The Metaverse is altering business rules at a rate that few could have predicted: New metaverse-related applications and projects are currently emerging, influencing and redefining the entire concept of sales, marketing, technology innovation, and corporate operations.
Consider a person thousands of kilometers distant sitting alongside you on a couch in its hologram avatar, interacting and talking with you in real time, or a user is browsing things at a store on another continent, touching, feeling, and utilizing them before purchasing.
The Metaverse development is the future of human relationships, the next generation of the Internet, and digital platforms that are reshaping the world. Marriages are already taking place in the Metaverse, and corporations are paying billions to get a piece of the next technological wave and new games. Entertainment concepts and hardware are being developed to support and inspire the use of the Metaverse.
Let’s get started on these right now in this article!
What is the Metaverse: Its history and current growth
In its most basic form, the Metaverse can be defined as an interconnected, intuitive, and immersive set of experiences: A shared online space that combines physical, augmented, and virtual reality.
The earliest occurrence of the Metaverse can be found in Snow Crash. A science-fiction novel released when meta and Universe were merged to establish a metaverse in which characters are described as living an alternate life.
In truth, the concept and ideology underlying the Metaverse have been used since then, primarily through movies and games. According to one idea, popular games such as Roblox, Minecraft, and Fortnite are propelled by a basic metaverse in which users meet in 2D worlds and interact and play with one another.
A Metaverse has three basic characteristics.
A metaverse entity possesses the following three characteristics:
- A digital environment that merges the physical and virtual worlds in 360 degrees.
- A digital environment with a fully functional economy for carrying out financial transactions.
- And, Interoperability: The capacity and functionality to easily transition from one Metaverse to another.
This also demonstrates the democratic nature of the Metaverse: It is not a thing or a technology that a single organization can own; rather, it will be produced, maintained, and optimized collaboratively by numerous companies in a decentralized manner.
This is why the potential business applications of the Metaverse are so intriguing and full of never-before-seen possibilities.
How do you gain access to Metaverse?
A metaverse can currently be accessible only through VR or AR headsets, although it can also be accessed by cellphones, laptops, personal computers, gaming consoles, or tablets.
Soon, more hardware advancements will be introduced, making a metaverse accessible via smart glasses.
However, one feature of the breadth and possibilities of a metaverse is rather clear: it will be a virtual, digital environment that matches and parallels our real existence. Consider a virtual environment that resembles our actual houses, offices, retail malls, freeways, and organizations, among other things.
The Metaverse will intriguingly overlay physical and virtual worlds, creating a whole new Universe. People are already spending millions to acquire a piece of land in the Metaverse, and some governments are even preparing to open embassies in the Metaverse!
Practical & powerful business applications of Metaverse
Let’s get to the point and look at the Metaverse’s extraordinary prospects for actual, practical, and strong business applications.
These are based on our business projects with major brands, industry experts, and observed market trends.
1 Better Social Media Experience
In his letter to shareholders in October 2021, Meta (previously Facebook) founder Mark Zuckerberg used the term “Embodied Internet.” And this is what Social Media will become if the Metaverse gets widespread.
Currently, social media platforms such as Facebook, Instagram, and Whatsapp are 2D platforms, with users just seeing a screen and the content that is shown on it. Interaction is confined to ‘liking,’ ‘commenting,’ or sharing,’ which will be drastically altered once the Metaverse is activated.
Social media will become immersive, with real-time interactions and meetings, as in the real world, thanks to AR and VR-powered metaverse. Instead of just a screen to connect with, social media will duplicate the real world, where people, or rather avatars of users, would interact, communicate, and engage in a three-dimensional world, similar to how social media works in the real world.
2 Improved Business Communication & Productivity
Metaverse will usher in a new era of business communication and productivity with never-before-seen ideas and breakthroughs. The most popular business communication channels, such as Zoom, Microsoft Teams, and Google Meet, offer a 2D communication mode via videos and voice.
This will become obsolete with the Metaverse, which will enable hologram-based real-time communication, similar to a business meeting in real Life. A full-fledged hologram of a person, for example, will sit in front of you, engage, and speak with you just like a real person. For example, a real estate company may provide a realistic virtual tour of their commercial and residential developments, in which guests may walk into the apartment or office, touch and feel the components, and experience the space and proportions as if they were there in person.
This has far-reaching ramifications in manufacturing, wholesaling, real estate, and corporate gatherings. Meetings and seminars will become realistic, real-time, and extremely similar to genuine, in-person contact, causing a shift in viewpoint regarding communication and productivity.
3 Sales & Marketing Immersion
The entire sales and marketing process will radically transform corporate growth with improved social media and optimized business communication.
Consider virtual billboards and hoardings on virtual motorways and expressways that are visible in real-time by millions of users or avatars, with firms investing money to obtain rights to such advertisement areas!
Metaverse will forever alter marketing content’s generation, distribution, and consumption. With many data points already available to online users or avatars in a metaverse, marketers will be in a better position to promote their products in a personalized, tailored-made manner, with exciting results. Product and service targeting and placement will be so precise that every metaverse user will encounter marketing efforts tailored to their tastes and choices.
Brands can create their metaverse stores and invite consumers from all over the world to virtually visit them and experience the items and services in real-time, with the option of almost using them, check them out, and feeling them via ultra-advanced augmented reality.
And we’ve only touched the surface of what the Metaverse will unleash in terms of innovation!
4 Online Education Has Revolutionized
The epidemic has brought online education into the mainstream, yet the current medium of asynchronous teaching via video conferencing platforms could be more user-friendly and productive.
Students can now create their digital avatars and attend classrooms in the Metaverse, studying and comprehending knowledge from teachers with remarkable clarity and depth. Metaverse will unleash an immersive learning experience powered by graphics-intensive virtual platforms and digital platforms for interacting, collaborating, and engaging with their classmates in real-time, and practically learning concepts and understanding theories, possibly better than real Life on several levels.
With three-dimensional learning tools, visible learning aids, and instant access to the top academics and teachers, Metaverse will transform online education.
5 Insightful Blockchain Applications
Because both employ the same underlying technology for creating blocks, it becomes an intriguing case study on how blockchain might complement and enhance the Metaverse.
Blockchain technology creates bitcoins, ethereum, other digital currencies, non-fungible tokens (NFTs), and blockchain games.
These technologies can serve as the foundation for a metaverse, allowing for the developing of a viable, scalable, and sustainable virtual economy that does not require fiat money, such as currencies. A highly advanced combination of barter systems and blockchain-based technology can work as a catalyst for expanding and empowering the Metaverse and establishing a parallel Universe that grows indefinitely into new boundaries.
6 Entertainment’s Future
In the coming days, we may witness the birth of a new, never-before-seen entertainment industry at the heart of the Metaverse. Imagine virtual concerts attended by millions of avatars, each paying a fee to gain entry and experiencing live performances by top-rated celebrities from their homes.
Another notable application of a metaverse is virtual reality theme parks, where individuals worldwide may attend, participate in, and enjoy unique rides without leaving their homes.
Sports are the same: unique competitive sports can be organized within the Metaverse, complete with advanced and fair sports betting.
These useful and effective commercial applications are just the beginning. When a fully functional, feature-rich, immersive metaverse is built, we may see various business applications such as eCommerce, the legal sector, manufacturing, commerce, books, movies, audio streaming, and more.
TechAhead is currently testing and studying some cutting-edge metaverse-based commercial apps that have the potential to revolutionize the world. Risingmax is here to help you related any query related to Metaverse consulting services or development.
And we will continue to share our learning experiences to empower our clients and consumers and assist them in accelerating their business growth.