You’ve probably encountered the word “metaverse” multiple times on a website, social platform, or newspaper. Ever since the pandemic, the buzz about the metaverse has been everywhere. It’s redefining modern business. Large companies are trying to implement various metaverse use cases as they’ve realized their true potential.
This article will focus on the vast business opportunities a metaverse project brings.
What is the Metaverse?
Let’s begin by defining the complex notion that is the metaverse.
The metaverse is a dynamic, immersive, interoperable, virtual subset of the Internet evolution. We’ve evolved through multiple digital transformations, from text-based chatting to static images to video-based social engagement. Now, we are entering an era of building next-level natural and vivid experiences through the metaverse.
The metaverse is persistent and will continue indefinitely. It offers unparalleled interoperability and synchronous experiences that will exist for everyone in real-time. Whether in the digital and physical realms, private and public networks, and open and closed platforms. Eventually, the metaverse will be a fully functional economy that supports trade, investments, and ownership of assets.
Although it’s currently nascent, many companies have revolutionary metaverse projects up and running. These projects are growing fast as AI, VR, AR, design, and blockchain technologies advance. It is the hope that we’ll soon have one interconnected metaverse.
However, even if we don’t have the full-fledged metaverse yet, let’s envision the future.
How companies are investing in the development of Metaverse Projects?
There are various ways to dip your toes into the metaverse realm. A company could create a complete platform, a creator marketplace, a community, or a gaming and social platform. It could also develop the tech and infrastructure.
Meta (formerly Facebook) is a good example of a company focused on social connections, engagement, and technology. Decentraland’s core product is the metaverse. This platform offers the opportunity to create custom spaces, events, and assets. In the future, users may be able to set up virtual stores as well.
The Harajuku virtual town project allows shoppers to walk through the town via an avatar and visit shoppable retail spaces. This is a great example of offline and online retail convergence and how to convey a particular area’s ethos.
How can I implement this in my organization?
You might be thinking, “That’s great! But how do I implement this in my organization?” You don’t need to develop an encompassing platform with all metaverse characteristics like Sandbox. Considering all the possible use cases for metaverse projects, whether driving sales, branding, or advertising, a dedicated platform with one function, is the best way to acquire maximum benefits. This platform may also have the ability to add new features left open.
Here are some promising ways to use your dedicated metaverse platform.
Immersive commerce is the next revolution after e-commerce. You can meet your clients, offer customer service, pitch, or consult in your metaverse space. Repetitive tasks like client onboarding can be automated using chatboxes or made more immersive using avatars. Virtual showrooms provide engaging, immersive customer experience that connects them to brands while providing brands with firsthand unique data insights.
Immersive learning environments
Immersive learning environments are settings that utilize game-based learning and simulations in 3D worlds. That’s something for schools and universities, right? Well, education is not their only purpose. They can be utilized to simulate realistic situations for practicing skills and for inter-user interaction.
Another application is onboarding and vocational training. Employers can welcome newcomers and take them through the learning process with AR and VR. Professionals can be trained through step-by-step simulations while evaluating their skill competencies. MR training is great for workplace safety training. Workers get to learn safety procedures all in the confines of simulations. These immersive learning environments are time- and cost-effective and offer lasting impressions on users.
According to the ‘Future workforce study’ by Dell, “few workplaces are early adopters of technology, and nearly half of the employees (47%) say their current workspace is not “smart” enough.” The study also states that 50% of employees would try augmented/virtual reality products at work – with Millennials and remote workers being the most interested.
So, clearly, there’s a demand for virtual workrooms. An example is Meta Horizon Workrooms. Here, colleagues can collaborate in virtual meetings using cutting-edge technology. It saves them the commute to the office. Companies can use this to bring their global teams together. Additionally, conducting client meetings in virtual spaces could leave a positive and lasting impression.
“Millennials (54%) are also most likely to agree that their jobs could be made easier through AI — especially by eliminating complex repetitive tasks, ” revealed the study. This will boost productivity by reducing an employee’s workload. AI can be used to predict trends and perform tests. Mixed reality/Extended reality can ease inventory management in warehouses and pre-production product reviews.
Why take part in creating the metaverse
Not convinced yet? It’s normal to be skeptical about new concepts. Not everyone was convinced that online ride-hailing could be a profitable venture when Uber first launched. But now, early investors are raking it in. It’s the same with extended reality and the metaverse. Early adopters will be ahead of their competitors when the metaverse becomes the norm.
The metaverse already has an extremely wide range of contributors. A blend of independent individuals, informally organized groups, commercial startups, and corporations.
So if you’re going to start, now is the time! Use this novelty’s potential and people’s curiosity to jump ahead of your competition. Become an innovator in your industry. Write your brand history. ‘Amaze’ your customers. Train your employees in your own metaverse and attract new ones. Web3 will drastically change the world as we know it.
Computers and related hardware were hard to come by during the internet evolution. Every technological advancement comes with limitations. The same goes for the metaverse. Some challenges, such as achieving realistic imagery, may be overcome through new eye-tracking and adaptive resolution technologies. It goes without saying that we need a few more years for high-tech hardware like VR headsets to become the standard. But, judging by the rapid development in related equipment, that’s inevitable.
How do I build a Metaverse Project?
Okay, you convinced me. I want to build a metaverse platform for my business. Where do I start? Don’t worry. You don’t have to be a metaverse expert or have extensive knowledge in software development. Whether planning to develop a full-fledged metaverse project or just taking your first steps toward the metaverse, it all starts with an idea.
The next steps would involve finding a development company that understands your chosen niche to implement the technical part of your project. Before the development team starts designing and coding, make sure you analyze the market. Have a comprehensive understanding of your competitors and target audience. This will help the project manager create a roadmap.
At this point, the user interfaces are designed, and prototypes are presented to future product users. Programmers then start coding your application. Once done, testing begins. QA specialists check for bugs, usability, functionality, load, and compliance with specifications in the technical task. External auditors like Cerik should also test smart contracts if they are part of your project. After thorough testing, the application is deployed to local and cloud servers.
And now, for the final step, we have product support! It takes time for developers to catch all bugs in the code. Feedback from users is an important part of developing any metaverse project. So they must also check user reactions and improve, add, or remove features as necessary.
As you can see, the metaverse mania will continue growing, so the sooner you step into the race, the better. You’re also armed with knowledge on how to begin. So go ahead and forge your way into the metaverse.
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