The use of the phrase "metaverse" has recently gained popularity. Activision's $68.7 billion acquisition by Microsoft, according to Microsoft, "will provide building blocks for the metaverse." Although it is still in its infancy, the metaverse has the potential to change the internet if it comes to pass.
Metaverse is establishing new parameters to aid in the company's unprecedented ascent. Suffescom solution has skilled developers and provides the best services as a Metaverse Development Company.
However, what precisely is the metaverse and what does it imply for underdeveloped nations? Although there are promising use cases in almost every industry, this post focuses on some opportunities the metaverse presents in the areas of education, health, and urban development.
What exactly is a metaverse?
The term "metaverse" is not one that is agreed upon by everyone. In a persistent and shared virtual space, it entails fusing physical and extended reality (XR). Augmented, virtual, and mixed reality technologies are collectively referred to as "XR." Virtual spaces for interaction, connection, sharing, and cooperation are available in the metaverse. People can do almost anything in the metaverse, including work, meet, collaborate, shop, stroll, watch movies and concerts, and play games.
The metaverse will be complemented by a multidimensional Web 3.0 of the next generation. A quantum leap in data capture, transmission, and storage is likely to accompany the combination, necessitating sizeable investments in digital infrastructure. Transmission of 8K resolution images at 60 frames per second with HDR (High dynamic range), extending their color and contrast, may be necessary for a high-quality immersive experience. Even with cutting-edge compression methods, these requirements would translate into high bandwidth needs.
Since the global market for the metaverse was $4.69 billion in 2020 and is expected to increase by 43.3 percent annually from 2020 to 27, it offers a sizable economic opportunity. The number of "virtual worlds"-related patents that have been published since 2000 is depicted in the graph below. Immersive technologies are generating a lot of attention and are becoming more popular.
The steady development of XR and digital twins technologies is likely to bring the idea of one or more metaverses closer to reality.
1. Training and Education
Immersive technologies will be used most effectively in training and education.
Users retain information more successfully when it is presented in virtual reality (VR) as opposed to on a computer screen, claims the University of Maryland. According to a PricewaterhouseCoopers report, VR training can train employees four times faster than traditional in-person classroom or online training in soft skills.
17,000 VR headsets have been made available by Walmart to improve employee training. It has reduced the amount of time needed to train for some activities from eight hours to just fifteen. The training time for Verizon's call center employees who field irate customer calls was similarly cut from 10 hours to 30 minutes.
2. Medical Care
To ascertain the worth of VR in training hospital frontline staff, the National Health Service of the United Kingdom commissioned a study. In comparison to only 16 percent of the control group, 92% of VR participants who were instructed in infection control measures were found to have an adequate understanding. In contrast to 16.75 percent for the control group, post-training performance increased by more than 230 percent for the VR group. Users also said they felt less anxious when presented with COVID-19 scenarios.
Medical professionals in the UK have also used AR technologies to treat COVID-19-positive patients, cutting the exposure of medical personnel to COVID-19 by 51.5%.
3. Development of cities
To increase operational efficiencies and urban planning, many cities are building digital twins. Virtual Singapore, a digital twin developed by Singapore, allows users to see in 3D how the city will change in response to population growth and new development. There are many applications for this virtualization, including simulating transportation planning and selecting the best locations for solar system placement.
Seoul has declared that it will provide services in the metaverse, enabling citizens to communicate with public servants, handle neighborhood issues, and receive consultations in a virtual setting without going to City Hall.
In Saudi Arabia, a $500 billion city is being built. Neoma, the city, will have a virtual twin in the metaverse that will let residents explore it before it is actually built.
What should developing nations think about?
How can developing nations profit from this impending future? They can initially use immersive technologies in training and education. Institutions for teacher education offer immersive training opportunities for educators. On gaming platforms, educators can encourage students to produce educational content. In a similar vein, immersive technologies can improve training for healthcare professionals.
Urban development can be made more efficient by the metaverse. Virtual worlds and architectural design will merge in the future as new forms, experiences, purposes, and aesthetically pleasing methods of creating environments become available. With the aid of architects and gamers working together in immersive spaces, cities in developing nations could try redesigning urban areas, including slums. Through immersive experiences, residents could be consulted on alternative designs. Commercial spaces that are a part of the redesign could be sold in virtual worlds, with ownership transferring to their real-world counterparts once execution is complete. This would bring in money for development.
Most importantly, developing nations could take into account national strategies on digital twins, which will eventually serve as the foundation for metaverses. Digital twin promotion is being pursued by the European Union, New Zealand, and the United Kingdom. The World Development Report 2021's "Data for Better Lives" recommends including the metaverse opportunity in national data ecosystem development strategies.
The metaverse may have advantages in a number of fields, including healthcare, education, and urban development, to name a few, despite current hype and associated risks. It is wise for developing nations to begin investigating the potential advantages (and dangers) of the metaverse in order to get ready for a technology that is likely to gain traction in the years to come.
