Virtual reality (VR) is a technology that enables users to experience an entirely virtual world through visual, auditory, and tactile senses, whereas augmented reality (AR) adds virtual detail to the real surroundings. Businesses looking to incorporate VR or AR technology should consider the cost and complexity of developing these solutions. VR, in particular, is more complex and time-consuming to develop as it requires graphic techniques and skills in programming auditory and tactile senses.
The healthcare sector has already found use for VR as a treatment for phobias, such as acrophobia, fear of heights, and aerophobia, fear of flying, by immersing patients in these environments and slowly allowing them to become accustomed to the feared scenario. VR and AR technology also shows promise in treating phantom pain from amputated organs.
Despite the potential that VR and AR have for limitless applications, high costs and complexity can halt progress. However, over time these will become more affordable and accessible as the technology becomes more widely available.
In the metaverse, the virtual world of VR and AR, individuals can start rewarding careers at an early age. High demand permits individuals to have an extended professional life in which they can acquire valuable knowledge and experience, teach, hold meetings, and even mediate deals from the comfort of their homes. Utilizing non-fungible tokens (NFTs), individuals can also create and sell unique pieces of art, meaning there are endless opportunities within the metaverse.
The world is moving towards the digitization of the global economy, resulting in developed countries investing in required infrastructures. Digital economies are a necessary objective for everyone seeking to participate in the global economy. Developing countries must plan accordingly as investing in the digital economy offers economic growth and development opportunities. Digital economics allow for fast transactions, specifically in trade and money movement, opening access to global trade and new international markets. The increased revenues improve economies, leading to a boost in per capita incomes.
Overall, the digital economy facilitates the dissemination of economic knowledge and contributes to the economic growth of society. Dependency on technology makes it essential to pay attention to modern advanced technologies and work towards continuous improvement.