The hospitality industry is a sector that plays a significant role in the global economy, with a market share of more than $4.548 trillion. With the evolution in Web 3.0 and metaverse technologies, the industry is expected to bring some revolutionary shifts in existing paradigms. Moh Belkhodja, a veteran in travel and hospitality industry and Head of Investments & Special Projects At Ras Al Khaimah Tourism Development Authority, discusses the future of the industry in the latest episode of the Dinis Guarda YouTube Podcast, powered by citiesabc, openbusinesscouncil, fashionabc, and sportsabc.
According to a latest research study, "The global hospitality market is expected to grow above a CAGR of 10.24% and is anticipated to reach over USD 6716.3 billion by 2028".
The growth projections for the global hospitality industry present an opportunity for companies to leverage Web 3.0 and metaverse technologies to enhance the customer experience and gain a competitive edge.
Dinis discussed with Moh Belkhodja, the various aspects of Web 3.0 advancements happening in the travel industry. They also discussed the various metaverse solutions provided by METAKAPSULE. Moh also explained how METAKAPSULE is "building a digitally trusted world, while bridging the gap between technology and business using a network."
Web 3.0 solutions for travel and hospitality industry
The concept of Web 3.0 has been making headlines recently as a next-generation internet where users can interact with each other and digital objects in a virtual environment. Metaverse is being heralded as the future of all advancements, and it is not difficult to see why. With its potential to create immersive, interactive experiences that transcend the limitations of physical space, the metaverse is poised to revolutionize many industries, including travel.
The concept of fractional ownership, Moh told Dinis, has become increasingly popular in the travel industry. Fractional ownership refers to the division of a high-value asset, such as a private jet or yacht, into smaller shares that can be owned by multiple investors.
This concept is not new, but its potential applications in the travel industry are being increasingly explored. While the idea of sharing of assets is not new, the concept has still been quite centralised.
"The idea of today's platforms is to target a specific community with a specific lifestyle brand, offering loyalty benefits. The members of the community can invest in fractions of a project at multiple locations across the globe, while empowering them with ownership rights", Moh told Dinis.
Hyper-realistic and immersive metaverse for phygital experiences
The metaverse is a virtual universe that enables users to engage in hyper-realistic and immersive experiences. These environments can simulate real-world experiences to a level of detail that was once unimaginable, allowing users to engage in a range of activities such as shopping, socializing, and even traveling.
With the integration of Web 3.0 technologies, like 3D modelling, motion capture, and AI technologies, it is now possible to create digital worlds that are so realistic and interactive that they blur the line between virtual and physical reality. This has opened up a new era of phygital experiences, where people can seamlessly transition between the digital and physical worlds.
"When we enter a metaverse as our digital identity, or avatar, we get a chance to live the experiences that we might not experience in our real lives. It is a way to reimagine our shopping and working experiences.
By having the right environment, metaverse technologies and hyper-realism will allow us to relate to reality", Moh said.
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With a driving passion to create a relatable content, Pallavi progressed from writing as a freelancer to full-time professional. Science, innovation, technology, economics are very few (but not limiting) fields she zealous about. Reading, writing, and teaching are the other activities she loves to get involved beyond content writing for intelligenthq.com, citiesabc.com, and openbusinesscouncil.org