Presently, the term ‘Metaverse’ is a highly popular buzzword in the digital world. Initially, this term first appeared in the 1992 sci-fi novel “Snow Crash”. Expectations are steadily rising across industries regarding metaverse over time to achieve outstanding results.
Now, what does the term ‘Metaverse’ imply?
Let’s begin to read:
What is Metaverse?
“The metaverse is here, and it’s not only transforming how we see the world but how we participate in it – from the factory floor to the meeting room.” ~Satya Nadella, Microsoft CEO.
The core idea of Metaverse is based on a universal 3D platform that integrates advanced technologies such as Augmented Reality (AR), Virtual Reality (VR), Blockchain, Mixed Reality (MR), Extended Reality (XR), etc. to serve users amazingly. This 3D platform will allow users to interact, work, shop, and perform other activities just as they do in the real world.
The Metaverse is also one of the major pillars of Web 3.0 that will allow users to access, own and, share content without centralized control. Moreover, the distinctions between the physical and virtual worlds will be conveniently erased with the full-fledged arrival of this universal 3D platform.
The future of metaverse is quite promising at the moment. It is expected that in 2024, the Metaverse market will witness thumping revenue growth of $800 billion (Source: Bloomberg).
Metaverse for Business: What Does it Convey?
As per the Tech Vision 2022 Report by Accenture, 71% of executives worldwide consider the metaverse will introduce a positive business influence. Besides, the findings of the JP Morgan team of experts have also indicated that every sector will witness the infiltration of the metaverse in the future. This shall result in the generation of robust market revenue above $1 trillion.
The Metaverse is a decentralized 3D platform where every industry shall have the scope to visualize and experiment with profitable alternatives without experiencing regulations or restrictions. Here, you do have the chance to explore new business opportunities to grow money without facing unstable economic conditions.
No monopoly, duopoly, or third-party interference will exist in the metaverse. It will be a completely level playing field for all to grow, prosper, and thrive together. Metaverse will provide a universal market economy where every business can join without experiencing geographic restrictions.
The metaverse economy will run on NFTs (non-fungible tokens) and digital currencies. Moreover, the power of blockchain technology will also be improved in the metaverse to solve purposes like maintaining proper records, tracking actual ownership, etc quite conveniently. It will subsequently urge new investors to participate in NFT trading quite confidently.
What are the 5 Business Opportunities in the Metaverse?
Every industry is keen to utilize Metaverse. This 3D platform has the potential to elevate your business activities to the next level.
Now, lets us proceed to explore certain business opportunities in the Metaverse.
1. Virtual Events
Virtual events are already witnessing massive popularity. The excitement will increase several notches in the Metaverse.
The immersive 3D platform will allow you to experience the live performances of celebrities like Justin Bieber, Ariana Grande, etc. very closely in a realistic auditorium-like environment quite comfortably from home and other locations.
It will certainly be an unforgettable experience. Organizers will also be encouraged to host concerts on this immersive platform frequently to make surplus money within a short time. This shall be a spectacular future of metaverse which music lovers are looking forward to enjoying.
2. Improved Learning and Training
Want to serve your employees with the latest job skills?
Metaverse will serve this requirement quite superbly. This 3D platform will bridge the gap between trainee and instructor by providing a simulated virtual learning zone. Here they will perceive to interact with each other through virtual avatars more intimately to acquire advanced training experiences pretty conveniently.
Besides, metaverse will also help companies to come across innovative, cost-effective, and result-oriented training options to upgrade employees with advanced skills with time.
This will help them to meet the changing market demand very easily. It is indeed one of the noteworthy impacts of the metaverse for business.
3. Remote Working and Better Collaboration
Working from remote locations will become a more amazing and personalized experience in the metaverse. This 3D platform will eliminate the gap between staff and employers by bringing their virtual avatars together in a dynamic online work environment.
Metaverse will ensure that remote workers can collaborate and interact with each other from anywhere just like the employees of conventional workplaces. As a result, they will never feel alienated and always be motivated to work sincerely throughout the year. This will definitely be a marvelous impact of metaverse on business.
