Metaverse Applications (2024 Update): A Comprehensive Guide

• No single entity owns the metaverse: It’s envisioned as a decentralized network of various virtual platforms, not a single, controlled space by anyone.
• Device independence: Accessing the metaverse won’t be restricted to specific devices. Different platforms might offer various access points (VR headsets, AR glasses, computers, etc.).
• Evolving technology stack: While VR, AR, and blockchain are prominent technologies, the metaverses’ foundation will likely continue to develop and integrate emerging advancements.

Why is Metaverse in the news nowadays?

• Growing interest: The metaverse concept has gained significant traction due to advancements in VR/AR, wider 5G network availability, and the increasing popularity of online communities.
• Real-world impact: The COVID-19 pandemic, with its emphasis on remote work and virtual interaction, has further fueled interest in the potential applications of the metaverse.
• Industry attention: Facebook’s rebranding as Meta and their focus on building the metaverse have captured the attention of investors and internet users globally.

Metaverse- History vs Future

The term itself was coined by Neal Stephenson in his 1992 sci-fi novel “Snow Crash,” where people jacked into a virtual world called the Metaverse. Fast forward to today, and the metaverse is still in its early stages, but tech giants are pouring billions into building it.

The future of the metaverse is as vast and open as the virtual world itself. There is also a not-so-bright side which has the potential for the metaverse to exacerbate real-world social problems ( discussed in this article later).

Metaverse in 2024: Expected Updates

Metaverse Applications in 2024, future uses:

1. Gaming and Entertainment:

Platforms like The Sandbox and Axie Infinity allow users in 2024 to buy and own virtual land, build structures, and create their own games. Players can earn cryptocurrency by completing quests, participating in battles, or renting out their land.
Virtual concerts are becoming increasingly popular. For example, Travis Scott held a virtual concert within Fortnite in 2020, attracting over 27 million concurrent viewers. Museums like the Smithsonian are creating virtual tours using 3D scans of exhibits, allowing anyone to explore their collections remotely. Meta (formerly Facebook) is developing virtual concert venues within its Horizon Worlds platform, allowing artists to perform for millions of fans simultaneously. Even Netflix is experimenting with interactive storytelling experiences within the metaverse, where viewers can influence the plot or participate in side quests alongside the main characters.

2. Social Media and Communication: 

4. Business and Collaboration: 

5. Retail and E-commerce:

Companies like Sephora are allowing customers to virtually try on makeup using augmented reality filters on their mobile phones, personalizing the shopping experience and reducing the need for physical product testers. Many eyeglass companies also offer virtual try-ons for their eyeglasses, allowing customers to see how different frames look on their faces before making a purchase. This personalizes the shopping experience and reduces product returns. Metaverse applications are endless in the sector of e-commerce.

6. Healthcare

Meditation apps are already integrating VR, allowing users to visit calming virtual environments such as ocean shores, and peaceful green forests promoting relaxation and stress reduction. In Healthcare, metaverse applications are endless. Medical students can utilize VR simulations to practice surgery, learn complex procedures, and even experience the patient’s point of view to get a better understanding.

Stroke patients can utilize VR simulations to retrain motor skills and improve their balance and coordination in a safe and controlled environment, Diabetics can utilize VR simulations to learn about healthy eating habits and practice self-care techniques in a virtual grocery store or kitchen, promoting better disease management and much more. Soon, we will find doctors taking virtual consultations too.

7. Architecture, Engineering & Manufacturing:

Architects and engineers can utilize the metaverse to create and collaborate on 3D models of buildings and infrastructure projects in a shared virtual space, allowing for real-time feedback and improved communication throughout the design process. Prototypes of products can be tested in the metaverse before actual production, saving money and time.

Metaverse platforms can facilitate remote collaboration between on-site and off-site personnel involved in production. Experts located anywhere can virtually access the factory floor and provide troubleshooting assistance to technicians, improving efficiency and problem-solving capabilities.

