September 26, 2022

These past few months, the Metaverse has been a popular topic of debate. Many brands were, and still are, arguing whether the Metaverse will be a lasting technology or just another trend that will soon fade.

“Many consumers are still having doubts about Metaverse technology,” says David Brenton. According to a survey, 34 percent of US internet adults are happy about Metaverse potential benefits. Despite this, 76 percent of B2C marketing executives in the United States intend to invest in Metaverse-related activities in 2022.

What is the Metaverse?

The Metaverse is a concept of a persistent, online, three-dimensional (3D) environment that integrates numerous virtual spaces. It is another version of the internet in the future. In these 3D environments, users will be able to work, meet, play games, and interact.

Augmented Reality (AR) will power the Metaverse, with each user managing and controlling their character or avatar. For instance, one could hold a mixed reality conference in a virtual workplace using an Oculus VR headset, conclude work and unwind by playing a blockchain-based game. In addition, they could keep track of cryptocurrency portfolio and finances, all within the metaverse.

Although the Metaverse is not totally built out yet, some platforms have Metaverse-like elements. The closest thing to a Metaverse experience is currently available is through video games.

Different Areas Where Metaverse Can Be Applied

Metaverse, a digital reality, has the potential to change the way people and businesses think about and use technology. Here are some examples of possible areas of application for Metaverse:

#1. Revealing Marketing Possibilities

The possibilities for unlocking new marketing opportunities are at the top of the list for new Metaverse opportunities. There is a virtual world in the Metaverse where people can participate in many activities as their digital avatars. Users of the Metaverse can shop, interact, and engage in leisure or educational activities.

Brands could take advantage of exclusive marketing opportunities in many virtual worlds in the Metaverse. However, many brands have taken advantage of the marketing opportunities in the Metaverse. For instance, Anzu uses advertisements to track real-time views in gaming environments across mobile and other gaming platforms.

The adverts in the Metaverse are realistic and blend in well with the gameplay. Another example is Billboard adverts in the game or branded clothing worn by game characters, providing brand exposure. In essence, Metaverse games demonstrate how the Metaverse can unlock new marketing opportunities.

#2. In Blockchain

One of the fundamental needs for a decentralized Metaverse is blockchain. Blockchain can be an item for promoting large-scale Metaverse adoption across several industries.

Blockchain supports cryptocurrencies and also serves as a shared database for recording peer-to-peer transactions and enabling the development of decentralized applications (dApps) and NFTs. The benefits of the Metaverse blockchain could encourage the creation of new, realistic, and engaging NFT marketplaces.

In essence, NFT marketplaces could become more interactive with the help of the Metaverse, allowing users to connect. Users can view NFTs in the Metaverse’s interactive environment to make informed purchasing decisions.

#3. Virtual Tourism

Technology has grown to the point that one can experience the adventure of traveling without being physically present at a place. Although there is a significant difference between going to a location in person and watching it on video, virtual tourism will be a game-changer in tourism with the help of the Metaverse.

The Metaverse, virtual reality (VR), and augmented reality (AR) could combine to create a realistic digital environment. With a captivating digital environment featuring realistic content, you can have the right platform to help audiences use their imaginations. As a result, they will be able to experience the location as if they were physically present.

#4. Web Real-Time Communication

The Metaverse blockchain may also reveal Metaverse potential in promoting web real-time communication experiences. Web real-time communication is an open-source initiative that enables real-time communication between mobile applications and web browsers.

Web real-time communication is one of the most promising applications of the metaverse, with the potential to change traditional audio and visual communication methods. Web real-time communication use cases remove the need for intermediary servers to move communication between clients.

Thus, the benefits of peer-to-peer communication in the Metaverse could lead to new ways for browsers to communicate directly. The Metaverse technology application gives a solid platform for creating new web communication standards. Furthermore, various media streams, which are essential in developing a virtual world, can increase the value of Web Real-time communication.

#5. Virtual Office and Learning Environment

The global pandemic gave rise to an increase in remote working. During this time period, experts from different industries became familiar with Skype conversations, Microsoft teams, and Zoom meetings. These tools provided support for virtual communication among the experts working remotely.

On the other hand, the Metaverse offers numerous opportunities for creating a virtual office or learning environment. The Metaverse can assist in providing experiences that make people feel like they are all working or learning in the same room.

Considerations for Business and Technology Leaders when Investing in Metaverse

There are several things that business and technology leaders should think about while considering their investments in the Metaverse. The following are important considerations:

  1. While keeping Metaverse investments moderate, CMOs should analyze how their customers want to interact with Virtual and Augmented Reality . Brands must engage consumers in an attractive value exchange or they’ll lose their attention. In the Metaverse, brands should aim to deliver branded experiences.
  2. To enable future Metaverse-style experiences, the Chief Information Officers (CIOs) and Chief Technology Officers (CTOs) will need to map out hardware, software, and other technological requirements.
  3. Leaders in customer experience and design should look into the potential of the Metaverse to create new kinds of customer experiences.
  4. The key focus of digital entrepreneurs should be on creating core digital experiences compatible with their customer access, convenience, and preferences. They should also look into how consumers feel about VR and AR. In the near future, Metaverse predecessors will not provide significant value to B2C businesses, but digital leaders should continue to research and learn.

Conclusion

Irrespective of consumer mistrust and the reality of Metaverse not yet existing totally, companies are adamant about investing in it. The various advantages of the Metaverse indicate that the Metaverse future looks bright. Therefore, business and technology leaders should take advantage of this period of metaverse predecessors to identify future opportunities, manage expectations, and determine appropriate investments.