Opportunity for Businesses with Metaverse in the Digital World

We see that everyone is talking about Metaverse, Blockchain, Cryptocurrency, and Web3 which are exactly the next big things that are going to happen and disrupt our online lives. As per the latest study done by Gartner, 25 percent of people will spend at least an hour every day in the metaverse by 2026 – engaged in work, shopping, education, social activities, and entertainment. The Metaverse is the next thing on the internet, supporting ongoing online 3D virtual environments where the world’s publicly accessible virtual experiences, real-time 3D contents, and other related media are connected and accessible through Virtual Reality/Augmented Reality, as well as through classic devices such as computers or mobile phones. It will be realistic navigation through the newest technologies that are available right now.

Content Index:

  • What is Metaverse
  • Core attributes of Metaverse
  • Metaverse for Business
  • Metaverse for Retail Industry
  • Metaverse for Gaming Industry
  • Metaverse for Cryptocurrency

Metaverse goes beyond playing games or chatting with avatars. In near future, we will be able to notice metaverse in entertainment, shopping, real estate, education, and many other industries which we would never think that metaverse will be disrupting that particular industry. Digital-first companies have begun their foray into the metaverse and are looking for the unlimited possibilities it has to offer that too only in a matter of time.

To create innovative and more meaningful interactions with customers, businesses are breaking the boundaries to sustain themselves in this ever-evolving world of technology. Metaverse has become a new playground for brands to keep on launching something new in the virtual world to raise brand awareness and unlock the new possibilities in order to cultivate brand love.

What is Metaverse?

The word ‘metaverse’ is a portmanteau of the prefix word, ‘meta’ which means ‘beyond’ and ‘verse’ from universe mean ‘world’. It is a concept of the virtual universe that combines aspects of 3D spaces, Augmented Reality (AR), Virtual Reality (VR), and cryptocurrencies which allows users to connect virtually. Metaverse is a virtual space, for instance, if you are a gaming company services such as video games will be more emphasized in 3D virtual reality.

Core Attributes of Metaverse

Conversational AI will be playing a significant role in providing a new world of experience. It has its unique role in the Metaverse, where consumers will be able to communicate with the brand to provide a more compelling experience such as facial expressions, body language, emotions, and physical interactions. Metaverse will blur the lines between consumers facing issues such as face-to-face and in-person interactions. The launch of the metaverse is poised to reshape the future of CX but still requires significant investment and technical expertise.

Metaverse for Business

Metaverse for Retail Industry

We know that the ‘Phygital’ industry is one of the booming industries, which means that we can expect both the physical and digital existence of the brands while driving more conversions and awareness. This approach is set to disrupt the way retail used to be and how consumers even shop. Brands are using business communication channels such as WhatsApp Business Platform, Viber Business Messages, RCS Business Messaging, and social media platforms such as Facebook and Instagram to trade and promote their products and services. Augmented Reality plays a huge role in the live shopping experience where customers can try on the clothes virtually before they buy.

Metaverse for Gaming Industry

One of the interesting use cases of Metaverse will be in the gaming industry, it’s one of the juggernaut industries everyone is looking after. The gaming industry is going to be more immersive with the help of AR and VR technologies, ensuring a strong engagement with its users. We can expect people to be represented as avatars, usually in cartoon-like 3D figures, and roam virtual spaces. The development of the gaming industry is here, and we can say that it’s truly going to be a game-changing experience people need to be ready to experience the new world of meta.

Metaverse for Cyptocurrency

There is also a burgeoning market for selling the blockchain and metaverse represents a massive opportunity. Experts say that when a blockchain-based metaverse will be opened it’s going to change the way everyone interacted. The NFT and cryptocurrency provide an ecosystem to create, own and monetize decentralized assets.

It’s interesting to see the initial stages of what metaverse has to offer to businesses. Brands that will participate in this stage will be getting beneficial in the future. 5G will be also a fundamental player in enabling faster connectivity and low latency. They can leverage metaverse as a new channel of communication among other facilitations they provide. Still, the activity remains largely experiential and no one actually knows what metaverse can bring to the table.

Meta is truly paving the new way for interactions with businesses that can utilize it to excel in customer communications, connect with one of our experts NOW!