Everyone’s talking about the metaverse. But does anyone use metaverse? Is the metaverse just a fad, or is it a technology that’s here to stay? To understand the potential of the metaverse and its disruptive power, it’s important to review a few concrete metaverse use cases and applications in 2024.
What’s the metaverse for?
The metaverse is defined as a digital world that can operate on blockchain technology. Unlike “simple” virtual reality, a metaverse involves a blockchain and a token (or cryptocurrency).
Like any emerging field, it’s still difficult to fully understand the scope of the metaverse. Although the concept has been around for a long time with video games, the metaverse came out of the shadows in October 2021. In the meantime, many players have shown a keen interest in this new technology.
However, most projects are still in the development stage. What’s more, secrecy is often tightly guarded. So, for many, the only information available is the content of registered patents. Nevertheless, the projects are sufficiently varied to give an initial idea of the enormous potential of the metaverse. So what are the use cases of the metaverse in 2024?
The main use cases of the metaverse
As a parallel digital universe, it’s not hard to see that the potential of the metaverse is enormous. While we’re still in the early days of this technology, here are some of its main use cases.
Learning
Is anyone using metaverse to learn something? The metaverse can be used to deliver training courses. Hosted digitally, these courses require less infrastructure and go further than traditional training. For example, French start-up Simango has developed a hospital in the metaverse for training hospital staff on how to use metaverse.
Games
Many of today’s metaverse platforms are games, this is metaverse first use. The principle, for example, is to buy virtual lands and then develop them. At present, the main metaverse platforms are Decentraland (MANA), The Sandbox (SAND), and Axie Infinity (AXS).
Decentraland and The Sandbox allow users to purchase digital lands. Users can then build infrastructure on it (games, online shops, etc.). More and more celebrities are getting in on the act. Footballer Marco Verratti, for example, has bought an island on The Sandbox.
Ana Ivanovic, Stanislas Wawrinka and Kinglsey Coman have also bought assets in the metaverse. But the land offered for sale by these platforms can also be used for business purposes. Among the “customers” of The Sandbox or Decentraland, for example, are companies including banks.
Axie Infinity is a metaverse gaming platform. It is like Pokemon with a metaverse and blockchain twist.
Entertainment
The metaverse is also entering the field of entertainment. For example, entertainment giant Disney recently announced plans to create “its metaverse”. The American company filed a patent in December 2021 with the US Department of Commerce. The patent would cover the reproduction of one of its 12 theme parks in the metaverse. Users would then be able to move around the virtual park without VR devices.
“The Walt Disney Company has a long history of pioneering the use of technology to enhance the entertainment experience. (…) Our efforts to date are just a prologue to a time when we will be able to connect the physical and digital worlds even more closely, enabling limitless storytelling in our own Disney metaverse, and we look forward to creating unprecedented opportunities for consumers everywhere to experience all that Disney has to offer across our products and platforms.” Bob Chapek, Walt Disney CEO.
Still in this field, another example is fast-food giant McDonald’s. In February 2022, it was revealed that McDonald’s had filed patents whose content leaves little doubt. Indeed, some of the patents mention “virtual food and beverages”, “virtual concerts”, a “virtual restaurant that enables home deliveries”, and so on. Do you want to order your Big Mac in the metaverse!?
Sport
The metaverse is used in the world of sports to boost fan engagement. For example, the English soccer club Manchester City is in the process of creating its stadium (Etihad Stadium) in the metaverse. This will enable fans to enjoy exclusive benefits and discover new experiences linked to their club. For their metaverse, the Mancunian club has signed a partnership with the Japanese firm Sony.
“All the interest we could imagine having a metaverse is that you can recreate a game, you can watch the match live, you’re part of the action differently from different angles and you can fill the stadium as much as you want because it’s unlimited, it’s completely virtual.” Nuria Tarré, Marketing Manager, City Football Group.
Manchester City is not the only soccer club interested in the metaverse. Liverpool and Manchester United (who recently signed a partnership with Tezos) are also in the running.
Fashion
The metaverse is opening up new opportunities in fashion. Several fashion designers, such as Tommy Hilfiger, are taking a keen interest in the metaverse. In March 2022, a fashion week was held in the Decentraland metaverse. In addition to Tommy Hilfiger, other renowned designers were invited, including Dolce & Gabbana, Selfridges, Jacob & Co, Franck Muller, Garrett Leight, Cavalli and The Fabricant.
Victoria Secret is another major player to have recently filed a patent regarding the metaverse.
Services
The metaverse is also designed to provide concrete services. For example, JPMorgan has created a branch in Decentraland. The New York Stock Exchange has filed a patent containing expressions such as “virtual reality”, “NFT”, “digital assets”…How does Wall Street intend to enter the metaverse? Some rumors point to the opening of an NFT trading platform in the metaverse. Others envisage the transposition of trading activities into the metaverse…
Another example comes from Carrefour. This forward-thinking retail giant has already put the metaverse to practical use. How? At the end of January 2022, Carrefour bought a plot of land on The Sandbox for 120 ETH, the equivalent of €300,000. In May 2022, Carrefour used the metaverse to create a “virtual campus” that was used for job interviews, among other things! You can watch a video of these job interviews in the metaverse on YouTube.
“Today I took my first steps into the metaverse, in the guise of a funny avatar, with young data analyst or data scientist candidates… Carrefour innovates, learns and surprises! (…) This is Carrefour’s 1st recruitment event in the metaverse“. Alexandre Bompard, Carrefour CEO.
Diplomacy
Even more surprisingly, the metaverse could be used by governments for diplomatic purposes or to provide administrative services. Barbados, for example, has expressed its desire to set up an embassy in the metaverse! According to the information provided, Barbados is working on a project to purchase land and set up an embassy in Decentraland. This would meet the criteria of the Vienna Convention and could issue electronic visas.
“Barbados’ metaverse embassy will be at the center of activities to advance the growth of stronger bilateral relations with governments around the world.” In a press release from the Government of Barbados.
The main metaverse cryptos in 2024
The metaverse is developing at breakneck speed. Numerous metaverse projects are being launched regularly. At the start of 2024, the metaverse sector is valued at over €20 billion (according to CoinMarketCap data).
For investors, what are the main metaverse cryptocurrencies to be aware of? Below are the top 10 metaverse cryptocurrencies in terms of capitalization at the start of 2024 according to CoinMarketCap :
- Internet Computer (ICP) ;
- Stacks (STX) ;
- Render (RNDR);
- MultiversX (EGLD) ;
- The Sandbox (SAND);
- Axie Infinity (AXS) ;
- Theta Network (THETA);
- Decentraland (MANA) ;
- Wemix (WEMIX) ;
- ApeCoin (APE).
CoinMarketCap’s “metaverse” classification is broad. It lists together projects that are more or less closely linked to the metaverse. For example, the THETA network is not just about the metaverse, but more about metaverse infrastructure. This network enables its users to exchange bandwidth and graphic power. Conversely, as explained above, The Sandbox (SAND) or Decentraland (MANA) are exclusively metaverse platforms.
