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wenjieyang

How COVID-19 has sped up hospitality technology - Insights - 1 views

  • Not only can this advanced technology provide an attractive and safe service for customers, it can also collect and analyse essential data.
  • Machine-learning, big data and AI systems are already central to an industry shaped by online search engines and booking apps. New developments in these technologies have a huge potential to revolutionise the industry and to help hotels as they recover from the impact of the pandemic.
  • The biggest advantage of developments in machine learning is the ability of businesses to personalize experiences and provide constantly improving, streamlined services and marketing, based on customer data.
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  • There is endless potential in mobile integration not only to help customers, but also to help hospitality businesses to track data, manage revenue, offer new products or improve services. Plus, branded and mobile menu apps have been shown to be effective in increasing customer spending.
  • QR codes
    • wenjieyang
       
      Yes, the restaurant I'm interning at now no longer uses the traditional to-go menu and is using QR codes menus.
  • ApplePay or GooglePay.
    • wenjieyang
       
      Now we can use apple pay to pay in many shopping malls, restaurants, hotels, and supermarkets.
  • Because many of these contactless solutions are also easy, convenient, fast, and integrated with smart hotels and mobile apps, they’ve had the additional benefit of streamlining customer experiences.
  • We are entering a new era of where innovations in technology are bringing exciting new possibilities to hospitality.
mmorr116

Virtual reality tourism ready for takeoff as travellers remain grounded | Virtual reali... - 2 views

  • Experts say pandemic could provide watershed moment for technology, potentially leading to more sustainable tourism
  • With globe-trotting banned in the pandemic, increasing numbers of people are turning to virtual reality to relieve pent-up demand for travel.
  • As historic sites are damaged through mass tourism, recreating them in VR could help conserve them.
  •  
    As an example of VR use for sustainable tourism, on October 16, the Boca Raton Museum of Art in Florida debuted the first of its kind, full-motion, 360-degree, interactive VR experience of the Machu Picchu and the Golden Empires of Peru exhibition. In order to preserve this historic site, less than one million visitors are allowed in each year. On-site use of VR tech for a synchronous guest experience is also being explored and has the potential to be disruptive to use of tour guides. Plus, VR technology provides such rich immersive travel experiences that traditional marketing tools like pictures or standard print ads cannot match.
lhick022

Disruptive Innovation: The Inevitable Change Every Market Must Face | MassChallenge - 0 views

  • According to Forbes, innovation could wipe out $8 trillion worth of U.S. public company equity
  • every company must have an effective strategy to either engage in or counteract disruptive innovation in its industry.
  • Clayton Christensen first coined the disruptive innovation theory in a Harvard Business School paper to refer to companies who meet market demands with a simpler, cheaper solution.
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  • This practice often results in game-changing products that are fundamentally different from any current choice on the market.
  • sustaining innovation seeks only to improve upon existing concepts or products
  • It happens slowly at first
  • Low-end market disruption occurs at the “low end” of existing value networks. Unlike new-market disruption, it does not launch a groundbreaking alternative.
  • Lower margins
  • Higher risks
  • Disrupts an existing market or creates a new on
  • Involves new technology and a new business model
  • New-market disruptors create products or solutions that are so much more affordable or convenient than existing options that entirely new segments of the population can begin using them.
  • New innovation is often ignored at the outset
  • It seems obvious only after the fac
  • Because of these potential costs, innovating in a disruptive fashion may be ill-suited for organizations that do not wish to commit these resources.
  • Software as a Service
  • Video Streaming
  • Smartphones
  • Personal Computers
  • Lightbulbs
  • Artificial Intelligence (AI)
  • Ride Sharing
  • It is important to note that you don't have to choose only one type of innovation at the other's expense.
  • Peer to Peer Accommodation
  • Lack of Leadership
  • Lack of Culture
  • . Sooner or later, your market is going to face a newcomer with a never-seen-before idea or business model. You must seek out ways of doing it first or else brace for the impact.
  • Listen To Your Customers
  • Focus On Your Business Model
  • Find an Innovation Partner
  •  
    This article fully explains disruptive innovation, its almost as if the article listened to the lecture then wrote the paper. I could have highlighted the whole paper, it lists causes, characteristics and effects of disruptive innovations.
ivonneyee

Yum Brands Is Adding Disruptive Technologies Across Its Global Restaurant System. Here'... - 0 views

