FUTURE / TECHNOLOGY

Metaverse: The next billion-dollar opportunity


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“For us, embracing the metaverse means making the transition into a more profound connection, in which our physical and digital lives are inextricably intertwined.” – Pravanjan

Drop the phrase “blockchain” into a conversation, you can bet that it will eventually turn into one of the few hot topics that have been in the news for quite some time, such as cryptocurrency, the metaverse, or Web3.

Web3 is the latest internet fad, yet most people incorrectly associate it with the metaverse and NFTs. The metaverse is just one aspect of Web3, which is getting closer than it ever has to the original goal of the internet.

 

The digital market: Emerging Evolution

Businesses are moving away from the two-dimensional surface of e-commerce and adopting lifelike virtualized worlds for a profound experience thanks to the growing application of the Metaverse.

Let’s talk numbers!

Revenue from the global metaverse market exceeded $58.5 billion in 2021, and it is anticipated to grow at a CAGR of 43.7% from 2021 to 2030, reaching $1,525.7 billion.

The opportunities in the retail sector have been on the rise and one such space is fashion and distribution.

The metaverse blends the convenience of online shopping with the wide range of choices offered by e-commerce. You can now create a second identity using avatars. Many Zoomers regard their avatar as the most authentic form of self-expression, and fashion industry participants see an opportunity to help them create these identities and increase brand loyalty. 

Using 3D technology, you can virtually browse designer handbags too! Isn’t that cool?

Customers may virtually test on timepieces, and AI makes sure they are a perfect fit for their wrists. 

For instance, Taobao by Alibaba, which launched in June 2022, introduced the “Metaverse Mall” just in time for China’s 618 shopping holiday.

 

The 3D revolution

Image Credit: Seemsay

Up until recently, clothing was developed using paper sketches, paper patterns, and hand-sewn samples. With the latest and greatest in digital technology, today’s top fashion houses can create their designs in stunning, photorealistic 3D.  

The use of 3D technology allows apparel companies to complete their whole digital sampling process without committing to fabrics, saving up to 80% of fabric waste as the globe shifts toward greener and more sustainable results. By doing this, your business may replace physical samples that are typically dumped in landfills with accurate digital twins, saving time and money in the process.

One such revolutionary apparel design software is Browzwear.

With the aid of 3D clothes design tools from Browzwear, businesses are converting to digital twin samples that lower productivity obstacles, accelerate time to market, and improve sustainability.

Browzwear’s groundbreaking 3D solutions for the design, development and retailing of clothes have led to the achievement of Innovation in the digital product lifecycle. 

Ever heard of a metaverse in the home improvement sector though?

Metaverse creators are naturally inclined to show off their houses. With the debut of Lowe’s Open Builder, the company hopes to make this easier.

The portal offers more than 500 3D assets of Lowe’s items for free metaverse reuse. It may not be the last home improvement company to provide its product library to metaverse builders. Ikea and Home Depot work on 3D designs.

The new asset hub offers Lowe’s lighting, patio furniture, area rugs, kitchen and bath accessories, and décor accents. Creators can draw content into popular metaverse and non-metaverse contexts for gaming, augmented reality, and creative design using USDZ and GLB formats. 

The world sure is changing!

3D technology may take your digital shelf to the next level. Threedium, the leader in lightweight 3D graphics, may help brands attract stay-at-home buyers. Product photographs and imagery have long influenced online shoppers. 

In this new online purchasing world, companies need to improve their offering, and 3D is the perfect way to do it. 3D Visualization, Configuration, and Augmented Reality will boost engagement, product dwell time, and conversion rates for businesses.

 

Let’s take a 360° view

You probably have thought about 360-degree product view features for your products if you own an eCommerce store. It is understandable why 360 product display solutions are so popular for eCommerce products. 

Consumers can view things from all ends.

The promise of 360 spin photos is being embraced by internet vendors, from high-end jewellery stores to automakers. Recently, Amazon added the opportunity for vendors on their site to upload 360-degree images, and the results thus far are encouraging.

An online shopper can virtually engage with an item using 360-spin photos. When a customer interacts with the image on their screen, the product’s multiple views from all angles are combined to provide a complete 360-degree perspective of the item.

Future-proof businesses like Avataar provide essential services for creating and distributing metaverse-ready content.

By reinventing the visual discovery path and designing immersive, interactive retail experiences, AVATAAR is influencing consumers’ online purchasing and browsing habits. It scales commerce via a deep learning AI-driven XR+AR technology platform, a first of its type internationally.

You can almost immediately enhance the shopping experience and offer your store a competitive edge. Products can be viewed, set up, and moved by customers in their own houses.


3D Printing: It really is a thing

3D printing, often known as additive manufacturing, is expected to become as popular as cell phones. 

3D printers make objects using digital templates. Layer-by-layer additive manufacturing uses plastic, metal, nylon, and over 100 other materials. Manufacturing, industrial design, jewellery, footwear, architecture, engineering and construction, automotive, aerospace, dentistry and medical industries, education, geographic information systems, civil engineering, and others use 3D printing. 

It is rapid and cost-effective in any field. 3D printing is becoming more useful and intriguing. 

Polymer additive manufacturing is the 3D printing sector’s market leader in terms of both history and awareness.

 

What industries use polymer AM beyond prototyping and one-offs? 

Automotive: Polymer 3D printing is used in motorsport for a fast spare part turnaround, but its limited part throughput makes it less suitable for high-volume automotive manufacture than injection moulding. SLS and MJF are utilised for interior automobile parts. GKN Additive printed 60,000 flexible spoiler closeout seals for GM utilizing MJF.

Implants: Individualized medical devices have made healthcare a target. Materialize says 99% of hearing aids are additively made. FDA regulations allowing point-of-care 3D-printed medical equipment are removing a longstanding medical 3D printing obstacle. 

Merchandise: Since Adidas’ Futurecraft 4D was released in 2018, consumer goods using 3D printing have focused on shoes with 3D-printed midsoles or orthotic insoles. Polymer 3D printing is becoming more valuable outside footwear. Luxexcel’s proprietary jetting process makes AR/MR and “smart glasses” lenses. AREVO 3D printed 25,000 carbon fibre bicycle frames a year and extended them to scooters and furniture.

According to a recent analysis from IDTechEx, end users are increasingly adopting polymer 3D printing for high-value applications, which will drive the industry’s growth to US$21.1 billion in 2033.

 

Forecast – We anticipate an evolution over the next 2 decades.

The future has great potential, but we must approach it from a sustainable perspective. As a new vertical is emerging, we believe focusing on a seamless user experience and product design is the key.

Palette69 was established with the goal of assisting design teams in realizing the true potential of multi-dimensional design. With a background in behavioural science and gaming, we bring a special set of abilities that enable us to not only create fantastic 3D content (3D Models, Unreal VR API’s & Virtual experience store)  for our clients but also to offer cutting-edge behavioural solutions to enhance their user experience.



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