How metaverse is shaping the present

Reportedly, the technology has entered into nine industries

How metaverse is shaping the present

By Agam Chaudhary

Metaverse has become a symbol of the endless potential of technology as well as the infinite possibilities in the future. The immersive technology, which is a combination of augmented, virtual and mixed reality that can be accessed through PCs, game consoles, and phones, has been pegged to be an $800-billion market by 2024 and $5-trillion by 2030

Metaverse has become a household subject since the rebranding of Facebook to ‘Meta’ to mark its journey towards a platform that aids digital evolution from ‘browsing’ the internet to ‘living’ in it.  However, the discussion around it, currently, seems to be limited to only NFTs, gaming, social networking and prepping-up-for-it in the next few years. It focuses more on cultivating a mindshift to a technology that is expected to become a reality in the next five years. However, contrary to this general perception, metaverse is not going to happen somewhere in the future, it is already here!

Look around and you’ll find numerous real-world metaverse use cases across sectors. At least, nine industries are already reaping the benefits of immersive technology. For instance, retail and restaurants provide consumers with an immersive shopping and dining experience. The same holds true for healthcare (hospitals and assisted living),  travels & tours (pilot training and virtual tour guides); financial services (commercial and investment banking); media & telecommunications (field technician support and immersive content consumption); public sector (government, military, schools and smart cities);  construction and real-estate (building design and engineering, realtor home showings); energy (oil and gas, utilities, mining and agriculture) and industrial goods and transportation (autos, shipping and machinery).  

The year 2022, in fact, is turning out to be a game-changer for the growth of the metaverse. If the latest report by McKinsey & Company is anything to go by, the technology is expanding to include real-world metaverse cases that go beyond social networking and online gaming. It states that more than $120 billion has been invested in building metaverse technology and infrastructure in the first five months of 2022. The number is more than twice that of the $ 57 billion that was invested in 2021. 

This is just the beginning!

The author is mentor of Web3.0 and ecommerce businesses

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