Hospitality in the Metaverse!

Coronavirus undoubtedly accelerated the adoption of technology, and currently one of the biggest topics in the world of tech is the Metaverse. The Metaverse came into the spotlight this past year, changing the idea of how we may use the internet. Even though this futuristic digital world is still developing it may change the way we live our lives and will definitely open a world of opportunities for businesses.

First, it is important to understand exactly what is meant by the term “Metaverse”.

The Metaverse is essentially a network of digital spaces in which people can have enriched interactions. In many cases users explore this interactive and virtual world with the use of an avatar; but as VR and augmented devices become more advanced, virtual experiences become more “real”. Eventually blurring the boundaries between the physical and digital! Instead of viewing digital content, habitants in the Metaverse will be able to experience it.

Building an alternate reality is definitely a challenge but this world is already promising a new stream of profit for many businesses. As the defining aspect of the Metaverse is the creation of an interactive space, companies are able to gain access to a new market. In fact, many businesses have begun their initiatives on how they will introduce themselves into this realm. Included in the viable concepts that may excel in this digital world, is the hospitality industry.

So how can hospitality benefit from the Metaverse?

Hospitality is completely based on customer experiences but a major challenge in the industry is exceeding guest expectations. The Metaverse has the potential to redefine guest experiences! From allowing clients to immerse themselves into products that are being offered, to a seamless booking process. There is an immense possibility to optimize the interaction with guests.

Normally, one would browse online to search through restaurant and accommodation options with photos and reviews as a reference. Now, imagine sitting at home dreaming of a holiday, plugging in, and appearing in virtual reality.

In the Metaverse, businesses may be able to provide a 3D tour of the physical space. This will allow guests to walk through, gaining a firsthand experience of the atmosphere and amenities that are provided. Guests may better understand essential information about the accommodation they want to book. This is something they would never be able to conceptualize from a photo, such as the size and the facilities. Eventually, clients may be able to even watch the process of how a dish is prepared.

Aside from the social and interactive functions of the Metaverse, it is also good to understand that the Metaverse is linked to blockchain technology. Traditionally, the hospitality industry has been associated with the physical reception of guests. With the involvement of blockchain technology, this process may be streamlined. The Metaverse allows businesses to process payments quickly while clients avoid fees associated with normal international transactions. As well, blockchain technology may be used for ID verification and clients may be issued virtual room keys, in the form of an NFT, that may open doors in the physical world. This eases the booking process for hospitality companies immensely.

Concerts have already started in the virtual world demonstrating a huge potential for the industry. Other features on offer are virtual conference rooms and event venues that are able to host an unlimited number of people at the same time.

This new world is truly exciting and it will be interesting to see how much the hospitality industry will develop ways to use this space. The Metaverse is the future connection between the digital and physical, eliminating borders for consumers. Companies are able to capitalize on the concept of the Metaverse; by offering experiences that customers can enjoy from home. It has the power to alter a consumer's perception before they buy and makes it easier to pay. It is the next frontier of technology and the actual potential is almost limitless.

Learn more about how Hospitality Academy can help develop and enhance your hospitality career. You can email admissions@pihospitalityacademy.com, alternatively, check the top programs here!