Mobility And The Metaverse !

Metaverse is the new hot topic around businesses and individual interests because of its adaptability and scalability. Statistics state that it is going to be a $758.6 billion market by 2026. Hence, metaverse platforms and their operating system are the subjects of intense competition among businesses.

However, it is important to note that there will be no one business running the metaverse. Instead, it will be a collaboration of cutting-edge technology and human intervention.

Numerous companies are competing for devices, tools, and delivery platforms and making a name in the metaverse. The role of metaverse extends to user opportunities to evaluate goods and services from a variety of angles.

Mobility in The Metaverse

Metaverse has recently piqued the interest of the mobility and automotive industries. Companies must identify the metaverse's potential opportunities and challenges in the automotive and mobility industries that extend to trends and applications.

Recently at the CES in Las Vegas, Global auto giants BMW, and Sony-Honda showcased their futuristic EVs. BMW’s I Vision Dee came with a technology that allows users to change the vehicle’s colour on demand. Honda advertised a futuristic version of augmented reality where a father and daughter duo can be seen enjoying the planet Mars while commuting in a bus.

Will the metaverse impact the future of mobility?

Mobility experts feel that metaverse will promote creating virtual designs first with integration through collaboration before physically producing vehicles. There may be a possibility of creating multiple versions virtually and simulating them before choosing a perfect car design.

Consequently, the production cycle from design to consumer-ready design units of a car will reduce with optimised results. At Growth Jockey, our professionals focus on streamlining processes and optimising results for five times revenue growth.

Types of Metaverse

The metaverses of today are primarily the ‘virtual space’ and it is essential to make a distinction between traditional metaverses. There are variations within these categories and let us have a look at them from a detailed perspective.

Traditional Centralized Metaverses

These metaverses use a centralized system and do not incorporate blockchain technology. They are virtual spaces managed by a single organization that also stores the data of users. The user has an avatar in these worlds, which he/she uses to progress through a game.

In these virtual worlds, role-playing is typically the issue. However, developers can graft a blockchain into these interfaces to create a digital economic system. For businesses that want to bet on quantity, it is an ideal choice since these kinds of metaverses have the most users.

Blockchain Metaverses

Also known as Web 3 type of metaverses, it enables interactions to evolve within virtual spaces. It is a centralized blockchain metaverse where users can monetize their creations and acquisitions in this comprehensive digital economic environment. You can find NFTs—Non-Fungible Tokens that people trade or exchange here.

Decentralized Blockchain Metaverses

It is also a part of the web3 metaverse where the foundations lie in a system known as DAO (Decentralized Autonomous Organization). A DAO is a system in which a metaverse's rules are created by smart contracts.

The users, not a single organization, hold the power to make decisions in decentralized blockchain metaverses. Each metaverse user who owns a token has a say in how the virtual world in which he or she evolves is run.

Additionally, blockchain metaverses create a cryptocurrency-based virtual economy. Since it better reflects what the metaverse truly is, it is known that this type of metaverse has been the most successful.

Advantages of Metaverse in Mobility

Metaverse in business can open doors to having realistic experiences in terms of shopping or testing any product. The metaverse impact goes beyond what is tangible and intangible because of the following benefits -

Experience Life-Like Situations

Creating the experience of the future metaverse, customers may be able to examine a highly realistic replica of a vehicle, opening its doors, feeling its seats, and accelerating onto a highway, just as they would with a real car.

Advancements in XR and the development of haptic devices that simulate touch have made such experiences possible. OEMs are more likely to purchase expensive devices like AR/VR tools and have a more advanced virtual shopping experience.

These are more likely to initially take place at dealerships and may grow to extend to people's homes as consumer adoption of XR devices grows. Customers may be able to take highly realistic test drives in which they simulate multiple activities.

These may include merging into traffic or backing into their own garage with advanced body sensor development.

A Tweak in Marketing

OEMs may be able to increase customer engagement for marketing purposes by creating truly one-of-a-kind customer experiences. Some examples include holding a launch event in a virtual forest to emphasize the use of sustainable materials.

