As work from home and hybrid work schedules have become more prevalent, technology must advance and adapt to our increasingly online lifestyles. With the rise of augmented reality (AR) technology, the Metaverse has become a buzzword synonymous with AI and AR technologies.
While full integration of the Metaverse into our society is still a few years down the road, AR collaboration software such as Meta’s Horizon Workrooms and Microsoft Mesh are already available. Additionally, retail stores are also establishing a presence in the Metaverse by taking advantage of in-game purchases such as skins and accessories. In this new online platform, truly anything seems possible for your business!
What is the Metaverse?
The Metaverse is a term used to describe a combination of decentralized virtual reality (VR) and augmented reality terrain aiming to deliver combined online digital customer and employee experiences and with real-life feelings and interactions. You can experience emotion, sense of presence and space, speech, gesture, touch, and possibly even smell.
Right now, the Metaverse is still in its infancy, existing as a series of disconnected Metaverses that will eventually come together to form the Metaverse. The current set of Metaverse worlds each have its own access, avatars, interactions, and currency. For example, platforms such as Fortnite, Roblox, and Decentraland are all part of the Metaverse but they are independently owned and do not overlap.
In the Metaverse you can take a virtual trip, buy digital clothing, and go to a virtual concert!
From a business perspective, the Metaverse represents a strategic economic shift that will create new opportunities in every sector!
Where Does Your Business Fit In?
Platforms such as Decentraland and Sandbox allow people to purchase virtual land and create their own settings. In these games, organizations can rent virtual spaces in the Metaverse or buy land and create buildings. This involves leveraging non fungible tokens (NFTs) and cryptocurrencies to create blockchain-based Metaverse startups. Blockchain is a digital, public ledger that facilitates the process of recording transactions and tracking assets in a business network. People who buy or trade virtual assets on blockchain-based platforms must use their cryptocurrencies.
The other way your business can utilize the Metaverse is through virtual worlds in general, where people can meet for business or enjoyment. Through platforms such as Meta’s Horizon Workrooms and Microsoft Mesh, colleagues can meet as avatars in VR or take part in a real-world meeting as a photo-realistic hologram. These VR versions of office spaces allow employees to interact in real time as embodied avatars and are designed to encourage chance encounters and casual chats that are missing in our current work-from-home environment.
How Can Your Business Benefit?
Looking ahead, we can predict that the Metaverse will become mainstream and integrated into our daily lives. Although this dramatic shift in a business model may be daunting, there are actually many unexpected benefits to the new workspace and virtual retail environment. Already, luxury brands like Gucci have benefited from the Metaverse through their revolutionary Gucci Garden on Roblox which was launched in May 2022. When launched, the Gucci Garden was visited by 20 million users with hundreds of thousands of users buying multiple limited-edition avatar items from the virtual store in just two weeks!
Here are some ways in which your business can also prosper in this new world.
1. Reduced overhead costs
It goes without saying that for businesses to continue running and making profits, they have to reduce overhead costs. Through the Metaverse, businesses can connect with users from different parts of the world in an immersive experience that will make them feel like they are together in the same space. Businesses can meet their clients, suppliers, and stakeholders in the virtual world without having to organize physical meetings or flying representatives out for lobbying. Although it may seem impersonal, this could mean a lot of money saved for your business as it eliminates transportation costs. Additionally, having your business in a virtual space where you can connect to all of your clients means that you do not need to constantly spend money on office repairs, buying new equipment, and building maintenance.
2. Better market reach
While consumer engagement in the Metaverse is still just beginning, we can still draw some lessons from what we have experienced so far. It is important to chiefly identify what platforms would work best for your business. Right now, Roblox, Fortnite, Decentraland, Minecraft, and Meta’s Horizon Worlds are just a few of the most popular Metaverse games and platforms.
Once you know what platform will suit your business the best, you can go ahead and design experiences that will appeal to your target audience. The Metaverse itself is an innovative experience, so your delivery should be cutting edge as well!
Another example of a brand that utilized the Metaverse for advertising is Vans. In September 2021, they launched “Vans World” in Roblox where users could enter a virtual skate park to perfect their ollie, kickflip off a half-pipe, and design their own pair of Vans silhouettes and skateboards. Vans World will live indefinitely in the Metaverse. This is just one example of how brands are integrating themselves into the Metaverse through platforms such as Roblox.
Other brands such as Burberry and Balenciaga have partnered with Metaverse games Honor of Kings and Fortnite respectively to design skins that players can purchase in-game. These methods of advertising ensure that they widen their reach and, if possible, enter markets they have never served before!
While these are just a few examples of how businesses can benefit from the Metaverse, be creative and find new ways to utilize this new technology so your business can be ready to integrate itself into the new ways we interact and shop!
