It all started in October 2021, when Mark Zuckerberg virally shared his vision for the Internet of the future. So, all our perspectives changed and there was a big impact on the technology.
The arrival of new technologies is linked to existing markets and today I want to share them with you, so you as an entrepreneur or person who strives to be one, must be aware of them.
In this article we will deepen how these developments contribute to the benefits of the metaverse towards tourism.
Tourism is one of the biggest industries in the world and because of this there is probably the biggest growth opportunity in the next decade for people looking to grow a successful business in this segment, but who am I and why should you listen to me on such a subject?
My name is Dor Cohen, I am Israeli, an entrepreneur and for now I am living in Mexico City. To this day, I am the CEO of volindo.com, a startup dedicated to travel technology and also focused on those people who want to build a successful business in the tourism industry. I am also the author of the book Talk, don’t promote“MetaTech” podcast host and startup advisor.
In my entrepreneurial journey, which has been quite successful so far, I have (I think) understood one simple truth and that is, if you don’t innovate you are out. Let’s start with some basics:
What is the Metaverse and why is it the future of tourism?
The Metaverse has grown in recent years in a gigantic way, it is that idea of belonging to virtual and shared worlds where we can inhabit, exist and explore without any problem, as if it were the real world, only a little more artificial and utopian. it does not have limits. This reminds me that the tourism industry is around 9 trillion dollars (pre-pandemic).
If you ask me, there is no doubt that the Metaverse will occupy an increasingly important place in our daily lives. True, in its current version it is far from mass adoption, it is too expensive, complicated and not very comfortable to use, but as the years go by and technological advances improve, it will be a huge and necessary industry.
On the other hand, we have as a second theme and linked to the Metaverse, the Travel Tech, or better known as travel technology. It consists of applying the latest technological advances to the tourism sector to generate new experiences for travelers and even for agencies that require help or innovation.
Despite all the doubts that still exist about the Metaverse and Travel Tech, how it will grow, how it will evolve, how it will be projected in a few years, etc., there are currently thousands of platforms, experiences with augmented reality, video games , logistics, security and more.
This survey reveals that for more than half of those surveyed, their life already has a totally digital and novel twist.
The theme here is that the evolution of the Metaverse and Travel Tech is not only going to the consumers themselves, but it will also transform business-to-business communication. The best thing about this is that it can be from anywhere and at any time, to achieve a goal, to be able to connect with someone and even to be able to have a common experience.
How will the tourism sector respond as people start to spend more time in virtual spaces than in real life?
According to CB Insights, fashion brands will bet on the economy like the Metaverse, NFTs and digital identities. This thanks to the low cost of development and the huge user bases that attract an avalanche of participants to the digital world. For example: a $4,115 Gucci bag on Roblox. $50,000 FEW x RTFKT NFT sneakers. An $8 Balenciaga outfit in Fortnite.” (Insights, 2022).
In this case, the tourism sector is in constant search to do business in the virtual world, with interesting applications that can transform and benefit the travel industry.
One of its greatest benefits is the generation of new business models for companies, this will allow its users to visit any part of the world from a totally immersive and innovative perspective.
Augmented reality in travel
This innovative technology will help bring about a new type of travel experience for consumers that is completely virtual, yet feels real, allowing people to travel through their senses and without leaving their place of residence. This is a great benefit for people who cannot travel for economic, health, physical, etc. reasons.
Virtual spaces and the Metaverse can be ideal environments for training and learning in the travel industry, allowing professionals to develop the skills they need for this new industry while meeting new standards for consumer needs.
For example, hotel and travel companies, through virtual tours, will allow their clients to discover the characteristics of their accommodation or of any part of the world before booking a stay, guided tours to the most remote places in the world, as well as the search for opportunities that until now did not exist.
Entrepreneurs who are looking to break into the tourism industry with this novelty have a long way to go, but full of success, since this market is constantly growing.
If you are interested in your business growing suddenly, stay tuned for the series of articles that I will be sharing in order to give your business a competitive advantage in this new digital age.