Metaverse & Smart Tourism

Digital technology has changed utilization designs in different segments, including tourism, hospitality, and events. COVID-19 has quickened this computerized appropriation inside the mentioned businesses. A key zone for assisting digitization lies in virtual spaces (VSs), which are interconnected virtual universes driven by social associations and computerized innovation. These VSs give clients immersive, customizable situations (custom-made) to their needs and desires.

The concept of VSs was presented within the 1992 science fiction novel Snow Crash and has since advanced into what is presently commonly alluded to as the Metaverse, comprising numerous coexisting virtual situations. Powered by six integrated technologies (Blockchain, Interactivity, AI, Game, Network, and IoT). Metaverse is a real-time online network. By fusing the digital and real worlds, it provides a visual environment for experience, play, socializing, and work. Among the six pillars of METAVERSE are "Social & Space," "Technology Tension," "Artificial, Machine & AI," "Reality & Reflection," and "Trade & Transaction." Metaverse, a contemporary immersive Extended Reality (XR) technology, combines reality and virtual through computers, improving social, entertainment, and cultural experiences. By 2027, one-third of the world's population is expected to work, play, learn, and socialize for two hours daily.

The adoption of this technology has been visible through various use cases in the destination and service productivity through the tourism sector.

•  China's first national forest park, Zhangjiajie Natural Scenic Attraction, was created in the early 1980s and is in the province of Hunan. With an area of 48 million square meters, it offers a distinctive topography of peak forest made of quartz sandstone and primitive sub-forest. It began utilizing Metaverse for destination marketing in 2022.
• The QVerse project was also launched by Qatar Airways to open a new customer experience for their clients through the Metaverse platform.

The term "Virtual Spaces” is now widely used in the worldwide business community, especially in the tourism, hospitality, and events sectors. In 2022, JPMorganChase claims that the Metaverse is a cutting-edge approach to providing customers with more fulfilling experiences and breaking into new markets.

Metaverse Games, Blockchain technology, and Non-fungible Tokens (NFT) are expected to significantly benefit the traditional tourism sector, especially in the post-pandemic era. Roblox mentioned the landmark of Metaverse games through eight key characteristics, such as "identity", "friends", "immersive", "anywhere", "low friction", "variety content", "economy", and "safety", will drive users to experience, identify, and communicate in the immersive community. This unique communication system presents marketing opportunities, particularly in the realm of customer experience on youth media platforms, creating a unified and immersive reality.

In the meantime, blockchain is a natural carrier of Metaverse. While both Metaverse and blockchain technologies are decentralized, irreversible "blocks," and they link a lot of cutting-edge and novel technologies together, their distinctions appear to be fading.

The following technologies and their uses are generally closely associated with the promotion of cultural tourism. NFT is an exclusive and irreplaceable digital asset built on blockchain technology. From a marketing standpoint, NFT can create unanticipated opportunities for collaboration, brand, and IP access, allowing IP and brand marketing to reach beyond tangible goods and services.

Metaverse and Marketing

The core focus areas that Metaverse can additionally provide values to the marketing sector are in four main areas: Emotional value, Time value, Connectivity value, and Community value. The Model for values of Metaverse from marketing is based on research done by Liu, Yuan & Lace, Natalja & Chen, Lu (2023).

Emotional value

People who own NFT works demonstrate their admiration for their artists. Another illustration is how individuals are emotionally drawn to digital goods in virtual worlds because they evoke memories of the real world. Since emotional connectedness varies from person to person, therefore there are possibilities for it to be a challenge.

Time value

When digital assets mimic real-world traits, their worth endures beyond time. Game engines and artificial intelligence (AI) investigate evolutionary capabilities, mapping them to the real or virtual world, and enabling the production of original narratives and memories.

Connectivity value

The seamless transfer of its assets is one of the objectives of creating an operational Metaverse. We have witnessed the transferability of the field in the real world, which is being introduced in a very basic form into the virtual realm. They will have greater influence since creatures and virtual worlds will have consistent experiences. In Metaverse, assets will interact with each other without friction, strengthening and increasing in value.

Community value

Certain digital assets might be considered the entryway to beneficial cooperative societies as we progress beyond personal NFT and into more procedural experiences. Certain communities are structured as decentralized self-governance organizations, wherein the group utilizes and incentivizes individual skill combinations to accomplish a shared objective. In the era of perpetual development, community, and authenticity will be essential for generating value and preserving cultural significance. Developing the community's collective superpower to support the assets will be one of the most critical forms of involvement.

Findings and Results

Metaverse, the third generation of the Internet, has gained popularity due to its ability to address social and economic development demands. People expect innovations and believe the Internet can support growth for individuals and communities. The universe serves as an excellent target carrier, combining digitalization and other technologies to create a powerful third-generation Internet. The creation of the universe has increasingly clear strategic objectives, whereas a significant topic to examine is how to leverage the current reasonably mature technical conditions to further contribute to the development of the physical sector.

NFTs provide additional ways for IP to expand its fan base, boost brand marketing, and increase engagement. They are used in marketing through equipment, collection, limited edition digital tickets, blind boxes, personalized gifts, digital goods, and lottery. NFTs are crucial for identifying ownership of digital assets and will lead the way in developing the third-generation internet pattern.

There is a necessary need for developers and suppliers to distinguish between huge, chain-affiliated companies and micro, small, and medium-sized businesses. To prevent disadvantages, vessels must be designed with smaller businesses' resources in mind. Importantly, suppliers and developers should consider what is eligible and required by the Tourism, Hospitality, and Event industries and assess prototypes for usability and affordability for various companies.