Metaverse services – Next frontier for virtual commerce

The Metaverse concept is a virtual world where users interact with each digital object in real time. But it wasn’t until technology caught up with the idea, making it was possible to create immersive experiences that feel almost like being there in person. With more people spending time online than ever before due to the pandemic, the metaverse is quickly becoming the next frontier for virtual commerce. Applications and platforms offer access to various virtual worlds or environments. These services allow users to create avatars, interact with other users’ avatars, purchase digital assets such as clothes or furniture for their avatar’s environment, and participate in activities such as games or events within these virtual spaces.

Launched back in 2003 by Linden Labs (now Tilia Inc.), Second Life was one of the first massively multiplayer online role-playing games where players could not only explore a vast open world but also buy and sell goods using real money through an integrated marketplace. Since then, many other companies have entered this market segment offering different types of experiences depending on user interest ranging from social networking sites like Facebook Horizon. It allows you to connect with friends across multiple devices while exploring new places together virtually. Minecraft allows players to build their own worlds out of blocks. Decentraland is a blockchain-based VR platform enabling users to design 3D content.

Why are Metaverse Services attracting attention these days? Virtual reality has come a long way since its inception. The growth rate witnessed by industries related to AR/VR technologies points towards their growing popularity among consumers worldwide. According to the Statista Research Department report published on February 2021, estimates show revenue from augmented and virtual reality products increasing from $6 billion in 2016 to $161 billion by 2022 globally. Moreover, during COVID-19 times when physical distancing has become mandatory all over countries worldwide leading us towards working remotely mode. Even shopping patterns have changed rapidly creating new consumption habits such as purchasing groceries online rather than visiting stores physically.

 As we move forward into an increasingly digitized future combined with recent economic woes, more people may be looking at ways they supplement their income or work remotely without having any geographical barriers involved either via selling digital assets created themselves within these platforms i.e., NFTs (non-fungible tokens) art pieces seen gaining momentum lately or providing consulting services based on specific skills sets required within those communities. In addition, some potential use cases of best metaverse services have arisen regarding how businesses might leverage these kinds of environments.

Marketing – Companies could showcase products/services inside these alternate realities giving customers unique opportunities to test-drive products prior to buying them.

Training – Certain professions require hands-on training experiences where mistakes made do not pose risks thus providing simulated environments with built-in gamification elements helping trainees learn better.

Education – Virtual learning space creation provides students vast opportunities to engage & learn beyond traditional classrooms merging gamification techniques along personalized learning path development.

Real Estate – In situations where property viewings aren’t feasible say due to location constraints buyers/sellers able to experience properties virtually before taking a final decision hence save time/money for both parties involved.

With advancements, and immersive technologies bringing forth innovation possibilities, previously unheard of seems plausible state metaverses will transform our daily lives soon enough considering our current dependence upon any device having internet connectivity. What lies ahead nobody knows yet a sure exciting journey awaits us!