When you think of the next possible internet evolution, that will definitely be the metaverse. In the past two years, if you follow the google trends and Twitter hashtags, you may know how much curiosity has arisen among people about metaverse. Even if you are not a tech guy, the recent stories and developments in metaverse may have reached your ears too. Recent virtual and augmented reality evolutions have forced businesses to open doors into the metaverse space. From being just a word in science fiction movies, metaverse has grown into a digital world that virtually connects the entire internet. The latest innovations have given a clear picture of how the metaverse could be crucial for the future economy. How will this still-emerging technology create an impact on the economy? Let’s have a look!

Metaverse- The Concept

Metaverse can be considered a new chapter in the existing technologies. It doesn’t refer to a particular type of technology but could be a game changer in how we interact in the digital space. Metaverse can be the driving force in many technologies, including cryptocurrencies, blockchain, Virtual Reality, Augmented Reality, Artificial Intelligence and the IoT. The metaverse concept is uncomplicated as it relates to 3D virtual space, connecting users to multiple platforms with real-time interactions. The idea is developed to provide a new virtual space for your digital avatar powered by futuristic technologies.

Metaverse In Current Times

Metaverse provides an immersive experience in the digital space, where you can be in a physical space at any time, even though thousands of miles separate you. Global tech giants like Facebook and Microsoft have already started exploring the unique capabilities that can create a significant impact in the business world. Metaverse has already opened the gates with high-quality interactions for remote users, including clients and employees. Metaverse will help you create a persona of yourself that you can carry anywhere, without constraints. 

During the pandemic, as the economy was grounded, the internet helped companies stay afloat and reduce the damage to their business. Many sectors, including education, had a positive impact on the same. Everything from watching movies together to playing games has now transferred to the virtual world, making life easy.

Role Of A Metaverse In The Future Economy

Metaverse can be considered an extension of the internet to the three-dimensional world, where you can create avatars representing you. Web3 technologies, which are driven by blockchain, have now. These technologies include NFTs and cryptos, which we are already familiar with and will create more impact in the real world in the upcoming years. NFT vendors have already released the NFT tokens across various multiverses for selling their products. For example, brands can produce virtual clothing, objects, and real estate and sell them, just like in the real world. More NFT enthusiasts are now willing to invest in non-fungible token (NFT) games as they sense that it could be a way of earning income. The future metaverse may have much to contribute to the gaming field, where the users and creators can gain from successfully monetizing the NFT tokens. What could be the sectors which may have monetary benefits through metaverse? Let’s have a look.

Education & Training Sector

Metaverse opens up vast opportunities for people to advance their skill sets by opting for relevant courses. According to research by  PricewaterhouseCoopers, employees can acquire training four times faster using virtual reality than traditional training. More prominent companies like Walmart and Verizon have already initiated staff training using virtual reality, which shows the possibilities of a metaverse in the future. In addition, metaverse can help employees from all parts of the globe to take part in virtual reality sessions for job training, where they can learn advanced skills that could boost their performance. The metaverse training in the long term can bring monetary benefits to the company. The employees will be getting better wages, which can come back to the government as taxes, which could help the company’s economic growth.

Healthcare

Educating staff through metaverse training has already been implemented. For example, a prominent hospital in the UK has provided a virtual hand hygiene course to frontline staff, showing remarkable results. The training was influential during the pandemic, saving significant money and time. The latest developments in metaverse have shown excellent results in areas like autism care. Products like Auticare aims to provide at-home social and communication therapy for autistic children.

 Auticare can help people with behavioural challenges, social skills, verbal and non-verbal communication, and sensory and attention issues that impact their lives. The platform can be customized according to the individuals, and the therapists can regularly monitor the progress level daily.

Effective Workforce

The covid pandemic has forced many organizations to completely move their process online and actively support work from the home feature. In the future, metaverse can help skilled workers to work from their homes without being presented in the live location. Work flexibility can increase exponentially as the workers will have complete access to the office suits, interaction with colleagues, and much more. These advancements will help the workforce work without jurisdictions, which channels cash to the economy.

Final Thoughts

Metaverse can open up portals to a new virtual world aligned with the real world. The concept is here to help people with experiences that can bring a change to their lifestyle. The opportunities and income that the metaverse can generate can. Metaverse can strengthen global economic development, increasing sales as the lines between real and virtual will get linear as time flies. Moreover, a virtual economy will conserve society’s experiences with virtual professions that bring profound value. If you are looking for a partner in your metaverse journey, we are here to help you. Let’s kick off the metaverse travel with Embright!