A New Way of Repair and Maintenance

OEMs can use metaverse tools to train and guide automotive technicians through the vehicle repair process. For instance, Daimler Trucks North America recently conducted a pilot project to use augmented reality technology in its dealerships. The aim was to provide service technicians with step-by-step instructions and training.

The metaverse can also help OEMs expand their service networks and improve customer engagement throughout a vehicle's life cycle. Since skilled technicians are becoming increasingly scarce and expensive, this capability may become important in the future.

Challenges in Metaverse

The metaverse comes with possibilities of a new and enhanced future. However, it also bears some challenges which when overcome have the potential to become a niche technology.

Uniformity and Interoperability

The internet was made possible by the unifying framework that was the HTML protocol. HTML makes it possible to use any browser and any device to browse the internet. However, one of the greatest obstacles is the absence of interoperability and uniformity among the various metaverse platforms.

To make it easier for users to move between devices and metaverses, there is a pressing need for a protocol that is similar. For example, users can communicate and share information even though they use different devices (android, iPhone) with integration protocols or APIs.

With minimal effort, content and app developers can deliver their products to both platforms. With Growth Jockey, you can achieve these capabilities from our best content providers in the metaverse platforms and devices.

Value to Companies

For the metaverse to be successful, businesses need to generate value from it. Businesses in all industries like automobiles should investigate this new platform as a new delivery and interactive channel in an omnichannel delivery architecture.

It is similar to interacting with customers via the web, and social media to deliver their products. In fact, many people have stopped visiting showrooms to test vehicles because they can do so from the comfort of their homes.

US consumers in 2017 visited only two dealerships before making a purchase, down from five in 2007. This can further reach a higher momentum through innovative solutions to users’ pain points.

Ease of Use for Consumers

The usability and usefulness will come from the different apps and content experiences consumers can have across multiple metaverses. A product's usefulness indicates to consumers that it is worth their time and money to play, purchase, interact with, and collaborate with content in the metaverse.

But the metaverse is restricted to a smaller consumer base because it currently necessitates expensive and difficult-to-setup AR/VR tools. Hence, people with tools are only able to test automobiles in the metaverse.

However, we at Growth Jockey help businesses connect with the more affluent and tech-savvy groups. This can help in the production of content and apps that give customers value. Eventually, many industry verticals will get a chance to provide usefulness.

Legal Challenges

Legally, the metaverse is a virtual world where many real-world actions, like buying a house or a car, take place. In addition, despite the fact that it provides people with the opportunity to develop relationships, the absence of legislation may be risky.

Intellectual property ownership is another potential legal issue. We know that a work must originate from a human being in order to be considered copyrightable. Since AI creates content, it may not fall under intellectual property.

Due to the difficulty of tracking instances of copyright infringement in the virtual realm, content creators on the metaverse may also find it difficult to protect their intellectual property.

Risk of Data Breach

There is concern regarding the potential for the virtual world to foster an atmosphere of widespread data abuse and misinformation. There is also the issue of how certain businesses can control markets by controlling data.

The metaverse is a one-of-a-kind environment that necessitates innovative security measures to safeguard the privacy and data of its users.

Wrapping Up

Today, the impact of the metaverse is only a portion of the full experience that is anticipated in the future. However, OEMs and other players in the mobility industry can generate significant value today. Companies can think about aligning their business goals for metaverse applications while also thinking about future use cases.

With Growth Jockey, you can expect the necessary skills and requirements to work around the metaverse’s underlying complex ecosystem. The potential opportunities have the capacity for faster development and making people’s lives easier despite a few of the drawbacks.

Hence, rethinking the engagement model and involving collaborators is one way of effective inclusion. There is an inclination towards undoing the vertical model in which the user is exposed to the content. Today, the user is also the creator who actively participates in ideation.

At Growth Jockey, we are fully committed to crafting personalized solutions that effectively address the crucial challenges faced by our clients across diverse industries. Regardless of the size of your company, whether it's a small-scale enterprise or a large corporation, you can now explore the potential of the metaverse. Take the decisive step towards unlocking the next level of growth for your brand by contacting us today!