  • Those moves set the ball set in motion to integrate technology-centric solutions across its four brands across the world with an objective of elevating both the customer and team member experiences.
  • “What Covid has done is change our mindset. We don’t have to have everything perfect to launch something. For example, in Pizza Hut, U.S., we launched contactless curbside and carryout in two weeks. In the previous environment, it would have taken months, committees, testing protocols. Now we don’t have the luxury of time. We don’t have to wait until we have sharpened the blade to perfection. Our strategy is the same, but our pace is faster,” Felder said during a recent interview.
  • “Digital Innovation Lab,” led by Park, a partnership with the Plug and Play platfo
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  • rm for startups and plans for a physical innovation lab to open later this year
  • The digital lab is unique in that it translates restaurant operations–be it at KFC, Pizza Hut, Taco Bell or Habit Burger–into a cloud “facility.”
  • Park’s team takes all digital inputs from Yum’s restaurants, like closed-circuit television footage of cars in the drive-thru, point-of-sale data or drive-thru audio, and puts it into the cloud
  • Plug and Play, which claims to be the world’s largest global innovation platform for startups and corporations
  • Automation can free up employees’ time spent on manual back-of-house tasks so they can focus more on customer-facing tasks, ideally providing more speed and accuracy in the process.
  • Some of these ideas–like voice, artificial intelligence, computer vision, IoT–have popped up in the restaurant industry here and there. None, however, have proliferated at the global scale Yum Brands offers. This is where the true disruption could happen. Yum has over 50,000 restaurants in more than 150 countries and territories, and employs 1.5 employees and franchise associates. Few food and beverage companies have this kind of global footprint.
  • Restaurant companies are no longer dabbling in technology efficiencies, they’re relying on them for their very survival. In fact, because of the pandemic, digital sales are now expected to make up more than half of limited-service business by 2025–a 70% increase over pre-COVID estimates. 
  • “The big lesson for us is we’ve got to be where the customer is. We have several restaurants at the moment trying to take consumer ease to the next level,” Felder said. “I don’t think we’ve ever seen a more fertile time of innovation in the history of the restaurant industry. We’re about to hit a wave of transformative innovations.”
  •  
    Yum Brands, which runs restaurants KFC, Pizza Hut, Taco Bell and Habit Burger, is integrating technology-centric solutions across its four brands around the world, which could result in an acceleration of disruptive technologies on a large scale. This Digital Innovation Lab then adds information from thousands of Yum Brand restaurants into a cloud facility. The information includes closed-circuit tv from a restaurant's drive-thru and point-of-sale or drive-thru audio. Hundreds of startups then get access to the data to compare their technologies in the lab. They're able to use that information to create more automated services like artificial intelligence, computer vision and the Internet of Things. Yum's idea is by improving automation back of house, employees can focus more time on customer-facing tasks, resulting in more speed and accuracy.
jblan183

Smart hospitality-Interconnectivity and interoperability towards an ecosystem - Science... - 0 views

  • The Internet brings boundary-less business environment and a strong competitive market. The oversupply of tourism suppliers, especially in the hotel industry, forces hoteliers to be innovative and creative and to find ways to differentiate and give prominence to their hotel among the large number of competitors.
    • jblan183
       
      Using the "smartness" of the internet through interoperability and interconnectivity, the tourism industry can enable hospitality organizations to develop their competitiveness through better understanding of customers and market conditions and develop their decision making processes.
  • Technology in hospitality not only acts as a tools to improve operation efficiency and effectiveness (Yu and Lee, 2009) but also co-create customer experiences (Neuhofer et al., 2015), improve organisational performance (Melián-González and Bulchand-Gidumal, 2016), and disseminate marketing information (Okumus, 2013). Electronic marketing campaigns now shift its focus to cocreate through social media. Customers’ pre-purchase and on-site behaviour are influenced by the context posted on online platforms (Buhalis and Foerste, 2015).
    • jblan183
       
      This can be proven with the preferences of the guests in terms of making reservations. According to EuroStat, "In marketing and distribution statistics have shown that 59% of the travel reservation are made online," indicating "strong customer desire for online platform reservations" using online travel agency websites "as the key information and booking source for hotel reservations," as studied by Yacoue and Fleischer.
  • Based on the related literature on smart network and application interoperability and interconnectivity, this study proposes an integrated smart hospitality network which includes sensors (for collecting external data), cloud computing (big data storage and processing), and intelligence applications that enables automated operations to support intelligent business decisions with minimum customization of communication protocols.
ecast038

