Metaverse has the potential to change our future dramatically. Although metaverse is not fully realized yet, and it is unclear how the future of the metaverse will affect our lives in the future, we clearly recognize that metaverse has already brought more excitement to communication, entertainment and business in the 2020s.
For many, metaverse is a virtual world for starting up new businesses. Right now, artists, musicians, designers and gamers have developed successful ideas to make money in the metaverse. They see the virtual world as an environment to create their desired personal life and business.
Many argue that the virtual world of metaverse will increase teleworking, improve company collaboration and provide more practical online training. They add that it will reduce the need for office buildings and make working fun. Pioneers of metaverse, like Mark Zuckerberg the CEO of Meta, share a similar perspective about the possible effects of metaverse on our future lives.
In this article, we aim to discuss the possible future of metaverse. We mainly focus on changes metaverse may cause in working and making money in the virtual world.
What is metaverse features?
Coming from a sci-fi novel from 1992, Snow Crash, the term metaverse is widely known and used now in 2023. Though, we still do not have an accepted definition of metaverse. Many see metaverse as a product or service. For example, Matthew Ball describes metaverse as a service that shares similar attributes of the Internet.
On the other hand, some others consider metaverse as a virtual place where users can connect, interact and transfer themselves and their assets across a digital world. Roblox and Minecraft are the actual realizations of this viewpoint regarding metaverse.
Either way, metaverse is a point in time when our digital lives, online identities, relationships and assets come to exist parallel to our physical ones. To date, almost all experts agree that metaverse is:
- massively scalable, interoperable, providing real-time 3D,
- is synchronized and persistent,
- allows continuity of data, identity, history, entitlements, objects and payments across worlds.
Features above suggest that metaverse is here to embed the real world into the virtual world using cutting-edge technologies, such as AR and blockchain. Since the virtual world covers all aspects of human life and nature, it will surely bring up lots of changes to our present and future, including business and money making improvements. With the advancement of technology, the future of the metaverse effects will definitely be greater in human life.
5 important roles of Metaverse in today’s world
The importance of the future of the metaverse is determined by knowing its effects in today’s life. For many metaverse is a place to immerse in the digital world and participate in various activities provided in the virtual life. With the development of metaverse economy, metaverse users can take more advantage of it daily. People can now create digital assets and trade them in digital markets online. In fact, they transform any physical item like artwork, music, clothes, etc. into digital assets, purchase and sell their digital assets in various metaverse platforms and make cryptocurrencies. Metaverse has virtual malls, shopping centers and markets which facilitates the interaction between creators and shoppers.
There is even more to do with metaverse today, leading to unique business opportunities and making money. Here is a list:
- Virtual learning for students and employees via digital classrooms and workshops
- Buying avatars accessories and things to wear in online malls and stores
- Trading digital assets like NFTs, artworks, real estate, etc.
- Advertisement for business growth
- Negotiating and advertising online about the services clients can get in virtual places like schools, meeting rooms, etc.
Metaverse games also support the trade of digital goods and services. Gamers are producing and purchasing weapons, accessories and tools required in a game, and secondary markets are full of NFT assets they need to make more cryptocurrencies in a platform. In fact, metaverse allows its users to create their virtual versions and make a living.
The future of the metaverse for user investment
With the development of technology, metaverse will further resemble our physical life. The future of metaverse may even replace some real-world activities, including teaching, training and advertising, thanks to the web3 technology enabled by blockchain.
On the other hand, metaverse future provides more opportunities to invest in. As metaverse users increase, they will look for more virtual services and goods. The real estate industry will be even more developed as metaverse users need virtual places to meet their clients and provide them with the services they need in the future.
The future of the metaverse shows that there will also be first-time services such as transportation and healthcare systems which can be a perfect choice to invest in and make money in metaverse. Remember that metaverse is not fully recognized yet; as a result, the sky is the limit to innovations it can bring to working and making money.
4 Changes the future of metaverse brings in workplaces
The future of the metaverse may include many changes in working and making money in metaverse. Here are the most important ones.
Metaverse experience excels in the social interactions we have in live meetings and events. Virtual reality technologies allow co-presence in metaverse virtual offices. Co-presence refers to the feeling of being in a virtual room as an individual. The future of the metaverse shows that it definitely improves communication, engagement, teamwork and morale. Using spatial audio technology and Augmented Reality technologies, people experience the same situation of attending their offices or meetings just like the physical world.
Improve teamwork and collaboration
Metaverse improves collaboration among people working on a project. 3D modeling software has already shown its ability to support digital workflows allowing people to cooperate effectively while learning the work remotely. It helps businesses realize the importance of both time-saving at workflow and its high cost.
On the other hand, using metaverse tools to interact with colleagues through large monitors can increase their focus on work and is helpful for team-building practices and training employees.
Assessing existing opportunities
One of the future of the metaverse is virtual reality that makes it easier to access factories, distribution centers or construction sites worldwide. It allows investors or clients to assess the current operational state of a factory, and see the process of an event or a construction. They can also analyze the impact of collaboration on solving possible problems. Thus, metaverse provides new chances to monitor and supervise the whole process of production.
The future of the metaverse and improving safety
Metaverse can also reduce risks in various jobs. Metaverse can be an excellent choice to simulate dangerous and stressful situations and prepare workers for real-life situations without putting them in danger. For example, hospital and military personnel can train their skills in metaverse and practice as they wish in the virtual world without direct harm to them or others.
All the above changes could help to reduce office costs and improve efficiency at work. The future of the metaverse will bring many opportunities to develop a business and make it successful as it removes the traditional barriers to business, such as location and presence.
How to adapt to metaverse to make money?
Working and make money in metaverse requires businesses as well as individuals to rethink the future of the metaverse, how people use the virtual world and what they look for in it. Therefore, running a business in metaverse is not merely the process of entering the metaverse, opening offices in different metaverses and advertising the existing products and services.
Business owners must know about their target clients, what they need while they are in metaverse and what they already have. All products and services provided to metaverse must satisfy the requirements of the metaverse users. Thus, it is essential to know their needs and requests. Besides, remember that many would choose to get new services and products while others may prefer to upgrade their existing services or products. So, business owners should keep in mind to not only produce new products and services based on the requirement of the market but also offer upgrades, if possible.
They also need to learn about the technologies used in metaverse and adapt the services and products they provide with virtual technologies. For example, a cloth movie T-shirt is incompatible with the virtual world if it is not supported by relative technologies.
Therefore, it is important to know how working is changing with metaverse to better understand the use cases of various services and products in the future of the metaverse. It allows businesses to see if their production is required in metaverse.
A final word
Metaverse has the potential to influence various business areas in the future. The future metaverse will allow users to communicate quickly and use immersive simulations to attend offices in metaverse. Besides, it will replicate business operations and offer new solutions to advertisement and client interactions.
All businesses should be ready to incorporate metaverse into their business processes in order to provide services and products that are most compatible with metaverse as well as the requirements of metaverse users. By doing so, businesses can make money in metaverse and guarantee their existence in the market. The future of the metaverse, therefore, will be important to all metaverse enthusiasts.
FAQ about the future of the metaverse
Does metaverse have a future?
The future of metaverse directly depends two factors: connecting people with each other and creating things to make money.
How is the future of metaverse in workplace?
Metaverse will increase teleworking, improve collaboration, speed up training and reduces the need for office space. Metaverse seems to change working a lot.
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