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Metaverse is the Future of the Automotive Industry: Nvidia, one of the largest AI and graphics companies in the world, predicts that 2023 will be the year in which many automotive companies start integrating their operations with the metaverse. It was claimed by the US multinational firm that the automotive industries will soon start adding a twist of metaverse into their industrial operations and retails.
It will be done in order to increase the appeal element for the customers and companies of the next generations. This metaverse technology will pertain to increasing immersive experience and more interactivity, wherein humans can exist, meet and work as their digital avatars and Meta, Microsoft, Alphabet and other companies can make investments in this sector.
The company believes there are two different ways in which this integration will be done. First, the implementation of metaverse tools will allow companies to monitor the whole production process of their vehicles, allowing them to propose improvements. This is possible thanks to the inclusion of "digital twins" in the factories where these cars are being built.
The design processes will also benefit from such integration, allowing designers to collaborate in a virtual space with a realistic representation of the pieces directed for production.
There are companies that have already adopted this kind of technique. For example Renault, which presented its industrial metaverse in November, aiming to save $330 million with its implementation.
Clients may also profit from enhanced product experiences. Full-fidelity, real-time automobile configurators, 3D simulations of automobiles, demonstrations in augmented actuality and digital check drives all assist convey the car to the shopper.
In this sense, there are additionally automotive manufacturers which can be concerned in taking their merchandise to the metaverse in order to succeed in broader audiences for his or her merchandise. Fiat, an automotive model a part of the Stellantis group, launched its first metaverse retailer on Dec. 3, permitting potential clients to take a digital tour of one in all its automobiles. Within the metaverse showroom, customers even have the chance of taking a check drive on a digital course.
It is expected that it will increase the level of monitoring for the vehicle production process for automotive users. Also, adding metaverse will deepen relationships between companies and clients just by sitting in their homes and improve traditional operations. Around $800 billion (around Rs 59,58,700 crore) market value is being expected for the opportunity of metaverse in the next two years, says research reports.
The metaverse technology has been garnering recognition and funding from several parts of the world, as well as from many companies.
Earlier in this month, Animoca Brands, the parent body of The Sandbox metaverse said it is planning to unveil a mega-fund of $2 billion (roughly Rs. 16,260 crore), dedicated to the metaverse business.
In February, Seoul's Ministry of Science, ICT, and Future Planning of South Korea allocated KRW 223.7 billion (roughly Rs. 1,400 crore) towards the development of a national metaverse project.
Like Nvidia, other tech companies are also ready to bet big on the technology.
In March, chipmaker Qualcomm set aside a fund of $100 million (roughly Rs. 760 crore), called the Snapdragon Metaverse Fund, hoping to accelerate the development of Extended Reality technology.
Perhaps buying a limited edition virtual car gives consumers access to an exclusive run of physical cars, similar to what Nike is doing with NFTs and sneakers. Similarly, buying a physical car could give access to an NFT of that car for use in the metaverse or simply as an asset. It's easy to imagine drivers earning virtual badges, distinct NFTs, or exclusive skins for their digital car-vatar by making real life trips to specified destinations or using their car for worthwhile causes. Partnerships with game developers could emerge, in which users unlock opportunities to build or buy special edition physical cars through the completion of virtual challenges with their digital cars. What is possible will only continue to expand as the metaverse further evolves and integrates with evolving web3 technologies like blockchain.
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