Cloud vs On-premise PMS for hotels: which one is better? - CiHMS - 0 views

  • On-premise Property Management System requires a significant number of “on property” hardware compared to the Cloud-based one. It gives the hoteliers total control: data and the system, system configurations, networks, updates, and changes are all yours to decide
  • Running the On-premises PMS means hoteliers must maintain a dedicated server room, which also needs an effective cooling system and an around-the-clock support team to keep everything up and running smoothly
  • With the cloud computing vendors, the PMS providers would be responsible for most of the IT operations expense. The hoteliers can also get the advantages from the cloud computing vendors’ highly available servers, at their optimal performance.
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  • The hidden cost includes hardware server costs, additional IT staff expenses to manage the system infrastructure, maintenance fees (yes, more maintenance fees), and the expenses of other 3rd party software integrations
  • A cloud-based PMS has a much lower entry cost. They charge a fixed monthly subscription model, with a small initial setup fee. No server cost, maintenance fee, extra human resources cost, lower energy bills and is an extremely affordable budget for small and medium scaled hotel businesses
  • Although you can set up your On-premises PMS to be accessed from an off-site workstation or device, remote access can be affected by various factors. Getting real-time data can certainly be challenging, especially not at the speed that cloud-based PMS delivers
  • Undoubtedly, On-premises PMS is still ahead of the Cloud-based system when it comes to the number of integration capabilities, the flexibility of built-in reports that got customized, added over the years. 
  • a security breach can happen, losing your internal data, your brand reputation, revenue loss is unavoidable. 
  • It explains the widespread adoption of cloud-based systems. The only thing you have to hold responsible for is your Internet connectivity which is basic infrastructure any hotel should already have in place. In fact, the switch to cloud-based PMS is not impossible for the existing On-premises system.
  •  
    When it comes to deciding whether you should switch to cloud computing or remain with on-premises PMS, it all depends on your company. Many people fail to see the hidden costs associated with on-premise PMS such as hardware costs, IT staff to manage the infrastructure and expenses coming from 3rd party software integrations. Although on-premises PMS can be more customizable for companies, cloud-based systems are dominating. They reduce costs, are highly accessible in real time, fees are consistent, and are highly secured.
wenjieyang

How Technology is Changing the Restaurant Industry - 0 views

  • Restaurants that quickly pivoted to online ordering, drive-throughs, and carry out food were able to maintain steady business. Mobile ordering technology also reduces wait time for customers, making fast food even faster.
  • Online reviews have changed the restaurant landscape forever by giving an immense amount of  control to consumers.
  • In a world where any bad experience can turn away potential visitors, restaurants must step up their service, cleanliness, and food quality.
    • wenjieyang
       
      I agree. The restaurant I work at now takes customer reviews very seriously. Employee bonuses are related to customer reviews.
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  • it removes another touch point and both simplifies and speeds up the buying process.
  • Three of the biggest ways technology helps restaurants is with their digital food safety, employee performance, and team accountability.
  • digital food safety helps restaurants be compliant and serve hot fresh food.  
  • BOH digital software also helps restaurant owners ensure orders are accurate, service is friendly, and all employees are trained with the tools they need to succeed.
mmorr116

Wendy's and Google Cloud Partner to Enhance the Wendy's Restaurant Experience | Hospita... - 1 views

  • Wendy's® and Google Cloud announced a partnership to enhance the Wendy's restaurant experience and unlock new customer, restaurant, and employee experiences through data-driven insights.
  • Wendy's intends to leverage Google Cloud's data analytics, artificial intelligence (AI), machine learning (ML), and hybrid cloud tools to create new ways customers can order food in the drive thru, on their mobile devices and through other touchpoints.
  • Google Cloud's AI/ML and data analytics solutions will enable Wendy's to innovate ways to create fast, frictionless, and fun interactions that redefine the way customers visit and enjoy our restaurants."
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  • By bringing together Wendy's commitment to innovation, with the best of Google technology, we can help build the quick service restaurant of tomorrow that redefines speed, convenience, and quality.
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    Wendy's plans to 1) reimagine the restaurant experience for customers and employees by improving business analytics and reporting 2) create new ways of ordering food through mobile, web, and other touchpoints at the restaurant 3) provide a next-gen restaurant experience.
nixalexa

What are the Pros & Cons of Cloud Computing? | Morefield - 0 views

  • Cloud computing is when entities share a network of remotely accessible servers. The servers are hosted on the Internet, allowing businesses to manage data “in the cloud” instead of on a local server. It’s a shared space in which devices in the network can access data from anywhere.
    • nixalexa
       
