Metaverse has taken the world by storm. While still in its infancy, it has already affected how we think about business, money, and the future of cryptocurrencies. Today’s businesses are starting to use the Metaverse for daily work and communication with their staff and customers, creating headlines and raising brand awareness.
The futuristic digital world has brought us into a new era and opened a new window of opportunity. Now, more than ever, businesses and ventures are exploring ways to expand their reach using Metaverse capabilities.
According to 71% of respondents to an Accenture survey, the move to the Metaverse will probably have a beneficial influence on business, and 42% believe it will be “breakthrough” or “transformational.”
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There are two concerns that businesses should consider as digital technology advances to the Metaverse: How will the Metaverse impact our industry? And how can we anticipate the change and influence it for our benefit?
Metaverse in Business: An Overview
Metaverse is a decentralized platform that allows users to create and experience any virtual reality (VR) or augmented reality (AR) world. The platform uses blockchain technology to ensure the security of data and transactions.
The Metaverse blockchain can be used in business in a variety of ways, including:
Financial Services: Financial institutions can use the Metaverse blockchain to provide additional security and transparency for their customers. For example, the platform enables banks to offer new products, such as peer-to-peer lending.
Business Intelligence: The Metaverse blockchain is ideal for collecting data across multiple sources. Businesses can access more accurate information about their competitors, customers, and partners using a decentralized platform.
Digital Assets Management: Businesses often need to manage digital assets such as photos, videos, and documents. The Metaverse blockchain offers an alternative solution by enabling users to assign ownership rights over specific digital assets based on smart contracts rather than trusting third parties with their data, thus improving the security posture.
Metaverse Use Cases and Benefits for Businesses
Businesses can gain from the metaverse in a variety of ways. It is acknowledged that each company will use Metaverse apps for its unique business model and customer requirements.
“According to a recent survey conducted in March 2022, the Metaverse has received investments from more than 17% of all IT companies worldwide. Meanwhile, 9 and 12% of other business sectors, including those in education, finance, healthcare, and marketing, are implementing Metaverse.”
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Online Retail
Many brands use Metaverse to provide their customers with a unique shopping experience. For example, you could use Metaverse to create an augmented reality experience for your consumers. You could let them see how different items will look and feel in real life, before making the purchase. This can transform how online shopping looks like today and has the potential to take away the pain and anxiety from the shopping experience.
Tourism
You can use Metaverse for tourism purposes as well. For example, tourism companies can create AR experiences that allow tourists to see their hotel room’s appearance and places they want to visit before arriving before they arrive.
Construction Companies and Builders
Real estate companies can use Metaverse to create virtual reality showrooms for potential buyers before they purchase them. Clients will be able to walk into the property they are buying to get a firsthand experience on how it will look and feel like, before making the purchase decision. They can also choose between floor layouts and plans and review upgrade options to make swift decisions.
Banking & Investing Industries
Banking and investing industries have also started using Metaverse to train their employees on handling certain situations such as fraud detection or customer service issues. They can use this program to train and educate their employees how to handle these situations in real time.
How will the Metaverse Impact Business in the Future?
“We predict that more companies will enter the market soon to blur the lines between the virtual and real worlds to engage customers in more creative and insightful ways.”
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Remote Work Culture
This will reduce office space requirements and make remote work more effective by allowing employees from different locations to collaborate seamlessly on a single project without physically meeting. Also, the concept following the release of Oculus Pro by Facebook is productivity. The exponential growth of online 3D conferences and meetings will be the future of how the online workforce has changed during the Covid era. Meeting clients across the globe in a virtual room will become a reality and transform businesses moving forward
Better Engagement and Enhanced Marketing
When marketing your business online, there are numerous ways you can use to reach out to potential clients. One of these methods would be through the use of 3D virtual rooms such as Second Life or Sansar. By doing this, you’ll be able to reach out to an audience who aren’t interested in traditional advertising methods such as print ads or television commercials.
Virtual Events
The main use case for the Metaverse is virtual events. People can attend meetings, conferences, and training sessions in VR. The Metaverse has the potential to revolutionize how business is conducted worldwide by making it easier for people to connect without even being in the same physical location.
Cyber Security Trainings
Humans are the weakest link when it comes to securing the digital estate within any organization. Cyber security trainings can be delivered using virtual reality environments where employees are subject to real time situations they can encounter and how to report them. This can be a game changer in cyber security trainings.
Immersive Shopping Experience
The monetization of digital assets through non-fungible tokens (NFTs) is one of the most discussed topics in the blockchain. Many believe that NFTs will be a major growth driver for the virtual reality (VR) industry. However, it is important to note that NFTs are only one component of the Metaverse. This article will explain how NFTs impact business and why they are important for VR.
Monetization of Digital Assets Through NFTs
When the Metaverse grows into a separate region, businesses can participate in a single market economy regardless of location. For example, stock exchanges and trading platforms housed in the Metaverse might have access to a far larger investor pool than in the real world.
Users can use cryptocurrencies, non-fungible tokens (NFTs), and digital assets to exchange assets, maintaining their value and preventing them from being interchangeable. For example, NFTs can be used for the acquisition or disposal of real estate, pieces of art, vehicles, and other digital assets.
Final Words
So, what will the future of Metaverse look like? Only time will tell. It is certainly a bright one, though. The development of smart business contracts, in particular, should help make things even more efficient, especially as Metaverse expands and becomes embedded in more industries. Businesses that use Metaverse to their full potential will be better able to tap new markets and grow with the changing times.
Transpire Technologies aims to provide a more current and competitive way of building the virtual world. Our experience and knowledge can help create opportunities for your company by advising you, providing you with the best solutions in business and management information, technology and software, and implementing tailored solutions that effectively support your company’s entire spectrum of processes.
