The world is undergoing one of the most significant technological transformations in its history with the development of the metaverse, a collective virtual space that is already beginning to change how people interact, opening up multiple opportunities for value sharing, collaboration and success in the digital age. As this exciting new future continues to develop, Visa has released a new research report “Unveiling the potential of the metaverse” that shows the great opportunities that exist today and the important directions that can take the metauniverse to the next level to unlock its full potential and promote its adoption by everyone, everywhere.
Using research and lessons learned from Visa’s work in the Web3 space over the past year, as well as insights from exclusive consumer research and interviews with industry experts, Visa and Caribe’s Latin American Innovation Center in collaboration with Payments and Commerce Market Intelligence (PCMI) led preparing a detailed report offering a a clear vision of the metaverse, its future prospects, and the impact of the convergence between Web3, spatial computing, virtual and augmented reality (VR-AR), and generative artificial intelligence on real-world applications.
“As we envision the potential of the metaverse, the new report provides a framework for stakeholders to collectively define the future of this space and create truly immersive, connected and inclusive experiences with technology, helping everyone thrive in this competitive digital world,” said Roberta. Isfer, Visa’s executive director of innovation in Latin America and the Caribbean. “With recent advances, particularly in spatial computing, the metaverse is rapidly becoming a tangible reality, and at Visa we look to the future to help unlock the limitless possibilities of this transformative technology.”
There are three great possibilities
A new report from Visa shows this as brands and businesses increasingly embrace the technology the top three opportunities in the meta universe are video games, commerce and retail, and education.
Video games and entertainment
Video games and entertainment are the main reason people access the metaverse. Interactive and immersive experiences, including virtual concerts or museums, popular games (such as Roblox or Fortnite), live performances and sporting events, are redefining traditional entertainment.
Users also recognized the huge potential of virtual games to earn money thanks to their skills.. Axie Infinity, a game that allows you to earn money. Thanks to blockchain technology and cryptocurrencies, “games to earn money“(play to earn) allowed gamers to become owners of digital assets and participate in the virtual economy.
Trade and retail sector
The metaverse has the potential to become a “metaeconomics” a thriving economy where digital assets and virtual currencies have tangible value, transforming commerce and the retail sector. For example, Marketplaces/virtual stores can create an immersive shopping experience by simulating a real retail environment. There are already companies using virtual reality in fitting clothes and accessories, allowing customers to explore and experience virtual products and shop in a virtual space.
The concept of digital property Web3 and NFT can also revolutionize the retail sector by allowing creating exclusive digital assets, offering limited edition or exclusive products, and trading those assets in the meta universe.
education
Education has transformative potential and is revolutionizing traditional learning methods. The immersive and interactive nature of virtual environments allows education to overcome physical boundaries and offer a richer learning experience, allowing students to research historical figures and ancient civilizations and learn in virtual classrooms and collaborative projects with students from other countries.. Education in the metauniverse already a a trend in countries like South Korea and Japanwhere teachers tested VR applications and incorporated the metaverse into their classes.
“The research highlights the importance of an incremental approach to educating consumers, developing viable use cases, and ensuring security. Increasingly, consumers are being offered blockchain-based financial solutions, including cross-border payments, tokenizing the world, and transferring ownership of a car or home,” Lindsay said. Lehr, CEO of Payments and Commerce Market Intelligence. “With Web3 and the metaverse, these real-world use cases can take place in virtual worlds for sources of physical and digital value, opening up new sources of liquidity, wealth, trade and business. The growing use of blockchain and currencies in real-world physical commerce and Web2 naturally opens up more and more possibilities for the meta-world.”
How to take the meta universe to the next level
The future of the metaverse stems from new, disruptive technologies coming together to create immersive and interconnected experiences. Visa’s in-depth report highlights that the integration of Web3, spatial computing, VR/AR and generative artificial intelligence has great potential to shape the meta-universe and drive its development. With these technologies, consumers and businesses can enter fully simulated multi-sensory environments, autonomously create and generate content, and have full ownership and control of their digital assets and identities on blockchain networks using Web 3.0 platforms.
However, to take the metauniverse to the next level and unlock its full potential, Visa’s research report highlights the importance of prioritizing collective efforts across the industry to improve user experience, accessibility (including the availability of VR/AR hardware), and develop a metauniverse that seeking inclusion ), interoperability, scalability, blockchain integration, and developing a robust and secure regulatory framework for digital identity.
The Future of the Metaverse:
Visa’s new research report comes at a time when the total addressable market of the meta universe could reach $8 trillion to $13 trillion by 2030, and the total number of meta universe users will be in the range of five thousand million, according to Citi. McKinsey’s report also indicates that investments related to the metaverse will exceed $120 billion by 2022 and that 95% of business leaders expect the metaverse to have a positive impact on their industry within five to ten years.
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