Since Meta has announced the launch of their Metaverse, many people have been gossiping about the features that will be offered and what new things will be introduced that can change our world. But nobody is talking about how the industries will be disrupted by Metaverse and how it will affect our life. So, what is a Metaverse, and how will it change our life completely?
Metaverse: The Revolutionary Idea to change the world
Meta, a parent company of Facebook, Instagram, and Whatsapp, is a giant social media company that has recently announced the launch of its Metaverse. It has shaken the whole world with its ideas and is will present a new and innovative virtual world for the people. It is going to revolutionize the way of using social media.
The sources say that Meta is developing a new virtual world where you can see the people who live on this platform. You can hang out with your friends as you used to do in the real world. That will be possible by creating NPS, which are usually used in video games. Metaverse is going to offer a 3D world where you can meet new people and the places that you want to visit in the real world. This is going to be possible by using VR boxes on which the company is still working.
Meta is also planning to collaborate with NeuraLink, which is already working on a new technology where they are working to enhance the brain of human beings. The main focus of Metaverse technology is that it can record the memories of the brain and store them in an artificial brain-like data storage device.
If it is going to happen, then we can find the people in Metaverse who are not alive, and also we can talk to them. Once this feature is released, on one side, there will be many industries that will see the enhancement in their business. At the same time, there would be a group of businesses that can see the downfalls.
So, let’s see, what are companies that can be disrupted due to the existence of Metaverse.
Top 5 Industries that will be Disrupted by Metaverse
1) Tourism Industry
Meta is going to develop a 3D virtual environment that will be very similar to the real world. So, there is no need to take a plane ticket and reach the places that you want to see every in your life. You have to just enter the Metaverse and visit the places wherever you want at no cost.
Once the Metaverse takes place in reality, no doubt it would be a win-win situation for the travellers. But on the other side, it will drastically affect the tourism industry. Because nobody would like to invest money in booking tickets, spend the amount on the entry fee, spend money to feel the real luxury, and so on. This way, Metaverse will disrupt the tourism industry as they won’t be able to make revenue from any sources.
2) Education Sectors
Due to covid, our education has come online ahead of time which was supposed in the upcoming 4-5 years. This is the early stage but soon may face disruption because Metaverse is going to bring a new model of teaching where there will be no need to install an app and attend the lecture as today’s educational institutions are doing. There would be a decrease in sales of stationery items, uniforms, books, and other essential study essentials.
Students face many problems during online lectures as they can’t ask direct questions and interact with the teachers. Even they don’t get the environment that was used to be provided in the classroom. Apart from that, it is hard to interact with batchmates and make real friends.
3) Hospitality Industry
In the Metaverse, you will have your own Avatar that will live a virtual life by meeting people online. When Meta takes place in reality, it will decrease the physical and social gatherings. So, people won’t need to travel for a meeting, throw out a party, book rooms or banquet halls, significantly more activities.
As a consequence, this will drastically affect the hospitality industry, which is running based on people’s footfalls. The hospitality industry won’t get many orders for meal preparations, event management, serving beverages, offering night events and bar facilities, and more.
4) Marketing & Advertising Industry
In today’s world, the traditional way of marketing has been replaced with a digital medium where the company needs to build a website and promote its product on various platforms. Now, the virtual model of advertising any business has opened opportunities for several jobs. A few examples are domain and hosting sellers, software developers, content creators, marketing experts, and so on.
Metaverse can be the platform where the customers can directly interact with the product and the company. But indirectly, it will discontinue offering the source of earning to too many individuals and the people who are essential for the marketing of the business in offline as well as online mode.
5) Real Estate
Land and other properties are very important assets in life, and we all need our own houses or other real estate properties to showcase our status. Metaverse can replace these real-world properties like NFTs have done. As the virtual world is similar to our real life, people will start investing in virtual land, and the landowners will be unable to sell their physical land to earn money. Many traditional businesses such as retailers and even restaurants shift to online space. Gclub reports that even traditional casinos now look towards expanding their business to the Internet.
Final Thoughts
Soon the time will come when there will be no difference between the real and the virtual world. We will get the opportunity to meet the people and great personalities in the 3D world who are not with us now. This is going to happen in Metaverse is collaborating with NeuraLink to bring back the dead people.
But how much will it be safe? It isn’t possible that we will be engaging more on social media and afraid if we forget the real world. So we should use it wisely and stay in the real world as much as possible. It is a fantastic technology that Meta is going to make a reality, but at the same time, it seems more dangerous for individuals and business people when it comes into existence.
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