Here’s How the Metaverse Could Transform the Auto Industry

When Facebook changed its company name to Meta, the new identity didn’t simply mark a brand change. The Meta moniker served as a nod to the future of the company and its evolution into creating a portal into the metaverse.

What is the metaverse and what will it look like? The metaverse is nothing new; it exists in many forms and it could change how we interact, how we shop and perhaps even how we live. Here’s how the metaverse could even change the auto industry and how we drive.

In the future, the metaverse could include:

• Self-driving cars
• Avatar passengers
• Virtual vehicles
• NFTs
• Virtual car shopping
• Paying with crypto

Self-Driving Cars

While many electric vehicles include some computer-programmed navigational features, the self-driving or fully autonomous car is not yet a reality for consumers. However, there are self-driving e-hail services that are currently being tested on the west coast (by Zoox).

Self-driving cars would need to communicate with other vehicles and even perhaps traffic lights and other road data, too. How would this work? That’s anyone’s guess, but it could involve the metaverse. There could be data that’s projected on the windshield via augmented reality.

Avatar Passengers

Imagine having a friend sit in the passenger seat without actually being in the car. How is this possible? Avatars, of course! Nissan is currently working on its Invisible to Visible (I2V) technology that would allow for passengers to appear in the vehicle as avatars.

I2V also would project a driving instructor or maybe even a tour guide in the car, too. These individuals would be visible to the driver thanks to a pair of goggles or glasses.

Virtual Vehicles

Not all car buyers can afford a Ferrari or a high-end luxury automobile. However, thanks to technology, all buyers might have access to these automobiles virtually or even via augmented reality. The Porsche Vision Gran Turismo was an electric vehicle that was only available for virtual interaction in the video game Gran Turismo 7.

This wasn’t a Porsche that required any investment beyond the purchase of the video game. Teens or anyone with a game console could get behind the wheel of this vehicle and enjoy the exclusive Porsche experience.

In a news release, Robert Ader, vice president marketing at Porsche AG, explained:

“We can engage young and digital target groups in the place where their automotive dreams are born: the world of gaming….”

NFTs

Non-fungible tokens are collectible virtual assets and some are quite valuable. The site Hotcars explained that Lamborghini released an NFT project called Space Time Memory. The project was an NFT series; there were five photos of a Lamborghini Ultimae that are heading into the stars. All the photos sold at auction and sold for a combined total of $659,636. The auction lasted a little more than three days.

However, Hyundai was actually the first auto company to launch NFTs. The company released 30 NFTs as part of its film “Metamobility Universe.”

Virtual Car Shopping

Will car buyers be able to access a virtual shopping experience via augmented reality glasses or a virtual reality headset? In the future metaverse, anything could be possible.

Many tech companies have their eyes set on augmented reality glasses. While many have been watching and waiting for Apple to release these glasses, nothing has hit the market yet.

Could another company release augmented reality glasses? Meta recently partnered with Ray-Ban to release the Stories glasses; while these glasses do not offer augmented reality, they can snap photos and videos.

Perhaps the future of shopping for a car or for any goods or services will require consumers to enter a metaverse mall filled with virtual or augmented reality shopping experiences.

Paying with Crypto

Cryptocurrencies (crypto) include Bitcoin, Dogecoin, Ethereum and many other coins that can be purchased, traded and used for certain purchases (just like other forms of currencies). While some crypto is limited in its offerings (like Bitcoin), others are not.

The price of each crypto also varies; the value changes according to supply and demand. For example, one Bitcoin is worth more than $20,000. Again, though, the value changes. Currently, one Dogecoin is valued at $0.067. Some manufacturers like Tesla accept certain types of crypto as a form of payment.

Is crypto part of the metaverse? The Motley Fool explains that the two are different, but they could become a bit symbiotic in the future.

How Consumers are Already Plugged into the Metaverse

The metaverse might be accessed via virtual reality, but some consider augmented reality also to be part of the metaverse. Augmented reality is already woven into many of our daily experiences and we use this technology during the daily drive, too.

How are consumers plugged into the metaverse in their vehicles?

Backup and Front Cameras

Many modern vehicles offer backup cameras or cameras in the front of the car to aid drivers navigating tight parking spots. These cameras typically display augmented reality graphics like grid lines overlaid on the real environment.

Using cameras helps drivers better understand their turning radius and proximity ot other vehicles. These cameras can help drivers avoid fender benders and minor collisions while backing up or pulling into a parking spot.

Augmented Reality Heads-Up Displays

As technology becomes more advanced, vehicles are increasing their tech offerings and safety systems. Drivers can now choose to include advanced heads-up displays that project augmented reality data to show upcoming obstacles, warn of bikers and update drivers on their speed, too.

Augmented reality-equipped heads-up displays also can show directional arrows that help drivers know when it’s time to turn or where they need to go next during an unfamiliar drive.

GPS Devices

Many vehicles include GPS navigation either within a display or via a smartphone that’s plugged into the vehicle. These GPS functions can show a real-time look at the drive and might even include augmented reality graphics to update drivers about upcoming turns or when to merge onto the highway.

Vehicle Preview Experiences

According to the 2021 Car Buyer Journey Study (from Cox Automotive), car buyers spent more than seven hours shopping online and researching vehicles. The study was noted as the “Pandemic Edition,” and during the Covid pandemic, many buying habits changed.

Covid pushed many auto dealerships to take the car buying experience online. While the pandemic has eased and restrictions are no longer impacting business as usual, online car buying still remains a popular option.

In fact, now car buyers have many resources at their fingertips including augmented reality and virtual reality preview experiences. Some manufacturers include augmented reality experiences that allow car shoppers to use the camera on their phone to capture their environment and drop in a model of their favorite vehicle.

Augmented reality let's buyers see the car in their driveway, their garage or anywhere. They might even be able to walk around the car or look inside. Every experience might be designed differently.

Some dealerships or manufacturers also could offer a virtual reality experience. Car shoppers might use a headset to step into a virtual showroom and interact with vehicles.

Ultimately, the metaverse isn’t really anything new for consumers. The metaverse has existed in some form for a while. The metaverse has the potential to change how consumers shop, how they interact and it might even change how they drive.