The Metaverse Will "Eat" Everything
Here are some of the ways the next generation internet will transform all traditional industries. #metaverse #newinternet #AI #VR #AR #XR #blockchain #web3
Humans have inhabited the real world for thousands of years, building well-organized societies and highly developed civilizations. However, the emergence of the metaverse is set to change everything, as a TIME magazine issue boldly proclaimed last year.
Credit : TIME
What exactly does this “revolution” mean for humanity and society?
To understand this assertion, we need to explore the origins of the human needs in the metaverse.
The metaverse will disrupt many lifestyles, but we need to consider the nature of human needs, which are composed of physical and psychological needs. Even in the metaverse, Maslow’s hierarchy of needs is still applicable, with the essence remaining unchanged, but the form and proportion changing.
Credit : verywellmind.com
Applying Maslow's diagram in the metaverse, the desire to socialize portion of the graph will be infinitely enlarged, with social media platforms proliferating and taking up a big chunk of our time daily. The act of hanging out at a place or joining a club in the virtual world will become as important as doing so in the physical world. Socializing will be a crucial factor that satisfies the psychological bonding needs in the metaverse.
In the future of the metaverse age, transportation applications such as DiDi or Uber that take passengers from one place to another may no longer exist or decrease in demand significantly. However, the demand for shopping will rise, and a metaverse version of e-commerce platforms will emerge. Applications like TikTok will also continue to exist, except that they need to be upgraded to three-dimensional and offer more realistic immersion. Platforms that support trading virtual goods will overtake physical markets in the real world.
In the real estate industry, virtual reality (VR) tours of properties could become the norm, allowing potential buyers to view properties without leaving their homes. Hotels could offer virtual travel experiences, allowing guests to visit far-flung destinations without leaving the comfort of their rooms. With the ability to create any environment, virtual real estate will become a significant asset.
Another example of using new methods to meet the old demands is the virtual tourism industry. In the past, many tourist sites and attractions were scattered in various cities, and tourists who wanted to visit were restricted by distance. But in the metaverse, tourist sites will be available in every corner of the virtual city allowing everyone to experience it at any time and anywhere.
For tourist sites, if they don’t make any changes, they will be threatened to lose relevance. So what can they do to avoid such destiny? The first step is to digitalize the tourist attractions and upgrade the graphics to accommodate for multi-sensorial immersion. If they can offer an immersive experience with five senses restored, every tourist can feel complete immersion without even the need to travel to visit the real physical site. Imagine if the virtual experience eventually becomes even more appealing and engaging than the physical experience, any tourist attraction IP can ramp up their revenue significantly in the virtual world!
VR tourism game “Temple of Heaven”. Credit : STEPVR
People will also need to work and earn money in the metaverse. Work is a means through which individuals exchange the surplus value of their own labor for the surplus value of what others offer. In the evolution of human society, money is a means for different parties to consent to the value of that thing being exchanged, and money will take the same function in the virtual world. People need to work, no matter where they are, hence the metaverse will offer people new opportunities to work and earn money.
The metaverse is a new world akin to a vast virgin land, representing opportunities for sweeping reconstructions. The emergence of the metaverse will subvert almost all traditional industries, as businesses are constantly competing for consumers' time. People spend about 10 hours per day on eating and sleeping, leaving only 14 hours for work and other preferred lifestyles. If people spend more time inside the metaverse, like in the Oasis from Ready Player One, the time that consumers spend in the real world will become shorter and threaten traditional industries and businesses.
Traditional industries will need to adapt to the new digital era of the metaverse or risk being left behind. The metaverse will create new opportunities for businesses that are quick to gain early mover’s advantage and grab early market share.
Remember, new rules quickly emerge and solidify in the midst of chaos and disorder of innovation. From the evolution of our primitive society to today’s Internet-driven society, and then to the metaverse society, there will gradually be rules, permissions, and a set of governance systems. Those who do not adapt fast enough to transition into the metaverse era will lose out to their competitors.
Our proprietary omnidirectional metaverse portal. Credit : STEPVR