The Metaverse is all the rage these days. And yet, if you ask people what it is, you’ll get a bunch of different answers. We still don’t have a concrete definition of this exciting trend that promises to change the internet as we know it.
Simply put, the Metaverse is a collection of virtual spaces that aim to mimic real life. It’s an immersive way to connect with others, play games, buy things, and do a growing number of things we do in the physical world.
Naturally, tech companies are already betting big on this new space. But they’re far from the only ones. Wendy’s, Warner Bros, Nike, and Gucci are only some of the many Metaverse pioneers jumping on board before it becomes mainstream.
So what is it exactly that these brands are doing in the virtual world? Well, it turns out that there are already lots of Metaverse business opportunities for those willing to experiment. Let’s go through some of the most compelling ones.
1. Launching Next-Level Events
Many new technologies start off as a gimmick, only to end up being widely accepted by the general public. Somewhere along the way, businesses realize it’s time for them to join in as well.
This is exactly the case with Metaverse events. In the beginning, you could attend virtual parties, game nights, and similar events. Then, popular music artists like Travis Scott and Ariana Grande started holding concerts and exploring the world of immersive entertainment.
As the Metaverse is now taking a more solid shape, we’re seeing businesspeople flooding in. There are more and more business events on Metaverse platforms, with Decentraland and Sandbox as some of the leaders.
At some point, VR events are very likely to take off, perhaps even become the new norm. Now’s the perfect time to see how you can position yourself for when that time comes. Launching virtual events can be a cost-effective way to gather people from across the globe and offer them an experience unlike anything they’ve seen before.
The early bird does indeed get the worm when it comes to innovation adoption, so you can count on staying at the front of customers’ minds if you’re among the first to offer such unique experiences.
2. Redefining eCommerce
Over the past few decades, eCommerce hasn’t changed much. Sure, the process might’ve gotten smoother and there are more options than before, but the fundamentals of online shopping have remained the same.
The Metaverse is almost certain to shake things up in more than one way.
First of all, the shopping experience will switch from 2D to 3D. Instead of scrolling through a website, you’ll get a chance to walk through virtual stores and completely immerse yourself in shopping. This is bound to attract a massive amount of shoppers’ attention and push businesses to open up virtual stores.
In addition, virtual items are going to keep gaining traction. We’re already seeing digital clothes sell for more than an average person would pay for real garments.
How about this virtual Gucci bag that sold for over $4,000, even though its real-life counterpart costs $3,400?
This goes to show that people care about their avatar’s appearance just as much as their own. Businesses will surely capitalize on that and join the trend of Metaverse shopping. Will yours be among them?
3. Educating Your Market
Slowly but surely, static product images are becoming a relic. At the very least, proactive businesses are offering videos or 3D renders that help bring the product’s specifications closer to customers. The Metaverse will take this to a whole new level.
By virtualizing your product, you can provide your customers with unparalleled insight into it. Of course, this will be the case when the general public embraces the new order of the Web and moves into the virtual space. So while it might be a bit early to heavily focus on virtualization, you should definitely start considering it.
4. Exploring New Social Media Avenues
Historically, those who embraced new social platforms early would see outstanding success on them. Now’s your chance to do the same.
IZEA’s research of 1,000 influencers and social media users revealed that 70% of them believe that the Metaverse will completely replace social media as we know it.
This makes perfect sense when you think about it. Why would someone scroll through Instagram when they can put on a VR headset and immerse themselves in the content they want to see?
Interaction in Metaverse social media channels will be much more personal than any platform we currently have. To gather a loyal fan base from the get-go, be on the lookout for the next big thing, and be ready to get involved quickly.
5. Building Virtual Workspaces
The Metaverse won’t only revolutionize the outward communication of your business, but also the processes within it. While we were pushed into remote work by the COVID pandemic, it looks like the practice is here to stay and evolve.
On his blog, Bill Gates predicted that the future of work would be virtual.
“You will eventually use your avatar to meet with people in a virtual space that replicates the feeling of being in an actual room with them.”
It’s not only the meetings that will be virtual, but the actual work as well. Many activities can be virtualized, so we’re likely to reach a point where a VR set will replace many of our current devices. It’ll be a while before virtual workplaces are fully functional, so now’s a great time to start following the upcoming trends and see how your business can adopt them.
Ready to Virtualize Your Business?
Even though the Metaverse is still in its early stages, it’s clear that a significant part of our future is going to be virtual – and it’s not even that far off. According to Gartner researchers, 25% of people are likely to spend at least one hour daily in the Metaverse.
If you haven’t dipped your toe in it yet, don’t wait too long. Have at least a rough idea of how your business can take advantage of these exciting developments, and refine the plan as the Metaverse takes on a more solid form.