This article breaks down key concepts of the Metaverse in simple to understand terms and highlights how you can benefit from this technology.
What is the Metaverse, and Why Should I Care?
In simplest terms, the Metaverse is a collection of three-dimensional online spaces that facilitate virtual interactions between people across the planet. The Metaverse runs on virtual reality, artificial intelligence, and augmented reality. Individuals can access the Metaverse through VR headsets, Microsoft’s HoloLens, mobile devices, and personal computers.
You should care about the Metaverse because it is supposed to be the next evolution of the world wide web. This means it will shape the future of e-commerce, marketing, creative arts, socialization, gaming, and more! It will redefine how you interact with the world.
What Does the Metaverse Mean for the Business World?
Facebook launched Horizons Works, a virtual workspace where people worldwide can gather in cyberspace. Using Oculus VR headsets, employees can collaborate and brainstorm without needing to meet physically. Microsoft created Microsoft Mesh which simulates physical workspaces, enabling virtual interactions between coworkers working remotely. Other providers of online meeting services will be launching their own set of tools to make remote working more interactive and engaging.
Sales of digital assets on virtual platforms (Second Life, Fortnite, Roblox, and the Sandbox) are growing exponentially. Brands create virtual products in the Metaverse to unlock new streams of revenue. A vast array of shopping malls in the Metaverse allow consumers to try out products via VR headsets before buying them. The line between commerce in the physical world and the Metaverse will blur as time goes by.
I Run a Small or Medium-sized Business; What Can the Metaverse Do for Me?
The Metaverse connects the world. With the help of virtual platforms, your employees or potential future employees are not limited by location. You can hire the best people for your business from across the world and assemble in a virtual environment to work together.
It can be challenging to know if something will succeed or fail if you sell products. With the Metaverse, you can create a product in the virtual world and find out if consumers like it without wasting money on costly physical production.
Geographic sales boundaries don’t apply in the Metaverse. You can market your goods or services anywhere and everywhere. As a result, you don’t need a big marketing budget to attract people to your Metaverse store. In a way, it levels the playing field for small and medium-sized businesses.
Is Your Customer Base in the Metaverse?
A recent report predicts that 25% of people will spend at least one hour daily in the Metaverse by 2026. As the saying goes, if people are present somewhere, that is where businesses must be. Some experts predict that just as a social media presence is essential for companies today, the Metaverse will be the same in the future. If your business targets younger demographics, you will probably need a Metaverse strategy sooner rather than later.
I’m interested in Launching a Metaverse-based business; what should I do?
The Metaverse can feel like the wild west for entrepreneurs with many grey areas. However, you still live in the real world, and if you engage in commerce in the Metaverse, you will need to translate online earnings into real-world business profits. You may also want to protect your intellectual property as a business.
Our seasoned consultants can recommend a variety of solutions that can meet your needs. Dubai is at the forefront of digital innovation and technology; we can empower you with the right set of tools so you can make the most out of the Metaverse!