As per the report, the global metaverse market size was valued at $148.5B in 2021 and is expected to reach $1542.4B by 2031.
The use of blockchain technology is on the rise with its multiple features, such as cryptocurrencies and NFTs. Metaverse also offers a virtual world where users can interact with each other through their virtual avatars.
Many companies have found a great opportunity in the metaverse by setting up their businesses digitally in this blockchain-based virtual world
In detail, let’s check metaverse use cases and opportunities for businesses and how you can develop the same for your business.
Metaverse use cases in various Industries
It offers features such as NFTs, cryptocurrencies, AR & VR integration, and much more. Check out the top use cases of this virtual technology that are offering their benefits over multiple industries.
This technology allows players to interact with other participants in a single interoperable environment. Popular games such as the Sandbox, Axie Infinity, and many others are popular examples that utilize this technology on their platform.
Also, metaverse offers exclusive functionalities to gaming, such as cryptocurrencies, NFTs, smart contracts, and much more.
Moreover, this offers other functionality, such as
- Interaction with the virtual world with AR and VR-based technology
- Monetization opportunities by implementing cryptocurrencies and NFTs.
- More security and privacy with its blockchain-based decentralized technology.
2. Travel and tourism
The other popular industry consumes this virtual technology on a large scale. Here the platform offers a virtual environment where users can experience the real world in a virtual way by wearing AR & VR-based gadgets.
With its 360-degree virtual world touring experience, users can get a more realistic way of enjoying different traveling places without needing to be physically present.
Talking over the popular example, you can check Thomas Cook, which launched its virtual reality holiday named “Try before you Fly,” which helps potential tourists visit their desired destination virtually.
3. Education and learning
Metaverse is helping students and professionals to upskill by offering them a great way to learn new things. With the help of AR & VR integration, schools and institutions can design effective courses where their students can learn in a more clear way.
Also, this virtual platform allows the creation of a subject-based environment, such as astronomy, where institutions can create a space-like environment to help their students deeply engage with their courses.
Another popular example where it bringing its contribution to education is Mesh, which is designed by Microsoft.
It is a virtual reality platform where faculty, staff, and students can interact with their 3D avatars. This platform can be operated with a wearable device called “Microsoft HoloLens.”
4. Remote working
After the pandemic, most businesses have gone online where they are allowing their employees to work virtually without needing them to be physically present at the office.
Metaverse allows businesses to create virtual spaces where their employees can interact with others through avatars.
Moreover, with the help of this blockchain-based virtual technology, companies can efficiently train their employees by creating virtual models about new technologies and concepts they are bringing to their infrastructure.
5. Real estate
Businesses can now offer buyers a virtual tour of their properties. With this technology, the buyers don’t need to travel to the site; the client can easily experience the whole property on their device virtually.
Moreover., this technology helps architecture and builders to efficiently design the virtual model of their buildings to get an Idea about it looks once it gets built physically.
6. Banking and Finance
This technology helps businesses to enhance their banking and finance experience with its multiple use cases such as Defi, cryptocurrencies, and NFTs.
Users don’t need to wear additional virtual-based gadgets to access these services. They can easily access these services through their mobile devices and desktops. Moreover, the utilization of blockchain technology helps banking services to give an additional level of security and privacy due to the immutable nature of these decentralized networks.
7. Social media and entertainment
Users can better engage with their online friends with the help of metaverse. It offers a virtual environment where users can interact with others through their customizable virtual avatars.
Facebook has been prepared for this revolutionary change. They have also renamed their brand “Meta,” where the brand is trying to offer a more realistic social media experience with the help of this blockchain-based virtual technology.
Top metaverse opportunities for businesses
Due to the multiple features offered by metaverse, businesses can get better results once they utilize this virtual-based technology.
Check out the opportunities that metaverse is offering to businesses.
1. Better engagement
This technology helps businesses to increase their engagement level on their platform.
With metaverse, businesses can offer a realistic experience of their virtual world, where users can access their products and services and make purchases with crypto wallets.
2. Virtual event opportunities
With metaverse, businesses can better host their virtual event opportunities to promote their campaign by connecting with the global audience of this virtual world.
Metaverse offers multiple infrastructures, such as museums and galleries, to allow businesses and individuals to host their exhibitions and get better campaign results.
3. Sell and showcase products
Businesses are experiencing great sales in this virtual platform due to offering a more realistic experience of their available products and services. Businesses can allow their users to access their products and services through VR gadgets.
Many e-commerce brands have set up their shops in the metaverse to target the available audience and make extreme profits.
This technology offers a new opportunity for businesses to promote their brand with various advertisement methods, such as virtual billboards, games, and other campaigns.
Moreover, advertisement in this virtual world offers a great engagement level that helps businesses to create a great impact on their targeted audience with their brand promotion campaigns.
5. Easy transactions
Metaverse offers an easier way for users to transfer their funds from one account to another using crypto wallets. Moreover, with crypto wallets, users don’t need to provide their bank details in every place to purchase some products and services in this virtual world.
Also, compared to traditional banking services, there is more security and fewer restrictions for allowing crypto transfer from one account to another.
Contact Idea Usher to create your metaverse
It is advisable for you to outsource your project to a metaverse development company to create your platform.
Outsourcing will allow you to focus on another important aspect of your business. Also, creating your platform requires a strong programming skill set and years of experience.
If you are looking for a team to help you create your platform, you can contact Idea Usher.
Our team offers complete blockchain development services, from extensive market research to launching your product in your targeted market.
Here’s the list of our blockchain development services:
- Blockchain Development
- Blockchain Game Development
- We are a Cross-Chain NFT marketplace Development Company
- dApp Development Company
- We Provide Solutions of Metaverse for Business
- NFT Development
- Smart Contract Auditing
- Solana Blockchain Development