      Many companies use cloud computing, where they can store software and important company information in one place. This article I chose from Morefield Communications it mentions how cloud computing has pros and cons. When discussing the pros cloud computing saves more money and time than having your IT teamwork with a server that might not be reliable and might not be as fast as having a cloud. When something goes wrong with the cloud, the company you use is responsible for making sure that the cloud is working properly and that any faults in the system get fixed, while with personal servers, your IT team has to be the one to fix these mistakes and maintain the installations and maintenance on the system. When discussing the cons managers and companies have to realize if they invest in clouds, it might not be cheap and if they decide to go from a cloud back to a personal server it might be expensive. Because clouds are owned by service providers you many times will have little control as it pertains to infrastructure and connection problems within the cloud unless it is due to your Wi-Fi. I believe if your company has high-speed internet and good bandwidth, as well as the financial means to maintain a cloud for a business I would recommend it.
anonymous

Digital Disruption Is Shaking Up the Travel Industry: Here's How to Stay Ahead | Master... - 0 views

  • Digital disruption has streamlined her entire journey — and this frictionless, convenient experience will likely encourage her to make a return stay.
  • According to the International Air Transport Association, today's travelers expect digital technology to provide them with more personal control over their travel experiences
  • By leveraging data-driven insights and analytics to gain a better understanding of past guest behavior, and employing new digital technologies like artificial intelligence (AI), machine learning, beacons, chatbots and the Internet of Things (IoT), you can deliver on travelers' expectations for guest-centricity and personalization
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  • Disruption comes in many sizes. It can make a huge splash, like self-driving cars, or it can make ripples in the form of chatbot service agents and robotic room service delivery. But all new ideas should have the common goal of making travelers' lives easier and their experiences more enjoyable in order to ultimately drive loyalty and spend
  •  
    The article breakdowns how digital disruptions has ignited innovation especially in the travel space. Data is showing how travelers expect digital technology to help with enhancing their travel experiences. Using digital technologies such as artificial intelligence (AI) and the Internet of Things (IoT) you can deliver on these travelers expectations in technology.
anonymous

Telecommunications solutions for the hotel industry - Solutions Site | Panasonic Business - 0 views

  • For the ultimate in guest convenience and comfort, Panasonic provides hotel solutions that cover every aspect of your business. From reducing your operational costs to improving visitor information, and from increasing security to cutting management complexity, our technology has the built-for-purpose capability to support everything you do
  • Panasonic systems work with a wide range of IP and digital handset devices, and support migration for four generations of handsets, including basic industry standard analogue. Panasonic solutions are very efficient in power consumption, some consuming over 54% less than previous generations of products.
  • Panasonic communications platforms have been designed to enable third-party applications like call accounting, property management systems and unified messaging to interface with standards-based Panasonic systems.
  •  
    The article breaks down how Panasonic has business technologies that can provide services for guest convenience and comfort to hotels. Their intelligent telecommunications have been designed to have hospitality specific features with tailored applications. Their telecommunications solutions also save money and reduce cost through a newer more power efficient digital handset devices.
anonymous

PMS Software: What Are the Most Important Advantages? - Booking Ninjas - 1 views

  • A property management system (PMS) is a software application for the operation of hospitality businesses such as hotels and commercial or residential rental properties
  • PMS systems are customized for the needs of the hospitality industry to further increase ease of operations. Computer record keeping and PMS systems have increased the efficiency of hospitality industries significantly by making it possible to update and consult centralized records from multiple computers and devices.
  • According to Forbes, “Property managers have been using software to assist with managing their properties for years… Artificial Intelligence (AI) apps will just be a natural extension of this wave of adoption… they won’t replace current software solutions, they will compliment them.”
  •  
    The article discusses the importance of property management systems software and its most important advantages. It shows how important PMS is to your business financial health and the functions it performs to make you more efficient. The article also connects how Artificial Intelligence are a natural extension and will compliment the PMS software.
jblan183

Hotel Concierge Software. What it is and why your hotel needs it. - 1 views

  • While room booking has been highly modernized, the same can’t be said for the activities and services offered by the hotel.  Experiences such as spa, tours, and excursions play a vital role in the guest’s overall experience. Modern travelers like Millenials want to dive deep into the culture of the location they are visiting and experience it at its fullest. Even a great hotel room and good service are no longer enough.
    • jblan183
       
