metaverse
Holidaying in the Metaverse
PolyU School of Hotel and Tourism Management | September 19, 2023
In the future, it may be more expensive, time-consuming, and risky to travel halfway around the world for a holiday getaway. What if we could experience a convincing virtual version of the real thing? The Metaverse – a parallel digital realm blending real and fantasy worlds – has been tipped as the next disruptive technology, on track to completely alter reality as we know it, and tourism and hospitality businesses should be preparing for the switch. Dr Michael Lin and Dr Daniel Leung of the School of Hotel and Tourism Management (SHTM) at The Hong Kong Polytechnic University and their co-author’s new paper describe the Metaverse’s po...
Think Visualization for the Hotel Metaverse
Adam and Larry Mogelonsky | April 26, 2023
By Adam Mogelonsky, Larry Mogelonsky Okay, the hype part for this new technology is clearly over (at least according to the Gartner Hype Cycle). But that doesn’t mean the metaverse is destined for a New Mexico landfill like all those unsold cartridges for the E.T. the Extra-Terrestrial video game. In fact, it’s the exact opposite, with travel and hospitality as two top beneficiaries. Think back, if you are old enough to do so, to a time just before the internet reached every home in America: the late 1990s. Just as the dotcom went from boom to bust, all the trolls came out from under their respective bridges to boastfully proclaim t...
Blockchain, Metaverse, ChatGPT: How Is Technological Innovation Changing the Travel Sector?
ITB Berlin and the ITB Berlin Convention | March 9, 2023
A packed house at the ITB Berlin Convention: on Tuesday afternoon three experts presented their assessments of the potential offered by new technologies. Caroline Bremner from Euromonitor International reported on the potential for growth of the metaverse, while Leila Summer, CEO of PlayToChange, explained how ChatGPT can suggest a travel route in just seconds. Professor Dr. Alexander Knauer from the Blockchain Competence Center at the college Hochschule Mittweida, explained that, although blockchain technologies are currently in the hype-phase, it will be two to four years before they are in practical use in the travel sector, making...
HVS Monday Musings: Hotel Industry Tapping the Metaverse
Mandeep S. Lamba | December 5, 2022
By Mandeep Lamba, Dipti Mohan The global revenue from the metaverse* is predicted to grow at a CAGR of 44% between 2022 and 2030, reaching US$1.5 trillion, and is expected to transform a number of industries around the world. Technically speaking, the metaverse is a shared interactive virtual environment where users can create virtual identities and avatars by combining various emerging technologies like virtual reality (VR), augmented reality (AR), artificial intelligence (AI), spatial computing, etc. It is a fully functional virtual environment that coexists with the actual physical world, supported by digital money, items, and assets,...
Ten Hotel Possibilities for the Metaverse
Larry and Adam Mogelonsky | August 10, 2022
By Larry and Adam Mogelonsky Now that the current ‘crypto winter’ is weeding out all the cryptocurrency Ponzi schemes with no real applications or utility, it’s time to put on your futurist cap and ponder some actual use cases for what this coming technology will offer to hotels. For background on blockchain, cryptocurrencies, non-fungible tokens (NFTs), web3 and all the basics related to how those work, there are lots of great resources out there, and explaining it all would make this article way too long for a casual read. On that note, here are ten possibilities to consider. 1. An Extension of the Experience Economy. We’re b...
Four Hotel Applications for NFTs
Larry and Adam Mogelonsky | June 30, 2022
By Larry and Adam Mogelonsky Yes, we know. The crypto bubble is bursting. But the dotcom bust didn’t end the internet, and likewise you shouldn’t ignore this technology. In fact, now that all the hype is dying down, now may be the perfect time to plant the seeds for the decade ahead. For those in need of a refresher, there are innumerous articles on how nonfungible tokens (NFTs) work and what the metaverse promises, but key to all this is the idea of ‘nonfungibility’ or specific points of access or asset governance that are unalterable due to their immutable recordkeeping on a blockchain. NFTs are simply digital identifiers â...
Hotel Riu Plaza España Opens in the Metaverse
RIU | June 21, 2022
RIU Hotels & Resorts wants to be a pioneer in the metaverse and explore all that it can offer. Therefore, it has decided to make its debut in the virtual world with the emblematic hotel Riu Plaza España. The hotel has become the first to open its doors in the metaverse and has also introduced innovative solutions that combine reality and digital recreation in AltSpace. This iconic Madrid building offers customers an amazing experience in the real world, and they can now recreate this adventure in the virtual world. The metaverse is an emerging tool with great potential, and RIU firmly believes that it will become the basis of brandsâ...
Hyatt Centric Gran Via Madrid to Enter The RendezVerse
Hyatt | May 31, 2022
LONDON UK, 31st May 2022 - Web3 technology is creating new ways to market and monetise hotels which has led The Hyatt Centric Gran Via Madrid to agreed terms to work with the team at RendezVerse to bring to life the vision of where the industry is headed in an effort to save our most valuable assets, time, money and the planet. RendezVerse is building a community in the metaverse for the hotel and events industry, bringing together buyers, venues, service providers and event specialists inside digital twins of some of the most iconic venues and hotels in the world. RendezVerse will enable meetings, site visits and eventually events in the ...
