesses to keep tabs on how consumers act, how they engage with your offerings, and what catches their attention. 

• Example of Events in Metaverse 

Decentraland, a decentralized metaverse platform powered by Ethereum with more than 300,000 monthly members and 18,000 active users daily, has established itself as a top choice for event organizers worldwide. Decentraland will conduct a four-day digital fashion week, according to VogueBusiness.com, to entice businesses and labels to own virtual lands and stage events and concerts. 

Ecommerce 

Retailers may build a 3D virtual world in Metaverse that gives customers a greater sense of presence and deep engagement with the brands. Customers may envision and test out the products from the comfort of their homes thanks to the immersive experience. According to an Obsess study titled "Metaverse Mindset: Consumer Shopping Insights," 70% of customers who visited a virtual store made a purchase. 

The ability to customize the entire experience is one of the critical benefits of launching a virtual store in the Metaverse. By doing this, firms may give customers a more tailored experience, leading to greater engagement and profits. 

• Example of Ecommerce in Metaverse 

To build a virtual restaurant featuring virtual food and drink items, online real and virtual concerts, and downloadable multimedia assets like audios, movies, and NFTs, McDonald's has filed ten patent applications to the US Patent and Trademark Office. 

Academic Research 

Researchers from many academic institutions and businesses use VR/AR to study customer buying habits and behavior in the Metaverse. 

Surveys, focus groups, and questionnaires are traditional research procedures that can produce biased conclusions. However, combining biometric devices and immersive technology, such as eye-tracking VR, enables researchers to record involuntary muscle movements, such as heart rate, gaze, and other significant performance indicators. 

• Example of Research in Metaverse 

Facebook revealed a $50 million fund named the XR programming and research fund last year to support the creation of a trustworthy Metaverse. In a blog post, Meta announced that as part of its program, it would work with organizations like Women in Immersive Tech, Africa No Filter, Electric South, and the Organization of American States. The fund will also contribute to joint research projects at the National University of Singapore and the University of Hong Kong. 

Virtual Tourism 

Metaverse will alter how people can make reservations for their preferred locations. Individuals visit different travel websites and choose their lodging choices based on the photographs. Although it undoubtedly aids in decision-making, the experience is dull and two-dimensional. 

The hotel sector may build immersive 3D virtual tours where customers can enter and exit in virtual avatars by using a Metaverse-led strategy. 

• Example of Virtual Tourism in Metaverse 

In collaboration with digital content producers, the Marriott hotel chain had introduced its NFT collection, dubbed the Power of Travel collection, at Art Basel Miami Beach in December of the previous year. 

Businesses are making many investments in the next stage of the Internet to provide customers with unique experiences. Numerous such applications that could transform the way we work, cooperate, and interact with one another will emerge over time. 

Benefits of Metaverse 

With the increasing popularity of telecommuting, more individuals are turning to virtual places and digital modes of communication such as video and web conferencing to socialize and engage online. 

Metaverse provides consumers with a range of real-world capabilities in a 3-D immersive world to enhance their existing digital experience. The main benefits that Metaverse offers are as follows. 

Innovation in Healthcare 

Despite geographical limitations, the Metaverse presents promising opportunities for facilitating the connection between patients and medical practitioners. The Metaverse's virtual worlds can simplify real-time interactions between medical staff and patients. 

Also, medical students can benefit from exciting and thorough learning opportunities from virtual reality simulations in the Metaverse. 

Metaverse and Exciting New Games 

A new type of play-to-earn game has emerged thanks to the Metaverse. Developers and publishers can allow users to profit financially from their gaming experiences thanks to decentralized economic models. For instance, players can produce in-game items and sell them on various online markets. 

Simply put, the benefits of decentralization brought forth by the metaverse blockchain can change the game industry. In metaverse games, players could benefit from the value of autonomy and claim ownership of their in-game items and experiences. 

New Economy 

The ability of a creator economy would be the most notable of the various hypotheses about the Metaverse. Users can exchange assets across many metaverse regions. You could, for instance, sell an NFT made in a metaverse game on another metaverse platform. 

The economic potential of metaverse blockchain use cases like DeFi, NFTs, and blockchain games demonstrates how it can create a wholly new economy. 

Challenges in Creating Metaverse 

There is no denying that Metaverse has many advantages. But every opportunity also has some downsides. Similarly, building a metaverse involves some difficulties. Here are some of the principal challenges explained. 

Identification of an Individual 

Personal identification and identity protection are now critical concerns in modern society. In virtual surroundings, where one constantly wonders what makes up one's identity, it is an even more significant concern. 

Most notably, it is a significant problem for the Metaverse to ensure that a person's identity is secure and cannot be faked by a bot or anybody else. Because doing so can ruin one's reputation. 

Currency and Payment Procedure 

Although Metaverse will provide improved purchasing experiences, it isn't easy to streamline the currency and payment options. A reliable and distinctive transaction verification mechanism is required. A major problem will be persuading users and businesses about security and reliability. 

Data Security 

Security is always a key concern in online settings. Despite how far technology has come, maintaining security in online contexts continues to be complicated. Security will need to be guaranteed at an entirely new level in the Metaverse. 

Conclusion 

The speed at which technology progresses is equal to the speed of light. The Internet has already altered the world, but the inclusion of Meta will be intriguing. 

The Internet has enabled people from other continents to communicate with one another via various audio and video channels.  

However, Meta will allow them to interact with each other in virtual worlds in a more convenient manner. Metaverse applications can be found in practically every field, and increased collaboration between sectors will increase the strength of the Metaverse.