Metaverse is a hot topic about which many people are still learning. So if you’re not conversant on what the Metaverse is, we’ll give you a brief introduction.
The Metaverse is “a persistent, shared, 3D virtual space linked into a perceived virtual universe.”
More simply put, the Metaverse is a digital world that exists similar to our world with enhancements wherever possible. Currently, the Metaverse is abstract and unconnected. In the future, experts believe the Metaverse will be a shared space where users from all over the world will be able to virtually interact for any number of activities.
As the Metaverse is probably the future of social networking, gaming, and industrial design and planning, there is an undeniable commercial aspect to the Metaverse as well.
The Metaverse started gaining popularity after Facebook changed its name to “Meta.” But the social media company isn’t the only one transitioning to incorporate the Metaverse. For example, Microsoft CEO Satya Nadella has mentioned that his company will provide “Metaverse Enterprise Solutions.”
Essentially, this means that there will be various business applications for the Metaverse enterprise solutions. If you’d like to learn about our take on what these business applications could be, please continue reading.
1. Event Sponsorships
The Metaverse was born as an evolution of open-world games that millions of users play regularly. These games allow users to explore the game as well as interact with other users in real-time. This possibility to interact and collectively experience an event led to the opportunity to have in-game concerts.
Two such concerts were Travis Scott performing in Fortnite’s online event and Massive Attack performing in Minecraft.
Different companies could start sponsoring online events to reach their desired demographics like in the real world. Eventually, such events will become frequent and have large attendances making them profitable for the parties involved while giving new experiences to consumers.
2. Digital Twin Enhanced Applications
Digital twins are another cutting-edge innovation that industry leaders are currently using for prediction and planning. Combined with the Metaverse enterprise solutions, organizations could achieve these purposes more effectively.
Digital twins are virtual replicas of a worker, product, or process. Metaverse incorporates technology like Virtual Reality (VR), Augmented Reality (AR), and Artificial Intelligence (AI) to improve spatial understanding and enhance interactivity with the test subject.
So, by designing digital twins in the Metaverse, businesses can run deeper analyses to drive better decision-making.
3. Remote Work Enrichment
Currently, remote work is challenging and can cause productivity issues if employees are reserved to their rooms all day. Some jobs require extensive training, interaction, and collaboration. Moreover, as remote work becomes the norm, organizational culture is being abandoned altogether.
Metaverse has the capability to enrich remote work experience for organizations that value social connections. It can also make training more accessible by using VR goggles that help simulate scenarios and environments that would actually intensify the training experience.
Meetings in AR settings are already catching on and add a fun twist to taking otherwise long and tedious meetings from home.
4. An Array of New Digital Products
With the Metaverse increasing in popularity, consumers want to be a part of it. People can create avatars to experience the Metaverse and indulge in numerous activities with their friends. Along with this, their characteristic of being consumers has also ported over to the Metaverse.
Meaning that people are willing to spend money to buy digital clothes, digital real estate, and other such consumables.
One trend that has already taken off hugely is NFTs (Non-Fungible Tokens) which are crypto-backed pieces of digital art selling for millions of dollars.
Since NFTs derive their value from blockchain technology and several cryptocurrencies, they seem like worthwhile investments. In fact, people are quickly acquiring whatever they can get their hands on. Metaverse experts believe the same trends will be experienced in digital clothing, where Nike has already started investing in creating designer wear for digital avatars.
Digital real estate might not seem like the best idea right now. However, consider a popular virtual arena that is owned by a person. This person has the rights of usage to the popular venue which artists might want to access.
We discussed how popular musicians have performed in virtual events with a lot of people in attendance. The owners of popular venues have the opportunity to charge, just like artists rent out venues in real life.
Therefore, building assets in the Metaverse seems like a good strategy. Developers can profit greatly from introducing new digital products in either category.
5. Games and Online Entertainment
As mentioned before, the Metaverse technology ideas was initiated from games that hosted characters in an open-world format. The gaming industry is growing exponentially, with multi-million dollar prize pools for e-sport events such as The International, World Tekken Tournament, etc. To add to this, there have been massive gaming investments as Microsoft has recently acquired Activision.
Secondary businesses such as Twitch/Discord streaming of the world’s most popular online gamers are also exponentially growing as people support these players with donations so that they may continue pursuing their passion. Hopefully, the Metaverse will give rise to all these trends in gaming, making the gaming experience immersive and inclusive.
6. Online Education
The pandemic restricted students from travelling to well renowned institutions around the world to get the best possible education. Besides the pandemic, there is a large number of qualified students who could benefit from studying under brilliant professors but cannot afford the fees or obtain scholarships.
The Metaverse is a viable solution for promoting quality education. Virtual classrooms have existed for a long time. However, as professors and universities get more comfortable with the new Metaverse technology such as VR goggles, we will see true virtual classrooms where teachers and students can have almost life-like interactions.
The virtual experience of the Metaverse could extend to outside the classroom for co-curricular activities. Brands have an opportunity to invest and create an entire virtual experience for students enrolling in the famous institutions of the world. Through virtual universities, businesses can also reach an important target audience.
Although the industry is still finding its roots in the Metaverse enterprise solutions, massive investments in the quickly evolving digital world are bound to be. Businesses see lucrative opportunities where consumers are dishing out money to own digital land, digital art, and other consumables that are rapidly increasing in value.
This is the perfect time for enthusiasts to start learning about Metaverse. Keep reading our blog to stay at par with what could be the future of commerce.