4. Immersive Entertainment
The quality of entertainment will be upgraded to the next best level in the Metaverse. Whether watching movies or playing games, everything can be enjoyed simultaneously in the Metaverse platform. The Metaverse will provide a common immersive platform where streaming and gaming solutions will be available together.
Moreover, the metaverse will further influenced the gaming behavior of users by utilizing cutting-edge technologies like Virtual Reality (VR), Augmented Reality (AR), IoT, Artificial Intelligence (AI), etc.
In the Metaverse, you will have the scope to interact more closely with various gaming characters at every level to play either as a team or as an opponent to score points.
Moreover, this 3D platform will allow players to smoothly trade or exchange their in-game assets and rewards through NFTs by utilizing the secured blockchain platform.
You will also have the scope to obtain unlimited gaming pleasure in the metaverse using devices of your choice with the help of IoT and other high-end technologies quite conveniently.
Developers will also have the chance to serve users with new gaming concepts in the metaverse to captivate the audience’s interests for a long very naturally.
Besides, the immersive platform will also assist them to implement new monetization tricks without hampering the gaming pleasure of users. It is estimated that in 2027, the spending on in-game advertisements will reach $18.41 billion (Source: JP Morgan).
5. Branding and Marketing
Want your business to stand out from the competition?
You have to concentrate on adopting engaging marketing and branding strategies. This will help you to establish contact with the right audience segments.
In the Metaverse, you will have the chance to visualize the impact of various marketing strategies in advance to pick up the right one.
Besides, this 3D platform will also help you to collaborate with other marketing professionals when working on unique concepts to attain the right outcomes.
In the Metaverse, you can directly interact with the target audience very intimately to understand their latest preferences and tastes without relying on third-party sources. Moreover, you do have the option to impress them by offering live demonstrations through simulation using technologies like AR and VR when promoting your products and services in the Metaverse.
What is the Future of Metaverse?
“The metaverse is coming. Metaverse is not only a place to game. Future worlds will be photorealistic, obey the laws of physics and be inhabited by human avatars and AI beings. We will create a future in these metaverses before actually downloading the blueprints to be fab’ed in the physical world.” ~Jensen Huang, Nvidia CEO.
Metaverse will provide unlimited scopes for every business to grow and progress. It will offer a decentralized market economy where every business will have a fair chance to participate and reap dividends. Moreover, it will offer a highly-secured environment to exchange digital assets through NFTs (non-fungible tokens) very smoothly within a short time.
Witnessing live concerts and other events in the Metaverse will be an unforgettable experience as you will feel to be present in a real-auditorium background very naturally.
Metaverse will also revolutionize remote work quality by promoting better collaboration and immersive interaction among workers. Subsequently, it will motivate them to work sincerely and dedicatedly. Organizations will also have the chance to serve workers with immersive gamified elements in the metaverse to boost productivity.
In the Metaverse, users will have the scope to watch and play games on the same platform quite conveniently. In the gaming segments alone, investors will witness thumping revenue growth of 412.9 billion in 2024 in the metaverse.
It will be worth consulting an expert to know more about the benefits of metaverse for business.
How Will We Help Businesses in the Metaverse?
We have been involved in serving industries with outstanding results for over a decade. We have successfully handled various Metaverse projects using AR, VR, IoT, NFTs, blockchain, and other trending technologies. We will guide you to reap the benefits of metaverse for business. Our highly-experienced team is capable of meeting your distinct project requirements with proper visualization and utilization of high-end technologies. Want to consult us? We will be indeed glad to satisfy all your requirements with the best possible outcome.
The Metaverse, which was once a fictional concept, is gradually emerging as a shining reality. It aims to provide a universal decentralized platform where everyone will derive surplus scopes to grow and progress. The Metaverse will be the future place of work, entertainment, gaming, communication, and to satisfy other requirements within a single destination. Many organizations including Fortune 500 and SMEs have already started preparing to operate their business in the Metaverse. What about you? Join the metaverse world now and witness unlimited opportunities within your reach.