The metaverse coined by SF writer Neal Stephenson in his 1992 book “Snow Crash” is a virtual space generated by the convergence of virtual worlds, augmented reality and internet services where users live within a digital universe. In today’s definition, a metaverse covers everything from work meetings to communications, live streaming, gaming, and most types of social interactions among users.
Accelerated by Covid-19 generational changes and technological advancements, internet users are progressively socializing, playing and shopping within virtual worlds.
This is an opportunity for businesses to stretch their offerings to include fully immersive digital experiences.
By revolutionizing the way humans interact and live their life, the metaverse will redefine what businesses are and how they should maneuver.
Exceptional about metaverse is that it will allow companies to break from convention and create a world that is totally absolute by the existing limitations of physical space.
Brands will be able to present a great means of promoting their products, create experiences that could not occur in the real world, fueled by imagination and creativity.
There will be opportunities for the real world and the virtual worlds to interlink, creating a new experiential dimension for businesses and consumers alike.
Through metaverse, users have a hand in its creation. It is a decentralized space where users can create and explore the way they want. It will also open a path for users to easily initiate and engage their business without any physical communications.
The metaverse technology will help many businesses to occupy new digital markets where customers can interact directly with 3D models of items they want to purchase.
From a brand perspective, it gives companies the opportunity to offer their goods within two mediums; the physical and the virtual world, where avatars can be equipped on the latest digital sneakers, hoodies and handbags.
Retail titans like Gucci, Louis Vuitton, Nike, Burberry, Givenchy etc. are the trendsetters of the current age and their virtual migration is symbolic of the fact that the brands that wish to remain pertinent, particularly will need to build in the metaverse, creating user-driven, fully digital experiences that connect with their physical offering.
Metaverse can also manipulate in the entertainment business, specifically online gaming where players participate in social activities in video games and purchase skins, emotes and in-game contents. The metaverse will ensure a more immersive experience for players and provide large virtual spaces for digital only products. As a product or business owner, you may independently invest in building new cross world ecosystems because they are going to be in high demand when metaverse will blow up in the international market. In view of a constantly rapid gamer audience interested in a possible metaverse, launching a startup within this domain may prove a potentially profitable venture.
Although there have been certain changes in the economy that affect businesses, they remain overlooked by fluctuations in the digital world. Hence, some suggestions following aspects of preparation of business to get a taste of metaverse can be:
REARRANGING THE CUSTOMER BASE:
Regardless of the business direction, each brand can create its own virtual space to help customers engage with them, their product or between each other. For example using of these virtual realities may include organizing a digital concert, an event or inviting clients to look around a construction project. Holographic technologies can also be moderated to replace Zoom, Google Meets, or Skype.
MAKING USE OF CRYPTOCURRENCIES:
Since traditional currencies will most probably be unable to dominate the future metaverse markets, there may be an introduction of Bitcoins, Dogecoins and other cryptocurrencies. Non-fungible tokens are currently used as a currency to buy or sell digital assets and art, such as music or drawings.
PRIORITISING DIGITAL ASSETS:
Converting offline assets into digital platforms also proves helpful in the metaverse race. That’s how you accustom your audience to the value of virtual reality.
Essentially, the need to adapt your business to the advent of metaverses is betting on virtual environments, VR/AR/MR technologies, and 3D modelling. Also build an audience of people who value and will prioritise digital assets and are interested in crypto and other big tech innovations. A similar customer base will contribute and help rapidly in operating the metaverse technology of your choice.
The basic step to reallocate your business expenses can either be by building your own metaverse, connecting to the already existing, or funding one that’s been currently developed. Capitalizing on this metaverse is the next step that may enclose integrating cryptocurrencies, NFTs, loot boxes, bonuses, and other exchangeable stuffs that will help commercialize your digital activity. Finally, when the revenue is built and maintain stability, you can implement options within a third-party metaverse.
In order to help customers expand reality, your capital reallocation should change the focus of enterprises to capture new business trends mainly relying on crypto, VR/AR/MR, online gaming, 3D modelling and other technologies.
Paying attention to most in-demand businesses and examining how they are preparing for the digital revolution is a crucial step towards the metaverse pattern.
A brief overview on what business field and how you can increase your business through metaverse includes;
Product replacement and advertising, sponsorship of events and concerts digitally will provide potential business growth, focusing on developing digital only products to buying houses, cars, clothes, etc, development of metaverse hardware that will give virtual reality, improving business operations using metaverse applications.
Metaverse services will eventually help bring brand new set of business opportunities and will help hugely in this fast pace generation with virtual economy already impacting and dominating in many sectors of the economy.
Based on certain reports, the market opportunity for bringing the metaverse to life may be worth over $1 trillion in annual revenue and may compete with Web 2.0 companies worth $5 trillion market value today.
In what we may consider to create a new sustainable business that would combine trends and attention to the environment, consider demand, and maintain profit in the long run; all that remains is a platform to bring all these together and many more which can be drawn out within metaverses.
In order to catch any new business growth opportunity it is important to be equipped with more knowledge about a particular field or a product. Accepting most capable and profitable customers helps in increasing production. Considering third-parties to work with helps in increasing the business contacts. Invest carefully in an operational capacity with critically discussing strategies to increase and move the business forward. Businesses need to know how to succeed under any conditions with unpredicted environments.
A foreseeable future where the virtual economy has as much value as it’s real world, the blooming and inclusion of metaverse will undoubtedly contribute in the growth of a more accessible and profitable market scenario.