Metaverse is the new lingo in the tech-savvy circles of the business world.
The grand bandwagon of the mix of Metaverse, Big Data and the Future of Businesses is all set to roll over and blur the lines between humans’ physical ‘real world’ and digital ‘virtual world’.
If we mark the changes chronologically, all interactions were physical and time-taking before the internet boom.
Later, rocketing advances in internet technologies and the hit of COVID-19 made everything go remote plus virtual via zoom calls, hangouts, etc.
Now, these immersive technologies are exploring creative ways of interaction for humans.
Here users can personalise their 3-D avatars, try different clothes and accessories, get a new look, buy and sell anything and everything without any physical movement at all, and so on.
So, what is Metaverse, how did it all start, its impact on the future of businesses, and what are its business trends? Here is everything you need to know about Metaverse in Business.
- Know about the meaning of Metaverse in Business.
- Know more about the Metaverse, Big Data, and the Future of Businesses.
- Learn the Metaverse Business Trends.
What is the Metaverse in Business?
“Metaverse” is a term that originates from the root word “Meta”, which means “Beyond” or “Higher” in Greek, and “Verse” comes from “Universe”, i.e., “A World Beyond the Universe”.
The Metaverse is an immersive, intuitive, interactive, and responsive virtual world in a 3D setting. It redefines how humans interact while enriching their experience and is beyond their sensible reality, except for the visibility factor.
Internet and smartphones gave humans the world in their palms, with one touch.
Metaverse will be: experience and feel the world in your hands with one touch.
The tech-savvy business houses are exploring the applications of this daunting tech platform to virtually project and express reality.
Let us learn the promising roles that the metaverse is willing to play in the business world:
1. In Gaming, Events, Parties, and Entertainment:
These industries are bringing to the user’s live, thrilling and fun experiences to their core. he brands are organising theme parties and events using Metaverse and bringing in publicity, gaining user data, learning and exploring more to improve the virtual environment down to its details.
2. In Healthcare, Surgeries, and Therapy:
Metaverse is facilitating doctors to understand where and what a patient is feeling by identifying the location from the 3-D models without any physical contact.
Therapists are getting assistance from it to cure psychological problems like acrophobia.
3. In Travel, Tourism, and Real Estate:
People can experience the exact same feelings by virtually visiting and reliving places they have never been to. Tourism, hotels and the real estate industry can easily show their clients what they are expecting to get without any laborious legwork.
4. In Advertising, Buying, and Selling:
It will be the preferred platform to virtually promote, buy, or sell physical goods, services, and assets. Metaverse is changing the way ads are positioned to the viewers.
For example, LandVault uses NFTs in metaverse gaming, making it easy to reserve ad-spaces and showcase them to the audience seamlessly. This is done by exposing the ads to the meta-avatars in the game or while shopping from metaverse platforms.
5. In E-Commerce:
Consumers can buy products by trying them on virtually on their digital avatars, without any physical contact, and from the comforts of their homes. It must be mentioned that Metaverse, NFTs, and Blockchain are the perfect blend to launch a new way of shopping, commerce, and brand interaction beyond the retail stores in the physical world.
6. In Industrial Operations:
Metaverse can be customised to support a company’s operational tasks like virtual production setups, cross-office collaboration, supporting salesforce in landing deals, communication with consumers, employee communication structure, and many more.
7. In Education, Meetings, Seminars, and Training:
Humans could teleport to a meeting, talk to anyone, attend a webinar, and experience all the training sessions without any physical movement in reality.
In the below section, let us learn how the Metaverse changes Big Data and the Future of Businesses.
Metaverse, Big Data, and the Future of Businesses
According to the market reports, Metaverse, which is at $500 billion in 2020, is going to be an $800 billion industry by 2024. A JP Morgan report highlights that the Metaverse industry kicks in approximately $1 trillion in yearly revenue.
This data itself highlights the criticality the Metaverse holds for businesses.
The megastructure of this 3D world can only be built upon the strong foundations of expertise gained from the fine-detailed understanding of the 2D models.
To achieve this minute level of detail, the vast user database on their likes, dislikes, preferences, and patterns is available on companies’ digital clouds.
Companies will rely all the more on Big Data analysis, improving and mimicking the real world.
Let us learn the ways in which Metaverse and Big Data are influencing the Future of Businesses:
Making Better Business Decisions:
It will help in understanding consumer values, attitudes, and patterns. Thus, help gain diverse business insights, predictive business models, marketing models, and advanced decision-making. This will give an edge over competitors and tap into new avenues of business opportunities.
Advanced User Customisation:
The cloud data will be leveraged in Metaverse for greater user customisation for a particular product. This will be done as per each customer-product interaction.
