A new term, ‘metaverse,’ is increasingly found in the media. Moreover, a variety of metaverse business opportunities are already open to those companies that first believed in the brand-new sector.
Let’s find out what metaverse is all about, where it came from, and which metaverse business ideas are actively used by large technology companies!
What Is Metaverse?
The term first appeared in the 1992 novel Avalanche by Neil Stevenson. And already in this work, a metaverse is an alternative to the familiar physical world. A year later, in 1993, the Metaverse virtual reality system, released by Steve Jackson Games, appeared. However, this experience was not successful, like many subsequent ones, due to the low prevalence of the Internet at that time.
Today, a metaverse is a common term used to name the intersection of three realities at once in the online space:
In a metaverse, participants interact in social, economic, and many other areas. Moreover, they are not hindered by physical barriers, which, in turn, automatically determines the future of the Internet behind such a space.
Key Metaverse Characteristics to Know:
- interaction with other metaverses;
- limited resources (Internet speed, PC capabilities, etc.);
- digital assets in one metaverse can be used in other ones.
Business in the Metaverse Sector
In 2022, the largest investors agreed that we are dealing with a new trend. Those who were the first to perceive the trend as a guide to action were able to get ahead of others and feel all the benefits associated with a metaverse. However, possible risks should also be taken into account, as with any innovative ideas.
Companies that already have a clear idea of their future in the metaverse sector include Roblox and Epic Games. These leaders specialize in creating online games where millions of players build the digital economy — make a living and also sell NFTs.
The growing attention to these types of projects shows that many people see the future in them. Moreover, participants in such platforms believe that digital activities will be able to completely replace attending concerts, sports, and other entertainment events in the future.
The newest tools are also a step towards the transition to the metaverse sector. For example, Oculus is a virtual reality headset that blurs the line between the physical world and the META metaverse of American media mogul Mark Zuckerberg.
Why Do Companies Support the Idea of Metaverses?
First of all, businesses evaluate the prospects for expanding communications. Social networks have recently been recognized as drivers of increasing trade turnover. In the near future, metaverses will replace them, further expanding the scope of interactions and allowing retailers to become much closer to their consumers.
Companies that adopt a metaverse as a space to work and communicate with customers will enjoy more business opportunities.
Brands that have already adopted this position include Nike, McDonald’s, YouTube, Alfa Romeo, The Walt Disney Company, and Intel. One of the commercial areas is the digital twins of products in the metaverse sector. Where, if not in the virtual space, is it easy to directly contact consumers with a proposal to evaluate new products?
Business Enterprises of a New Type
A great example of how you can capitalize on a metaverse comes from developer NVIDIA. It owns the scalable Omniverse™ platform, which powers digital collaboration processes. If desired, you can create an accurate physical model of a product in real-time.
Ready-made tools in this virtual space are intended for software producers and developers. Thanks to them, the processes of creation and direct sale to the end user of mobile apps, connectors, all kinds of extensions, and microservices are simplified.
NVIDIA Omniverse Enterprise brings together teams of developers that are geographically distant from each other in the most simplified way. As a result, within the platform’s framework, everyone performs their tasks and gets excellent results. You can run Omniverse both on your personal laptop and in an RTX-based data center.
Advertising Opportunities and Business in Metaverse
With the transition to the digital space, there will be more ways for retailers to form a target audience and deliver information about products and services in a targeted way.
Moreover, one of the ways to expand the reach of brand-informed people is to sponsor a virtual concert of a famous artist, as well as support a significant event.
New Digital Products
At the moment, the idea of a metaverse is that every object in its digital space has some counterpart in the real world. As a result, users, via their own avatars, have a great opportunity to try on a new thing, bargain for an object of art, and also take a test drive of a car in a virtual store.
Metaverse brands usually demonstrate the following:
- locations that are as close as possible to real ones to create the effect of presence;
- products accompanied by massive information support;
- the opportunity to test a product to assure users of its usefulness and the benefits of its acquisition.
As a result, the brand’s market growth rate is impressive and sets an example for others.
With the advent of the COVID-19 pandemic, millions of people faced a severe need to switch to a remote employment format. Thousands of companies have abandoned physical offices in favor of virtual ones.
The advantage of a metaverse in remote hiring is that an employee is immediately provided with a ready-made workspace, ideally suited to perform the tasks voiced by an employer. Without leaving your physical desk, you can virtually visit a global summit, discuss a technical nuance with a colleague from a neighboring country, offer a product to buyers of an entire region at once, etc.
International market leaders are already working on strategies for entering the virtual space. The reporting of world-famous brands that were the first to step into the metaverse sector demonstrates that such a step will soon become inevitable in a competitive struggle.