Metaverse And Web3: From Early Hype To Practical Applications And Sector Integration
In Brief
Since gaining attention in 2021, the metaverse and Web3 have faced early challenges but are now evolving toward practical, sector-specific applications—particularly in education, professional training, and blockchain integration.
Concepts of the metaverse and Web3 began gaining prominence in 2021, often positioned as complementary elements in the evolving technology landscape. Facebook’s rebranding to Meta brought widespread attention to the metaverse, while Web3 became increasingly visible through the rise of cryptocurrencies, non-fungible tokens (NFTs), and discussions surrounding decentralization of the internet.
Despite the initial enthusiasm, the early development of the metaverse faced challenges, including technological limitations, a lack of broad user engagement, and difficulties in demonstrating clear practical applications. Meta’s Reality Labs, the unit tasked with advancing VR and metaverse initiatives, reported a financial loss of $3.73 billion in Q2 2023, an increase from the $2.8 billion loss reported in the same quarter of the previous year.
The primary use cases for the metaverse were concentrated in entertainment, gaming, and retail environments. Although virtual entertainment offers potential value, adoption was limited, in part due to VR gaming not being widely integrated into daily routines. Additionally, early versions of the metaverse were hindered by cumbersome interfaces, inconsistent performance, and an overall user experience that failed to meet broad consumer expectations.
Learning From Collapse: A More Viable Metaverse Takes Shape
While the initial wave of speculation surrounding the metaverse has diminished, many of the underlying technological advancements developed during that period continue to hold relevance. This foundation is now contributing to a renewed phase of growth, driven by targeted applications in specific sectors. Organizations such as ICB Labs have adapted to previous challenges by introducing a refined metaverse model that emphasizes practical value. One notable example is the ICB Verse, a metaverse city centered on education, which integrates artificial intelligence, immersive environments, and global collaboration to enhance learning outcomes.
As of 2025, an estimated 234 million school-aged children globally are in need of urgent educational support, with 37 percent of them not enrolled in school. Notably, the vast majority—approximately 83 percent—remain within their home communities, indicating that displacement is not the primary factor behind their limited access to education. ICB Verse is designed to address these challenges by enabling users to engage with AI-generated simulations of historical figures, attend lectures delivered by distinguished educators, and utilize AI-enhanced learning tools hosted within virtual environments.
NFTs on the platform function as digital access keys, unlocking specialized educational content and experiences. These NFTs can provide admission to recognized academic institutions or allow users to develop and deliver instructional material in virtual classrooms. In addition to expanding affordable access to high-quality education, the platform supports adaptive learning journeys powered by AI and provides remote classroom experiences for learners in geographically or economically underserved areas.
ICB Verse Advances Toward Integration With Key Sectors Through Unified Ecosystem And AI-Driven Innovation
ICB Verse has moved beyond the conceptual phase, gaining attention after presentations at Davos 2025 and EmTech Invest 2025 that showcased its strategic goals and early progress. The development team is actively engaging with universities, financial institutions, and government agencies to integrate the metaverse city into sectors such as education, finance, and public services. At Davos 2025, the creation of ICB Labs was announced, bringing together the metaverse city, ICB Network, NFT Talent, ICB KYC, and other initiatives into a single ecosystem.
This integration combines efforts in AI, blockchain, e-learning, and the metaverse to promote global sustainability and innovation. At EmTech Invest 2025, ICB Verse and the ICBX blockchain were presented with a focus on their scalability, security, and the listing of the ICBX token on major exchanges. The ecosystem offers transparent blockchain governance, identity management, smart city planning tools, AI-enhanced smart contracts, tokenized real-world assets, and plans for a native decentralized exchange. AI technologies are applied to improve usability, scalability, and personalization, supporting a shift toward automation and adaptive user interfaces.
The consolidated ICB Labs platform aims to simplify onboarding across its various tools, while ongoing collaborations with universities and public entities focus on improving user experience and accessibility for individuals unfamiliar with cryptocurrency.
Harnessing The Metaverse For Professional Training Across Law, Healthcare, And Engineering
Certain platforms are investigating the use of metaverse environments to simulate high-stress training scenarios for law enforcement personnel, including encounters involving individuals experiencing drug intoxication or mental health crises. These virtual simulations offer a more immersive alternative to traditional classroom instruction, aiming to better prepare officers for real-world interactions.
Legal professionals are also beginning to utilize metaverse tools to simulate courtroom dynamics. Through virtual environments that incorporate artificial intelligence and behavioral modeling, legal teams can evaluate the effectiveness of various argumentation strategies based on insights into opposing counsel, judges, and jury tendencies. This setting enables experimentation with different legal tactics in a consequence-free environment.
In the healthcare sector, virtual reality modules are being tested as a method for surgical education. Initial findings suggest that participants trained using these immersive tools demonstrate higher proficiency compared to those who received conventional instruction.
The metaverse is also being applied in aerospace engineering, where manufacturers are using virtual simulations to assess jet engine safety and functionality under extreme or rare conditions that would be difficult to replicate in real life. These simulations can help explore scenarios such as the effects of an electrical storm on an engine or how specific components operate under varying altitude pressures.
Rethinking The Retail Metaverse: From Overhyped Launches To Targeted, User-Centric Innovation
The initial enthusiasm surrounding the retail metaverse was met with implementation challenges, as early strategies often lacked a data-informed foundation. A portion of returns—approximately 60 percent—was derived from conventional e-commerce rather than from fully immersive virtual experiences, indicating a disconnect between anticipated use cases and actual revenue streams. Many large retail brands underestimated the complexity involved in building virtual environments that are both reliable and user-friendly at scale. As a result, the friction and technical demands discouraged widespread consumer adoption, with most users preferring the simplicity and efficiency of established online retail platforms.
In retrospect, the early versions of the retail metaverse struggled to provide experiences that meaningfully leveraged the advantages of immersive technologies. Current efforts are now oriented toward creating more targeted, content-rich applications that address specific real-world challenges and are better adapted for users unfamiliar with virtual platforms.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
