What is Metaverse, and how will it change the business world? Metaverse is the term used to denote a virtual world that attempts to replicate reality through digital devices. It is a shared collaborative virtual space composed of the sum of “virtual reality,” “augmented reality,” and “internet.”
The Metaverse has some essential characteristics: persistent, reactive, interoperable, creative, and social, which means that it is a place of perpetual existence that demands immediate reactions and high engagement and sociability.
Social media has trained us to interact with this fast-response, filtered reality environment, and if you thought this reality was science fiction, think again. So, if you are an entrepreneur, you will have to know how this world works; there are many opportunities for new businesses in your company’s economy.
What happens in the Metaverse?
To explain what happens with the Metaverse, let’s look at some types of Metaverse and what you or your brand can do with each. But before we dive deeper, there are some definitions to keep in mind (and with the favor of the HubSpot blog and The Hustle’s partners, there are links to more contexts):
Metaverse terminology
- NFT: Very popular non-fungible tokens are finite or unique digital tokens that can acquire or participate in, such as digital art, avatars are, VR-based objects, etc. Deep inside the blockchain-based coding is a certificate that shows ownership or ownership of the item. (Yes. It’s much more complicated here than can explain by a simple definition. )
- NFT RealEstate: An irreplaceable digital home or land in the Metaverse that can invest, sold, or rented. The purchaser receives a digital certificate or proof that he or she owns the property.
- Blockchain: Digital recording of transactions, certificates, and contracts. Cryptocurrency: Digital money that can use to buy, sell, or buy products online or in the Metaverse. The value varies depending on the type of digital coin. Popular examples are Bitcoin, Ethereum, and Dogecoin.
- Open Source: Published for editability by all users and usually not controlled by a brand or a single entity. The open-source Metaverse can be set up by developers marketing and maintaining around the world; but if there is no clear company that owns them, or if there is no customer service in case of problems. However, in many cases, the user is much freer.
Now that we have these simple definitions, let’s look at some of the most discussed metaverses out there.
3 Popular Metaverse (and what to do with each)
There are many metaverses, and I would like to talk about all of them, but in this post, I’ve focused on the three most talked about metaverses today.
And since many Metaverses offer many similar brand opportunities, we will categorize brand opportunities in the next section (and give an example).
Meta Horizon Worlds
May access Meta’s universe through Meta headsets bought through the company (which have been formerly known as Oculus headsets). While this universe can handle access through headsets, Mark Zuckerberg has already mentioned seeking to amplify the revel in touch lenses or even holographic stories withinside the term of the way.
Although this Metaverse is probably the most famous to past due adopters and marketers, it’s one of the most up-to-date primary metaverses.
Once you input Horizon Worlds, you may do nearly something that everyone in advance metaverses allowed customers to do, including:
- Creating your avatar or digital likeness.
- Talking to different human beings withinside the Meta Horizons world.
- Playing video games with different Meta Horizons customers.
- Asking a Meta help rep (additionally withinside the Metaverse) questions.
- Teleporting to exclusive places and stories in the universe.
- Purchase virtual products, together with digital clothing, from the Horizons Marketplace.
Two key matters that make Horizon Worlds exclusive from different primary metaverses we’re going to talk underneath are:
That it is centralized; because of this, it has a recognized owner, boundaries of the way the platform may use and guidelines that customers need to agree to. When you are in Horizon Worlds, you settle to phrases of use; and need to comply with guidelines, or you may eject.
Meanwhile, different decentralized metaverses have minimum guidelines, management; and policies for the reason that they typically have preliminary creators or developers. However, the proprietors step far from the web web page at the structures and deliver freedom to the customers.
The Metaverse is the evolution of the internet as we know it, and it is inevitable
Just as your Nokia cell phone with the snake game and the Blackberry with its BBM chat gave way to phones, that. In addition to providing calls and instant messaging, I have standard and very high-resolution cameras. As we know it today, the internet will give space to a much more immersive environment with infinite and continuous possibilities to undertake and develop business.
Even specialists bet that the cell phone will still give way to much more interactive glasses and cheaper and more accessible technology than the last generation iPhone. So there is always room to improve what already exists, and in this improvement, many industries, as we know, will have to transform.
The Metaverse is not the future, it is already the present, and the big brands are already there
Since Coca-Cola sold a retro fridge to be used in a house in the Metaverse; luxury brands like Gucci already have their creations ready to be used by avatars at parties; with a superstore on Roblox is also betting its chips in the metaverse experience to approach a new generation; that is increasingly connected and engaged.
