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It is a massively scaled and interoperable network of real-time, rendered, 3D virtual worlds that can be experienced synchronously and persistently by an effectively unlimited number of users, each with an individual sense of presence.
While millennials might find it hard to understand the concepts, statistics show that 67% of the users of meta-platforms are Gen Z. Though teenagers are inclined towards the excitement and augmented reality factor propelled by Metaverse, this comparatively new concept is lucrative for marketers and businesses as well. Metaverse is rewriting the business rules and encouraging everybody to be on the top of their game now and how? This write-up sums it all to show the scope, the fad, the massive investments and a booming Metaverse market.
Metaverse is already on the verge of revolutionizing many industries like media, entertainment, eCommerce, retail, manufacturing, medical science, and the corporate world.
For eCommerce this has become a new marketing channel . Retail brands like Amazon and eBay connect with consumers in a novice way and are getting positive responses.
Fashion brands have already started adopting it with virtual trial rooms and digital and virtual fashion with technology that allows for 360-degree views of products.
The Metaverse fad expanded to lure consumers into purchasing digital assets worth a fortune. Some of the biggest names in the fashion industry level up their (augmented-reality game) and take their chance to thrive in the (VR) metaverse market.
For example, Gucci’s digital Dionysus bag sells for $4115, and Forever 21 and Nike invested in digital products such as beanies and Crypto Kicks. The consumers, most of whom are Gen Z, do not mind shelling out for the same, and this is where the revolution seems tangible.
Food-delivery companies like Deliveroo maximize the spanning of virtual and physical worlds. In an online video game, “Animal Crossing,” Deliveroo had virtual delivery agents delivering virtual food to real-life players and promo codes for actual food orders. Within an hour of this launch, Deliveroo got 3 million interactions with players, and what else can be a better marketing trick?
In the VR gaming world, meta-gears like haptic gloves and bodysuits are a great market. Consumers are going to any end to arm themselves with these for a better user experience. The haptic gloves cost $5000 now, and as the demand increases, they may become more affordable.
The entertainment industry is not left behind as well. Enticed by the excitement of the meta-audience, famous rapper Snoop Dogg, went further to release his first music video on The Sandbox, one of the best metaverse platforms. His avatar is building his own Snoop-verse and will perform for an exclusive audience. Consumers can also purchase The Snoopverse Early Access Pass priced at $2000 which provides access to all the VR experiences of the Snoopverse before anybody else does.
Corporate giants also aim to conduct virtual employee interviews, training, and collaboration through avatars. Even governments are keen to explore the Metaverse offerings thereby expanding the metaverse scope immensely. Metaverse also significantly opens up avenues for career prospects. There will be scope for newer job opportunities that require skills like Metaverse Planner, Metaverse Research Scientist, Ecosystem Developer, Metaverse Hardware Builder, and Metaverse storyteller.
The reach of Metaverse is immense in technologies like XR, AI, and analytics in the aerospace and defense sector. For example, the ground-level crew can leverage XR (Extended Reality) to detect malfunctions while conducting necessary safety checks and ensuring a safe take-off.
The Metaverse helps to simulate 3D prototypes in the manufacturing sector and accelerates the manufacturing process from the drawing board to the finished product. Virtual simulation can help in testing changes without stopping production.
The limitation in metaverse experiences paves the way for technological advancements, 5G networks, and gadgets to reach every nook and corner of the globe.
The most used metaverse platforms include Roblox, Fortnite, The SandBox, Decentraland, Minecraft, and Meta’s Horizon Worlds. Immersive environments emerging from just gaming platforms to virtual stores, events, and shows have lured many giants to explore their markets. This physical and virtual world culmination is also partly powered by cryptocurrency and digital assets like NFTS.
In 2021, investments worth $57 billion made by metaverse-related companies paved the way for a brighter future for this immersive environment. The Metaverse has already raised funding worth $120 billion from large technology organizations, start-ups, venture capital, and private equity companies in 2022. The future of markets powered by the metaverse is predicted to reach trillions.
The global metaverse market that stood at $38.85 billion in 2021, is estimated to reach USD 61.8 billion by the end of 2022 and then soar to USD 426.9 billion by 2027 at a CAGR of 47.2%. It will be a legitimate avenue for companies and consumers to spend time and money on it.
