Building a Better World Through Web3: 5 Metaverse Use Cases
Can Web3 truly build a better world? Find out by exploring these 5 metaverse use cases, and decide for yourself if it's a “yay” or a “nay.”
Unless you've just gotten out of a cryo chamber from a decades-long hibernation, you most likely have heard about the metaverse, even marginally. Yes, the same term that has polarized the digital world into two opposing camps (think of the digital dons Mark Zuckerberg and Elon Musk). While many are over the moon about it, others quickly dismiss it. So, which is it? Does the metaverse offer a world of virtual reality benefits, or is it a futuristic fiasco just waiting to happen? In this blog post, we'll deliver the metaverse and its use cases to you in plain language so you can decide if it's something worth exploring.
What exactly is the metaverse?
There's the physical world, and then there's the digital space. We live in one but leverage the other to enhance our lives. But what if you could connect these two spheres to create the kind of value that can truly transform the way we exist or operate? Enter the metaverse.
The "meta" in "metaverse" means "beyond." So, the metaverse is essentially a three-dimensional world where users can live virtually without being held back by physical realities. Here, you get to "be" and interact with others (in the form of avatars) and digital objects. This is done in real-time with the use of NFTs.
NFTs are short for non-fungible tokens. Each token (which is an encrypted code) serves as the identifier of digital items or entities existing in the metaverse. Thus, an NFT isn't the virtual asset itself but is proof of its ownership. The information in it, and therefore, the token itself, is kept in the blockchain. This is a ledger of interlinked data units called "blocks" that contain details about specific transactions. This information is shared across an open network of computers. For any transaction to be added to this chain, it must be verified and approved by the network members, making NFTs very secure and unchangeable.
Now, back to the metaverse. What makes this unique space a frontierland to many is its potential to deliver substantial value, be it in terms of freedom, convenience, or wealth. Here, you can work your creative juices and also engage in economic activities, like buying, selling, and trading digital assets. These include NFT art, crypto collectibles, and virtual properties.
What does the metaverse mean for businesses?
How, then, is the metaverse relevant to the world of commerce?
The metaverse is intertwined with Web3 technologies. Web3 differs from Web1, with its read-only, static information (think MySpace), and Web2, which is user-generated and more participatory like Instagram. This latest internet concept takes the world wide web to a whole new level via decentralization. With Web3, individuals, not just large companies, are empowered to build, operate, and own actual "pieces" of the technology. Blockchains, NFTs, cryptocurrencies, and the metaverse all fall under the Web3 umbrella.
So the metaverse has the potential to revolutionize ownership and control, leveling the playing field for monetary opportunities over time. But how is this different from running an actual real-world business?
Although the owner of the shop around the corner chooses how they conduct their operations, this is shaped to a large extent by regulations, which are, in turn, determined by those who hold economic and political clout.
However, in the metaverse, businesses can run without the intervention of a centralized authority. Also, direct peer-to-peer arrangements (both parties have the same capabilities) effectively do away with intermediaries, enabling instant fund transfers and near-zero fees. As a result, business owners can significantly reduce their costs and transaction times.
With more control over the decision-making process and more streamlined operations, enterprises can become more competitive, strategic, and growth-focused. This can lead to higher sales and conversions, faster transactions, and more innovative marketing projects and campaigns.
Metaverse use cases in different Industries
In this next section, we’ll break down the practical, real-world applications of the metaverse.
In the extreme, playing older-tech video games can be likened to being a medieval laborer in a lord’s estate (even as you're burrowed in your comfy couch). You have some freedom of movement, but when the lord of the manor (or the centralized host or server) decides to pull out the plug, you're a goner. They can switch off the game or delete your history just like that, and you can't take them to court and demand justice for your gaming existence.
But perhaps more exciting for gamers would be the endless immersive possibilities. The metaverse offers far more advanced interoperability, the capability of a particular system to work with other systems. This enables players to create and transfer their characters across multiple NFT games and platforms. They can also own and trade NFT in-game assets like logos, environments, and special effects. Yet another huge advantage is that gamers can play to earn crypto and other reward mechanisms.
2. Travel and Tourism
Journeying and jaunting off will never be the same again with the metaverse. This cutting-edge technology enables would-be tourists to virtually explore destinations without even setting foot on them. Advanced devices can even take this a step further by allowing users to go through tactile sensations during the virtual tour. This can encourage them to book more often with confidence and boost the demand and creation for more enhanced travel experiences.
3. Education and Learning
Many may find it hard to perceive the metaverse in the context of education. But there are several metaverse use cases in this sphere. For instance, the metaverse can "energize" staid learning environments. Immersive interactions among the avatars of instructors and students can make the dynamics more interesting and engaging. Complex concepts can also be broken down and manipulated to the minutest detail to enrich understanding. Imagine an avatar instructor describing how a piece of machinery works with a 3D illustration. They’ll be able to move the parts around as they explain them to their avatar students. The capability of the metaverse to expand the current learning boundaries is genuinely mind-boggling.
4. Remote working
Working remotely comes with both advantages and disadvantages. And at the core of the challenges is engagement. It's easy for anyone to "switch off" even as they appear to be visibly present online. However, the metaverse can address boring and unproductive virtual workplaces and workflows. For example, the employees' avatars can sport cool hairstyles and clothes, befitting the virtual company's culture. Without physical limitations, they can also "teleport" between customized meeting rooms and office satellites to collaborate more closely with other team members.
5. Real estate
Suppose you could enter a digital environment where you could buy, sell, and trade plots of land as you could in physical settings. How about developing these so that others can lease or rent them? In the metaverse, you absolutely can!
And there's more. The SuperWorld platform has its own NFT Marketplace where creators can showcase and sell their digital work, such as NFT art, photos, videos, music, and crypto collectibles! With these tokenized assets, properties can be created and modified to enhance their value. Let’s say you own an NFT vineyard in the metaverse. You can conduct virtual tours as an avatar host. Your avatar guests can explore your NFT grounds, interact with each other, indulge in wine tasting, and even sell vintage wine—all in the realm of the metaverse. As you may have figured out, this can mean tons of monetization opportunities from activities on your virtual properties.
Through the SuperWorld app, you can step into the metaverse and explore a virtual world in augmented reality (AR). Each plot of virtual real estate is an NFT that corresponds to real-world space, enabling you to use it however you please. Care for a skyscraper in Midtown Manhattan? Or perhaps a villa in the south of France is more your cup of tea? Fantastic prospects, huh? With SuperWorld, your imagination is the limit.
The Wrap Up
The metaverse is still in its adolescent stages, and we've barely skimmed its surface. Yet, we can already witness how it is creating a different state of affairs in multiple industries. As Web3 continues to mature, we may eventually regret not getting on the bus and fully experiencing its potential benefits. The metaverse may genuinely be our gateway to a better world.
Raring to know more about the metaverse? Visit us at SuperWorld today. You may just find the piece of earth that can be your own slice of heaven.