Excelling in Creating a Virtual Twin:
Metaverse will have expertise in creating a similar life-like virtual world by knowing the intent, interests, and behaviour of users and their surroundings. This will promote the development of companies like the gaming and entertainment industries.
More Transparent, Fast, Efficient, and Secure Platforms:
This will be ensured by the collusion of technologies like Blockchain, NFTs, and better policy frameworks designed to address all the stakeholders’ issues. This will be a massive transformation for banking, stock trading, e-commerce, and payment systems.
Better User Engagement:
The companies will benefit from the databank by unlocking real-to-virtual, virtual-to-virtual, and virtual-to-real goods and services engagement with the user.
Buying and Selling Assets in the Metaverse:
Companies have started the trend of buying and selling virtual land assets using NFTs. Few nations at present are planning to launch virtual embassies.
Freelancing Your Skills:
It will be possible for businesses to use freelancers’ skills to provide more efficient and engaging services from remote locations. For example, the relaunch of Facebook as “Meta” is an effort to declare itself as a metaverse pioneer and leader.
In the section down below, we will learn more about the Metaverse Business Trends:
Metaverse Business Trends
The convergence of technologies like AR (Augmented Reality), VR (Virtual Reality), Blockchain, NFTs (Non-Fungible Tokens), AI (Artificial Intelligence), Big Data, and Deep Learning, on the foundations of Web 3.0 and using 5G/6G internet, is the backbone for the constant evolution of Metaworld.
The game-changing access to large amounts of target audience data for designing the virtual world down to its micro level establishes the industry’s current trends.
In this background, the future leaders of the metaverse are likely to be the tech giants or the businesses that are holding a strong online presence and enhancing consumer-product engagement.
These companies are trying to indulge users’ feelings and emotions by seamlessly improving the usability of the meta-world.
Their aim is to create a user-friendly, accessible, efficiently operable, and purposeful experience aiming to ease their lives.
A few of the current giant players making the metaverse mainstream are Tencent, Sony, Microsoft, Facebook, Adidas, and, many more.
Let us learn about a few of the Metaverse Business Trends now:
1. Facebook’s Meta:
It integrates NFTs into the social media metaverse platforms, like its Horizon Workrooms.
Roblox platform is among the best in game-creation, talent exhibitions, showcasing concerts, and conducting virtual discussions, webinars, or conferences.
3. The Sandbox:
This Ethereum-powered metaverse has launched enriched-quality virtual games, concerts, and entertainment platforms while integrating virtual asset monetisation.
This Binance-powered platform enables commerce-based digital shopping platforms, where the products exist, are sold and bought both physically and virtually.
It is an Ethereum-based metaverse platform, creating a virtual reality for users in gaming, hosting life-like virtual events, as well as monetising the Decentraland assets.
Also Read: ML/AI in Business, Benefits and Tips
The Metaverse has transformed your 2D static experiences into dynamic, immersive, and experiential 3D images, expanding in 360-degree.
Thus radically changing how businesses function and people interact with the brands, in turn contributing a large chunk to the Fourth Industrial Revolution.
Also, the trickling down of the internet to every nook and corner of the world due to the pandemic hit has pervaded deep within every aspect of people’s lives.
In this background, the metaverse shows the potential to bring both opportunities and challenges for humans. The future developments in this technology and the public policies together, are likely to create a framework that is beneficial to all.
Frequently Asked Questions (FAQs)
How will the metaverse impact business?
The massive amount of user data and the collusion of technologies like AI, Machine Learning, AR, VR, Blockchain, NFTs, etc., into the Metaverse, will revolutionise the way people interact with products and services. This will enable businesses to create a life-like virtual world down to the details, make predictive decision-making, build efficient business models, and so on.
How will the metaverse collect data?
The megastructure of this 3D world can only be built from the expertise gained from the fine-detailed understanding of the 2D models. To achieve this minute level of detail, the vast user database of likes, dislikes, preferences, and patterns is available on companies’ digital clouds to help mimic the real world.
What businesses will benefit from the metaverse?
The businesses that will see major changes in their operations are gaming, travel and tourism, entertainment, e-commerce, healthcare, and so on, based on how humans interact with their products and services to enrich their experience.
How will the metaverse impact the future of businesses?
The creation of a 3D virtual world with more usability and user-friendly experiences for the users will impact businesses in the following ways:
1. Making Better Business Decisions
2. Enabling Interoperability of Platforms
3. Excelling in Creating a Virtual Twin of the Real World Environment
4. More Transparent, Fast, Efficient, and Secure Virtual Platforms
5. Sleek-look Wearables and Gadgets to Access Metaverse
6. Better User Engagement
6. Ease of Buying and Selling Assets in the Metaverse
7. Freelancing Your Skills to the Businesses.