The Metaverse has been a part of a discussion in our lives ever since the 1980’s we are talking about an incumbent dystopian future in many novels regarding the advent of the Metaverse. There has always been a fear regarding the Metaverse. Whether it be Matrix or Ender’s Game, however, the truth is that Metaverse brings many opportunities for the industries, especially when they were hit hard by COVID.
The concept of having your own separate life in a virtual world that allows you to interact and react as per your desire is a world where you are in control.
The Metaverse has had an impact on how everyone perceived digital mediums in the first place. Now the concept of actually being a part of a universe that exists only digitally provides opportunities that are endless. This has also provided an edge to the industry that is more likely to integrate digitization in their work processes.
So how is the Metaverse actually changing the industry, and which industry is it actually impacting the most?
Every industry has its perks when it comes to innovation. Some industries are more welcoming to innovations in the digital realm. We are talking about the adoption of intelligent measures and seamless operations, with user interaction being a top priority.
The advent of an immersive 3D atmosphere for the viewer irrespective of the device, whether that be a smartphone or a wearable headset. This has made an expansive exploration into the world of industry. The next industrial revolution is definitely happening within the realms of Metaverse. This has been accelerated due to the advent of 5G. The gamification allows hybrid visualization offering better insights into the product.
What covid did was push the world into a search for an alternate for everything physical, from punching in attendances to biometric verifications. The education industry suffered a mammoth loss. The digital integration at the industrial level provided an alternative to in-person meetings and education. Online classes rapidly replaced it. Metaverse has added to the convenience. Virtual reality offers an immersive atmosphere for seamless instructed classrooms.
The common misconception about the Metaverse application is that it cannot be applied to entertainment as the industry experience may not be able to replicate the play-to-earn model as being so successfully being done by the gaming industry. However, many tech and IT leaders believe this to be not true as they think that the addition of entertainment to the Metaverse might be beneficial and provide an added incentive to the industry as a whole. They feel that it is of paramount importance in contemporary times that the entertainment industry must also be integrated into the vastly growing Metaverse to diversify and apply.
This claim was further strengthened by Ariana Grande’s concert with the Fortnight gaming universe proved to be the push that was needed to convince the doubters.
The reference of this can be easily found in Steven Speilberg’s “Ready Player One.” Hollywood has been dreaming about this for quite some time now, and with Meta being launched, we can finally see it become a reality. The gaming industry was already going through a revolutionary era in terms of advancement, integrations, and virtual reality. Metaverse has allowed the gaming industry to move to make an even higher climb with the integration of the Play to earn Gaming model.
The Play to earn gaming model refers to the user winning or earning rewards in the form of tokens, NFT or in some similar cases, game currency. The means and value of the reward may be a subject to debate but the model in itself is not.
The Cloud City Metaverse on the other hand has provided a perfect opportunity for this model to thrive even further. Operating in a decentralized atmosphere offering complete control of the user, the possibilities and rewards are up to the imagination. One can earn real money by earning tokens or NFTs or whatever.
The rewarding aspect of the game keeps the user interested and the overall atmosphere is the reason that these games are not only addictive but also is one of the reasons for their undying popularity. The video game industry has benefited a lot with the advent of Metaverse and the integration of blockchain technology to ensure the safety of the network as well as make transactions easy and seamless.
Gaming within the Metaverse is bound to improve the customer experience three times, and in personal experience will allow the user to have detailed expertise enabling in-depth analysis of the atmosphere. The Metaverse provides resources and setups for users to hang with their friends, make new friends interact with them, and develop their own storylines. The opportunity provided by the Metaverse in the form of Play to earn model is truly an exceptional opportunity.
There are, however many fills in the blanks that need to be filled prior to moving forward. Many Goliaths of the industry are still figuring out how they will be exploiting the Metaverse and penetrating the digital realm the same way they did the contemporary realm. The tracks are still a little muddy, but one thing is clear: “early birds get the worms.” The same is the case with metaverse penetration.
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