Hospitality, retail, and a real estate business might experience immense opportunities from the growth in the metaverse, claims an industry expert.
“At the heart of what the metaverse stands for — it makes the internet more conversational,” Kunal Lunawat co-founder and managing partner at Agya Ventures, a real estate tech-focused fund, told Yahoo Finance.
Metaverse and retail
He imagines the advancement in the metaverse or internet may provide retail brands the chance to develop a conversational link between the real and virtual world.
For instance, an individual may purchase a virtual handbag for their avatar, “but the proof of ownership of that handbag also gives you access to special discounts and benefits at that brand store in the real world,” said Lunawat.
Furthermore, the customer will give companies feedback on what type of improvements need to be there in the upcoming product.
“This whole concept of co-creation and co-building and having customers take more ownership of the brand itself is such a powerful construct. I think the metaverse will finally give it the reality,” said Lunawat.
Metaverse and a real estate
Persons who purchase NFTs (non-fundable tokens) tied to a virtual asset like future a real estate property. Hence, they will be able to have access, to markdowns and rights in the real world when the real launches take place, for instance.
“It’s a novel way of thinking about marketing these assets and creating that sense of exclusivity that drives sales in the real world,” he said.
Metaverse and Hospitality
Hospitality businesses holding virtual events might get profit from brand appreciation. Furthermore, the “imprints” registered in attendees’ minds will take this business up.
Subsequently, big companies like Microsoft, Nvidia, and Meta (FB) have already prepared their plans for the new versions of the internet. So, the changes are happening very fast.
Meta publicized it is trying ways for makers to sell virtual goods and encounters on their platform known as Horizon World.
Experts recently predicted that the worth of metaverse might reach roundabout $13 trillion by 2030. And the number of its users might reach five billion.
“That’s a lot of money that needs to pour into the system and a lot of growth that needs to happen for us to reach that landmark,” said Lunawat. He’s assured the total addressable market will touch at least $8 billion.
“I’m pretty bullish that we’ll meet that, and even maybe surpass that,” he said.