What Is Metaverse?
In his 1992 science fiction novel Snow Crash, Author Neal Stephenson first coined the term “metaverse”. In his novel, he imagines a virtual-reality-based world, where people explore using digital avatars as a means of escaping from a dystopian future. Some of the elements that he predicted and mentioned in his novel are already here — from virtual-reality headsets to encrypted electronic currency!
Metaverse is a combination of meta,’ meaning beyond, and ‘universe.’ It refers to immersive, shared virtual worlds in which people can work, live, play, transact, and socialize. This is made possible by virtual reality and augmented realities. Metaverse is the next evolution of the internet and blurs the lines between the digital and physical worlds. As an emerging technology there are many different definitions and no one, comprehensive definition. But Accenture’s Technology Vision Report for 2022 sees it as a continuum that is evolving and expanding, with three main dimensions:
Various technologies, including digital twins (cars and factories), edge computing, extended reality, blockchain, and artificial intelligence. The ‘virtual-real’ encompasses a variety of experiences, from the purely virtual to those that combine virtuality with physicality. The spectrum of emerging consumer experiences and business applications and models will be reimagined across the enterprise.
Metaverse For Businesses
Metaverse is still in its early stages, but it offers tremendous opportunities for businesses to transform their interactions with customers, the products and services they offer, the production and distribution process, the organizational operations, and much more.
According to Accenture’s Tech Vision 2022 report, 71% of global executives see the metaverse as having a positive impact on their organization, and 42% believe that it will “breakthrough” or be “transformational”. JP Morgan also agrees, stating that metaverse technology will be a major influence in every industry in the next few years.
The metaverse is all about how it can help your business, and inspire your organization to explore new digital transformation modes. But, there’s a lot of work to do in the interim to create new platforms, technologies, and partnerships. The gaming and tech giants like Microsoft, Roblox, and Epic Games are all on board to create their metaverses. It’s now up to the other business leaders to determine their course of action.
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Here are some business opportunities through Metaverse:
Virtual Events
Virtual events would be one of the first responses to the question “What are the potential business through metaverse?” Virtual events have gained popularity over the past two years. Metaverse is a vital tool for improving integrated solutions when it comes to virtual events. Virtual event planners can create events that make attendees feel as if they were physically present. Fortnite is one of the best examples of how virtual events can be used to show the potential for business in the metaverse. Fortnite has hosted virtual concerts by popular artists like Travis Scott and Ariana Grand. Travis Scott performed as a digital avatar on Fortnite in April 2020 with nearly 12 million fans as virtual avatars.
Experts in the industry can also help those who are wondering “What is metaverse?” when it’s time to plan virtual events. Bill Gates, the co-founder of Microsoft, expressed his positive opinion on the transition from two-dimensional grids with camera images to three-dimensional spaces and virtual avatars. Accessibility is the first benefit that the metaverse brings to virtual events. Virtual concerts are open to anyone who buys a ticket. There are no geographical or physical restrictions. Metaverse allows businesses to benefit from increased audience participation at virtual events. Metaverse offers better opportunities for audience data collection and audience behavior assessment.
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Immersive Shopping Experience
The retail sector will be the next playground to explore business through Metaverse. The metaverse offers immersive shopping experiences for businesses in the retail industry. Metaverse is also a great platform to introduce new, complex products. Metaverse has been used by many brands in the retail industry, including Alibaba, Zara, and Balenciaga. Nike, Louis Vuitton, Nike, and Louis Vuitton are also among them. In the retail industry, the answer to the question “What are the potential business opportunities of metaverses?” would be centered around immersive shopping experiences.
Imagine yourself as a digital avatar visiting a fashion store in the metaverse. You can browse the store, and its products, just as you would in the real world. What’s the difference? You can also view the products on online shopping websites. What makes the metaverse so special? You can use your digital avatar to wear clothes and accessories from the fashion store. You can then see how well a dress or pair of jeans fits you. Metaverse combined with retail business opportunities can also be used to introduce new, complex products. Retailers could, for example, introduce new collections to customers and allow them to try them virtually. Retailers can get immediate and useful feedback on product improvements with immersive metaverse shopping.
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Enhanced Customer Engagement
Metaverse platforms allow companies to change how they interact with customers. This has led to the idea of ‘digital twinning’, where users can create virtual worlds to test, design, and model existing processes. Vail Ski Resort, in Colorado, has done this to improve predictability and infrastructure for snowmaking. They were able to offer optimal conditions for their guests and meet the demand for early-season skiing and riding, even in years with low snowfall.
Forever 21 and Roblox have also collaborated to redefine retailing in the metaverse. Users and influencers can customize their fashion stores in Forever 21 City. They’ll be able not only to meet up with friends and find rare items but also to create their metaverse stores and add new merchandise. What a cool idea! Forever 21’s innovative approach to engaging consumers, extending their presence, and releasing products is a reflection of the increasing number of consumers who are making purchases both in the physical world and online.
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Digital Real Estate
Real estate sales in the “Big Four” metaverse platforms — Sandbox Decentraland Cryptovoxels Somnium — exceeded $500 million last and are expected to double again this year. Older investors have been skeptical about the idea because the land is scarce in real life. But virtual land can be easily created using code. Younger consumers and investors are more interested in having something digital that is limited.
Each parcel of land in the metaverse is unique and secured by a non-fungible token, which is a deed. This NFT for virtual real estate guarantees your ownership and allows you to resell it. It also records all transactions related to that property. Metaverse properties are a great way to make money. Renting and hosting events is a great way for companies to reach a young, digitally-savvy audience. Owners of property can sell advertising space on digital billboards.
Immersive Learning Experiences
Metaverse immersive experiences are the next big thing in promising business through Metaverse. The metaverse could be used to deliver more immersive learning experiences in many sectors, including medical education, higher education, and military applications. The metaverse already has the infrastructure to enable immersive learning experiences. The education applications would include VR spaces and allow digital information to be layered over the real world using digital headsets.
VR-based education could improve the way students engage with concepts and ideas. Metaverses can help detect errors and update curriculums more easily. Metaverse business opportunities in education offer immersive learning without language barriers. Metaverse-enabled immersive learning can be a valuable business opportunity, especially for military applications. A Synthetic Training environment in the metaverse, which is based on augmented reality, can provide a realistic training experience.
Metaverse virtual environments can simulate real-life combat situations that are both physically and mentally challenging. The British Army is working to use XR technology to facilitate virtual training scenarios. Metaverse offers many business opportunities for the military, as virtual worlds have been used in the military in a variety of ways. Metaverse offers a network of persistent virtual and real worlds that can be used to improve virtual training.
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