Technology is rapidly advancing every day and it is aiming for far-fetched development in the near future. We are now at a point where technology cannot be excluded from our industries. The hospitality industry has remarkably benefited from the technology we have today and the advancements that are about to happen in the coming years are pretty exciting for the industry. The hospitality industry has serious anticipation of the emergence of the “Metaverse,” a futuristic technology that according to many experts, will be fascinating.
What is the Metaverse?
Metaverse is a network of 3D virtual worlds focused on social connection and it can be defined as a simulated digital environment that uses augmented reality, virtual reality, and block chain along with concepts from social media, to create spaces for rich user interaction mimicking the real world. The word Meta verse was coined by Neal Stephenson in a science fiction novel called Snow Crash almost 30 years ago, in which he envisioned lifelike avatars who met in realistic 3D buildings and other virtual environments.
Virtual reality and augmented reality are the technologies most commonly associated with the Meta verse, although video games, block chain technology, and other solutions can also play a role. Metaverse hospitality refers to various hospitality offerings made available through the Meta verse, including virtual entertainment, VR experience, and more.
What makes Metaverse Adaptable for Business Sector?
Apart from the social aspects of the metaverse, it is very important to understand the fact that the metaverse is a very fascinating approach to our technology industry. It is a very impressive innovation. Metaverse has pointed out very exceptional ideas for the business sector like organizing virtual concerts and building commerce as metaverse business ideas and more. These ideas could be crucial in building new trends within the sector and bringing more potential to businesses in the foreseeable future. Many business experts are optimistic about the introduction of the metaverse into the business sector. According to them, Metaverse is a one trillion-dollar revenue opportunity. Adapting metaverse into the business could lead to the creation and launch of 3D environments for companies, be it for engaging with employees for training, recruitment, social gatherings, and engaging with clients and customers.
What is the Hospitality industry?
The hospitality industry is one of the most grossing industries in the world right now. The hospitality industry is much broader than any other industry. The majority of business sectors consist of only a handful of different businesses, but this industry applies to nearly any company that is focused on customer satisfaction. The hospitality industry is solely focused on leisure, experience, reception, and the assistance of entertainment for guests and customers. It is a wide-ranging industry that covers anything from accommodation options like hotels and motels to dining facilities, entertainment venues, cruises, and hospitality in the virtual world. Hospitality is an industry that contributes significantly to every country’s economy. For countries like Macau and Switzerland, the sector acts like life support by providing more job opportunities and revenue. By the end of 2028, India has estimated to gross a direct income of 194 billion US Dollars from the tourism and hospitality industry.
How Metaverse Could Benefit the Hospitality Industry?
Metaverse is one of the most advanced technologies that we are expecting to be launched in the near future, and hospitality is an industry that is thriving at its peak. Introducing metaverse into hospitality could bring astounding results for the industry. It might help the industry to deliver a better performance in improving their business thus the customers will be able to experience better service.
Some of the biggest hospitality marketing trends are currently focused on the idea of bringing outdoor experience into the home environment. In the following section, you can find a few ideas that might assist the hospitality industry to be included in the metaverse.
Hotels Within the Metaverse
One of the most innovative ways in which the hospitality industry has started to cite itself within the metaverse is by developing hotels in the metaverse. A metaverse hotel will be a virtual space where the hotels can provide the customers with a tour of the hotel and let them explore the hotel and its facilities during the booking process.
The metaverse could create and launch a virtual pre-tour facility in the booking applications of the hotels, thus the guests can have a better perspective of their rooms before booking them. It could create a virtual environment where the guests can experience leisure from the comfort of their homes using virtual reality gears.
Metaverse Entertainment
Many entertainment companies are taking benefit of the idea of hospitality in the metaverse. They capitalize on this opportunity by recreating realistic experiences that customers can enjoy from the comfort of their homes. This concept could be commenced, primarily through the use of virtual reality technology and VR headsets. In fact, this can be a quite cost-effective solution.
For example, rollercoasters are pretty expensive to build in real life and there are several rules to be followed due to strict safety concerns. But with the assistance of virtual reality technology, realistic rollercoasters can be enjoyed in a virtual world, without any costs or risks involved.
Concerts in the Metaverse
Concerts that take place in the metaverse are one setting where metaverse hospitality has already begun to demonstrate its possibilities. There are various strategies used here, such as virtual reality concerts, where users are placed in a lifelike, virtual recreation of a music venue, or concerts that take place inside the video game worlds.
Here, the possibility is essentially endless. Not only does it imply that an infinite number of individuals may attend the same virtual concert at the same time, but it also implies that the conventional barriers can be removed. For instance, people could potentially attend virtual concerts by music bands like The Beatles or other artists who are no longer touring in the real world.
Night Clubs in the Metaverse
The availability of metaverse hospitality services is beginning to spread to nightclubs as another sector of the industry. A lot of the advantages of going to a nightclub, such as the music, dancing, and socializing, may be had by using virtual recreations of nightclubs, which individuals can use without ever leaving their homes. In order to monetize the experience, virtual nightclub providers might provide customers with the choice to upgrade their avatars and listen to new music.
Casinos might function in a similar setting, allowing customers to experience a realistic recreation of the genuine experience while playing games like poker, roulette, and blackjack in a virtual environment.
Hospitality Metaverse and Block chain technology
Blockchain technology is one of the most intriguing advancements in digital technology in recent years and regardless of its relative youth, it has the potential to profoundly change how information is stored and accessible as well as how transactions are carried out.
What is Blockchain?
In essence, a block chain is a collection of digital records that serves as a public ledger where transactions are permanently and anonymously recorded. The database’s entries or “blocks” are protected by encryption and once data has been entered into the block chain, it cannot be changed since the block chain is resistant to alteration.
Although block chain technology is closely related to the idea that many people have of the hospitality metaverse, it’s vital to realize that block chain technology may also have a significant impact in other areas. Although block chain technology is closely related to the idea that many people have of the hospitality metaverse, it’s vital to realize that block chain technology may also have a significant impact in other contexts as well. Block chain technology can be very useful in completing procedures like ID verification, processing secure payments, and more.
How Does Block chain Technology Benefit Hospitality Technology?
One of the most evident benefits of block chain technology for those working in hospitality management is improvised security and stability. The database can never go offline or be deleted by a cyber-attack as all the data is decentralized and traceable. Decentralization or the lack of centralized data storage is a crucial aspect of block chain technology. The recorded data is stored in multiple locations. As a result, tampering is avoided and all data is transparent. Since there is no single point of failure or vulnerability, sharing the record of events over a network among multiple users has further security advantages.
Furthermore, in order to make real payments simpler, technology might be quite important. Right now, dealing with settlements abroad might be very challenging. The whole procedure may be expedited and made more visible with the use of block chain technology, therefore fostering more confidence.
