Metaverse’s real-world applications are visibly on the horizon with many companies already using it in their operations. Many more organizations are exploring innovative ways to leverage this new tech. Real-life use cases including education, healthcare, business operations, virtual events, and meetings all become greatly enhanced when conducted within the metaverse. There are many more use cases that are yet to be explored but bring great promise.
Gaming and entertainment
Gaming is undoubtedly the largest explored use-case of Metaverse and, in fact, was the first one. It gives an immersive experience of virtual reality where the user can do things they can’t in real life. Additionally, matches and tournaments of these games can be held. Axie Infinity, Roblox, and Sandbox are the best currently operating platforms for that. Entertainment can be in the form of virtual live concerts, sporting events, social networking, story-driven games, and shows. This trend saw a growing popularity during the pandemic. Fortnite hosted Ariana Grande’s 2021 concert. Justin Bieber, Travis Scott, and Marshmello are among other big names to have hopped in on the trend. Notably, this use case is also the most appealing to the younger generation. They form the most suitable crowd to duel the development of the metaverse.
Office meetings and remote work
Since the past four years, there has been a significant shift in-office meetings and conductions. Workplace preference has vastly shifted with more people wanting and companies granting remote work permission Metaverse can give a great boost to this practice while also making it way more effective for businesses. It gives an immersive virtual environment.
Team collaboration and communication will significantly improve with an immersive common environment and individuals participating via VR devices. This gives an almost realistic feel of being physically present there.
Also, training becomes a lot more comprehensive and efficient. Meetings will see more active participation.
Business operations
A wide range of businesses can improve their working process and operations by adopting the metaverse. It will reduce costs and improve accuracy. For example, logistics, research conducting, human resource training, supply chain management, and inventory maintenance will have a direct impact. Retail businesses factories and industries are no exception to the innumerable benefits of this technology.
Digital twin technology can be utilized to realize and analyze factory procedures and industrial operations in real time. Accurate calculation of infrastructure, capital, machinery, raw material, etc. can be made for optimum productivity and minimum wastage. Nvidia Omniverse has emerged as a key player in this field with further ongoing development to make digital twins and increase accessibility.
Finance and banking
Metaverse brings a great deal of credibility to the existing financial infrastructure by realizing environments with augmented reality.
The industry is plagued with crimes like embezzlement, scamming fraud, and money laundering. Having digital institutions in place with a 360-degree perspective of actual banks will be advantageous for the banking authorities and the customers as well. It increases security and customer identity verification greatly for the banks. For the customers, it gives a visualized appearance of the bank, its policies, and financial data and removes geographical barriers.
Education and training
Industrial training can undoubtedly be made maximally effective with the metaverse and digital twin of the processes. Trainers can give better demonstrations and trainees will get hands-on, real-time exposure to the subject. The education sector can be revolutionized with a visually immersive learning environment and pedagogy. Students can experience everything virtually, and it almost feels real.
Healthcare and research
One of the greatest advantages of a metaverse in healthcare can be the iteration of medicine’s basic principle — “cause no harm”. Digital twins and augmented reality can be exploited for realistic treatment experiments. The accuracy of equipment as well as its handling precision can be trained perfectly in a metaverse.
Besides, it will yield near-perfect realistic results of research, increasing its accuracy and identifying pitfalls.
Enhanced customer experience
Virtual reality can offer better customer engagement and response and support assistance. This promotes footfall due to the excitement of providing new experiences.
Retail Marketing
Virtual stores and showrooms will bring in a huge number of customers as they will give better product trials and add to the “attraction” factor.