Upon hearing the word Metaverse, the majority of us tech heads link it to Facebook and can easily imagine its owner Mark Zuckerberg wearing a goggle and gesturing with his hands, however there isn`t only one Metaverse and the subject is vaster than anyone might think.
The dawn of Virtual Reality (VR) and Augmented Reality (AR) with various brands proposing their high tech headsets brought with it a computer-generated world which practically holds unlimited possibilities, obviously depending on how far industries, their developers and creators go.
Read on to discover methods how the Metaverse can be the key to open up new business opportunities, inspire innovative ideas while leveraging your trade in an avant-garde style attracting modern fast-thinking clients, ultimately boosting your company`s revenue.
AR & VR – The Metaverse Pillars
As aforementioned, when augmented and virtual realities were launched, a new simulated world was born. Consumers started appreciating more this new industry, which actually is very recent and its development is ongoing.
Sometimes these virtual tools are associated with gaming by default, but they are also utilised by renowned brands in the market.
Ikea generates images of their furniture for the consumer to insert it on their smartphone camera while viewing how it would fit in a particular room, providing instant calculations or confirming one`s tastes (or the lack of). Another company which comes to mind Dulux, have also embedded virtual reality within their app, with which clients can immediately check their chosen paint colour as imaged or projected on say their bedroom wall, again as viewed via the phone`s camera.
It is only natural then that these powerful tools AR and VR are recognised as the pillars of Metaverse, since the latter is amalgamating both and utilising them to enhance and project this virtual world, containing whatever a company or a brand wants us to see and experience.
The Metaverse assisted by both AR and VR is forming new niche markets which are forecasted to proliferate as the demand for these type of immersive experiences increases, and distinguished companies like Meta and Microsoft are already all-in splashing their billions to acquire a stronghold and benefit from this potential interactive income generator.
Entrepreneurs with a vision will recognise the prospects here, as consumers will be awed and return for more, thus forming a loyal database with which a company or brand can grow. Moreover, the Metaverse attracts developers and creators who will have a myriad of opportunities to advance in the innovation and creativity sectors, opening new markets.
Simulated Real Estate Anyone?
Sounds incredible, but it has become a reality, well a virtual one, but nevertheless a real estate business within the Metaverse which enables a brand to set up their storefront displaying properties or lands for any adventurous customers to purchase.
This is an almost untapped profitable market, which will set a different approach to consumers in this sector, by not only being fascinating and intriguing as seen in the Metaverse, but interactive too. Avoid commuting, and setting appointments, house visits will become a breeze, just put on your headset while laying on your couch and unlock the real estate realm.
Cyber events or auctions can also be organised on this digital platform, with those clients who have access to the Metaverse holding an obvious and precious advantage.
For businesses involved this will mean more data acquired on their customers` behaviours and appetites, building a robust database, enabling them to create more personalised and engaging virtual scenarios to retain existing clients, entice new ones while enhancing revenue.
Advertising Via The Metaverse
As you can imagine, publicity has a potential blank canvas within the Metaverse, one can run wild really, but soft skills are required here to avoid tarnishing the experience.
Brands or marketing industries already hold the know-how and are capable to infiltrate in a subtle manner, by utilising in-game advertisements, sponsored events or product placement.
Thanks to the Metaverse, these type of ads will have a wider reach and by being more engaging and less disruptive or boring, if created in the right manner, consumers will be enticed to check them out.
Gaming! Of Course
For many the first thing that comes to mind when mentioning the word Meta or Metaverse is gaming.
Here we are talking about enriched basically unlimited gaming experiences, immersive and addictive one might add.
This will portray your brand in a manner that gamers will be more emotionally connected. Famous games in the Metaverse can generate millions of euros through in-game purchases, subscriptions and advertising, so if a business does the right thing, virtual gaming can leverage significant revenue.
Commerce Through Metaverse
Similar to the real estate one, e-commerce within the Metaverse has the potential of unlimited creativity, displaying products and offering an interactive and unique experience like no other.
Consumers will adore shopping online surrounded by their favourite apparel, immersed in a store where they can also effect virtual try-ons and view product demos.
Businesses will not need a physical store, reducing the classic related costs and reaching a wider audience also by interactive customer support.
Content Creation In The Metaverse
Freelancers can offer their services via the cyber platform, mingle or set virtual business meetings which would put Facetime to shame, a unique experience which will enable a broader reach.
Creators can display their portfolios to clients live and discuss about potential collaborations.
Brands are after Metaverse freelance creators or agencies who can provide 3D modelling, animation, virtual world design and interactive content.
Concluding
We deduce that this article was an eye-opener for many entrepreneurs out there who either never considered Metaverse as an option or didn`t calculate the potential of this novel tool.
The Metaverse offers an array of themes with unlimited possibilities both for industries and clients alike, and it`s here to stay. As it can only expand going forward, we highly recommend to embrace and tap in this big opportunity to capitalise on this latest new frontier.