Metaverse is the latest craze that has been heralded as the next big thing in the world of technology and the future. Beloved by tech enthusiasts, this concept of a virtual space platform has seen a rise in the mainstream focus, with Facebook taking the pioneering role amongst the herd. Still, even with the crazy hype around this new phenomenon, there is very little we know about this concept. But one thing is for sure – the Metaverse is entering every sphere of the business world. So how are the Metaverse and business connected? Is there really a way that the Metaverse can influence and even change how we conduct business today? Keep on reading to find the answers.
What Are the Types of Metaverse Platforms?
In broad terms, there are two types of metaverses. The first is a blockchain-based metaverse. This type of metaverse uses cryptocurrencies and NFTs, such as Decentraland, The Sandbox, etc., that allow people to purchase virtual goods and build their environments. The second type is a virtual world used for conducting business and recreational purposes. Facebook is one of those companies that is currently striving to create such an environment. Additional platforms that fall under this category are games such as Minecraft and Fortnite, gaming platforms, and places where users can interact in virtual events.
How Is the Metaverse Helpful to Businesses?
Even though these are the early days of the metaverse, business opportunities hide around every corner. From interacting with customers to offering services, products, distribution, organization, and production, the metaverse can practically transform everything you can think of. Of course, different businesses can benefit from the metaverse in various ways, as every model can explore new ideas and trends of digital transformation. Still, a lot of groundwork must be done to establish platforms and partnerships and implement new technology.
Titans from the technology and gaming world, such as Microsoft, Roblox, Epic Games, Meta, etc., have all joined in the pursuit of creating their metaverse. Now, it’s just a matter of business leaders deciding which platforms are worth their time and money to join and benefit from. That said, the metaverse can offer different opportunities for the business world to explore. Some of the best and mainstream ways to do that are the following.
Sale of Products, Land Construction & Rental of Spaces
One of the main forms of conducting business, many Metaverses are built on the blockchain of the sale of products, displayed in an NFT format. Similarly, metaverses such as The Sandbox function by selling plots to owners who build properties, giving rise to the second most popular model. Because of this, many companies are starting to invest in properties, whether buying or renting them in the metaverse. This is done by acquiring their land, in which businesses can build houses, offices, shops, and venues, such as concerts and events, among other things. With that, people who enter the metaverse can suddenly interact and buy things in those venues. This makes owning that space an incredible investment that can yield an immeasurable return of funds in the future.
Events and iGaming
Many brands can take e-commerce further by creating a metaverse experience that can engross consumers in this world. Whether shopping or participating in Online Gaming events, removing the physical barrier of participation can be a game changer for attracting a global audience. So imagine the possibility of events such as Comic Con, The Super Bowl, etc., suddenly being available to all people worldwide. It is simply an incredible advantage and opportunity for more people to be involved in the things they like watching and doing.
Distance Work and Training
Another bonus of the Metaverse is that it can allow companies to provide a virtual space for workers and clients alike, facilitate training and create events in a novel way. This can have massive implications for any company with employees from different cities, states, or parts of the world. This can immediately improve work relations, morale, teamwork, and a company’s overall efficiency.
The Metaverse will also allow companies to try new ways of advertising, reaching end users, and trying new and interesting ways of communicating products and services to clients. There are various marketing options, from messages reaching your device to various ads you notice in the world. Whatever the outcome, marketing trends will be a thing to be explored, and creatives will have the experience of a lifetime envisioning these new changes.
From marketing opportunities and virtual meetings to buying lands and immersing yourself in another world, it seems like the Metaverse has everything planned for the future. So no wonder 50,000 people from around the world are already part of the Metaverse. With the rapid growth of this new technology, more and more companies are interested in getting ahead of the competition and being the one that pioneers this forward leap into the future.