“Metaverse.” The term sparks minds whenever seen, as these applications were perceived as something straight out of science fiction. But, with time, people gradually started understanding the importance of metaverses for future humans and their significance in elevating online experiences. According to reliable reports, the metaverse market capitalization is expected to reach around US$825 million by 2030, which only justifies how many roles this innovation will play in transforming human lives. While we speak about the growth of these virtual environments, it is necessary to put forth some tangible use cases of metaverse developmentthat can be utilized by entrepreneurs.
· Metaverse Event Spaces
Events in metaverses have become a common sight since the NFT boom, as many performing artists have conducted concerts on various metaverse-based platforms, including The Sandbox and Fortnite. Furthermore, metaverse event spaces for meetings, conferences, parties, and gatherings have started becoming prevalent, which can be demonstrated through the recent metaverse marriage of a Singapore-based couple. The necessity of these spaces due to the pandemic ushered metaverse development a lot quicker.
· Metaverse Workspaces
Another three-dimensional virtual space resulting from the pandemic’s effects was metaverse workspaces that unite remote-working employees. While these metaverse development solutions provide office-like experiences for employees, the increased productivity resulting from such experiences assists companies in reaping the benefits without having to spend on physical spaces. While full-scale virtual workplaces are still in their infancy, events such as meetings are often conducted through VR-based platforms that could lead to desired results.
· Metaverse NFT Marketplaces
While NFT marketplaces made waves during the NFT boom, their role in metaverse development applications is still huge. Metaverse NFT marketplaces can be one-stop solutions for creators, brands, and startups alike to have their first taste of these blockchain-backed immersive environments. In fact, NFT marketplaces in metaverses can sell anything from artwork to virtual land parcels and anything in between. These platforms are expected to be the mainstays in metaverses.
· Metaverse Simulations
For ages, research tests have been conducted through 2D computing devices with 3D perception. With metaverse development, though, digital twins and simulations can bring research studies across domains to a new level, as getting accurate results will become easier and riskless. Fields such as medicine, engineering, and natural science could benefit the most from metaverse simulations where researchers can study in detail different phenomena to arrive at precise results.
· Metaverse Healthcare Solutions
While simulations assist with research, metaverse healthcare solutions supplement patient-end medical services. Rehabilitation, therapy, and clinical appointments can be made immersive with advanced metaverse development making telemedicine more real-world-like. Studies and training for medical professionals can be made clearer through virtual environments using XR, AI, and ML technologies aided with analytical data. Gamification elements inside such metaverse development applications assist patients in curing quicker and medics in understanding patient ailments.
· Metaverse Game Spaces
The advent of NFTs has already boosted the scope of incentive-based gaming, and metaverse development is only set to refine the experience through immersive platforms. Metaverse gaming spaces can be utilized for organizing professional E-sporting tournaments that could make gaming a professional career like sports. Such rooms can be built for games based on Play-to-Earn and Move-to-Earn mechanisms supplemented with VR/AR functionality and other Web3 elements to enhance them.
· Metaverse Social Spaces
The increasing craze toward social networks has also expanded into the metaverse development ecosystem, with multiple metaverse social spaces currently under development. These platforms will offer users more than feed-scrolling, as immersive technology will make avatar calls and 3D video watching possible, all from the comfort of their homes. The success of these spaces depends on the time taken for advanced technological devices to reach most mainstream users.
· Metaverse Payment Solutions
While mostly an application useful during the transformation process, metaverse payment solutions could play an anchoring role in processing crypto transactions inside virtual worlds. With businesses garnering thousands of trades per day inside these worlds, metaverse development for payments could help understand the internal workflow of these worlds before becoming totally decentralized. These can also be extended to financial applications such as virtual banks and DeFi platforms in metaverse land.
Therefore, metaverse development will become the main element in the growth of Web3 as we progress. The use cases presented above can be viable business options in these virtual environments as they will get into widespread usage one day. Many of these use cases are still under vigorous research and development inside small rooms that could make big in the near future. Yet, a business owner looking to advance their venture toward metaverses can look up to this list before beginning their new platform to have an idea. Once thoughts are gathered and collected, they can work with an experienced metaverse development company to get an advanced business platform that can set the tone for the future.