The brand promoted several activations in the virtual reality game Avakin Life; becoming the first cosmetics company to invest in this category. In addition, Accenture created an office called the Nth floor to house its employees worldwide within this space.
Metaverse for business opportunities for buyers and sellers
So the first was that Metaverse would open up new opportunities for buyers, and sellers to grow digital commerce in new ways. For example, imagine that an Instagram shop will become more attractive; and you will be able to buy something concrete and digital.
The second is that you can now host a paid internet event on Facebook, but imagine if you could make it a hybrid experience where people could attend in person or buy a virtual experience ticket.
Metaverse in the business environment
How will Metaverse change the business world? this new concept will also affect the way work is done. According to Gartner’s prediction, organizations will provide better engagement, collaboration; and connection with their employees through virtual offices in immersive workspaces.
Companies don’t have to build their infrastructure for this because Metaverse provides the framework. Additionally, virtual events, which have grown in popularity over the past 18 months; offer more opportunities and workshops for collaborative and immersive networking.
Companies will have the opportunity to expand and improve their business models in unprecedented ways, from digital to Metaverse. By 2026 it is estimated that 30% of the world’s companies will have products and services ready for this reality.
Adoption of Metaverse technology in business is early and fragmented, and Gartner cautions organizations that such bets are part of the company’s strategic plan.
So, it’s too early to know which long-term investments will be profitable; but product managers must take the time to learn, research; and prepare for the right Metaverse to be competitive.
Metaverse For Business Comparison Table
| Business Goal | Best Metaverse Approach | Example Use Case | Who Owns It Internally | Time To Value | Biggest Risk |
|---|---|---|---|---|---|
| Increase Product Interest | 3D Web Experience | Interactive Product Configurator | Marketing, Product | Weeks | Looks Cool But Doesn’t Convert |
| Improve Conversion | Virtual Showroom | Guided Demo With Sales Assist | Sales, Marketing | Weeks To Months | Too Hard To Access |
| Build Community | Persistent Virtual Space | Member Events And Meetups | Community, Brand | Months | Low Repeat Visits |
| Reduce Training Errors | VR Simulation | Safety And Task Training | L&D, Operations | Months | Content Maintenance Costs |
| Speed Up Onboarding | Mixed Reality Training | Role Play And Practice Scenarios | HR, L&D | Months | Adoption Resistance |
| Optimize Operations | Digital Twin | Facility Monitoring And Simulation | Ops, Engineering | Months To Year | Data Integration Complexity |
| Support Field Teams | AR Remote Assist | Overlay Guidance On Equipment | Ops, Support | Months | Device And IT Constraints |
How To Decide If The Metaverse Is Worth It For Your Company
Most Businesses Should Not Start By Asking, “How Do We Get Into The Metaverse?”
Start With A Better Question.
“Where Are We Losing Time, Attention, Or Money Because Our Current Tools Are Flat And Passive?”
If Your Problem Is Any Of These, The Metaverse Might Help.
- Your Product Is Hard To Explain In 2D
- Training Requires Practice, Not Just Reading
- Your Teams Need Better Collaboration Than Video Calls
- Physical Operations Are Complex And Change Often
- Your Customers Want Experience, Not Just Information
If None Of Those Fit, Your Best Move Might Be To Wait And Learn, Not Build.
Work in the future Metaverse Business
The Metaverse will change work in the future and experts around the world are betting on what the professions, jobs, and businesses of the future will be some bets include:
- Metaverse Research Scientist: Messing with data and research these days is already complex; imagine in the Metaverse.
- Metaverse Planner: Ideas are cheap. It costs money to do. Once the Metaverse is working, the ability to plan and implement functional issues in a fully virtualized world is a must for most organizations.
- Ecosystem developers: The Metaverse will not spawn independently, as Mr. Zuck wishes. An entire ecosystem around them, with software, hardware, and complexity. Ecosystem developers will be responsible for coordinating partners, and governments to ensure that the various features creat can implement at scale.
- Metaverse Security Manager: You know the internet isn’t safe for everyone, right? Imagine in the Metaverse, where possibilities and opportunities multiply…someone needs to sort out this mess.
- Designer clothing and accessories for avatars: You can be whoever you want in this new world; and if you’re going to differentiate yourself, you can hire a designer.
Just as e-commerce did not end up with physical stores, the Metaverse will modify business and physical interactions and not eliminate them; the trend is that these material and digital environments will mix, and the limits between channels will be increasingly soft for customers. Making it increasingly complex to plan to meet the market’s desires.
And the advantages are that it is a field of experimentation for brands, products, and services that you can test in the environment and then produce in the real world; Nike already made this bet and already has exclusive effects for avatars.