      Since most Millennial parents, according to triparound.com, work remotely, they have become more adventurous compared to prior generations, being able to work while they vacation as well as make enough of a living to afford more adventurous excursions over traditional hotel stays at the Marriott International hotels.
  • By having all activity bookings in one organized, online platform concierge teams and hotel staff can enjoy a much better collaboration. All knowledge and bookings are shared through the software.
  • A big part of the concierge’s role is the development of meaningful relationships with the hotel’s guests in order to better understand their needs, enhance their experience, and delight them.Unfortunately, due to inefficient activity booking methods, concierges often lack the time needed to do that. With a hotel concierge software, all activity bookings can be done with a click of a button (literally) , and thus they have more time to come closer to your customers, assess their needs, and emphasize on the personal touch. 
    • jblan183
       
      As mentioned below by Remy Merckx, Global VP of Digital from the Radisson Hotel Group, technology is "an accelerator to get in touch with the customer," increasing the nymber of potential interactions and improving the personalization capabilities during traditional touchpoints like check-in or at the concierge desk.
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  • What is a hotel concierge software?In brief, a hotel concierge software is a digital platform that allows the efficient organization of daily operations, planning, collaboration, and booking of experiences for concierges.In other words, it empowers concierge teams toHave better collaborationReduce downtimeMonitor the performance of your hotel’s experiencesMake bookings without the need for physical presence by the guest
hlope066

The Role of Travel Agents for Business Travelers | TTS - 0 views

  •  
    Travel agencies are not what they used to be, but they are still around. Some people do prefer to use them for business trips and big family trips. Travel agents can save you time and money. They are knowledgeable about price points and best places to go for most of the travel needs. They make it hassle-free with support for the entire trip or vacation. Most businesses do not have the time to plan out the business trip and corporate outings.
wenjieyang

8 POS Trends & Technologies Shaping the Future of Retail - 0 views

  • A POS—or point-of-sale—system is an invaluable business tool that has replaced the traditional cash register with constantly evolving, tech-driven solutions.
  • mobile and cloud-based POS transactions enable businesses to make sales from anywhere.
  • Cloud-based POS technology: Today’s POS software is often cloud-based, meaning you can access your POS software and all of its data from any compatible device at any time.
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  • POS technology makes it possible for small businesses to accommodate these complex buying behaviors, letting them compete with larger companies with bigger budgets.
  • POS technologies continue to empower retailers to create a more seamless customer experience across all touchpoints.
  • mPOS systems: Many cloud POS options also have a mobile component, or an mPOS, so associates can meet customers where they are and make sales on the floor.
  • When you accommodate additional payment methods with a flexible, tech-forward POS, you can accommodate more customers—and encourage more sales in turn.
  • While credit and debit cards remain popular, usage is expected to decrease gradually as consumers access ever-expanding payment options
  • Having a POS that provides personalized shopping experiences is important
  • POS software captures valuable information with every transaction, so you can build customer profiles that help you learn more about your clientele. Over time, you can personalize automated campaigns through your POS, enabling your associates to access customer profiles at checkout or on an mPOS.
  • POS data is valuable for more than just getting to know your customers and their communication preferences. The metrics from your POS can also reveal information about your business’ staff, products, store layout, foot traffic, and returns rate—among other metrics.
  • Choosing a POS system that lets your customers subscribe to products or services makes it easy for them to keep their favorite products in stock while effortlessly maintaining brand loyalty.
  • many of the best loyalty program software options integrate with POS systems and make it easy for customers to sign up for rewards.
  • With increased mobility, data analysis, and security, POS technologies are becoming an integral part of every retail business.
ecast038

The Truth About Self-Serve Kiosks At Fast Food Restaurants - 0 views

  • self-serve technology is not only making fast food service more efficient, but also subtly changing customer behavior. Namely, it is encouraging people to spend more
  • elf-serve kiosks increase customer spending, on average, by 20%, and this figure is borne out by data presented in a 2015 Harvard Business Review article. According to the review, major chains, including Taco Bell, McDonald's, and Chilis have all reported self-serve kiosks generating larger sales than in-person ordering, usually by a margin of 20%. In one instance, McDonald's even saw sales increase by as much as 30%.
  • On the one hand, standard industry practices such as "upselling" (promoting premium goods, add-ons, and customization) are programmed right into the machines. Human cashiers may neglect to upsell, but self-serve kiosks can't help but do so (via FoodTec). Given the visual nature of self-serve kiosks, upselling can be cleverly woven into the menu itself, and more easily escape customer notice. 
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  • In a 2017 study published in the Journal of Retailing and Consumer Services, researchers demonstrated that touch screens create "experiential and effective feelings" in customers — and, moreover, a greater sense of privacy. In short, customers are happier and more self-assured when using self-serve kiosks, and are therefore more likely to spend more.
  • Using a self-service kiosk can be a joyful experience, but one that comes at a cost if you're not careful.
  •  
    The self-serve kiosks or unattended POS systems are changing the customer behavior and getting consumers to spend more. Many major chain restaurants have incorporated them in their business such as Chilis, McDonalds and Taco Bell. Kiosks tend to upsell the customer while regular cashiers may not. Self serve is bette for business, not so much for the customers wallet.
mmorr116

