7 Industries that will be impacted by the metaverse.

The virtual life that’s been talked about in movies before the 20^th century is final here, the metaverse. The word is all over the media. Every media outlet is talking about the metaverse. What is the metaverse? Are we going to be controlled by the metaverse? The term “metaverse” was first used in Neil Stevenson’s 1982 novel “Snow Crash” Stevenson metaverse was a virtual place where characters could go to escape a dreary totalitarian reality. The metaverse is a virtual reality space in which users can interact with a computer generated environment and other users. The five industries that are likely to be disrupted by the metaverse Social Media, Finance, Architecture, Fashion, Marketing, Virtual Shows and Concerts.

 

Social Media

 

I can see the social media space being one of the first to be influenced by the metaverse. I see personal avatars starting to take over the profile pictures already on various social media platforms. There was just a recent change by Mark Zuckerberg, changing his parent company name from facebook to meta. They are planning to integrate the metaverse into their platforms instagram, facebook and whatsapp.

If you are on instagram you will see where they are experimenting with augmented reality. In all the filters across majority  social media platforms are a bit of augmented reality. Tik Tok was also experimenting or going to start doing NFTs where the content creators could do an NFT out of their Tik Tok posts.

 

Fashion

They are still in the early days of fashion brands creating digital clothes. This is really huge and you are starting to see big brands going into the metaverse. These brands are starting to create digital fashion. There is an article from vogue magazine talking about how luxury fashion brands are poised to join the NFT party. There are fashion artists and fashion designers that are building digital fashion. Stephy Fung a 3D artist based in London, that makes NFT dresses in the metaverse. These very beautiful Qipao dresses that are basically a kind of traditional Chinese clothes, these are like animated NFTs and you can buy it for 0.5, 2.4 ETH. With each NFTs it also allow the creators to later receive secondary market sales by resell it to someone else for 1 ETH and the creator Stephy Fung will receive royalties. They have this platform call Bitski, it allows you to build and sell digital NFTs, and you are able to see a lot of fashion art being sold here, you can own, you can sell, you can create and a lot of augmented reality skins and digital avatar skins can be created and sold in this platform.

 

Gaming

The gaming world is very straightforward, half of the metaverse platforms have to do with games. This is because games are the biggest use case, people spend a lot of time playing games. The new generation, the Generation Z and the millennials spend millions of hours playing games. There are about 2.5 billion gamers in the world and counting each day.

 

Marketing

In the metaverse people will now be able to do marketing and advertisements because even many years ago. The Sims, Second Life and other games are already brands advertising there. Coca-Cola and many different brands that put their own headquarters there and put advertisements in these games. The Metaverse is going to be the same. You have already a lot of brands like, Atari is buying plots of lands on the Sandbox and Decentraland. They are building things in these metaverses, so this is very important for marketing for brands. Even artists like, Snoop Dogg is very heavy into NFTs and the Metaverse. He has a big plot of land, worth probably more than a million dollars in the Sandbox.

 

Finance

Finance in the metaverse is going to be important, just as it is in the real world you can get a loan with monthly payments. PawnFi, it’s a decentralized lending platform where you can use your NFTs, your nonfungible assets, your digital assets as collateral to get a loan. Having a digital artwork like CryptoKitty or a Fidenza, and CryptoPunk. These digital assets are worth quite a lot of money, and if you want to get a loan in U.S. dollars to pay your bills. You are able to go on platforms like PawnFi or to NFTFI, and you put your CryptoPunk, your NFT as a collateral and you get a loan. This allow you to hold onto your NFTs, that you don’t want to sell so you can, lock it in a smart contract, in this platforms and get a loan in U.S. dollar.

Stablecoins, crypto coins and you can convert it to US dollars to pay your bills or personal use and then you repay the loan. You will be able to get your NFT back, this is basically how it works in the real world.

If you have the house and you want to get a mortgage loan, you are going to give your house as a collateral. Then once you pay back the loan, on your house, the collateral is gone and you have your house back. So in this case, you can do the same with digital assets, with your digital house, with your digital land, with your digital NFTs you can put them as collateral and get a loan from that.

 

Architecture

Architecture is also being impacted by the Metaverse. They are going to be buildings and people can build buildings in the metaverse. Metaverse architecture is also trending quite a lot because if people are going to spend time in the Metaverse, they want to have beautiful buildings there. They will be professional architecture designers waiting to design virtual buildings at your request.

Virtual shows and concerts.

This is not new in Fortnite, you have already a few artists that made big concerts, in the virtual worlds. Marshmello, Travis Scott, Ariana Grande and Justin Bieber is also planning concerts soon. They are doing these online concerts where people inside the game go and watch the concerts.

Concerts in the metaverse are making artists millions, and I think Travis Scott gross like a few million dollars from the Metaverse concert, from the Fortnite concert that he have made.