The rebranding of Facebook as a Meta Platform has contributed significantly to the widespread use of the word "metaverse." However, what precisely is this "metaverse," and is it the next stage in the development of web technology? Attempting to picture the whole scope of the Metaverse is like trying to picture the modern internet in the 1970s.

The concept is in principle, but it is still being determined how it will be realized. Major shifts in the car industry are also possible with the help of software environments like the one described above or its successor the Metaverse.

What is Metaverse?

The Metaverse is an online community where users may meet and engage with one another via the use of technology like virtual reality (VR), augmented reality (AR), and artificial intelligence (AI). Have you ever tried out games like Fortnite or World of Warcraft? Yes, you can understand.

Although the idea of the Metaverse seems to have suddenly become popular, it dates back to 1992. American writer Neal Stephenson's science fiction narrative gave birth to the idea, but it was only a pipe dream back then. However, with the advent of blockchain and cryptocurrencies generally, today's IT giants are increasingly accepting and wagering on the future of the Metaverse.

Integration Of The Metaverse In The Auto Industry

There are several stages of the automobile manufacturing process, from pre-production through sales, where the Metaverse might be useful. A digital workplace, for instance, would allow for the simulation and verification of every procedure before they were carried out in the real world.

Everything from new vehicle development through manufacturing trials and marketing focus groups may be tried out beforehand, minimizing risks and possible expensive blunders.

A digital twin in the Metaverse is also possible for manufacturers thanks to a shared online area. Then, utilizing AR/VR, talent from all over the globe may collaborate virtually in an immersive environment while also benefiting from AI-measured performance feedback and instantaneous mistake correction. Employees, for instance, might be trained without their physical presence being required, so cutting expenses and minimizing the likelihood of costly errors.

During the epidemic, sales of automobiles purchased online surged, suggesting another area in which the Metaverse may be useful: the sales department. Because of this, the Metaverse has the potential to further improve the buying experience by allowing car manufacturers to build up virtual showrooms where buyers may virtually explore the space and get a better look at the desired model without leaving the comfort of their own homes.

Eventually, it may even be feasible to do a virtual test drive (which, of course, would not be a substitute for a genuine test drive but would be the next best thing), greatly increasing the likelihood of making a purchase.

In sum, the potential advantages of the Metaverse's virtual environment exist whether or not manufacturers and the general public quickly adopt it. So it's little wonder that some manufacturers are taking a chance on a Metaverse future and planning to invest in it.

Buying And Selling Cars In The Metaverse

Right now, two key areas of potential development for dealers in the metaverse in automobiles.

One potential revenue stream for a brand-new online venue is advertising. Similar to how consumers already purchase online, the metaverse is positioned as a commerce location. Virtual shopping locations and malls have already been established, and it's merely a matter of time until marketers identify the best methods to target the metaverse's burgeoning user base.

With digital giants phasing out 3rd-party cookies, the metaverse provides a chance for a new sort of advertising. Rather than depending on monitoring a single person, these virtual places might be good settings for contextual advertising. The structure of the metaverse also makes it simpler for consumers to opt into advertising.

For example, a platform may state that the user consents to tailored advertising by putting on a VR headset and signing into a metaverse platform. The importance of opting in for both customers and companies has increased, making this a noteworthy development.

For automotive companies and dealerships trying to attract attention and earn consumers, it's never too early to investigate the next opportunity zone for advertising.

Secondly, since online car-buying has grown increasingly widespread since the epidemic, the metaverse might create a bridge between the dealership and the clients purchasing from home. Hyundai has already begun its "Hyundai Mobility Adventure."

This metaverse environment is hosted on Roblox, a platform with 43.2 million daily users. Users may join the Hyundai Mobility Adventure to test drive automobiles, discover the future of Hyundai innovation, and emulate the experiences of engineers and designers.

Tier 1 dealers already have access to the Hyundai metaverse, but tier 3 stores may soon have the same opportunity. If the metaverse develops, it could become possible to do car buying there instead of just browsing online.

While nothing beats driving the vehicle, there's a lot of room for improvement in making the buying process as easy as possible for the consumer.

Conclusion

So far, the Metaverse has helped the auto industry, which is the bottom line. But there's no getting around the fact that this technology will make distances irrelevant one day, and driving will become more about the experience than getting from point A to point B.

It will probably still be a few years before the Metaverse is widely used. However, this new technology will force automakers to be more creative than ever when making products and services that will still be useful, even if getting around will become less of a necessity and more of a luxury in the future.

Still, kudos to carmakers looking into how the Metaverse could be used in the real world and how it could help them be more productive or even make shopping more fun.

At this point, all we can do is hope that this healthy competition will push other automakers to find new and creative ways to stay on top while giving back some benefits to their customers and not just their shareholders.