While no exact definition yet exists for the metaverse, there’s no denying that we’re already getting a glimpse of it and what it would become. Because of this, many businesses from all sectors are looking at metaverse components to connect and find new revenue streams. These advancing technologies are becoming more integrated and complex as explorations will likely continue in new ways. That’s why leaders must understand all the opportunities they can utilize in the metaverse.
Immersive Entertainment
The entertainment that the metaverse could provide initially seems unrelated to the industry. However, business and IT leaders should keep an eye on this area. Younger customers, who are projected to drive metaverse expansion, are showing a lot of interest in entertainment in the metaverse.
Many celebrities are using metaverse to bring immersive entertainment to audiences. For instance, Ariana Grande’s 2021 concert tour in the Fortnite game offers a glimpse of what the metaverse could offer. Travis Scott, Marshmello, and Justin Bieber have also explored metaverse entertainment.
Business Operations
Many businesses already use augmented reality (AR) across many sectors to enhance operations. According to experts, collaboration would be encouraged in a fully developed metaverse, and data would constantly be present. For instance, the envisioned metaverse ought to give operations employees a significantly more immersive experience, enabling them to use technology to manage even the most challenging field and service duties and to work with others more effectively.
Improved Training and Education
The pandemic compelled educational institutions to use online teaching and learning platforms, as well as, other digital modes of communication because of the limits it caused on in-person gatherings. Some might consider how the future metaverse could change and improve how educators offer their courses, given its predicted ability to permit real-time interactions in the virtual world and broadcast data in real-time.
Businesses can also benefit from online learning possibilities. According to Tuong H. Nguyen, a senior principal analyst at Gartner, firms in various sectors might use the metaverse to improve employee training. Global instructors and students can collaborate to work through real-world situations in the metaverse while being guided by a steady supply of continuously updated data.
Better Customer Experiences
Extended reality platforms allow enterprises to offer new experiences and present information in novel ways. However, metaverse platforms could change how, when, and place companies interact with their customers. A travel agency may give a constant immersive experience in the virtual world superimposed on the actual world to educate tourists as they go to new locations. Companies could also supply potential clients with other buying options. For instance, automakers might provide test drives in a setting that simulates extended reality.
Work Meetings
Many workers substituted in-person meetings for Zoom ones during the COVID-19 outbreak. That comfort is being exploited as a stepping stone to the upcoming iteration of “virtual meetings” by tech businesses focused on creating the metaverse.
To convey facial emotions, body language, and voice quality, Gates claims that motion capture gloves and virtual reality (VR) goggles will be necessary. These tools enable employees to carry out tasks virtually, increasing their reach. They will be able to travel to other work sites via technology, and they will be able to communicate with people in both the virtual and real worlds.
Opportunities for Marketing, Branding, and Advertising
Numerous businesses are establishing a presence in well-known VR settings. For instance, the debut of Hyundai Motor Company’s Hyundai Mobility Adventure, a metaverse experience, took place on the gaming platform Roblox. Avatars from video games can interact with current and upcoming Hyundai products. Additionally, Warner Bros. Pictures held a Roblox party to promote In the Heights.
A New Source of Building Wealth
Businesses already advertise goods and services that are available only online. A small batch of collectible NFTs has been created in partnership with Gucci and the product and entertainment company Superplastic. Ralph Lauren sells clothing for avatars, while Nike makes an NFT that connects to its real-world equivalent.
It may indicate prospects for the larger business landscape since well-known fashion labels now offer digital-only clothes and accessories, following gaming platforms that have long marketed similar things. For many businesses, selling digital assets may present a significant opportunity to build wealth.
A More Engaging Working Environment
One fascinating business-oriented metaverse use case focuses on the potential of extended reality to enhance worker performance, particularly when combined with augmented reality (AR). When completely developed, the metaverse should be able to stream information in ways that boost workplace effectiveness and productivity.
For example, city workers could utilize a metaverse’s overlay of the digital onto reality when inspecting properties throughout the community to see a stream of the necessary information about the properties as they look at them. A worker might check out a traffic light that had been reported broken, find out more about the problem, and give an immediate update on how the repair was going. Additionally, that platform’s metaverse counterpart might provide a mechanism for users to inform other users and community members about the status change.
Bottom Line
The metaverse presents a new economic potential for all industries. It envisions a world filled with abundance and opportunity. Now, it is up to leaders and industry titans to understand the various opportunities that the metaverse offers, start with a proposal, and make early investments to establish profitable channels in this fascinating new realm.