How Businesses Can Use Metaverse?

It’s been nearly seven months since Facebook told the world it was rebranding to Meta and would focus its future on the “metaverse.”

While inklings of the metaverse already exist in online game worlds such as Fortnite, Minecraft, and Roblox, there are plenty of other companies that are hopping on board the metaverse bandwagon.

But, what is metaverse exactly, and what is the reason behind the hype?

If you want to find out how businesses can use Metaverse, read on.

What Is the Metaverse and What Does It Mean for Business?

The term “metaverse” has been thrown around a lot in recent months, but its meaning hasn’t become any clearer– and that’s because it doesn’t refer to a specific type of technology. 

What technologies companies refer to when they say “metaverse” can include virtual reality (VR) or augmented reality (AR). Still, this doesn’t mean that those spaces have to be accessed through VR or AR exclusively– Fortnite, for example, can be accessed through gaming consoles, PCs, and even phones and they have started to refer to parts of their product as “the metaverse.”

In other words, the metaverse (at least for now!) refers to a shift in how we interact with technology. 

And that’s where the business aspect of it comes in. 

How Businesses Can Use The Metaverse

Here are the main steps that everyone needs to know when starting a business in the Metaverse. 

1. Entertainment

Entertaining may not be the first concern for businesses but it’s become a more relevant aspect to keep an eye on, since entertainment inside the metaverse is attracting a lot of attention, particularly from younger audiences that are more likely to join that reality.

2. Business operations

Many organisations in a variety of industries are already using augmented reality to improve their operations.

The metaverse, in its full force (which was unlikely to be seen in years), will provide an even better environment for collaboration with colleagues and experts in the same field. What’s more, with crucial (and broad) data at their fingertips, employees will get a guiding hand in even the most complex field and service work. 

3. Improved education and training

The pandemic forced both educational institutions and businesses to work around the classic classroom/office setting. While this wasn’t ideal (or possible) for everyone, there’s hope that the metaverse might be able to make the entire process smoother. 

With real-time data and interactions, students, employees, teachers, and employers can benefit more from the remote experience, add more changes to their virtual classroom setups– and might even find it better overall. 

4. Enhanced customer experiences

Since customer experience has never been more important, companies working on the metaverse platforms expect it to minimise the distance barrier between businesses and customers. With the ability to create an immersive experience for current and potential customers, as well as alternative shopping experiences, the metaverse might change how, when, and where companies do business. 

5. Improved work meetings

Tech CEOs are hoping that the metaverse will help them move from 2D to 3D virtual meetings. 

“The idea is that you will eventually use your avatar to meet with people in a virtual space that replicates the feeling of being in an actual room with them,” wrote Bill Gates in his blog post last year. 

These meetings, Gates says, will be more than just 3D. Employees could move from one workspace to another and bring emotion and body language into the conversation. 

6. Advertising, branding, and marketing opportunities

The metaverse business model is still in its early stages, but when it comes to advertising and branding, businesses might be able to transfer some of their tricks from the physical to the virtual world –depending on what the new world allows. For comparison, 10% of AI companies serve the marketing and advertising sector. 

7. Digital locations and property

Early adopters have started looking into the digital representation of real estate in the metaverse. Some are drawing up concepts for retail stores, venues, and shopping worlds and others are looking for opportunities to invest in them. 

8. New revenue streams

A lot of companies are already experiencing with different metaverse opportunities that can bring in an extra source of revenue. 

For example, Gucci created a special edition of collectible NFTs, and Ralph Loren issued designer clothing for avatars.  

How to Start a Business in the Metaverse

Here are the things businesses need to consider before diving into the metaverse:

1. Identify an underserved need in the market

Before starting a business in the Metaverse in the actual world, it’s important to identify a need that the business can fill –anything from products that are missing from the market (virtual or otherwise) to unique experiences that can’t be found anywhere else.

2. Research the competition

Researching the competition is an essential part of identifying customer needs in the market. Knowing what’s already out there can help businesses figure out how to stand out from the crowd and offer something new and exciting to customers.

3. Create a plan for launching the business

Once the idea for the business is finalised, the business must create a plan for launching its products and services. The plan should include details about what exactly is being offered, who is the target market, and how potential customers can reach out to the company.

4. Build a presence and promote the business

One crucial part of the launching plan is building a presence. Businesses should consider promoting the launch (or the products) on social media, creating a website, and coming up with marketing materials that can help spread the word, such as online advertising, PR campaigns, and partnering with other businesses in the metaverse.

How Metaverse Will Influence the Future of Business

Businesses can use the new cutting-edge reality to engage with customers, partners, and employees, and reach a wider audience. It will grant e-commerce brands 3D spaces, where customers can browse virtual stores and shops, and provide those in the digital art and collectives with the perfect place to store, share, and sell their items.

The metaverse can also help businesses provide a fun space for their employees to improve their communication and collaboration and host more immersive training sessions.

Metaverse for Business: How to Start Early

While the metaverse is not something that will come to full fruition tomorrow, it’s important to keep an eye on things to make sure you don’t fall behind.

For now, it seems that 2D apps are bridging today’s world with the metaverse.

Most people believe that Metaverse will be the most significant business opportunity since the invention of the internet. However, before everyone starts living in a fully immersive 3D world with endless possibilities, they will primarily encounter the metaverse through 2D applications.

Bottom Line

Based on what the new cutting-edge reality would look like in its full force, the metaverse business opportunities seem to be endless. But, although the metaverse will likely offer a little something more for businesses to explore, the best way to ensure a successful transition is to keep up with the current digital world. When the metaverse is fully launched, it will give you a better idea of how to execute your Metaverse business ideas.