Metaverse has been gaining a lot of buzz recently, but what is it really? The Metaverse is a simulated digital environment that incorporates augmented reality (AR), virtual reality (VR), and blockchain, as well as digital media principles, to build spaces for enhanced user interaction that resembles the physical world. Simply put, it refers to a virtual world of 3D graphics that can be shared with others in real-time. The concept envisions a virtual world where avatars can spend time with each other and connect through travel, work, or entertainment as though they’re physically in the presence of each other.
The concept doesn’t fully exist yet, however, tech giants like Meta, formerly known as Facebook, and Microsoft is working towards making it a reality. They’re attempting to make virtual reality more accessible and affordable for the general public. Metaverse as a service would open up a lot of doors, for example, an artist could paint the Roman Colosseum while virtually traveling through Italy, or people from different parts of the world could interact and get to know each other. It could pave the way to a further globalized world.
How will Metaverse impact the future of Business?
Metaverse is suspected to revolutionize the course of Business. For businesses, this would mean being able to utilize a realistic digital world that enables them to buy, sell, sign, and enforce contracts, recruit talent, and interact with customers around the world. With Metaverse, consumers would also be able to experience the company’s products in a simulated setting and get a feel for them.
To this effect, Forbes talks about the four pillars to conquer the future of business and make the most of the advantages it offers. These pillars include a virtual world with Meta-Lives, Meta-Societies and Meta Businesses, Augmented Reality, Mirror Worlds, and lifelogging. The metaverse offers us the ability to have various forms of virtual presence and enables the possibility of meta businesses, in which enterprises can exist in the metaverse and extend beyond what we are currently aware of in “the business world”, thus changing the face of “Work from Home”.
Conventional financial services are already eager to utilize Metaverse for branding and product development. The expansion of virtual-to-physical financial systems and payments in the ecosystem paves the path for NFTs, becoming the driving force behind upcoming types of trading.
The ability to mirror and adopt characteristics of the real world in the Metaverse unlocks the potential for Real Estate as well. Land value in the Metaverse is influenced by factors such as location, size, and utility, just as it is in the real world. The segments of digital real estate are known as parcels, and one may purchase or sell parcels using the cryptocurrency of the metaverse platform.
As more land parcels become available for sale, companies can redesign real-world activities for digital real estate, including trade shows, exhibitions, fashion events, sponsorships, booths, and many others.
Keeping all of this in mind, numerous companies and their leaders are making strides in adapting to the business methods of the new era. One such example is Rodolfo Salazar, Founder and President of QUDOX, an agency that leverages digital technology to transform organizations, and Ideaworks International, an agency that specializes in digital transformation and marketing in Latin America, and iDigital Studios, an agency that connects brands with Hispanic consumers in the US. He is an International Executive with over twenty years of experience holding Sales and Marketing positions in complicated market situations for global technology and telecommunications firms such as Microsoft, Dell, Telefonica, and Stream Global Services.
Even though the technology hasn’t fully taken shape yet the metaverse is a big global shift, and the world is betting on it. It is advisable for companies to start adapting and coming up with new ideas in the field to stay ahead of the game.
Ways to do that can include getting familiar with the concept, devising a strategy, and assessing the risk. Companies can allocate a resource to properly grasp the fundamental principles and their importance to the enterprise’s growth, as well as develop infrastructure on security and identity, and establish APIs to essential systems so that all stakeholders can access the framework. But of course, advancement doesn’t come without Risk, which is why it is wiser to tread carefully and focus on a few opportunities with low-risk business factors, such as selling the digital version of real products, virtual tours, and launching NFTs to boost brand image and customer relationships via the Metaverse platform.
Well it’s just the marketing universe that metaverse has changed but the gaming world too and the components of the Metaverse are constantly evolving, offering little certainty as to what its future holds. Nevertheless, one thing is certain, it will shape the future of the business landscape and essentially the world of technology.
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