It has been several years since the Metaverse was merely an idea tech innovators threw around during their lunch break. Several notable efforts have been made in this field. And while they cannot yet be quantified as “real,” primarily due to the technology lacking true interoperability, a future with an active Metaverse is not so far off. The technologies supporting the Metaverse, like AR and VR, are continually developing, and with them, the real-world applications of this innovation. And while we can only predict and anticipate when the different projects will merge into the Metaverse, we can acknowledge the real-world impacts it is having on commerce, entertainment, gaming, and other sectors of the economy. Here is a look at how this technology is being used today.
Gaming: Axie Infinity, Illuvium, and Fortnite
AR/VR technology has significantly changed how gamers experience online games, making them more immersive than ever. Many online titles today, ranging from AAA games and indie releases to casino games like these https://www.topaustraliangambling.com/online-pokies/ slots feature some element of VR. Several stakeholders have ventured into Metaverse-powered gaming in response to the enthusiasm gamers have shown for immersive gaming experiences.
A good example is Axie Infinity, an NFT-based online video game that allows players to create digital pets or Axis that build, battle, and hunt for treasure within a Metaverse-like environment. Fortnite is another popular video game with similar components. Produced by Epic Games, the game boasts an immersive social and digital gaming space where artists like Ariana Grande have even performed music concerts.
Other Games: Roblox, Illuvium, and Pokemon Go
Gaming seems to be drawing much of the Metaverse capabilities available to tech developers today. Roblox is both a game creation platform and an online game. Like Fortnite, the platform offers several immersive spaces and a virtual world where players can play or engage with each other. Other popular Metaverse-type games include Illuvium, released in beta in 2022, and Pokemon Go.
Metaverse Real Estate: Voxels and Decentraland
The New York Times reports that innovators are increasingly investing in Metaverse real estate. These early adopters purchase “land,” build on it, and more – all in virtual worlds. Of all the stakeholders enabling this, Voxels is perhaps the most notable. The platform calls itself a “user-owned virtual world” where people and their avatars can buy land and build on it. Another notable player in this field is Decentraland, a 3D immersive world where users can create, explore, and purchase NFT-based parcels of land through MANA – the Ethereum-based cryptocurrency.
Marketplaces: Sandbox
Commerce is never far behind when a new technology is involved. The creators of Sandbox allow users to create, share, and monetize their digital creations in an Ethereum-based virtual marketplace. Parade recently launched the MetaMarket, apparently the first farmers market to enter the Metaverse. The parade has even listed its location on LinkedIn as “Metaverse.” Its MetaMarket allows over 500 digital avatar customers to interact with each other and the over 20 vendors while buying farm produce. One notable MetaMarket vendor is Chicago-based Field + Farmer.
Advertising and Marketing: Hyundai Mobility Adventure, Disney Theme Park Metaverse
In line with the Metaverse’s applications in selling, advertising, and marketing, stakeholders are also harnessing the power of this technology to reach new audiences. Hyundai Motor Company recently launched Hyundai Mobility Adventure, a virtual space within Roblox where avatars can test drive new and current products. Walt Disney Co. also announced a similar initiative in 2020, with plans to introduce a Disney “theme park Metaverse.” According to a LinkedIn post, the platform would combine the digital and physical worlds with digital access points, mobile phones, and wearables.
Education: Google Arts & Cultures
VR and AR technologies have made an impact in the Education sector. Perhaps the best real-world example of this is the initiative Google Arts & Cultures, which uses Google Software to enable students to take virtual tours of popular museums. Through this program, students from across the globe can also travel to other countries, see the ballet, and more, without leaving the classroom. And while this application has not entered the Metaverse sphere yet, plans are underway.
Digital Products: Nike, Gucci, and Ralph Lauren
Several companies are catering to the upcoming needs of Metaverse avatars by creating and selling digital products. These products, which exist only in the Metaverse, include clothing by Ralph Lauren, NFTs by Nike, and collectible, limited series NFTs by Gucci and Superplastic. Nike NFTs are even more impressive in that they link to their real-world counterparts.
Wrapping Up: The Far-Reaching Benefits of the Metaverse
While the Metaverse is plagued by several legal challenges and concerns over its carbon footprint, nobody in the technological or commercial world doubts its viability as “the next big thing.” The fact that it is already being applied to many varied industries is even more proof that the Metaverse is a close reality. It will be exciting to see how all these applications come together to usher in the new age of the internet.