Business in the Metaverse: Opportunities and Real Use Cases
Since Facebook, now Meta, revealed its lofty aspirations to build the Metaverse, discussions of the subject have increased. Big and small brands worldwide have begun investigating the new trend and looking for ways to capitalize on it. So, what exactly is Metaverse consulting company, and how might it help businesses? Let us look into this subject.
Understanding the Metaverse
Because we can’t sense the Metaverse as something tangible, understanding it becomes challenging. It is still mixed up with other networked technologies such as Virtual Reality (VR), Augmented Reality (AR), Artificial Intelligence (AI), 5G, and so on. These technologies are evolving and scaling, and the Metaverse has shown to be a driving force in their confluence. As interlocking components, the technologies discussed will create a new world full of digital 3D virtual environments.
The rapid development of the Metaverse, facilitated by Mark Zuckerberg’s revelation, creates unparalleled business prospects. Zuckerberg’s concept is to bring metaverse technology, a virtual reality simulation that consumers can access through smartphones and gadgets. According to the European Business Review, AR/VR technology will be critical in developing this digital world.
The Metaverse that exploits the potential of social interaction is still in the early stages of development, but a few Meta components that assist businesses have already been defined:
- Horizon Home has replaced Facebook Home as the user base where friends can be invited to hang out, view videos, and play apps or games. You can even go to a live performance without leaving your house. But how does any of this relate to business? There is a direct link in the sense that businesses may welcome this form of involvement with staff and clientele. For example, the Horizon Workrooms beta app allows coworkers to use virtual reality settings for remote work, communication, and collaboration in dedicated places. Notably, the program works across VR and the web, allowing teams to experience mixed reality: employees can bring PCs, actual desks, or suitable keyboards into the VR rooms. Users utilize their hands instead of controllers for primary input, resulting in digital and physical experiences hybrid.
- l Quest for Business Is a set of business-oriented elements. It entails using a Quest 2 headset and a work account to connect with colleagues, operate applications such as Horizon Workrooms, and gain access to critical workplace operations such as single sign-on (SSO), performance, and third-party device management. The full launch of Quest for Business is scheduled for 2023.
Microsoft, Nvidia, and Roblox have previously attempted to develop the Metaverse, but Facebook’s massive investments demonstrate the technology’s potential. Consider this and try to read between the lines: Facebook is putting money into Reality Labs to construct the Metaverse, spending $10 billion on it by 2021.
The expenditures made by Facebook maintain the perception of the Metaverse as a new stage in the evolution of the Internet. At this time, the boundaries of the technology that powers the Metaverse are called into question. Because VR systems are costly and unsuitable for long-term use, the technological focus may turn to AR solutions accessible via smartphones. And augmented reality development firms will accelerate the metaverse deployment process, benefiting businesses worldwide.
The Metaverse’s General Business Benefits
Customers can interact with firms’ products more efficiently in digital venues with a three-dimensional view. It’s the first step toward the launch of a new online marketplace – virtual storefronts will dramatically improve customer experience.
The fact that blockchain technology is at the heart of the metaverse platforms demonstrates how readily new currencies may be launched and grown, hence driving corporate growth. Along with the metaverse platforms, non-fungible tokens, blockchain games, cybersecurity, and decentralized finance will be developed.
Through VR and AR, practical applications and digital products promote communication in the Metaverse. Employees will receive next-generation communicative tools in which videoconferences are merged with actual meetings in digital rooms, giving users the effect of presence and making the interaction more authentic. This format is more effective than the previous webinar technologies we were utilizing.
Businesses can use metaverse platforms to develop healthcare applications that identify ailments fast and correctly (doctors and other healthcare specialists will have a chance to interact with patients remotely, using the virtual reality of the Metaverse).
Businesses interested in esports may develop immersive applications that give virtual reality training.
Companies that operate in the Metaverse will create jobs. For example, new jobs could be related to architecture or the production of new products that do not exist in the real world. Objects will be assigned to specified owners using NFT certificates. New work opportunities in the Metaverse also suggest video games, where commentators, trainers, or even gardeners, like in Minecraft, are needed.
The Metaverse Use Cases
Because the Metaverse is still in its early phases, it is only possible to address some elements of the application and use cases. On the other hand, enterprises can gain from the Metaverse by unlocking new marketing options. Overall digital ad volumes in Europe climbed by 6.3% in 2020, demonstrating companies’ willingness to invest in their brand’s online presence.
Anzu, an Israeli in-game advertising platform, has already introduced advertising solutions for other gaming platforms, including Roblox. Ads mimic real life and are included in the game’s plot. This is an interesting concept, as branded apparel and even billboards with advertising appearing in fun. This ad solution allows global brands to reach Roblox’s audience.
Facebook’s ever-changing nature has always kept it at the top of the list for marketers. The Metaverse’s marketing prospects are also enticing for brands because, with its assistance, they may develop relationships in the blink of an eye, targeting Millennials and Gen X. They may be interested in their offers. To promote its brand, Vans has already constructed a virtual skatepark. The degree of participation is astounding: the online skatepark receives 46 million visits daily. Vans can reach the target demographic of 13 to 35-year-olds.
According to Reuters, Boeing, a well-known consumer of digital technology such as VR and AR solutions, intends to employ the Metaverse to build airplanes. The overarching strategy is to create a digital ecosystem that includes service operations, product design, and production. Boeing mechanics throughout the world will use HoloLens goggles for daily work and engagement, and robots will be involved in the fabrication of 3D designs.
BMW collaborated closely with NVIDIA to develop virtual space, a kind of omniverse in which numerous people simultaneously work on the same design project. Teams are working together to test everything before the official release.
The previously mentioned metaverse use cases are only samples of business tactics; thus, let’s look at some specific industries that can benefit from the metaverse trend.
Improved Work and Education Communication
One of the most famous use cases for the Metaverse is virtual work and learning places. This is because the epidemic has boosted the popularity of video conferencing, remote work, and online schools, necessitating new modes of engagement in addition to traditional audio and visual communication. The Metaverse elevates user experience to a new level thanks to avatars and a sophisticated virtual environment. Colleagues, professors, and students can converse using their avatars in the virtual environment.
In terms of virtual workspaces, this is a very nice narrative, although there are some worries about surveillance and adherence to interaction rules. Is it possible to go to someone’s office without being invited? How about the maximum distance between avatars? Companies must incorporate practices into their policies. Employees may be concerned about the requirement to be in the virtual space full-time and monitoring in the Metaverse, where employers may track them. At the same time, the average employee is comfortable utilizing work-related applications that feature VR or AR functionality. Such apps are regarded as complex projects: The cost of developing an app begins at USD 300,000.
Although the future design and operation of the online store cannot be entirely predicted, a shift toward the Metaverse has already begun. We may look at current trends to see what the future holds for eCommerce. One of the most important aspects is the unique user experience: visiting an “underwater” diving shop or conversing with football stars while purchasing a new pair of boots in the store. These possibilities are becoming a reality.
Virtual shopping will be possible with digital storefronts, combining online and real experiences. Gamification components may also be included to encourage visitors to earn incentives and discounts and spend more time in the store. Nike, for example, has already established NIKE LAND on Roblox, with a high level of personalization and community participation.
Connecting the Dots
The Metaverse puts us at the doorstep of technological advancements from which enterprises might benefit. It will help brands scale by removing physical limits and introducing a hyper-personalized user experience.
Augmented and virtual reality will also help the growth of the Metaverse. Because VR implies more complex and expensive methods for users to reach the new Internet, AR technology can be a true driver for the in the future.