A few months ago, Metaverse was nothing more than science fiction for fans. We became completely absorbed with the futuristic value this technology holds and the opportunities it may bring to individuals and businesses despite our lack of understanding of the term.
In simple words, the metaverse is a virtual reality space where one can work, travel, and play. It does not exist yet, but that has not stopped businesses of all shapes from investing in this-HSBC, Gucci, and Coca-Cola are among the few brands that have gotten involved with the metaverse so far, and of course, there is Meta, the company formerly known as Facebook. Companies like Meta are hailing this sort of utopia, which can make the time we spend online in our daily lives more fun and interactive. Businesses will be presented with new forms to earn a certain sum of money, making it much easier than before. One report estimates that the metaverse economy could be worth between $8 and 13 trillion by 2030, but to reach that level, a significant investment is required.
Let's take an example of the metaverse: Decentraland
Decentraland, which is one of the first-ever metaverse platforms, allows users to buy virtual items and land, attend various events or live music shows, and communicate with many people in and around.
This is how the metaverse works-the virtual reality where people can do everything as they do in their real lives and even more. They can visit places they cannot visit in person, buy clothes digitally, meet people who live thousands of miles away, travel in VR, and do so much more.
We need to keep in mind that the metaverse is a new phenomenon. It has not been totally established. Therefore, we cannot think of how such platforms will interact with each other and whether they will unite in one, the metaverse. In December 2021, Meta launched Horizon Worlds, a social VR experience, which can be seen as the early metaverse version.
Decentraland shows that the Metaverse is more about the "parallel" digital world itself than the technology around it.
Now the question is, how can the metaverse be a benefit for business?
Metaverse is not a technology that will be commonly used in a few months. That shift might take approximately ten years. But if we notice the hype surrounding the metaverse and also the outcomes of the already existing ones, "the future" is much closer than we can assume.
Let's explore what exactly the metaverse is offering to all sorts of businesses.
It finds various ways to engage users :
The metaverse is a space where there are extensive possibilities for growth in businesses because of the varied experiences of entertainment it provides to its users. If a company is among the first to introduce a metaverse experience to its customers, it will definitely provide an advantage and draw attention. Branded gaming adventures, virtual goods, and AR/VR showrooms could be the options for representing businesses in the metaverse.
Discover opportunities for virtual events :
Many people cannot travel long distances to cover a professional conference or a lecture, but that should not stop them from gaining knowledge. As an alternative to a simple Zoom or Google Meet broadcast, a conference in the Metaverse can be not just another video in a small window with a comment below, but a full VR experience with proper networking and engagement opportunities.
For those of us who want to get the deep essence of our favourite artist virtually, a video stream might not be that impressive. We thrive for quality, and VR and metaverse can definitely enhance that quality. The viewers might enjoy it thoroughly.
Showcasing and selling products :
Various brands are already keen on using AR so that customers can get a clearer vision, like trying on clothes or glasses, and see how new furniture would fit in their rooms, or get a virtual makeover with a new hairstyle or makeup. They will get the same experience but possibly a better one in the metaverse.
We can also buy or rent commercial spaces to set up storerooms and showrooms where users can check out products in the metaverse. This will provide a complete variation, which will create a sort of enthusiasm within the customers. Fashion comes handier.
Introducing innovative forms of advertising :
We can expect the Metaverse to introduce new approaches to brand storytelling and advertising in general. Storytelling is one of the most compelling approaches to building brand identity and awareness.
People are more likely to be interested in stories; stories provide a much better understanding of the company and its value than simple slogans. With VR and other tech in the metaverse, it would be more immersive and interesting.
Establish better process development and team collaboration:
We were hit with the new reality all at once, but we got used to it slowly but steadily. Daily virtual meetings can be a great way for the metaverse to improve how we do our work.
As a part of this generation (Gen Z), I feel mobile phones can be predominantly called a part of the core entertainment center. We love gaming, we love exploring newer applications, and we surely love something that comes easily to us. Metaverse provides us with everything. I remain convinced that I am going to be putting on a headset at the beginning of the day and sitting in the metaverse all day. It will be something that one may perhaps snack on and a perfect use for certain applications; use at certain points when it's appropriate.