Google Hotels is the Elephant in the Room, Is it Good or Evil? - 0 views

  • First there was Google search then Google maps, Google flights now Google's hotel search product is aiming to take on other hotel booking sites and disrupt the online travel agency model.  With flights and core search Google is already a travel industry leader.
  • As Google takes on the OTAs head-to-head, hotels benefit from a significant new distribution channel which (alongside Airbnb) is a major shift in industry dynamics.
  • Rather than hotels distributing to OTAs, who charge commissions for capturing demand from Google (almost like advertising arbitrage), hotels can advertise directly on Google. This shortens the value chain and somewhat balances the  distribution power dynamic in hotels’ favor.
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  • There’s growing mainstream awareness around the potentially monopolistic characteristics of Google's position as the place where the majority of the world start their online searches.
  •  
    OTAs identified an unmet customer need and created digital destinations that became the first stop for prospective travelers. Unfortunately, the very thing that made OTAs the original travel disruptors- the ability to aggregate digitized data to create economical, do-it-yourself travel planning - could be what gives rise to another innovative disrupter: Google.
kesca010

Southwest Airlines Partners With Sabre, Now Offering Flights on GDS | TravelPulse - 0 views

  • Southwest Airlines has partnered with Sabre to provide business travelers and business travel planners with the ability to book Southwest Airlines on one of the leading corporate booking channels in the country, through the use of Sabre’s global distribution system (GDS).
  • we're able to provide the ability for more organizations than ever before to quickly book and modify travel with just a few clicks.
  • those who are used to traveling for business want to do so again, with many desiring more direct input into the travel-planning process, including choosing their own accommodations and airlines. Southwest’s partnership will make the airline more accessible for business travelers.
  •  
    First of all this article shows how Southwest Airlines is partnering with one of the Global Distribution Systems. It goes to mention how the pandemic has not completely eliminated business traveling. In fact, Southwest airlines wants to make it easier for business travelers to plan their trips.
jblan183

Beyond: What the Metaverse is and How Hotels Can Take Advantage of it | By Simone Puort... - 0 views

  • "We," Zuckerberg stated in his keynote, "believe the Metaverse will be the successor to the mobile Internet. We'll be able to feel present, like we're right there with people, no matter how far apart we actually are. We'll be able to express ourselves in new, joyful, completely immersive ways. And that's going to unlock a lot of amazing new experiences. When I send my parents a video of my kids, they'll feel like they're in the moment with us, not peering in through a little window. When you play a game with friends, you'll feel like you're right there together in a different world, not just on your computer by yourself. And when you're in a meeting in the Metaverse, it'll feel like you're right in the room together, making eye contact, having a shared sense of space, and not looking at a grid of faces on a screen. That's what we mean by an embodied internet. Instead of looking at a screen, you're going to be in these experiences."
    • jblan183
       
      Zuckerberg is currently working on creating a "Metaverse Program," conveniently named Meta, which will connect all users to be a part of it, rather than simply on it.
  • the Metaverse is not only VR and AR, but also Mixed Reality. In a few years, we could be able to join our friends at a concert under the appearance of holograms, and enjoy the experience from our couch while our pals are physically at the gig. "The feeling of presence," as Zuckerberg highlighted, "is the defining quality of the Metaverse."
  • If the Metaverse can be (and will surely be) a goldmine for online microtransactions-centric industries (think of gaming: the console microtransaction market alone generated $2.94 Billion in 2017), on the other hand, VR traveling never really got mainstream, and this is something we all learned during last year's lockdowns.
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  • for our industry, the Metaverse can be (and probably will) be a fully functioning economy. "Individuals and businesses," Managing Partner of EpyllionCo, Matthew Ball, wrote on a series of must-read articles on the topic, "will be able to create, own, invest, sell, and be rewarded for an incredibly wide range of work that produces value that is recognized by others."
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