Could Virtual Reality Revitalize the Economy

Could Virtual Reality Revitalize the Economy - Could...

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Could Virtua l Reality Revitalize the Economy? Author: Brian Shuster, Utherverse Digital. Brian Shuster, Utherverse Digital Sergey Galyonkin/Flickr In 1995 I tried to raise venture capital for the world’s first Internet advertising company, and couldn’t find a single investor. No one had ever heard of the World Wide Web, and nobody believed it would take off. Fast forward four years and venture investors were falling all over each other trying to fund anything with a “.com” in the name with as much money as they could force these companies to take. An explosion of wealth that lead to the creation of a massive number of high-tech, good paying jobs and one of the most prosperous set of economic conditions in history. The way the Internet and the “flat” World Wide Web set off this period of economic nirvana was, in short, that it changed everything — everything, that is, for some segments of the economy. All kinds of costs were taken out of entire industries, such as music, travel and shopping. Information also allowed Internet users to obtain better prices, further encouraging shopping.
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But some industries were largely untouched by the World Wide Web. Industries like real estate, conventions and classroom education. Other industries were impacted, like clothes shopping, were impacted, but relatively lightly. Virtual Reality holds the promise to be even more transformative than the flat Web was — reaching into every segment of every market and remaking it to be virtually accessible. Imagine being able to have a virtual replica of your real home online, including all of your furniture and belongings. Because you are wearing a VR headset, like the Oculus Rift for example, you can see the entire home in life-size reality all around you; and you can navigate the rooms with a joystick that controls your avatar. If you want to see how a remodel of the real home would look, you can do it virtually in minutes. Repaint the walls or see how new carpets would look? Point and click… and buy, if you like the paint or the work of the decorator, or the carpet from CarpetWorld.
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