The world cannot stop talking about the metaverse. Clearly, the widespread adoption of NFTs by artists, brands, and celebrities is the reason for this phenomenon.
So, NFTHi takes a look at the future of Web 3.0 in the next 5-10 years. Meaning what lies ahead for metaverse in the upcoming decade.
Expectations from Metaverse for upcoming future
Augmented Reality (AR)
Nowadays, the focus of artists has shifted from making value to offering a one-of-the-kind experience. Augmented Reality offers an immersive experience and anyone can use their smartphones to envision the spectacular right in front of their eyes.
There are many use-cases. AR NFTs can illustrate eye-catching artwork, gaming accessories, as well as products traded on an e-commerce platform. It balances the anticipations of both the real and virtual worlds.
Creators can also add different sounds and visual effects for showcasing their crypto-collectibles ahead of the official release. AR can create a significant impact in the fashion industry. For example, forthcoming buyers can try on outfits and sneakers before even purchasing them. Brands can also engrave their customers in the metaverse by delivering digital avatars that directly interact with human beings.
Must Read: Fashion industry Revolution with NFTs
Thus, Augmented Reality can play a massive role in how investors perceive the idea of NFTs. Smart contracts hold details of the rights to ownership and use. The monetary value of the collectible will rely on how the digital asset is positioned in the metaverse.
In the upcoming years, exclusive platforms will emerge for creating and buying Augmented Reality based NFTs. Potential investors can instantly interact with virtual assets. Moreover, native token holders can stake the digital assets and bag high returns. They will also receive exceptional access to NFT drops.
Virtual Reality (VR)
VR headsets facilitate users to directly watch art galleries and events. Normally, creators can sync their software wallets and put up their NFT collection fast. A combination of templates and integrations is available for artists. They can modify the size, color, and frames and share them with the entire world. Thereon, creators can also reach out to their community by hosting events for a precise number of people in a custom 3D environment. In addition, features like live translation, instant content upload, screen-sharing, muting, adding, and removing of participants are necessary when artists exhibit their collectibles in a virtual space.
Internet of Things (IoT)
IoT devices can also represent NFTs. It will transfer data securely to a decentralized cloud. Blockchain technology also boosts machine-to-machine (M2M) communication on a real-time basis. It secures authenticity, facilitates transparency, and also removes intermediaries.
These were some technology prospects that will impact Metaverse in the upcoming decade. But here are some sectors that will impact Metaverse using emerging technologies in near future.
Looking out five to ten years from now, we imagine a place where you have complete user-generated ecosystems. With the metaverse delivering rise to virtual societies that transact and engage in a decentralized manner, we can expect to witness:
The development of virtual-to-physical deliverance and financial systems that underpin payments and financing in the ecosystem
NFTs will be providing users digital ownership and drive the emergence of new access classes for trading
Augmented reality/virtual reality (AR/VR) culture will help in narrowing down the differences between online and offline, in turn, driving greater participation and engagement in financial services, and ultimately boosting the convergence of traditional financial services and the new era of innovation
Traditional financial services players are already tipping into the potential of the metaverse. In Asia, banks are making virtual spaces for branding, education, and product development. Universal banks are utilizing the metaverse for training and education for both internal stakeholders and external customers. Payment players are extending crypto propositions and partnerships to maximize their presence in the metaverse. The integration of the metaverse and financial services is certainly not a question of “if” but – when?.
Automotive and Manufacturing
A shared online space that spreads across dimensions, powered by a blend of VR, AR, and MR (mixed reality), will allow the automotive and manufacturing industry to be profoundly get involved in the metaverse. Making an industrial metaverse is feasible if it organically integrates cyber-physical systems; digital twins; 5G-powered AR, VR, and AI computer vision; low latency remote control, and different applications.
With the concept of the industrial metaverse, the future manufacturers will not only use AR/VR for on-site auxiliary installations or skills training but also construct an immersive and virtual experience of people working jointly in the virtual world, directed by AI to verify results and correct errors in real-time without requiring to be on-site.
Additionally, the company’s product design, development process, trial production testing, operation management, marketing, and other operations can be manufactured and verified within the virtual community before sharing to the physical world for actual production. Another application would be for decision-making and results to be documented via the blockchain, as the basis for examination and auditing in both the virtual and physical world.
In the automotive industry, cars have grown from a simple getting from point A to B to a mobile space that integrates work, entertainment, and other processes. Autonomous driving releases a lookout and hands for the driver and passengers to do work or enjoy an entertainment experience that is normally restrained to the office or home environment.
In simple words, the metaverse will leverage emerging technologies such as VR and AR in automobiles, boosting up on existing technologies such as smart cockpits, voice recognition, and AI.
Land and real estate are noteworthy assets in the real world. We expect the metaverse to reflect and adopt characteristics of the real world. Further metaverse in Real-estate will also recognize the notion of supply and demand that will influence the value and price of virtual land and real estate.
Just like in the real world, location is an essential factor impacting the value of land in the metaverse. The two factors that specify the value of the location are the distance from the center of the metaverse and the quality of neighbors. The buying behavior of many international celebrities has sparked heated conversations on the topic of virtual real estate investment.
While the remote education experience has already enhanced significantly with campus digital twins, we expect the metaverse to intrinsically drive spatial changes throughout the education industry in the 5 years. Seeking knowledge will no longer be restricted to words, images, and lectures available on-demand, but reimagined to have an immersive experience attended by digital records in the metaverse.
Education in the metaverse era is certainly by no means limited to a real learning experience. We see the metaverse as the natural experimental playground for the education field. Through collaboration and the association of a standard framework to develop a shared digital ecosystem, the metaverse will recognize the sharing of high-quality educational resources on a global scale, satisfying a wide range of audiences of all ages and social classes, and making education indeed a lifelong initiative.
Companies that have started their incursion into the metaverse help us imagine unlimited possibilities in the future of learning.
Retail and Consumer Brands
In the generation of digital consumption, brands continue to develop their approach to setting up a direct communication channel with customers. From the premature days of building a website to embracing e-commerce, opening social media accounts, and even live broadcasting, the metaverse now delivers a new concept for brands to test with.
The majority and growing importance of virtual characters or digital avatars have in recent times presented diverse business prospects in retail. Many customers now anticipate a combination of in-store and digital experiences, and the metaverse presents the ability to immerse with brands and products utilizing a personalized avatar. Whether it’s stretching out clothes, daily necessities, test-driving vehicles, or just boosting the browsing experience in a virtual store, the possibilities are endless.
The famous simulation game The Sims 4 already shows us an understanding of the metaverse. Consumer brands are energetically teaming up with game developers to embed their products in all aspects of the game. Since its launch in 2014, consumer brands have undertaken item expansion packs for gamers to interact with the brands in the virtual world to introduce brand awareness and cultivate brand love.
In the near future, we expect more brands to step in to break the edges between virtual and reality to create more innovative, meaningful interactions with consumers.
Closing up the discussion
The market circumstances for the metaverse economy are quite promising. 5 years down the line, more artists will unite with machines to create amazing images and use different technologies. The next decade seems to be the “decade of Metaverse”.
Hungry for more information?
Join us on Telegram!
NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.
Conduct thorough research before you start with NFT trading.