The metaverse isn’t created equal if we look at its adoption across sectors: gaming, retail, virtual events, and concerts have been quick to adopt it — even in early-stage implementation. On the more nascent side of the metaverse adoption spectrum sits office, residential real estate, and hospitality, which are just beginning to see possible use cases emerge over the past few months.
The metaverse is, according to Facebook, a set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you. While the metaverse concept itself is nothing new, it has gained traction over the last several months. It is a confluence of enabling technologies such as AR/VR, blockchain, and NFTs that have made significant progress.
As with any new technology adoption, some inflated expectations are due for the metaverse. However, the fact that some of the world’s leading companies like Meta and Nike and numerous entrepreneurs are putting their best effort into building the metaverse makes it likely that it’s a frontier in the technology ecosystem for the next decade to come.
The World’s Largest Technology Companies Making Major Strides
The world’s largest technology companies have made significant strides in the past few months — from Facebook changing its name to Meta to Microsoft acquiring Activision Blizzard.
Consumer brands like Adidas and Nike are creating their own metaverse experiences. For example, Adidas next collection will be a combination of digital and physical items and will be sold as NFTs produced with collaborators such as Bored Ape Yacht Club.
Nike, meanwhile, acquired virtual shoe studio RTFKT in December and is building a “Nikeland” metaverse inside Roblox.
Think, Friends Shopping or Gaming Together in the Virtual World
Technology is emerging for the retail sector to adapt virtual shopping and social commerce — even in the earliest innings of metaverse adoption, businesses were beginning to merge VR.
The most tremendous adaptation has arguably been in the gaming industry. This shouldn’t come as a surprise, given that gaming infrastructure is conducive to creating and exploring the virtual world with others.
What Will the Metaverse Do for the Office?
The metaverse offers virtual coworking opportunities for the office, allowing employees to use immersive collaboration and communication tools to create a more connected work-from-home environment.
What about the built world? The metaverse is still coming into form. There is a wide range of adoption levels within the built environment across asset classes and use cases. At Agya Ventures, a VC fund focused on early-stage tech companies; this is how we see the metaverse impacting different industries at various stages of adoption.