The metaverse presents businesses with a whole new realm of digital interaction. From staging an international virtual concert to conducting executive meetings with clients, there are endless opportunities available in this new virtual world.
Some examples include virtual commerce and retail, real estate, events, training and education, tourism and exploration as well as metaverse-based games.
Virtual Real Estate
Digital land investment in the metaverse can be lucrative and present many of the same challenges associated with conventional real estate investing. Investors can build income-generating properties such as leaseable buildings and interactive venues that charge admission or promote brands while creating unique places where people can gather socially or even host business meetings using VR.
Virtual plots of land in the metaverse provide users with virtual platforms where they can socialize, sell non-fungible tokens (NFT), play games, advertise products or services and advertise products or services. They may even meet up with people using 3D avatars and attend conferences and meetings.
Costs vary for virtual plots in much the same way that prices do in real estate markets; location, platform popularity, historical sales history and certain features may impact prices of virtual plots; these may include being located near iconic landmarks or having enhanced interactivity.
Virtual Events
Numerous businesses are creating their own branded spaces within the metaverse. These can be established on existing extended reality platforms like Roblox, Altspace and Decentraland or by creating their own platform.
Multiple brands are taking advantage of their branded spaces to host events, including concerts and gaming tournaments. Hyundai Motor Company created a Roblox metaverse experience for gamers’ avatars to explore its future mobility projects and current products.
Companies are exploring virtual event marketing and customer support techniques. For instance, tour companies might use augmented reality to provide real-time information about places and events at new destinations, creating engaging experiences for their customers that strengthen customer engagement and loyalty. CIOs and IT leaders should monitor these developments closely as metaverse technologies like IoT devices, blockchain ledgers with non-fungible tokens such as non-fungible tokens become more widely adopted – such as computer vision or natural language understanding – become mainstream.
Digital Marketing
businesses can use the metaverse to connect with customers in immersive virtual spaces, forging stronger bonds while creating unique user experiences. Businesses may utilize it for various uses including virtual commerce/retail, remote working, real estate property training/assessments/events/gaming.
This new digital realm also democratizes opportunities for creators, enabling them to bypass centralized platforms which take a cut of their revenues and restrict access. Furthermore, the metaverse allows smaller businesses to offer tailored products and services, thus leading to niche markets being created.
Companies entering the metaverse should be wary of certain challenges when entering this space. They will need to consider factors like availability of hardware and equipment, audience readiness, technological literacy levels, willingness to try new experiences and alignment with business goals and interests so as to maximize growth and innovation potential in this emerging environment. They also must devise effective monetization strategies.
Occupational Safety and Health
The Metaverse provides businesses with opportunities to leverage advanced technologies, including virtual reality (VR) and augmented reality (AR). Both these platforms create simulated realities; VR replaces real life with an artificial world while AR adds information onto it. Both technologies have unique applications for business use but require special hardware in order to operate successfully.
One of the most promising business-centric metaverse uses cases is remote working. By providing remote workers with a shared immersive workspace, businesses can enable effective collaboration and employee satisfaction, leading to productivity gains and employee satisfaction.
Companies can capitalize on this trend by creating visually appealing and interactive branded spaces on virtual platform websites using their brands or trademarks – for instance fashion brands could use clothing they sell digital avatars as digital clothing offerings while sports brands could host virtual marathons; all while earning revenue through advertisements, subscriptions, or other services.