Metaverse applications can include creating a digital representation of the entire supply chain, providing real-time visibility into every stage of the process, from raw materials to finished products. This enhanced transparency facilitates communication and collaboration between stakeholders, allowing for proactive problem-solving and improved supply chain efficiency.

8. Urban Planning:

Metaverse can be used to create digital twins of smart cities too, new decisions related to change in city planning can be first applied there to see whether they are practical or not and later applied in the real world. Even citizens can provide their feedback in metaverse public gatherings and officials can use that to enhance further planning.

9. Law and Legal Services:

In the future, virtual courtrooms can be created in the metaverse, a lawyer in one city can represent a client in a court case remotely, eliminating the need for travel and associated costs. Law students can participate in VR simulations where they argue cases in front of virtual judges and juries, receiving immediate feedback on their performance and allowing them to practice their courtroom presence and communication skills in a safe and controlled environment.

10. Fitness and Wellness: 

Metaverse- Concerns and Controversies

1. Privacy and Security:

• Data Collection: In the metaverse, lots of data will be generated when people interact with each other. Where that data will be stored, who will be able to access it, and what if that private data gets leaked remain a concern.
• Real-Life Consequences: In January 2023, a woman reported being virtually groped and harassed within Meta’s metaverse platform, raising concerns about the potential for online abuse to translate into the virtual world.

2. Addiction and Mental Health:

• Escapism: Due to spending a lot of time in the metaverse, people might spend time with their loved ones less and ignore their responsibilities while escaping from the real world.
• Mental Health Impact: The potential for addiction and the psychological effects of prolonged exposure to virtual environments need to be thoroughly researched and addressed before widespread adoption.

3. Accessibility and Equity:

• Digital Divide: Recently launched Apple Vision Pro, which is set to include Metaverse, it costs a whopping USD 3499. The rich can afford the kind of hardware needed to access the metaverse but the majority population of the world can’t do the same. This will increase the digital divide over time.
• Accessibility for People with Disabilities: Ensuring the metaverse is inclusive and accessible for people with disabilities requires careful design and consideration from the outset, to avoid creating a new realm of inequality.

• Uncharted Territory: The metaverse doesn’t have legal clarity yet. Who will be responsible for regulating content, behavior, and potential harm within these virtual spaces?
• Global Collaboration: Given the potential reach of the metaverse, establishing clear and coordinated regulations across different countries will be crucial to ensure a safe and ethical virtual world.

Conclusion

As metaverse applications are pretty new, it’s important to be aware of both the potential benefits and the potential drawbacks. We have a responsibility to help shape the future of the metaverse in a way that benefits everyone. Right now, the future of Metaverse looks exciting and a little uncertain at the same time.

FAQs

Q1. How is metaverse used in marketing?
:- Let’s take an example- Instead of seeing a flat ad on your phone, you can walk through a virtual store and try on clothes for your avatar or a brand can take you on a tour of their production facility. That’s the power of metaverse marketing.

Q2. Is metaverse really useful?
:- The “usefulness” of the metaverse depends on how it’s developed and implemented. It has the potential to be a powerful tool for connection, creativity, and economic growth, but its success hinges on addressing potential pitfalls and ensuring accessibility and responsible development.

Q3. How successful is metaverse? Is metaverse a success or failure?
:- According to estimates, the metaverse market is estimated to reach $669.96 billion by 2029, there are over 600 million active users globally in the metaverse, with a large portion being under 18 years old. It’s too early to definitively call the metaverse a “success” or a “failure.” Its success ultimately depends on responsible and inclusive development choices.

• Digital representations: Users can create avatars to navigate and interact within the metaverse.
• Diverse activities: Similar to the real world, users can engage in various activities like shopping, working, socializing, and attending events.
• Virtual economies: The metaverse may foster its own economies with digital currencies and potentially non-fungible tokens (NFTs) playing a role.