2.1 Advanced blockchain use cases
Blockchain or decentralized technology is essential for the mass adoption of the Metaverse across several highly relevant industries. Blockchain is the primary technology that empowers cryptocurrencies such as Bitcoin, Ether, Dogecoin, etc. However, the Blockchain technology does much more than just complimenting and maintaining cryptos. It can function as a distributed ledger for recording peer-to-peer transactions and supports the creation of digital assets, which are called non-fungible tokens (NFTs) or dApps. Within the Metaverse, companies can design more exciting and realistic NFT marketplaces where users can interact with other users, look at desired NFTs, and thus make a stronger buying decision. Since the Metaverse offers a shared realm (or virtual space), it is a strongly used for (blockchain) games. Within these games players can acquire in-game collectibles, and therefore, further trade them to other participants. Simply put, blockchain uses Metaverse to develop these next-gen online games.
2.2 Virtual work and learning spaces
The covid-19 pandemic has compelled worldwide businesses to adopt digital manners of communication. Due to this, video conferencing platforms have become increasingly important for (remote) work, online classes, or other day-to-day working arrangements. That being said, these platforms fail to provide a compelling and engaging experience, as interaction is limited to real-time audio and video. The Metaverse provides users with a highly engaging experience in order to address this limitation. This can be done through its graphically rich, virtual environment in combination with 3D avatars / immersive meetings. Instead of seeing these participants on a computer screen - and communicating through microphones - the Metaverse allows us to navigate through an environment with life-like avatars.
2.3 Virtual businesses and markets
Technology tends to create new opportunities for businesses, helping them promote their services and offerings effectively. With the increasing implementation of the Metaverse, enterprises are coming empowered with a two-dimensional surface of e-commerce. To elaborate, here they are able to adopt life-like virtualised spaces for a 360 experience. Therefore, e-commerce business owners are able to interact with merchants in a virtual space. Which could ultimately help them to perform with trading formalities such as products inspection, finalizing a deal, negotiation, etc. Additionally, a stronger impact can be created around their end-customers by using interactive and highly realistic marketing content. Simply put, the Metaverse complements in forms of creation, ownership, trading of digital assets, and tokenized versions of real-world assets.
2.4 Expansion of social media platforms
Mark Zuckerberg and the innovative minds behind Meta, truly understand that technology can do much more than just connecting people through social media. Their idea of embracing the Metaverse is to introduce a three-dimensional space which is not limited to people just watching on computers (or mobile screens) and listening to unfamiliar voices. Combining virtual reality and augmented reality enables a realistic digital experience, which goes beyond the present social media abilities.