If there’s one trend technology that everyone seems to be following, it’s definitely the metaverse trend. The metaverse, considered the next iteration of the internet, has been making waves. Many businesses are searching for new ways to make user experiences more interactive, especially in a world where attention spans are only getting shorter. Integrating the metaverse is one way to achieve that. More and more organizations consider the metaverse as a key to business expansion.
But before we get into how businesses can harness the power of the metaverse, let’s get to know what the metaverse is.
What Is The Metaverse?
Metaverse this, metaverse that. It’s all over the news! But, what exactly is the metaverse? The likes of Mark Zuckerberg have claimed that it would be the next chapter of the internet. Because it’s an emerging technology, there is still no clear-cut definition of what it truly means. Most will agree that the metaverse refers to a virtual environment where users interact with other users, regardless of where they’re from.
What Are The 5 Metaverse Business Opportunities You Should Try?
Nike, Louis Vuitton, and Disney – these brands have one thing in common. The metaverse. With many huge names hopping on the metaverse train, it’s clear that it’s the next big thing. After all, it’s one of the leading business and corporate event trends. For many businesses looking to expand, the answer may lie in this innovation. Here’s how businesses can leverage the metaverse for business growth:
Ten years ago, the idea of buying digital land would sound absurd. Today, buying virtual land seems to be the cool, new thing. Many businesses would benefit by venturing into the field of real estate, but this time in the metaverse. Virtual land allows people to connect with each other, even if they’re from opposite sides of the world. When an organization rents virtual land, it can host virtual events that bring people together. This could come in the form of interactive business meetings without needing to travel long distances. One could even rent a venue for concerts held by artists. For others, a birthday party in the metaverse could be their cup of tea. The possibilities are endless.
It’s no big secret that malls have recently declined in popularity. Due to the convenient nature of online shopping, many customers prefer to stay in the comfort of their own homes scrolling about on their smartphones, in search of the right item to buy. While the birth of online shopping has been a net positive to shoppers, it has its own share of downfalls as well. When buying items online, many customers do not have a full view of the item. And once they receive the item, it could be different from their expectations. As a result, many dissatisfied customers return their products– which leads to a difficult situation for both sellers and customers
In the metaverse, retailers may opt to create websites that provide a more interactive experience to customers. In clothing, for instance, one can make use of digital avatars dressed up in different garments which can be viewed from varying perspectives. That way, buyers could have realistic expectations of the product, reducing the number of returns. This creates a more interactive shopping experience. Plus,
There’s no experience more immersive than gaming, whether that be on your laptop, console, or mobile device. It only makes sense for the gaming industry to benefit from the metaverse concept. An increasing number of gamers have shown a preference for 3D and immersive games. Surely, the virtual world will be a huge hit among gamers.
It’s a given that the metaverse is a social platform. Thanks to this idea, many players stay connected with their friends even if they’re thousands of miles away. On top of that, they get to interact with each other as if they were next to each other. Other popular concepts in the metaverse include play-to-earn games, a concept popularized by Axie Infinity.
Using the metaverse helps businesses up their marketing game. For example, a business can take advertising to the next level in the metaverse by creating in-metaverse advertisements. Brands will also gain the ability to create special metaverse events to create exclusive experiences in the virtual world. What’s great is that you hit two birds with one stone. You increase engagement with loyal followers and you get to expand your reach to new customers.
You will never run out of options when you integrate the metaverse into your business operations. A new application of this innovative concept lies in providing immersive learning experiences. With remote work gaining popularity, companies can create training programs with the use of virtual reality and augmented reality. It’s a great way for employees to learn more quickly while retaining information. Not to mention, this type of learning applies to students of all ages too! In fact, it increases classroom engagement by preventing the monotony of classroom lectures.
The Main Takeaway
With all the opportunities the metaverse brings to all types of organizations, it’s a no-brainer for businesses to consider the metaverse concept. From gaming to virtual real estate, the idea of the virtual world shows great promise. And the best part? It’s just getting started. With only more use cases to be discovered, the metaverse shows that it’s not just a trend. It’s the future.