Imagine a world where you can escape your current life and immerse yourself in a virtual world. A world where you have a completely different identity, a world where you can interact with others, and live alternate lives. Like that in the movie “Ready Player 1”. That is what tech giants in the metaverse ultimately want to achieve. It might take them another generation to achieve such a virtual reality. 

However, the metaverse has already proved to be extremely successful in the business world. 25% of Americans are expected to spend at least one hour a day in the metaverse by the year 2026. And if you don’t already know, metaverse requires its users to have digital wallets or NFTs to perform transactions in the virtual world. This means businesses can increase their revenue by timely expanding their offerings into the metaverse. 

As a business owner, this is a unique opportunity for you to get ahead of the competition and take your business to new heights. But first, you must understand what exactly metaverse is and the opportunities it presents to businesses. 

 

What is Metaverse?

 

The metaverse is currently a complex and often confusing concept. Metaverse is still evolving and has not reached maturity. It refers to collective virtual spaces where users can interact with each other in real-time typically through Avatars. 

Metaverse entails technologies like

• Augmented Reality: AR is a man-made version of reality achieved in a digital world, using sensory elements via holographic technology. 
• Virtual Reality: VR is a 3d environment that feels seemingly real to the user. It works by using special electronic equipment like a headset with a screen and gloves with sensors. 
• Mixed Reality: It is the combination of virtual reality with the real world. Through mixed reality, users can enjoy concerts or sporting events like football or baseball in real-time from the comfort of their homes.

 

To create a totally new environment by converging physical and virtual realities. 

Metaverse is considered a new “buzzword” in the technological world. But the reality is far from it. The metaverse technology, no doubt, is new, but the concept has been around for more than a quarter of a century. 

The term metaverse was first coined by Neal Stephenson in his sci-fi novel “Snow Crash” in 1992. Neal describes the metaverse as a virtual reality space where users interact with each other using avatars. 

Now that you’ve developed a basic understanding of what metaverse is, here are the key features of metaverse. 

 

Key Features:

 

There are multiple key features that define the structure of the metaverse. These features are collectively responsible for creating an immersive and interactive environment. Below are some of the key features of the metaverse.

 

1- Independent Digital Environments

 

Independence means that the metaverse continues to operate regardless of the user availability. This means that the users are able to interact with the digital environment anytime they want. This contributes to its development and evolution.

 

2- 3D Avatars

 

Digital 3D avatars are crucial in a metaverse, these are like your SSN or unique IDs but for the digital world. These digital avatars represent users, and you can customize them to reflect your personality. 

These avatars help others recognize you and facilitate interactions within the metaverse. Digital avatars allow individuals to work, socialize, and engage in various activities in an engaging manner. 

 

3- Immersiveness

 

The metaverse offers highly immersive experiences to the users, it is like you are in the digital world. You can have a completely different identity than the real world in the metaverse. 

 

The metaverse uses AR and VR technologies to create such immersive environments for the users. These technologies help users feel present in the digital world in real-time. This helps boost engagements and interactions. 

 

4- Interconnectivity

 

Interconnectivity means that users can transfer their digital assets and identities from one environment to another. It means that the metaverse is an amalgamation of multiple digital environments. 

Interconnectivity allows these different virtual environments to connect and interact with each other. This means that businesses can seamlessly connect different aspects of their buying process within the metaverse. It’ll help make the entire shopping experience seamless for the users. 

Businesses can take advantage of it and increase conversions, leading to overall business success.

 

5- Decentralized Technology

 

Metaverse platforms utilize decentralized technologies like blockchain. These technologies are crucial to ensure that the digital environment is not controlled by an individual. Decentralization allows users to engage independently and promotes a more user-centric environment.

These key features are not only important for the users but also help businesses to capitalize on newer business opportunities. Here’s what new opportunities the metaverse presents to businesses. 

 

How Metaverse Helps Businesses

The metaverse can help businesses tap into new avenues for business development. It offers many opportunities across different sectors, sectors like;

• Education
• Gaming
• Media
• Retail
• Real Estate

And this is just the beginning, the metaverse will only move forward as the technology continues to advance further. 

