The Metaverse market was worth $46 billion in 2020, and it’s set to hit a whopping $800 billion by 2024. With the combination of virtual reality and augmented escapism, the Metaverse spectrum is a field nobody wants to miss out on.
This includes your customers and should include you.
But with all the surrounding buzz and strange words (like digital twins and smart objects), it can certainly seem overwhelming to get started. Let’s not even consider how wild it sounds to make a name for yourself in extended reality.
Let’s cover what the Metaverse can do for your business and why it’s more important than ever to dive “beyond the universe.”
What Is the Metaverse?
The Metaverse, in its simplest form, is a virtual reality generated by the convergence of several technologies. This includes augmented reality (AR) and virtual reality (VR). The Metaverse allows people to interact digitally via avatars, which are virtual representations of themselves.
Using these avatars, people can interact with one another in all sorts of environments. A prime example of this is the popular game Fortnite. It started off as an online multiplayer game but evolved into something with rich virtual experiences, including concerts by Ariana Grande.
Another great example is an environment called Decentraland, which uses NFTs and cryptocurrency for trade. At its most base definition, it’s a virtual real estate environment. Users can buy, explore, or take part in virtual events, challenges, or creative projects.
The point of this is that we can interact with the Metaverse in several ways, with the primary ones being AR and VR. To get a better understanding of what that looks like, we need to understand the two tools better.
Augmented Reality
Augmented reality is not so different from VR. Essentially, AR integrates pre-made digital content into the real world.
For example, an engineer could look at a machine through a headset and see a set of digital instructions. Augmented reality is especially ideal for business technology as it takes the “real” and combines it with what “could be.”
Virtual Reality
Virtual reality is arguably the more popular of the two, but that is purely because it’s used largely for social and gaming purposes. For example, with a VR headset, you could meet people in a universal virtual world, learn or take part in courses and workshops, or play games designed for VR. Both VR and AR give immersive experiences, but VR is about changing the world around you, not incorporating it into what’s already there.
How Does the Metaverse Work?
The Metaverse is not inherently designed to replace the internet. It’s designed to build on it and transform it into something new and dynamic. Simply put, the Metaverse is a digital, blockchain-based internet experience that should be:
- Immersive
- Persistent (as in it’s always around)
- Part of a 3D virtual world
It’s a misconception to think that the Metaverse is a single, connected and interoperable entity. It could be, but it’s not there yet.
Each platform exists separately, like Decentraland, Fortnite, or even Facebook (now Meta). Each entity has its own monetization rights and membership or access plans.
Ultimately, it’s a series of connecting but distinct worlds with an array of diverse experiences available. How a business takes advantage of that is entirely up to them.
Opportunities and Benefits in the Metaverse
We’ve already seen some of the early benefits and use cases, but there are so many more in the pipeline. Let’s look at some of the potential uses and benefits of the Metaverse for businesses.
Remote Working
The Metaverse expands the possibilities of remote working and is well on its way to creating whole virtual worlds where people can connect, brainstorm new ideas, or work together. Basically, any of the things they’re already doing in their professional lives, just from the comfort of their own homes.
Visualization
With the remarkable level of virtual reality and technology used in the Metaverse, people can experience things up close and personal, with a level of immersion that is astonishing. For learning programs, brainstorming, and presentations, this is a game-changer. Consider how your communication game could improve by spreading your message in a custom-made environment?
Cost-Effective
When everything is run in a simulation, the cost of running a physical company decreases. For example, rent and building maintenance are no longer an issue, and we can eliminate the need for physical equipment because of the simulation capabilities of the Metaverse.
There’s even the option to employ virtual assistants or use artificial intelligence systems to handle day-to-day tasks.
Interesting Marketing Opportunities
If you’re a business that provides an interesting solution to a niche group, the Metaverse could be a place with staggering potential. Centering yourself in this environment positions your company as a current and forward-thinking institution, which opens doors to many marketing opportunities.
For example, you could host virtual showcases or allow entry into exclusive showrooms. You could have live demonstrations of your product, or give consumers the option to “try” things on before they buy.
Invest in the Future of Business
In a changing and often volatile world, the focus needs to be on business growth and expansion, as this gives you peace of mind and a sense of stability. While it may seem counter-intuitive, the answer to that is the future.
Virtual reality is the future and has been for several years. There’s no better resource for customer engagement and retention than being keyed into the modern world.
We help companies embrace that future, and we want to help you. Get in touch with us to see how we can keep the growth of your business moving forward.
