Metaverse was nothing more than science fiction for fans, a few months ago. Without much understanding of the term, we became completely absorbed with the futuristic value this technology holds and the opportunities it might bring to individuals and businesses.
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 to invest in this - HSBC, Gucci, and Coca-Cola are among the few brands which got 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 which becomes 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 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 various places where they cannot in real life, buy clothes digitally, and also meet other people who stay thousands of miles away, travel in VR, and can do so much more.
We need to keep in mind that the metaverse is a fresh phenomenon. It has not been totally established therefore, we cannot think 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 arrives, how can 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.
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 provided to the users. If a company is among the first to introduce a metaverse experience to the customers, it will definitely provide an advantage and draw attention. Branded gaming adventures, virtual goods, and AR/VR showrooms can be the options for representing business 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 and a comment below, but a full VR experience with proper networking and engagement opportunities.
For us who want to get the deep essence of our favorite artist virtually, a video stream might not be that impressive. VR and metaverse can definitely enhance the quality we thrive for and the viewers might enjoy it thoroughly.
Showcasing and selling products :
Various brands are already keen in using AR so that the 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 experiences but possibly a better one in the metaverse.
We can also buy or rent commercial spaces for setting up store rooms 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 likely to take interest in stories; stories produce a lot of understanding about the company and what its value holds than any plain slogans. It would be more immersive and fascinating with VR and other technologies in the metaverse.
Establish better process development and team collaboration:
The new reality struck us quite suddenly and we got accustomed to it, slowly but steadily. The metaverse can surely enhance our work processes through virtual meetings on a day-to-day basis.
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 which comes easier 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 perhaps snack on and a perfect use for certain applications; use at certain points when it's appropriate.