Change is an inevitable factor in the dynamics of technological advancements. Who would have guessed that the popular Facebook would one day rebrand itself as Meta? However, big events like this have often stirred up discussions which have changed our perception of technology. The metaverse is also one such phenomenon which has grabbed the attention of everyone in the tech world. Many experts are dubbing the metaverse as the next iteration of the internet, enabled by virtual reality and augmented reality technologies. With a wide range of potential metaverse use cases, it is only a matter of time before the metaverse concept becomes a reality. How will a virtual environment offer accessibility and functionality to users? Will the applications of metaverse stay limited to a few sectors like gaming and entertainment?
You might have many questions about the metaverse and metaverse projects why the world has suddenly started pondering over possibilities in the metaverse. The following discussion helps you identify the potential use cases of metaverse and the various benefits associated with it.
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Why Should I Learn About Use Cases of the Metaverse?
Before diving into the different use cases associated with the metaverse, it is important to know what it is. The metaverse is basically a representation of an immersive 3D virtual world where users can interact with different spaces as their digital avatars. Just like the real world, the metaverse can allow users to move around different metaverse spaces as their digital avatars. The metaverse also helps users in creating, sharing or trading experiences and assets.
While the concept of the metaverse has been around for quite some time, the search for “what are the use cases of metaverse” gained momentum after big companies took note of the metaverse. Facebook unveiled the new name of its parent company as Meta in late October 2021 at the Facebook Connect event. In addition, the social media biggie also launched metaverse tools for developers as well as users. The tools included the Presence Platform, Project Cambria Headset and an AI toolkit for developers. The tools can support the creation of VR/AR objects alongside programming their interaction with users.
At the same time, Microsoft is also experimenting with creating a collaborative workspace environment in the metaverse with Microsoft Mesh. With the big players in the tech world boarding the metaverse bandwagon, the search for metaverse use cases has doubled up considerably.
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How Does Metaverse and Blockchain Fit Together?
Another important aspect you need to understand before diving into use cases of metaverse is the way metaverse and blockchain fit together. The metaverse depends on different foundational pillars for establishing the perfect digital reality as perceived in the vision for the technology. You have a creator economy, connectivity technologies and most important of all, a decentralized infrastructure. This is where you would find the relevance of metaverse blockchain use cases as enterprises using blockchain would look for blockchain-powered metaverse. In addition, blockchain use cases such as crypto and NFTs are critical for strengthening the creator economy in the metaverse.
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What Are the Use Cases of Metaverse?
With a basic impression of what the metaverse is and why it is becoming popular all of a sudden, you must be eager to find its use cases. Many people ask questions like “what is the advantage of metaverse?” owing to the fact that it is new technology. How will you use the metaverse to your advantage? How will digital reality support tasks in the real world? If you look around you, everything has turned digital starting from payments to identity verification. Therefore, a digital reality like metaverse definitely has the potential for transforming the way people and enterprises perceive and use technology. Here are some of the potential use cases you can explore with the metaverse.
Unlocking Marketing Prospects
The foremost entry among metaverse use cases would be the possibilities for unlocking new opportunities in marketing. You get a virtual world in the metaverse, where users participate in different activities as their digital avatars. Metaverse users can shop or socialize and participate in leisure or learning activities. Brands could capitalize on the exclusive marketing opportunities in the different virtual worlds in the metaverse.
Many brands have successfully capitalized on the marketing opportunities in the metaverse. For example, Anzu has employed ads for tracking real-time views in gaming environments throughout mobile and console platforms. Recently, Roblox has also started placing such ads for brands such as Paramount+ and WarnerMedia. The ads in the metaverse resemble real life and mix well into the gameplay, where you can find the ads at right places. For example, billboard ads in the game or branded clothing worn by characters in the games offer promising brand exposure. The use cases of metaverse for unlocking new marketing opportunities have become clearly evident in metaverse games.
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Blockchain Use Cases
The most crucial mention among use cases for the metaverse technology is the possibility for advanced metaverse blockchain use cases. Blockchain is one of the foundational requirements for decentralized metaverse. Interestingly, blockchain can serve as a vital tool for encouraging large-scale adoption of metaverse throughout different industries. Blockchain powers cryptocurrencies and also serves as a distributed ledger for documenting peer-to-peer transactions alongside supporting the creation of dApps and NFTs.
The metaverse blockchain benefits could foster the development of new, realistic and engaging NFT marketplaces. With the help of metaverse, NFT marketplaces could become more interactive where users can communicate with other users. The interactive environment facilitated by the metaverse can allow users to view the NFTs for making informed purchase decisions.
As the metaverse offers a shared virtual space, the other potential metaverse blockchain use cases such as promotion of new NFTs or blockchain games have become quite prominent. The NFT or blockchain games can help players in acquiring different in-game collectibles, which they can trade with other participants or in external marketplaces. The metaverse projects can serve as a vital foundation for the next generation of online blockchain-based games.
