Virtual worlds

Top 3 industries that will be revived thanks to virtual worlds

Metaverse companies are already deeply entrenched in virtual worlds. They are gaining more and more popularity, says Xno Buidirector of the metaverse @ Whydah.xyz.

Broadly speaking, the metaverse is a hypothetical iteration of the Internet that presents a single, universal, and immersive virtual world. This is facilitated by the use of virtual reality (VR) and augmented reality (AR) headsets.

After sifting through a lot of statistical and monetary data associated with this space, I found that most studies see the Metaverse grow at a rapid rate in the short to medium term.

The total market capitalization of this space is expected to grow from its valuation of $41.9 billion in 2020 to $1.23 billion by 2030. This is growing at a compound annual growth rate of (CAGR) of 40, 4% from 2021 to 2030. Not only that, some analysts believe this space will grow and reach a Evaluation from $8,000,000 to $30,000,000 over the next decade.

In this regard, I am convinced that the technological proposal put forward by the metaverse is likely to revolutionize a whole series of industries. For example, a virtual 3D world is not limited by space and time limitations. People can work, play, and hang out with each other using their digital avatars, allowing them to attend events and engage in activities they otherwise wouldn’t be able to.

Market segments that could be revolutionized by the metaverse

I see the influence of the metaverse expanding into areas previously considered impossible. Here are some industries that I think could be revamped through the influence of the metaverse.

Metaverse mode

Through the use of digital clothing trends, many steps leading up to the actual physical production of clothing can be streamlined. At this point, I can say from personal experience that virtual robes can be used for a wide variety of utilitarian purposes. These include modeling, sampling, and marketing even before their physical iterations are released. It can not only help reduce the industry’s carbon footprint, but also significantly help to mitigate many other environmental impacts associated with the life cycle of fashion items.

From a retail perspective, I’d like to add that metaverse-centric apparel can circumvent issues with overproduction – one of the biggest issues plaguing the fashion industry today. Manufacturers can produce a fixed number of garments directly related to their sales in the Metaverse.

That said, I personally believe that the most important utility of the Metaverse when it comes to redefining fashion is its ability to allow shoppers to use their digital avatars to visit various stores. They can try on different clothes before making a purchase. This can help companies, labels, and fashion houses access a kind of “borderless presence” that can enhance their brand awareness seamlessly.

metaverse education

Another industry that I see benefiting from the growth of the metaverse is the education sector. So much so that many experts consider this technological field as having an irreversible impact impact on student learning. Indeed, the metaverse offers educators the opportunity to engage their students using a more immersive style of teaching. But also, they can model their educational practices in a way conducive to creating a more hands-on experience.

In fact, there are already a few schools that have taken a liking to this approach. For example, the Hybrid Preparation Dallas, an institution that opened earlier in 2021, already uses a hybrid teaching model infused with virtual and in-person learning. Registered students must use a digital interface (such as a laptop, smartphone, or desktop computer) to access the STEMuli metaverse. This then allows them to access a virtual learning environment.

Olga Romero is the founding director of Dallas Hybrid Prep. “Our fifth graders join their teachers while learning from home to collaborate and complete game-style assignments, using avatars and earning money online to complete assigned tasks.”

metaverse school

Metaverse Sports

Over the past few months, sports teams with passionate fanbases have continued to use various aspects of the Metaverse to maximize their levels of consumer engagement. And, while these interactions have largely been relegated to the use of digital tokens and other similar offerings, things look set to change quite quickly.

The rapid development of augmented reality (AR) tools such as haptic feedback suits is underway. Users will soon be able to participate in a variety of sports activities from the comfort of their homes. This is while reaping all the physical and mental benefits of the same.

In fact, it’s worth noting that one of the most popular game titles on the Oculus VR marketplace is a title called “Fight Night.” It is a boxing game that allows users to maximize their fitness simply by training and competing as they would in a real boxing ring.

Now, with physical sensations being brought into the mix, I see this trend gaining much more momentum in the short to medium term. People can participate in their favorite sports activities by simply putting on a helmet with a feedback garment.

Bitcoin BTC Basketball

Look forward

The world continues to move in a direction increasingly driven by decentralized technologies. There is no doubt in my mind that the metaverse will continue to have a growing impact on various traditional sectors, especially fashion. For example, over the past seven months, a growing list of mainstream brands, including Adidas, Nike and Gucci, which have Between the Metaverse.

To explore this point further, Dolce & Gabbana recently sold a digital glass suit for a whopping $1 million. Gucci’s virtual Queen Bee Dionysus bag was able to fetch a handsome $4,000, a figure that was actually more than the valuation of its physical counterpart.

Late last year, Louis Vuitton announced the Release of a homemade video game designed to allow players to collect a total of thirty NFTs within its digital universe. Other top fashion companies have joined the Metaverse fray including Balenciaga, Ralph Lauren, etc.

While the reach and long-term impact of the metaverse on the fashion industry is yet to be determined, I firmly believe that technology will be instrumental in redefining this space, and soon.

About the Author

Xno Bui is the Metaverse Director at Whydah.xyz. Bui has over 15 years of design experience in various industries, from high fashion and interior design to brand orientation and user experience design. She obtained her MBA from the University of Glasgow in the UK and graduated in jewelery design from the Central Saint Martins Institute (UK). Bui strongly believes in the digital future of society and the community. This is the driving force that pushed her to enter the world of blockchain technology in 2018.

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