The metaverse gave us with the possibility for new economies to being formed. This new “digital playground” is attracting business big and small into a new economy model powered by augmented reality.
Whilst the metaverse may seem like a fad or just a game to some onlookers, it is actually way more than what you may be presuming it to be. A new virtual reality experience that will shape many industries that are currently operating in the “real world”.
Much like when the internet was first coming around back in the early 1990s and when web2 was birthed in 1999, scepticism is running rampant amongst mainstream media and the general public.
We take a look at how the metaverse will be shaped by five key industries in the nearby future.
@ RCR Wireless
We have seen a number of businesses move their practices over to the metaverse. With how rapidly technology changes, it comes as no surprise that organisations are diverting their attention to the metaverse. It won’t take long for the metaverse to become a developed entity, as we are essentially in a race to the top at this point!
Esports are an incredibly vast and successful industry, with billions being made every year thanks to committed fans and sponsorships. Gaming is general is a multi-trillion dollar industry, and aligned perfectly for the metaverse. Gaming events, either competitions, conventions or seminars attaract millions of gamers and spectators every year.
The advent of virtual sporting events become a viable option in the metaverse, with the likes of Epic Games already showcasing the potential of metaverse-like events. Further more, the realism of virtual sports has the potential of revolutionizing AR/VR experiences for spectators.
Whilst it is still early days for both esports and sports in the metaverse, we have already seen sporting teams and organisations nodding towards digital assets and collectibles. Popular teams have their own fan tokens, buy real estate in metaverse hubs and are actively prepping for the next evolution.
The NBA and FIFA both dabbled in NFT crypto games, while crypto related organizations sponsoring sports stadiums and teams all around the world.
Looking ahead, we can fully expect sports and esports to be an integrated experience in the metaverse. Both athletes and spectators can have a unique expirience, unlike anything we have witnessed in real life.
@ Medium
One must also consider sports betting and general gambling also. Online betting is a huge industry and has been empowered by crypto operators like Roobet and BC.Game. Virtual sports betting within the metaverse has a bright future as well. Both are somewhat emerging economies in their own right, and both take advantage of technologies such as the blockchain and Artificial Intelligence.
Yes, you heard correctly digital fashion is a thing. Virtual avatars have been running around the metaverse in some of the flashiest designer clothing possible.
Big time brands like Prada, Nike and Gucci have released digital clothing collections, some of which have sold for pretty pennies. Anything from hats, shirts and sneakers can be purchased.
Some collectibles also have been seen to include real tangible extras outside the metaverse and in real life, a cool feature to say the least.
We have also seen digital fashion weeks being hosted on Decentraland, a popular VR/AR metaverse experience. Fashion houses have already pledged their vision towards digital fashion and the metaverse. The fashion industry may become one of the most thriving industris in the metaverse soon.
@ Revibe Upcycling
For any business to make its move into the metaverse there is an element of it that requires them to purchase digital real estate. For example, if an esports company like FaZe wanted to join the metaverse (which they have at this point) they are required to purchase a spot of LAND.
This LAND is technically virtual real estate that is in the form of a Non Fungible Token. Many of which have sold for large amounts of money, similar to prices of physical real estate outside of the metaverse. Being a real estate agent in the real world is an incredibly lucrative career when you get your head down.
We already companies tend to pay millions for metaverse real estate, and eventually brokering this deals will require dedicated real-estate managers and agents.
The first NFT was made as a digital art piece back in 2014, and well the rest has been history for NFTs. As expected, NFTs have made their way into the metaverse in a number of ways. Whether it is an in-game item or cosmetic, digital collectibles linked to the real world or art pieces.
We have seen prolific artists like Van Gogh, Takashi Murakami and Damien Hirst have their art taken into the metaverse. NFT art exhibitions have become a cool feature of the metaverse as seen in The Sandbox and Decentraland.
@ Datafloq
With how open the metaverse will be, there is an opportunity for artists to get their names out there; their artwork seen by a massive audience. With how tough of an industry it is to be noticed, artists will utilize marketing opportunities that otherwise may not be available.
Our final pick is charities and non-profit organizations. This one may come as a surprise at first, but you would be surprised at the relationship that has already been formed.
Charity events and fundraisers have already been held in Virtual Reality settings. With how realistic VR has become, fundraising for projects can take life right in front of your eyes. Instead of presentations, templates and models, you can give your fundraising goals a life of its own in the metaverse and seek the backing of potentially millions.
Do not be surprised if the next GoFundMe-like idea comes inside the metaverse.
These industries are already proving successful within the metaverse. Seeing businesses operate on the blockchain is encouraging. Early adopters are already building their portfolios for when web3 becomes a widely adopted entity.
Remember, there is still some time until everything becomes fully developed, but it cannot be denied that the metaverse is an exciting new prospect in the world of business!
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