Another promising answer to ‘what are the use cases of metaverse’ would be virtual tourism. Technology has developed to an extent where you can enjoy the experience of traveling without visiting the destinations physically. The foremost difference between visiting a location in person and watching them on video is the first-person point of view. The metaverse, virtual reality (VR) and augmented reality (AR) could come together for creating an immersive digital environment. With an immersive digital reality featuring realistic content, you can have the perfect platform for elevating the imagination of the audience. As a result, they can experience the location as if they were present there in person.
VR tourism is one of the emerging metaverse use cases, which has the potential for mainstream adoption and recognition. Popular video streaming platforms, YouTube, and many other content hosting services are expanding the collections of 360-degree video content. However, you can notice a formidable setback with the use cases of metaverse for virtual tourism in the limited freedom. You don’t have the flexibility to move around a tourism destination as you can view the recorded content only.
Web Real-time Communication
The search for metaverse blockchain use cases would also point to the potential applications of metaverse in facilitating real-time communication in web experiences. Web real-time communication refers to an open source initiative which offers real-time communication capabilities to mobile applications and web browsers. It is one of the promising use cases of metaverse, which can transform the conventional approaches for audio and video communication.
With the help of web real-time communication use cases, you don’t need intermediary servers for transferring communication among clients. The value of peer-to-peer communication in the metaverse could open up new avenues for direct communication between browsers. The use cases of the metaverse technology provide a favorable foundation for defining the new standards of web communication. In addition, the value of web real-time communication can also double up with multiple media streams, which are crucial for developing a virtual world.
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Virtual Office and Learning Spaces
A global pandemic fuelled the growth of remote working. Professionals across companies in different sectors familiarized with Skype calls, Microsoft Teams and Zoom meetings during the pandemic. The tools offered promising support for virtual communication among professionals working remotely. However, the metaverse presents many prospects for developing a virtual office space or learning environment. The metaverse can help in offering experiences where you feel like working or learning in the same room together.
Companies such as Virtuworx have capitalized on metaverse use cases in creating virtual office spaces. The company has developed a hybrid of VR and mixed reality environments with digital avatars, offering a meaningful and productive workplace experience. With a completely customizable solution, teams could access different functionalities such as events, offices, conferences, virtual training and trade shows.
Educational institutions have also identified the potential for bridging communication gaps with metaverse benefits. Universities have been using online platforms such as Minecraft and Second Life for improving learning experiences of students. In addition, VR simulations in the metaverse could help students in architecture and medicine practice their skills.
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What Are the Benefits of Metaverse?
The outline of different use cases you can find with the metaverse, it is reasonable to identify metaverse blockchain benefits and how they can help. You can find a superficial impression of the potential advantages of metaverse in the different use cases of the technology. If you had wondered about the benefits of metaverse a few years ago, you may not have found many answers. However, times have changed and millions of people worldwide utilize virtual spaces and digital communication avenues for remote socialization. The metaverse benefits can strengthen the existing digital experiences of users alongside introducing real-world capabilities in virtual universes. Here are some of the notable advantages you can find with the metaverse technology.
Innovation in Healthcare
If you are wondering about the answer to “what is the advantage of metaverse?’ in the healthcare sector, then you can find many promising responses. First of all, the metaverse offers favorable prospects for enabling interaction between patients and healthcare professionals, irrespective of geographical restrictions. The virtual worlds in the metaverse can help healthcare professionals interact with the patient in real-time environments. In addition, virtual reality simulations in the metaverse can offer engaging and comprehensive learning experiences for medical students.
Metaverse and Exciting New Games
The metaverse has opened the doors to a new breed of games with play-to-earn models. With the decentralized economic models, developers and publishers can allow users to reap economic returns from their gaming experiences. For example, gamers can create in-game assets and trade them on different online marketplaces. In simple terms, the metaverse blockchain benefits of decentralization can revolutionize the gaming sector. Gamers could enjoy the value of autonomy in metaverse games and exercise ownership of their in-game assets and experiences.
Completely New Economy
Among the many assumptions regarding the metaverse, the most prominent one would be the facility of a creator economy. The metaverse facilitates trade of assets between users across different spaces in the metaverse. For example, you can sell a NFT created in a metaverse game on another platform in the metaverse. The economic potential associated with metaverse blockchain use cases such as DeFi, NFTs and blockchain games also showcases how it can lead to a completely new economy of its own.
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The varying use cases of metaverse alongside different benefits associated with it present favorable prospects for the future of metaverse. As many companies have started venturing into the metaverse space, it is only a matter of time before we see mainstream adoption of the metaverse. It helps in creating virtual office spaces and learning environments with real-time communication and in-person experiences. Brands can also capitalize on the metaverse projects for exploring new marketing opportunities. The different use cases of the metaverse technology clearly showcase its various benefits such as accessibility and communication. As an alternative to the real world, the metaverse would basically change how we perceived everything digital around us. Learn more about the metaverse in detail to extend your knowledge.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!