In Case You Missed It: Metaverse Tek Talk

Managing Parking Without Boundaries

6 min read

The digitization of the physical world has become imminent, and the evolution of technology only solidifies this. Globally recognized organizations are entering the virtual world of the metaverse in hopes of discovering new opportunities to expand their business further while meeting evolving societal needs—including parking.

That is why Precise ParkLink recently hosted an insightful discussion on the metaverse and the opportunities for parking management within it. The panel included technology evangelist Marc Saltzman, Sarah Baldeo, CEO and Equity Partner at ID Quotient Advisory, Stephen Sandhu, Managing Director and Retail Services at BGIS, and Precise ParkLink's own Dani Ierullo, Director of Proposals.

In case you missed the Metaverse Tek Talk, we've summarized the key discussion points below.

What is the metaverse?

To simplify the metaverse, it is an alternate digital reality that we can engage with in different ways. Like the internet, multiple metaverses are often built on different platforms. It is important to remember that there are various ways people can engage with different types of metaverses. The division right now lies between virtual reality versus augmented reality. Virtual reality creates an immersive virtual environment, whereas augmented reality is the experience that combines the real world and computer-generated content. This involves overlaying visual, auditory, or other sensory information in the real world.  

What industries are entering the metaverse?

The first types of organizations to embrace the metaverse were those in the gaming and entertainment spaces. However, it is slowly being adopted by others, such as banks, major retailers, and more. This can commonly be attributed to the fifth industrial revolution—the merging of human beings, artificial intelligence and technology, and people exploring what they want to experience in the virtual world. The exploration of social services in the metaverse has already come to fruition. It will allow individuals to complete everyday tasks or actions previously only tethered to the real world.

Why do we need the metaverse?

Businesses must start looking at being a part of that early adoption cycle. If you think back to the late 90s and early 2000s, there was a huge rush for companies to get onto the internet and establish their online presence. As we look to the future, almost, if not all, industries will shift to offering a metaverse-like experience. Enhancing the physical world with a digital experience is precisely what will become of the metaverse. Things such as 3D mapping are an essential first step that allows businesses to enter the metaverse or launch their own. The metaverse is based on immersive 3D experiences, and 3D maps are how we generate 3D experiences. From there, we can discover the various opportunities for your business in this virtual world. 

How is the metaverse being built?

The metaverse can be built on many different types of platforms; the two most popular ones being Decentraland and Sandbox. Most of these platforms leverage cryptocurrency and a blockchain mechanism. And that the foundational system architecture that metaverses are upon. These terms are an easy way to understand that these are the building blocks of the metaverse. Knowing that every platform has a limited space is essential, making it valuable for companies looking to create a digital twin in the metaverse. 

Why should businesses embrace the metaverse today?

Businesses must embrace the metaverse as it is an alternative way to deliver services to customers in real-time. From a parking perspective, augmented reality can help elevate customer experiences and customer service protocols. One way it can do so is by guiding customers entering a parking facility to their reserved parking space. But the opportunities don't stop there. It's a way to improve customer experiences in any industry in meaningful ways. 

What's the first step to getting started?

Familiarizing yourself with the technology and the applications that are out there. From there, you can pinpoint what opportunities are available for your business— including increasing revenues, bettering your management strategies, or improving your operations. Doing this will allow you to unlock opportunities you never knew existed. Always start small, and the rest will follow. 

What are the opportunities for parking management in the metaverse?

The metaverse will soon offer many opportunities for the parking and mobility industry, making it a necessary consideration when looking to futurize your parking management strategy and set your facility up for success. One of these key opportunities  is being able to manage your facility in real-time without having to be onsite. This not only reduces pain points but increases positive experiences—whether it be for the parking facility owner, manager or customers. The metaverse is here, and it's here to stay—making it an important consideration when looking to evolve your parking management strategies.  

The metaverse's full adoption is much closer than you may think. Stay ahead of the curve by ensuring your business strategies are forward-thinking and incorporate evolving, interoperable technologies such as the metaverse.

Watch the full Tek Talk below!