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Other Industries That Are Using or Considering Experimenting With The Metaverse

The Metaverse is gaining traction as a powerful tool for businesses looking to improve their customer experience. Virtual Reality and Augmented Reality are two of the most important components of the Metaverse, and they are both being used to great effect by companies in a variety of industries.

In this article, we will explore some of the industries that are using or experimenting with the Metaverse. We will also look at what benefits they are hoping to gain from it. Stay tuned – it's going to be an exciting ride!

6 Major Industries Using the Metaverse

Real Estate Industry

It sounds crazy to have land in the digital world, right? But then it might surprise you that real estate investors are already in the rush to purchase land in Metaverse and prices are nothing short of expensive.

The most expensive plots of land are located where many people converge or near famous people. Early this year, an individual paid 450, 000 dollars to be Snoop Dogg’s neighbor in the Metaverse.

For example, Republic Realm, an investor and developer paid 4.3 billion dollars for land in the sandbox.

User-owned virtual world Decentraland has a marketplace that sells virtual goods, including plots of land.

Entertainment Industry

This includes online recreational facilities such as having virtual parties. In his 2021 Connect presentation, Facebook founder Mark Zuckerberg presented a glimpse of how the gaming, creative, and entertainment sectors will be.

The entertainment sector has already started taking shape with concerts and parties already being hosted in the virtual world.

For example, in November 2021, renowned artist Marshmello held an interactive virtual Fornite concert on the Metaverse which saw nearly 11 million people livestream the event. A year later, rapper Travis Scott also held a similar virtual concert which earned him a gross revenue of twenty million dollars. Following this success, other artists like Ariana Grande and Justin Bieber also announced their virtual shows.

Fashion industry

In the Metaverse, users will operate as avatars which will also need to be dressed to replicate the real you. This means that fashion designers and entrepreneurs can sell their merchandise for avatars in the Metaverse.

In Travis Scott’s show, part of the revenue was generated from his merchandise. Decentraland already has some merchandise in its marketplace where users can buy their preferred outfits.

Gaming Industry

One of the most obvious industries that is using the Metaverse is the gaming industry. Games such as Second Life and Minecraft have been hugely popular for many years, and they continue to be played by millions of people around the world. Virtual Reality games are also becoming increasingly popular, with titles such as Job Simulator and Batman: Arkham VR giving players an immersive experience that is unlike anything else.

It is no surprise, then, that the gaming industry is one of the most active in experimenting with the Metaverse through open innovation. Gaming companies are always looking for ways to improve the player experience, and the Metaverse provides them with a perfect platform to do so. We can expect to see more and more games being developed for the Metaverse in the future.

Retail Industry

Another industry showing a lot of interest in the Metaverse is retail. Retailers are always looking for ways to improve the customer experience, and the Metaverse provides them with a unique opportunity to do so.

One of the most exciting applications of the Metaverse in retail is Virtual Reality shopping. Imagine being able to try on clothes without having to leave your home! This technology is already being developed by companies such as Ikea and Topshop, and it is sure to become more popular in the years to come.

The possibilities for the Metaverse in retail are endless, and we can expect to see more and more retailers experiment with this technology in the future.

Healthcare Industry

The healthcare industry is also starting to experiment with the Metaverse. Virtual Reality is being used to train surgeons, and Augmented Reality is being used to help doctors treat patients. Collectively, virtual reality and augmented reality are being used to simulate real-world situations, allowing healthcare professionals to practice procedures without putting patients at risk.

An example is how digital twin technology is being used to create accurate models of patients, giving doctors a more complete picture of their health. And predictive analytics is being used to identify potential health risks and plan for future needs.

This is just a small sample of the industries already using or experimenting with the Metaverse. Virtual Reality, Augmented Reality, and other technologies are being used to improve customer experience or enhance training.

A Future With Endless Possibilities

The possibilities are endless, and we can expect to see even more uses for the Metaverse in the future, more so in the travel industry. If you are interested in a project that is specifically exploring how the travel industry might leverage the Metaverse to augment the customer experience, be sure to check out the Airbus Metaverse and Future of Flight Challenge.   

 

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