The Metaverse and Business Transformation
The limitations of space and time are about to get thrown out the window with the advent of the metaverse. This new technology shows endless possibilities, allowing us to reach unimaginable heights. Yet, only a few people know its true potential.
The metaverse holds the key to the future of businesses worldwide. Until the pandemic, online shopping lagged behind physical shopping sprees. That unfortunate period showed us that we could pick out goods and receive them without ever stepping out of our homes.
To many, that alone was a revolution, although online shopping had been around for much longer. Take that and multiply it tenfold, and you will have a clue as to what the metaverse can accomplish.
In this article, we will look at this futuristic concept and its potential disruptions in the business world.
What is the Metaverse?
Some companies utilize the blockchain technology for faster payments – for instance, online gambling platforms like Bovada enable crypto transactions and bonuses. Yet, the technology spreads wider, as it opens opportunities for bringing augmented and virtual reality into the mix.
With the advanced technology, once we let our imaginations loose, there is little we cannot accomplish. The metaverse is a digitally created space or world that incorporates the internet and augmented and virtual reality. Coupled with true-to-life interactions, this world mimics our own, only with endless possibilities.
A vivid explanation would be the OASIS in the famous movie, Ready Player One. It beautifully depicts what it means to live in a metaverse. It is a celebrated work of art and a glimpse into the future.
In the metaverse, virtual 3D stores can come to life. Buyers can experience the products even when they are miles apart. It will take shopping to a new level that only exists in our imaginations.
Three main components stand out in the metaverse concept: avatars, augmented reality, and virtual reality. The sole aim is to enhance social connection and bring many true-life experiences to our screens. However, we need unique gadgets to enter the virtual space much more than our phones or PCs can suffice.
The Metaverse’s Impact on Business
Virtual reality, one of the critical components of the metaverse, is already changing how we play online games. That is a massive leap for the entertainment industry, which is at the forefront of this digital transformation. Metaverse games are no longer novel, but very much a reality.
Mark Zuckerberg’s metaverse announcement in 2021 might have been a big one, but other companies were already in the race. We have Microsoft, Epic Games, Nvidia, etc. These companies have successfully created a 3D world where we can interact with others.
Here are some critical business parts that are already taking advantage of the metaverse:
Meetings and Team Collaboration
The pandemic gave rise to Zoom meetings, a hitherto small company that has witnessed astronomical growth. It surpassed competitors because of its inherent ability to connect people seamlessly. Of course, a virtual meeting is not a new concept, as we already have companies like Skype.
What if we don’t have to see others through our PC screens but are present at the meeting venue? This concept comes to life with Microsoft’s Mesh for Teams, a metaverse upgrade to traditional team meetings.
The company is bringing the holographic projections we see in science fiction movies to reality. Managers can interact with their teams and even experience the real-life touch of objects in this digital world. Most importantly, they are true-to-life characters rather than mere digital projections.
This metaverse technology captures your facial expressions, gestures, and eye contact as if you were in person. The concept of time zones disappears under the radar, bringing us all into one shared time and space.
Metaverse meetings are a remarkable experience, one that will dramatically change collaborations. There will be a real-time exchange of ideas and interactions.
Digital marketing, as we know it today, is at one phase of its actual capabilities. Among all the channels, video ads are the most effective in connecting with customers. That is because we see motion and have a more profound sense of connection than mere texts or images.
Imagine having that experience on a whole new level, interacting with the product like you would in real life. You can turn the product over, feel its texture, and experience what it’s like to use it. Metaverse is making that a reality.
Boeing’s partnership with Discovery Education to bring virtual field trips to students is one of the giant strides in this sphere. Although not precisely marketing, it points us in the right direction of the potential yet untapped.
Let us take tourism as an example. Hospitality companies could create 3D digital depictions of the luxury they offer to their clients. Then, the latter, through their avatars, can experience it all before dropping the cash on it.
Imagine experiencing that stay in a luxury hotel at a beach before taking your family there on vacation. That would be a seamless transition and engagement that videos cannot match.
Virtual events have been most successful for entertainers, but they can also be used in business. It is one way to reach more clients and build a strong brand. However, limitations in VR goggles and headsets have slowed the progress.
Mobile devices and PCs are great but cannot provide a full-scale virtual experience. Nevertheless, they are a start, even as VR gadgets trickle down with widespread adoption.
Using avatars in the digital world would make virtual events more engaging. You could be there and attend a business exhibition on the opposite side of the world. Yet, you will still have an experience as if you were physically present.
The metaverse represents the future of business with features that are miles ahead of what we have now. We can transcend the limitations of our physical world into another with endless possibilities. The metaverse is still in its early stages, but it could be one of the most essential digital changes of the future.
Augmented and virtual reality are essential for making the metaverse a reality but are not as important as AI. However, all three must come together to create this solely digital experience. A vivid example would be carrying an object in the metaverse and feeling its weight in the real world.