 

Metaverse Opportunities For Your Business

 

The metaverse presents a multitude of opportunities to businesses. These opportunities across multiple sectors allow businesses to foster innovation, engage customers, and create new revenue streams. 

Many people consider the metaverse to be only limited to games, they are not wrong. But they tend to disregard other aspects of it. Such as;

• 60% of gamers have used metaverse to engage in non-gaming activities like socializing and shopping. 
• Marketing and advertising, education, finance, travel, transport, and customer service sectors are among the top sectors investing in the metaverse.
• 52% of brands believe their customers are ready for metaverse.
• 55% of businesses think that the metaverse is a risk worth taking.
• 22% of companies believe the metaverse to be the future of business. 
• 68% of companies across Europe and The US believe that the metaverse will expand rapidly within 5 years.
• According to the metaverse for business study from Shortlist. 76% of industry experts believe all industries will have an opportunity in the metaverse.

If you, as a business owner, want to get ahead of the competition, then the time is now for you to invest in the metaverse. Below are some key areas where businesses can benefit from utilizing the metaverse.

 

Areas Where You Can Benefit from Metaverse

 

Here are a few areas where you can benefit from utilizing the metaverse.

 

1- Immersive Virtual Commerce

 

Immersive virtual commerce is much like e-commerce, but it offers more immersive experiences for the users. In e-commerce, users shop online through their smartphones in real-time. But in immersive virtual commerce, users can shop in virtual environments in real-time.

This gives them the opportunity to browse and purchase products in 3D environments. Virtual commerce within the metaverse allows businesses to offer unique features such as;

• Virtual Try-ons for clothing.
• Interactive Product displays.
• 3D browsing through virtual storefronts.

 

Awesome right? You bet it is. If you are wondering when will this be possible? It’ll be sooner than you think. Retail giants like IKEA are already utilizing AR and VR technologies to enhance their user experiences.

• IKEA VR Stores: IKEA now offers virtual stores to its customers. This has revolutionized how their customers shop, making it more engaging and seamless. These VR stores allow users to interact with furniture and other home decor items in virtual environments. 

This helps customers get an idea about how the products would look like in a real-world setting.

Not only this, IKEA has also introduced an AR app to further enhance their customer experiences. 

• IKEA Pace App: This augmented reality app allows users to virtually place IKEA furniture in their homes or offices using their smartphone cameras. This allows users to get an idea about how the furniture would look like in their homes. 

This is your cue to get in touch with expert mobile app developers and get an app developed considering metaverse. 

 

2- Remote Work Models

 

The metaverse can also help businesses develop virtual workspaces for their employees to socialize and collaborate more effectively. This will help kill two birds with a single stone. 

• 1: Companies who want their employees to work from the office for better collaboration.
• 2: Employees who want to spend more time with their loved families working from home.

Metaverse is the proverbial stone in this case, bridging the gap between remote and office work.  

Creating virtual workspaces will allow for better teamwork, effective collaborations, and enhanced productivity. 

 

3- Facilitates Marketing and Advertising

 

Marketing is critical for success in the business world. No business can achieve optimum results without proper marketing. Metaverse in this regard will play a crucial role. 

Businesses also employ innovative marketing strategies in the metaverse. Strategies like immersive advertisements within the virtual environment and interactive brand experiences. Metaverse will also allow businesses to benefit from gamification to increase their engagement and foster deeper connections with their audiences.

Other key areas where businesses can benefit from using metaverse include;

• Promoting Virtual Events for Increased Engagement.
• Education and Training for their employees.
• Businesses will be able to buy, lease, or rent Virtual Real Estate for various purposes like hosting events, advertising, or even for virtual storefronts.

 

Be A Part of The Change, Don’t Wait For It!

 

Industry experts and stats all point towards a future dominated by the metaverse. It is no longer a prediction but a spoiler for the future. Metaverse will change the way businesses operate. But why wait for the change, when you can be the change? 

Get in touch with expert software developers like NewYork Software Developers, and we’ll come up with the best metaverse solutions for your unique business needs.