The move by Facebook to rename its parent company Meta was a blatant indication that the metaverse was going to be the next big thing online. What does it actually do, and what will its introduction entail for internet businesses? Here, we look more closely.
1. What is Metaverse?
The metaverse is essentially the blending of the physical and digital worlds. People from all over the world can come together to engage in real-time experiences and interactions using technologies like virtual and augmented realities, along with the peripherals that enable people to connect to them, such as virtual headsets, augmented reality apps and wearables, etc.
The majority of stuff is not entirely new. Virtual, avatar-populated worlds have been around for a while; examples include Decentraland, Roblox, and Minecraft, as well as augmented reality games like Pokémon Go.
But as technology has advanced, these have gained more significance outside the world of gaming. Today’s metaverses are locations where people use non-fungible tokens to produce, sell, and own virtual goods, including virtual real estate. Brands that operate in virtual worlds can also conduct business in the real world. They are able to set up online shops and utilize them to sell physical goods that are subsequently delivered to customers’ doors.
2. Why brands are moving to Metaverse?
Why would a company spend millions of pounds to purchase virtual property and set up shop in one of these metaverses? Simply put, it’s because many individuals, especially younger generations, prefer to hang out there. 7 million individuals visited Nike’s virtual store on the Roblox platform in less than a year, which is far more than the number of people that enter the typical high street store.
Why is it so well-liked? Because offering the tech-based customer experiences that the younger generations desire can best be done in the metaverse. The 12 million individuals from all over the world who virtually attended the Travis Scott concert on Fortnight during the lockdown dwarf the tens of thousands of attendees to festivals like Glastonbury.
In contrast to a concert at a venue, there is no cap on the number of tickets that can be sold, no setup costs, and enormous possibilities for merchandise sales. Scott was able to reach a crowd in a single, virtual concert that he couldn’t have done in the real world without a lengthy world tour.
3. Collaborative possibilities
The metaverse offers collaborative opportunities for all kinds of businesses, therefore it has far more promise than simply for retail, gaming, and entertainment. The lockdown made Teams, Zoom, and a host of other remote video conferencing and collaboration technologies widely available, but the metaverse has a much larger variety of potential applications.
When you can connect virtually, why sit and stare at someone on a screen? Of course, these virtual workplaces can be completely furnished with all the equipment and software required by specialists. Together, artists can create, scientists can explore, engineers can construct, and doctors can practice no matter where they are physically.
4. Types of the metaverse
Metaverses are fantastic because they may be built to meet a variety of needs. This need will be to manage consumer interactions for various organizations. Beyond retail and entertainment, any business that interacts with the public, such as local governments, banks, universities, or energy firms, can design virtual offices, lecture halls, and conference rooms to reach younger audiences.
Organizations that wish to provide better employee experiences, particularly those with a workforce spread across several regions, can benefit from a metaverse. People can connect and even have downtime together in the metaverse and in more natural and meaningful ways than via Teams or Zooms without incurring the financial and environmental costs of physically gathering them for meetings or training.
The construction of virtual twins is another extremely useful application of a metaverse. In fact, several businesses are already using this technology to test out new procedures and products. For instance, this stage of production can be completed in the metaverse rather by designing a new plane by creating and testing a number of prototypes. This not only makes creating a real product more affordable, but it also allows for better testing of its quality, safety, and user appeal before moving on to the physical prototype stage.
After reading this blog we hope you understand how the metaverse will affect online business. The massive influx of young people visiting the metaverse to shop and attend activities is proof of its rising popularity. This opens up a new avenue for internet enterprises that cater to this age range, one that might even be more lucrative than social networking.
However, the metaverse opens up a multitude of possibilities for employee connection, client involvement, and product development for all firms.