The Wonderful World of Web 3.0: Life in the Metaverse - Phygital Realms

Advancements in the New World of Web 3: A Look Toward the Decentralized Future offers a comprehensive exploration of Web 3's main aspects, regulations, risks, and challenges. Dr. Thomason's recognized expertise and authoritative voice make her the perfect guide to unravel the complexities of Web 3 and its implications for individuals and society.

This week, we provide a precis of Chapter 10, Life in the Metaverse. Phygital Realms

INTRODUCTION

As the quest to build Metaverses continues, many industries invest by entering existing Metaverses or developing their own, from entertainment to commerce to real estate to health and education. It will be in new "phygital" realms that Metazens (citizens of the Metaverse) will explore these new domains. ? "Phygital" is the use of technology to bridge the digital world with the physical world to provide unique interactive experiences for users. This post explores the sectors utilizing the Metaverse and issues for future growth, including infrastructure, user experience, adoption, and interoperability.

METAVERSE USE CASES

What industries will use the Metaverse, and what will life in the Metaverse be like??

Commerce??

Commerce in the Metaverse is growing fast, including promoting and profiting from digital products, Selling digital products that customers can use in their virtual worlds, creating brand experiences, building customer loyalty, and testing new products before they are released to the public. Regardless of what ends up enabling Metaverse commerce, there are few times in history when entire markets have been presented with what essentially amounts to a fresh slate. Virtual fashion houses and digital designers have a unique opportunity to build a new digital fashion industry. NFTs, as digital receipts, are providing the means for decentralized Metaverse commerce.

Gaming

Gaming will likely be the vector for the widespread adoption of digital assets with the availability of high-performance platforms, improved on and off-ramps for digital assets, and better digital asset storage and distribution tools for gamers, incentivized by the ability for gamers to earn credits that can be used in games.?

Social Tokens

In the Metaverse, people will socialize, attend concerts, travel, shop, and go to the movies - virtually. Fans can create avatars where they can meet their idols and receive virtual autographs.?

Social communities can be global and will be able to exchange network tokens for contributions to the ecosystem. Blockchain-based Web 3.0 ecosystems can crowdsource talent, products, and user inputs worldwide. It is possible to rapidly develop and implement large-scale structures for incentivizing human behavior.? The Metaverse will grow to include multiple cross-chain possibilities as the virtual economy grows in importance. Gen Alpha will see these digital opportunities to believe that the Metaverse is the place to make their fortunes.

Health and Wellness

There is substantial potential for Metaverse to extend and improve health care. The healthcare sector is seeing a massive digital transformation from MRI scans and X-rays to robotic surgeries,? virtual reality, and mental health. Harnessing technology will give consumers the data and information they need to proactively manage their health and wellness and make better, more informed decisions.?

Clinical Care

The Metaverse will further enhance surgical precision and flexibility for complex procedures. Pre-surgery and post-surgery assessments can also benefit from using A.R. to optimize surgical outcomes with more personalized intervention rooted in data analytics. For patients, these technologies can expedite education about conditions or treatment plans. Avatars will be created for more realistic consultations, personalized care, treatment, and diagnosis through data interconnectivity. Metaverse is already used to treat mental health issues, including phobias, PTSD, anxiety disorders, hallucinations, and delusions. Many more use cases are under development, and the advent of 5G is expected to accelerate the use of Metaverse and immersive technologies in health care.

Wellness

Gamification will connect healthcare providers and patients, especially in wellness and fitness, where A.R. delivers more innovative workouts with guidance from virtual instructors. A fast-developing application is "move-to-earn," where players are incentivized to be active. Smartphones or fitness wearables track their data, and players can get rewarded for exercising.?

Collaboration and Scientific Discovery??

The Metaverse offers 24-hour research, scientific discovery, and design collaboration spaces. Avatars of collaborators can work with digital whiteboards and workstations and meet face-to-face without complex conferencing equipment. With the growing popularity of digital twin technology, industries can test systems and machines and detect vulnerabilities before moving into the physical realm. ?

Metaverse Education

The metaverse education market is expected to grow significantly, with increased public and private investment. The Metaverse offers the potential for experiential learning, it also enables? Personalized learning using algorithms to create customized learning experiences for each learner. These platforms adapt to each learner's strengths and weaknesses and provide targeted feedback to help learners improve.?

Artificial intelligence will play a significant role in the future of metaverse education, allowing for more personalized learning experiences and improved data analysis. A.I. can improve the educational experience and outcomes in several ways:?

(i) Personalized learning

(ii) AI-powered assessments

(iii)AI-powered tutoring systems

(iv) A.I. algorithms can automatically grade assignments and exams, saving time and providing students with immediate feedback

(v) A.I. algorithms can analyze data on student performance and feedback to inform the development of curricula tailored to individual student needs.?

The rise of metaverse education will challenge universities to adapt and innovate to stay relevant in a rapidly changing educational landscape. Metaverse education can be more flexible than traditional university education, as learners can access courses and materials anywhere and anytime.?

Sports?

The Qatar World Cup has provided an opportunity to see how the Metaverse can broaden access to exclusive events. Many people worldwide cannot visit Qatar, but they can go through a virtual space and visit one of these stadiums, shop for merchandise, trade these, and win prizes. This will make global events more accessible to people who would otherwise be unable to travel to attend.

Government and Industry

Every government and major company will have a Metaverse strategy. The capital of Korea, Seoul, is building a Metaverse to provide digital civil services, and other cities have announced their metaverse initiatives. In Dubai, the Dubai Future Foundation recently convened the Dubai Metaverse Assembly and concluded that governments and businesses must now act to prepare themselves for the Metaverse transformation. It concluded that the Metaverse is expected to empower users in new ways. Other governments are expected to follow these pioneers.

Metaverse-as-a-Service

The software industry has been quick to respond to Metaverse with the creation of Metaverse as a service. These subscription services enable people to access various components and technologies of the Metaverse. There is a proliferation of platforms that will allow people to access digital twin technology, with digital twins-as-a-service making it possible to co-create solutions with digital twins, creating a virtual model of a physical thing.?

CONCLUSION

There needs to be a genuine utility for the Metaverse to be widely adopted, and people must associate it with utility.? Specific demographics are more likely to engage. Teenagers are the ones who are embracing the digital-first lifestyle. They have grown up with smartphones and touchscreens and are much more comfortable with these digital-first experiences than people. It has become part of their lives as they have gotten older. There are challenges in educating people who may be resistant to the Metaverse. What are some of the things that bring that experience to them?? There is much to learn. There are no doubt risks, but the opportunities are immense. This is a new world that is advancing daily, and our knowledge grows with the innovators who are building these new Metaverses. This is the next iteration of the internet, and governments and businesses will embrace it, as Gen Z and Gen Alpha do.

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