metaverse: How the metaverse accelerates economic development for emerging economies

As economies continue to unravel, countries are betting on the concept of digital space, commonly known as ‘Metaverse’. This comes at a time when the rate of inflation has reached its peak due to crippled ecosystems, distribution nightmares and the rising cost of centralization control – pushing the urgent need for decentralized architecture. made businesses and nations recognize the potential of the virtual worlds. A recent example could be the ‘Shanghai model’ which turns on the metaverse to recover from the declining economy. Even countries like South Korea plan to invest $177 million in projects related to the metaverse.

Metaverse is slowly evolving into a brilliant mix of virtual reality, augmented reality, sensory technology and spatial computing. It promises to give us new experiences from our bedrooms, couches, cafes and cubicles.

The New Economy It should be noted that metaverse is promising because it is based on a simple agenda of being a customer-first economy. Everything in the metaverse is designed to enhance the end user experience. For users, one can shop, play games, meet friends, attend concerts, work, and generally build a virtual life and lifestyle in the metaverse.

Metaverse as a technology can revolutionize the education and training sector. Recent research by the University of Maryland has revealed that students retain more information when presented in Virtual Reality (VR) rather than on a static computer screen. This ultimately leads to more and more students learning in an immersive environment, having better skills, getting better jobs and recirculating the economy.

The soft skills of employees can be improved four times faster while using VR than in traditional in-person classrooms, according to a PricewaterhouseCoopers report. Interestingly, Walmart in the US has already deployed more than 17,000 headsets to improve the overall employee training experience, and the results have been shocking. The time was reduced from 8 hours to only 15 minutes to effectively train employees. The reduction of time and high efficiency of employees will have a direct consequence to grow the economy at an unbridled speed. An important sector that the metaverse seeks to revolutionize is the complex-to-build manufacturing and machinery systems. Metaverse together with AR/VR technology can be used to lower the cost of complex industrial products and machinery. This lowers the cost and potential for human error. In particular, it can also be used to communicate instructions in a step-by-step manner. Simulation and modeling tools in the metaverse can be used to increase productivity and visibility for stakeholders. Virtual simulation tracks inventory, labor input and cost simulations, all can be done through something called an “enterprise metaverse system” that mimics the physical world and enables better control of design, implementation and execution.

Furthermore, traditional finance will be completely disrupted due to the emerging decentralized finance (DeFi) world in the metaverse. The metaverse is going to shift the power from centralized banks and financial institutions to the hands of the end users. Borrowing and lending will be much easier, direct and transparent. In general, payments, investments, trading and lending will soon be possible in the metaverse. Brick-and-mortar banks will be a thing of the past as customer service and interactions move into the metaverse.

The metaverse can also optimize urban development, with several cities such as Singapore and Saudi Arabia already creating digital twins to improve operational efficiency and urban planning. Digital twins allow users to visualize in 3D how the city will develop and evolve as the population of the country expands.

Meanwhile, the metaverse opens up new avenues to create value and earnings. Brands can produce and sell virtual clothes, objects and real estate, just like in the real world. This suggests that a new alternative financial system is becoming mainstream that involves companies creating new value and earnings harnessed by the power of cryptocurrencies and NFTs.

“E” Commerce to Experiential “E” Commerce People do not want to visit an e-commerce platform and buy the product seen in the pictures. They want to experience it and engage with it – this is only possible in the metaverse through digital avatars, which can become your digital twin, all fueled by the increasing interest in NFTs. What pushes metaverse to cater to a wider audience is that it works without the need for a central regulatory need.

The online shopping experience has its own set of problems. It includes no touch and feel like in the real world, the problem of returns and costs of returns, long service cycles, which makes an overall drop in customer satisfaction.

Metaverse brings the experience to online e-commerce, possibly through the combination of AR/VR with conversational commerce. It also enables the creation of a new purchasing experience in a virtual store with no geographical restrictions, which means unlimited access from anywhere in the world for all users.

Furthermore, real-time use and feedback of virtual products makes purchasing decisions better along with brand loyalty. Users get a personalized experience without stepping out of their comfort zone or even compromising their privacy.

Conclusion Business leaders need to start considering metaverses to build brand connections with communities. Web3 has the potential to revive the sinking economy because it will change the world we see today. Metaverse will be a haven to inspire trust and loyalty for industries. Adopting an immersive style of doing business will enrich customer and employee interactions.

Metaverse will only promote global economic development, increasing purchases and language as the lines between real and virtual blur. A virtual economy will preserve society’s experiences with virtual professions that bring profound value.

Despite the current hype and backlash, the metaverse has the potential to change the world we see today, albeit a digital one. In the future, it will only add more ways to increase revenue and contribute to the growing global economy.