Immersive video games have been around for decades. Hence, Facebook’s announcement concerning the world’s top social network launching their virtual shared space did not shock experienced gamers but excited the mainstream public because it promised to introduce concepts that many people have never heard of or seen. Though, the reality is that they already exist online in one form or another in currently operational metaverses, which have crypto-powered economies.
Still, Facebook’s involvement in this sphere is a cause for dramatic enthusiasm since this entity has tremendous resources to craft a virtual world that will overshadow currently popular ones like Decentraland and the Sandbox. Per a recent Pew Research study, more than 31% of Americans are almost always online, and 79% of them log onto the World Wide Web a few times a day. That proves that our lives are continuously shifting towards the digital sphere. Therefore, a massive Virtual Reality platform with a self-sustaining economy can be a game-changer regarding how most people go about their daily lives.
It Can Redefine Socialization
Facebook has not released much information regarding its metaverse. Yet, they have pointed out that they hope that virtual conferences will replace the need for people to travel for business. That is only one negligible aspect of how a vast VR virtual world can impact human interaction. For example, multiple metaverse casinos operate inside worlds’ like Decentraland, offering an authentic gaming experience comparable to that found and brick-and-mortar establishments. Online casinos are super popular right now, particularly those accepting payment methods like PayPal and cryptocurrencies. Readers can find more info on the Mobile US casinos sites on premium interactive gaming info hubs, but note that these platforms provide little social interaction.
Moreover, VR tech necessary for immersive metaverse fun helps produce a more genuine level of human interaction, as it allows users to display and read facial and body movements. So, going on dates in virtual museums or restaurants will only gradually differ in a 3D environment from the real thing.
It Will Facilitate the Growth of Blockchain Technology
Pretty much all active metaverses today function on the Ethereum blockchain. That means that they use this digital ledger to process transactions occurring on their platforms. They all use tokens based on the ERC-20 standard, which anyone can buy on popular crypto exchanges. In October, many expected that Facebook/Meta would utilize its developing coin name Diem into its VR world, but that is no longer a possibility, as Diem went into the annals of history. Still, projections are that Facebook will incorporate crypto technology into its metaverse, aiding in digital coins’ fight against the dominance of fiat currencies.
Open New Business Opportunities
Yes, anyone can run practically any business imaginable in a metaverse. Right now, people are operating nightclubs, taverns, skating rings, amusement parks, and more in these worlds. In June 2021, the real estate firm Republic Realm spent $913,808 to buy plots of land in Decentraland to open a shopping districted model by the Japanese one named Harajuku, known for its street fashion. Republic Realm is hoping to get in early on the digital fashion craze, as virtual wearables are proving to be a hit on social media.
Help Improve the Hospitality Industry
According to Sanjay Ghare, founder of Vervotech and travel technologist, the metaverse has the potential to transform the hospitality sector. It can do so by allowing customers to go on VR hotel tours before booking their room, giving them a first-hand experience of the property, its amenities, and décor. That is something that 2D images cannot do. The same applies when making a reservation at a fancy restaurant or visiting attractions. Getting a taste of what a venue can offer will significantly boost customer satisfaction.