Often, when the Metaverse is mentioned, people think of technologies such as Augmented Reality (AR), Virtual Reality (VR) and Mixed Reality (MR), as well as other futuristic technologies. The Metaverse harnesses the power of technology to create an interactive virtual internet domain in which people use digital avatars to represent themselves. While the final vision of the Metaverse is still in development, currently the Metaverse already supports and operates some real-life activities.
First of all, Metaverse concerts don’t refer to hologram-like technology, for example, artists holding concerts in the real world use lasers to create 3D holograms projected on glass panels. Virtual concerts that take place within the Metaverse Cyberspace provide an experience similar to a live event. Since the participants interact in the virtual space, even each participant watching alone can experience the same atmosphere and mood as the scene.
This appeal continues to gain traction in the music industry, especially in the wake of the global pandemic. Revenues in the music industry have been falling as many live concerts have been canceled, but some cutting-edge artists have found ways around the restrictions. Famous artists such as Travis Scott have successfully staged a virtual concert at the 2020 Fortnite show, raking in up to $20 million. In October 2021, Ariana Grande also hosted a virtual concert that attracted more than 78 million viewers.
Artists earn revenue directly from concerts in the Metaverse without sharing revenue with third parties. For fans, travel costs are also reduced, and virtual venues have unlimited capacity, not plagued by spectator capacity limitations in physical venues. With these advantages, artists are more likely to attract fans into the Metaverse, and the idea of interacting with digital avatars will continue to gain momentum.
Healthcare is one of the first areas to adopt one of the technologies that make up the Metaverse (AR/VR). The World Health Organization uses AR technology and smart devices to train coronavirus treatments, while psychiatrists use VR to treat soldiers with post-traumatic stress disorder. Other stakeholders in the medical field are also using VR technology to train doctors. UConn Health uses Oculus technology to train students in plastic surgery. Canada-based PrecisionOS Software has partnered with educators to offer VR training and orthopaedic education modules.
Trainers and trainees use Oculus VR headsets to visualize procedures in 3D and perform different surgical procedures.Virtual spaces allow learners to make operational mistakes and get suggestions for improvement. Medical device companies also use MR to design operating rooms and assemble surgical tools.
fitness and gaming
The Metaverse offers a series of digitally connected worlds in which players can participate, currently mostly in the form of games. For example, if a user wants to play basketball without a ball, a whole new experience in the Metaverse world is possible. Mark Zuckerberg shows off the future of Metaverse fitness for a few minutes at Meta rebranding event, where he showcases great solutions for fitness enthusiasts in VR, including playing basketball and receiving fencing from coaches around the world guide.
It is worth noting that Metaverse games dabble in various technologies and have different requirements for users to participate. Of these, the simplest only require an internet connection, a mobile device or PC, and a VR device.The threshold is relatively high, such as the blockchain-based P2E Metaverse game, which requires users to have a blockchain wallet to manage their encrypted assets or props. Players have different wallet options depending on the game they choose to play, and they can trade virtual items or cryptocurrencies with other players in the game. Some of the more popular Metaverse games currently include Decentraland, Sandbox, Others, Horizon Worlds, Roblox, and Fortnite.
In the real world, friends meet and drink at a bar and play a game of darts or billiards. With the rise of the Metaverse, the business format of bars has also changed, such as the Miller Lite Metaverse Bar in Decentraland. Any user who likes a bar can meet friends in a virtual environment and watch or enjoy a sporting event together. The Metaverse Bar is outfitted with classic bar equipment, including digital instruments, a dart board, and even a clickable Meta avatar. Guests must be at least 21 years old to enjoy the immersive environment and virtual drink experience, the only notable difference is that there are no physical drinks (bring your own) .
Metaverse bars also have a hybrid online and offline model. For example, DNNR is looking to integrate physical and digital catering, allowing users to enjoy online and offline life. DNNR is a collection of 10,000 member NFTs known as “Treats”.Members have access to the Metaverse Restaurant Club and exclusive real restaurants and hospitality venues around the world, and can also be activated through a roadmap to unlock cities, special collections and other perks. In its first version, the DNNR provides 500 founding member NFTs with access to London restaurants, who will enjoy exclusive deals based on the progress of the project’s roadmap, allowing users to have the coolest of both online and offline experience.
The technology surrounding the Metaverse will continue to evolve thanks to the growing popularity and continued support of major corporations such as Meta, Microsoft, Google, and Apple. The Metaverse has begun to change the way people work in fields such as medicine, education, and entertainment. Currently, the development of the Metaverse is still in its infancy and has a long way to go, but there is no denying that the technology has the potential to transform almost every field.
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