Metaverse. That’s all the talk of the business town at the moment. While at the current moment, it’s only a conversation that Big Tech is having, it’ll soon be a conversation that all businesses need to have if they want to stay relevant in the future.
Some experts believe that the metaverse will likely be an Internet 2.0. When the internet first arrived, only those companies that embraced the technology survived; the rest fell by the wayside.
So what is the metaverse? How can it impact your businesses? And which business sectors are the most likely to be affected? Let’s have a look.
What is the Metaverse?
The term ‘metaverse’ was first coined by Neal Stephenson in his 1992 novel Snow Crash. In many ways, it is the future of the internet. It is a virtual world that incorporates augmented reality, 3D holographic avatars, virtual reality, and other means of communication.
Games like Fortnite, Roblox, and Minecraft are early precursors of what the metaverse will look like. Fortnite, for example, has virtual experiences like concerts and exhibits. Other precursors include MMORPGs like World of Warcraft, a prominent online game where player-controlled Avatars buy and sell items, virtual clothing, houses, and more – just like one would in the real world.
Companies like Nvidia, Snap, Roblox, and Unity are all in a rat race to develop infrastructure to support it. Facebook Metaverse is another example of another large company looking to dominate the market.
Let’s look at some of its features..
- Real-time 3D graphics
- It should allow users to create personalized avatars
- It bridges the gap between web services and real-world activities
- Shopping features where users can purchase virtual items and build virtual environments
- In-game economies tied with real-life economies
- Includes the possibility of using virtual and augmented reality tech
- The virtual worlds run non-stop, and the time syncs with real-life time
- In the metaverse, platforms can mix with each other, so for example, you could use the items in one game to interact with another game
- it can also include user-generated content that other users can enjoy
Effects of Metaverse on Businesses
The metaverse is here to stay, and businesses must adopt the technology to remain relevant. Here are some ways how the technology can improve your business.
1. Create virtual replicas of physical locations.
Metaverse technology can simulate real-world locations virtually. This application of the technology benefits many industries.
For example, with the help of this technology, real estate agents can show their customers virtual tours of property they’re selling, which is especially useful during pandemic-like situations. Additionally, there is a growing need to create virtual replicas in architecture, travel, hospitality, etc.
Retail is another sector that can significantly benefit from adopting to this technology. With the help of this technology, customers can experience almost real-like shopping in the metaverse. Consumers can try out clothing, check to see if a piece of furniture would go well inside their own homes, and also have the ability to check out stores from across the globe – all in the virtual world, without having to step foot inside in real life.
In the construction industry, architects and engineers can examine construction sites from the comfort of their homes or offices, and make all construction choices and decisions virtually.
2. Digital-Only Products
Businesses may develop digital-only items like virtual clothing, automobiles, and houses that people can use in the metaverse just as they would in reality.
3. Virtual Offices
It opens up the potential for virtual offices and meeting spaces. Training, meetings, and simulations can all utilize the technology. A recent example of technology being used this way is Facebook’s virtual reality competitor to Zoom, Horizon Workrooms. Even Microsoft plans to launch a Microsoft version of the metaverse for Teams to compete with Facebook.
4. Events and Concerts
Businesses can host virtual events, and artists can hold virtual concerts and exhibitions, rather than in-person ones. For example, Fortnite recently held a concert with Travis Scott, and Minecraft hosted the band Massive Attack.
Virtual billboards in virtual systems will be the future of advertising. Companies can also host virtual events that have an immersive multimedia experience to promote their brand. For example, Gucci hosted a virtual exhibition on Roblox called Gucci Gardens. The event allowed people to collect Gucci items in the metaverse.
Pros of Metaverse for Businesses
1. Try Before You Buy
The metaverse will make the whole experience of purchasing items easier and enjoyable for consumers. For example, if you want to test drive a car you’ve been dying to buy, you can take it for a spin in the digital world.
Adidas released a new pair of shoes that caught your attention? No problem, hop on to their digital store and try them on virtually. With this technology, people don’t need to come to your physical store. This means that users from across the world can sample and try out your products.
2. Product Presentation
Product presentations have the potential to be exciting and engaging. In the past, most businesses presented their products on YouTube or live on stage. In the future, however, presentations can happen in the metaverse – companies can create fun interactive events that are more engaging to audiences than traditional formats.
3. Easier ways to connect with your employees
The technology offers unique opportunities for employer-employee relationships. Microsoft and Facebook’s recent announcement (which we talked about above) are examples of this. Another interesting approach that businesses can take is to increase employee morale by organizing virtual events, where staff can get together virtually and have fun.
How Will The Metaverse Affect The Job Market?
The metaverse will bring about jobs that have never existed before and increase the demand for existing positions. These new jobs and roles haven’t been defined yet.
Companies like Facebook, Nvidia, Roblox, Epic are some companies that are currently hiring people to help them build their meta worlds. For example, Facebook announced that it would create 10000 new jobs in the European Union (with particular emphasis on countries like Germany, France, Italy, Spain, Poland, and Ireland) during the next five years.
Frequently Asked Questions
What company is leading the metaverse?
Currently, Facebook is leading the race to the metaverse with the announcement of the Facebook Metaverse. Facebook imagines a virtual world where people can interact with each other with the help of virtual avatars, create their own virtual homes, take part in fun games, and work with colleagues in virtual spaces.
Who owns the metaverse?
No single company owns the metaverse. Different companies like Facebook, Microsoft, Epic, and Roblox are busy building their own versions of the technology, so at present, there isn’t a single company holding a monopoly over the technology.
Is the metaverse the same as virtual reality?
Virtual reality (VR) may be used in a metaverse setting, but it isn’t required. The metaverse is made possible by individuals using digital representations to interact with one other. VR, however, makes the metaverse much more immersive.
Interested in Working in the Digital Industry?
Companies are slowly preparing and adapting to the trend of the metaverse. This is why companies are now on a hunt for programmers and digital experts to be one step ahead in the industry. If you’re interested in working in this field, you can check out the Job Board in Eleven Recruiting Find jobs fit for your career goals and skill sets.