Metaverse - The New Business Opportunity

What are the Types of Metaverse?

The terms "virtual reality" (VR) and "metaverse" are often used interchangeably, but they are distinct concepts. The metaverse is a broader term that includes VR as one of its critical components.

Virtual Reality (VR): VR provides a more streamlined communication experience in the virtual world, enhancing the sense of telepresence by immersing users in a simulated environment.

Metaverse: The metaverse, on the other hand, offers a shared and immersive digital environment. It enables people to interact digitally, blurring the line between the virtual and physical worlds while ensuring transparency and security.

We distinguish 6 types of metaverse

1. Virtual Reality Metaverse
2. Augmented Reality Metaverse
3. Mixed Reality Metaverse
4. Social Metaverse
5. Gaming Metaverse
6. Enterprise Metaverse

Virtual Reality (VR) Metaverse requires a VR headset to enter completely digital reality. A user has to physically sit or stand at one place because of the VR gadget. 

Unlike the VR Metaverse, Augmented Reality (AR) Metaverse doesn’t require you to stay in one place. It is a combination of both real and virtual worlds adding digital elements to your surroundings while you walk around. 

Mixed Reality (MR) Metaverse blends the immersive qualities of augmented reality (AR) and virtual reality (VR), creating an engaging and dynamic environment where the boundaries between the real and the virtual blur.

An example of the Social Metaverse is 'Second Life.' Within this digital domain, users can create avatars and interact with others in various virtual environments. Designed as a social epicenter, the platform offers a wide range of activities and events aimed at nurturing social connections and community growth. What distinguishes Second Life is its unique feature allowing users to design and customize their virtual spaces, fostering a sense of ownership and creative freedom. So, in general, These 6 types of metaverse can also be separated to blockchain-based metaverse startups and metaverse for business and leisure which are free of charge.These 6 types of metaverse can also be separated to blockchain-based metaverse startups and metaverse for business and leisure which are free of charge. So, in general, Social Metaverse is centered on social interaction facilitates communication, collaboration, and connection. These virtual environments encourage users to engage in social connections, enabling them to meet new individuals and stay connected with friends and family.

Gaming Metaverse obviously provides uniques gaming mechanics. Roblox is a great real life example of such metaverse. There any user can create his own game and invite others to play it. Using ‘Robux’ (virtual currency) one can buy virtual goods.

Enterprise Metaverse aims to completely revamp the work of remote teams in virtual offices, enhancing the collaboration, organizing trade shows, virtual conferences without the physical limits.

These 6 types of metaverse can also be separated to blockchain-based metaverse startups and metaverse for business and leisure which are free of charge.

​Blockchain-based metaverse startups are created using non-fungible tokens (NFTs) and cryptocurrencies. There are practical examples of such metaverse startups: Decentraland and The Sandbox (require Ethereum-based crypto tokens for transactions). These platforms let users buy virtual land and therefore create their own unique environments. In Decentraland, users can trade NFT artworks or charge for admission to virtual shows or concerts. They can also profit from trading land, which has seen significant value increases in recent years.

What technologies are utilized in Metaverse Platform Development?

The frameworks to keep in mind are A-Frame, Three.js, and Babylon.js for web-based VR experiences. Unity3D and Unreal Engine are the engines to use. Other tech includes AI and Machine Learning, Microsoft Azure's AI services or Google Cloud's machine learning solutions, Smart Contract Platforms, IPFS (InterPlanetary File System) and Filecoin for decentralized data storage. 

How can businesses benefit from Metaverse?

• Retail and eCommerce

Thanks to virtual stores, it will no longer be required to visit bricks-and-mortar stores. You will be able to try on any piece of clothing in a virtual fitting room. Users will be able to use crypto currencies to pay for their orders.

Catering to Tech-Savvy Demographics: Immersive shopping platforms meet the needs of digital natives. As of 2022, 66% of Gen Z and 58% of millennials in France were interested in shopping in the metaverse.

Real-Life Examples:

Nike's Nikeland: Nike created Nikeland within the Roblox platform, a virtual space reflecting its brand and products. Users can try on virtual Nike gear and participate in sports-themed games and challenges.

Gucci Garden: In collaboration with Roblox, Gucci created a virtual experience called “Gucci Garden.” Users can explore a digital garden, interact with virtual Gucci products, and purchase limited-edition digital items. This collaboration allows Gucci to reach a broader audience and offer unique digital experiences.

• Banking

Real-life examples:

J.P. Morgan has established the Onyx Lounge within the Decentraland metaverse, which facilitates cross-border payments and the creation of financial assets, enhancing security and trading capabilities.

• Travel Industry

Having an option to virtually examine the spot of your dream or a hotel you always dreamed of is obviously great. And we already can do this. VIrtual museum tours, interactive walk around a hotel room or a ship will help you better plan your future route. Moreover, disabled people will be able to fully immerse into the virtual trip and enjoy it just like in physical world. 

A real-life example:

Qatar Airways already presented a metaverse experience on their website. You can virtually walk around Hamad International Airport or casually examine the first class cabins.

• Wellness Platform

Virtual gyms, courts, stadiums will become a new normal soon. Virtual visits to psychologists will erase the feeling of uncomfort during an in-person therapy. According to CivicScience, 52% of U.S. adults who exercise weekly or monthly prefer to do so from home, while only 28% visit a gym.

The metaverse health and fitness market is projected to grow from $8.5 billion in 2024 to $56.1 billion by 2030, with the U.S. and China leading the development of VR fitness experiences.

Enhancing surgical education through virtual simulations will also be possible. Immersive therapy in VR-driven metaverse environments can be used for exposure therapy, addressing conditions like phobias or PTSD by recreating anxiety-inducing scenarios in a controlled setting.

• Virtual Education Software

VR enables educational providers to visualize complex topics in three dimensions virtually. VR is particularly useful in simulation training because it allows students to practice in a lifelike environment without any psychological pressure. For instance, students can first perform surgical procedures, conduct scientific experiments, or learn machinery operation in a risk-free VR setting.

A recent immersive learning survey by Accenture reveals that 90% of executives believe their current training programs need to be more effective and efficient.

How Will Metaverse Change The World?

Ultimately, the metaverse will have a profound impact on the course of humanity, becoming a key element of our future. From decentralized governance to immersive storytelling, the metaverse will redefine how we live, work, and connect.