Facebook’s decision to change its company name to Meta has propelled the next-generation iteration of the internet into the spotlight. While some people may view the metaverse exclusively through a virtual reality lens, this new realm has far-reaching aspects, spanning augmented reality, virtual reality, new mobile platforms, and more.
The transition to this new state gained momentum during the coronavirus pandemic as largely physical activities such as education, concerts, and exhibitions moved online. While metaverse concepts have existed since the early 2000s in games such as The Sims and Second Life, in recent years they have become more pervasive in North America and Europe through activities such as lectures and concert events moving into the digital realm.
The metaverse presents many opportunities for business, including how to adapt sales and marketing strategies to an immersive world ripe for the delivery of innovative experiences. Along with 3D display interfaces, digital avatars, and virtual product shelves, innovations like mixed reality platforms represent something that businesses can leverage for their customers.
To put it simply, the metaverse will be as transformative as when computing systems left the workstation and shifted to mobile usage.
Not surviving in this world may leave your business vulnerable in comparison to competitors who are ahead of the game in this new technology. Businesses that have managed to survive are those who adopted innovative building to keep up with the emerging markets where youth has played a dominating role.
Do you know what the “metaverse” is? : Understanding the Metaverse
The term “metaverse” was first referenced in Neal Stephenson’s 1992 novel, “Snow Crash.” The metaverse is a virtual environment that offers creators all of the necessary tools needed to build any content they might imagine. He looked way into the future with all of his best ideas put into it for this book. Now, technology has caught up enough to turn Stephenson’s ideas into reality!
The Metaverse, or the totality of interconnected virtual realities, may not include any logic that is familiar for us at present. For these realities, there would be a different economy and, unlike our current system infrastructure, the Metaverse would not need to conform to the expectations of an existing business model or follow technological constraints from today’s society.
Five years ago, virtual reality technology started to feel like the vision for the future.
Traditional, immersive virtual reality headsets introduced a new way to interact by going into a digital world, but it’s the metaverse that offers a digital embodiment through a personal avatar. It’s about creating works of art that have meaning and will outlast our own lifetimes. It connects with online events that match offline events.
How does metaverse really work in pushing the growth curve of companies?
Surprisingly, most businesses are still sceptical about blockchain. The entire concept of the metaverse is about connections between people and ideas.
Blockchain and DeFi have created new economies, skill sets, and jobs, blurring the line between the digital world and reality. NFTs show virtual ownership is possible with in-game characters and cryptocurrency investments, creating a pathway to virtual items and ownership that opens up new doors and cross-industry possibilities. Let us begin to embrace this now before it’s too late!
Metaverse provides advertising opportunities for marketers and businesses, as trillions of dollars will be spent in the new metaverse on brands such as banners, conferences, and more. Entertainment and media companies can also benefit from transit opportunities with concerts, sports events, and more.
One company, Discord, has created a platform that fosters an accepting environment where gamers can connect for more than just the games they play. Through conversations, debates, and banter, this place is home to many people across the world.
Immersive experiences, likean online shopping experience, will blossom as people spend more time online. As branded items become easier to purchase online, the need for physical storefronts will disappear. Soon, no walls will be between customers and brands, but rather social media chats or third-party apps through which customers create personalized, customised products.
How will it change the business space?
Through the use of the metaverse in our digital lifestyle, we are tweaking our perception of self-awareness in order to achieve authenticity. As a result, expectations in fashion, beauty, and culture will shift.
These cultural shifts will require businesses to rethink their place in the world, and they should do so by becoming creators, curators, and producers of the metaverse.The key to success is understanding that they are now on even ground with their consumers.
In a world where your offline and online clout are equally relevant, businesses need to find a way to compete with these indie creators in the realm. We can easily crowdsource content creators with Rarible, OpenSea, or other platforms in the digital world.
The opportunities for content are endless with VR because it allows for all sorts of immersive experiences. For example, in the upcoming decade, people could meet up in the metaverse to try new things or discuss business ideas that could be explored or discussed within VR’s immersive space.
For example, Workrooms is a section of Facebook Horizon, the company’s virtual reality metaverse that has previously been mostly utilised for gaming. Users don a VR headset, create an avatar, and are presented with a virtual workstation when they enter their Workroom. A home page displays a daily schedule as well as the meeting rooms available to users — locations with pastel walls, plenty of “natural” light, and floor-to-ceiling windows with a stunning view of the digital horizon.
Users may customise conference tables to suit their needs, including a tiny table for one-on-one meetings, half-circle tables for presentations, and even a university-style lecture hall with raked seating. Importantly, avatars’ motions reflect the user’s real-life movements during meetings, theoretically re-creating the complex body language lost during video chats.
Facebook isn’t the only business aiming to disrupt traditional virtual meetings. Cathy Hackl, an American technological futurist, mentions hologram-style technology, which she claims has been present since “at least the early 2000s.” ARHT Media, located in Canada, has invented a 3D display technology that allows users to virtually attend meetings. Another digital start-up, Spatial, hosted holographic meetings using Facebook’s Oculus Quest headgear.
The future of online content, retail, and engagement is arriving in a metaverse. Although these changes are invisible, preparing for the future today.
The metaverse is the internet’s next evolution. A new platform for everything, from social to point-of-purchase. A place of tremendous growth and investment. The market opportunity has spawned countless entrepreneurs, investors eager to fund projects, and startups.
In the end, future technologies will undoubtedly be more entertaining and participatory than today’s zoom or skype conversations. A feasible solution for the video calls we’ve all become accustomed to is on the way. And the future does not wait for anybody. The metaverse is on the horizon, and we must be ready to remain ahead of it or risk being left behind.