Metaverse and its Business Applications
Despite the Metaverse Market Share concept having its existence over a decade now, this gained worldwide recognition with top companies like Microsoft and Facebook announcing their respective Metaverse projects. This concept gripped even more popularity at the time of the pandemic with lockdown restrictions and remote working policies across the globe compelling the majority to use the virtual world for entertainment and business purposes alike.
Businesses are shifting to Metaverse- Know Why
Businesses are shifting to metaverse for reasons good. Some of these include,
- More than Social Networking- the concept of metaverse is much more than virtual reality and will soon transform connections, work, and businesses. Soon people will see how businesses shift to metaverse akin to how they started shifting to social media and cyberspace. With VR being a step up, businesses are gearing up to take part.
- New Business Ventures- Leading company NVIDIA has capitalized already on the rise of this concept by developing Omniverse for connecting worlds in the metaverse. Omniverse is a simple, extendible, open-platform that is made for real-time physically accurate simulations and virtual collaboration. This enables creators, researchers, and designers in collaborating and selling their goods in virtual spaces. NVIDIA of late in December 2021 has launched the omniverse’s beta version.
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- Customer Experience- With businesses continuing to provide customers with superior experiences to enter into Metaverse will indeed be a no-brainer. Through this concept, businesses will engage prospects, remain up to date on current technologies, and explore new opportunities. In fact businesses are looking at options for saving their place in virtual spaces. Nike for instance is all set in selling products in the metaverse. The company has filed for a trademark application for establishing itself in virtual worlds. There are other businesses that use Metaverse and developing digital twins of their products and operations. A digital twin is a twin or a replica of a physical object. This can be as big as a complete manufacturing campus or tiny as a manufacturing part. The perk to develop a digital twin is that one can run scenarios and tests on a digital twin sans impacting the physical original. In fact metaverse is an ideal place for housing digital twins for brainstorming and collaboration scenarios sans wasting materials or physical space.
- Improved Advertising Opportunities- The metaverse is a good opportunity for businesses for advertising their products. The virtual world akin to the physical world will have spaces for promoting services and products. There will be virtual events and concerts which businesses can sponsor as well as boost their visibility.
- Novel Digital Products- The metaverse is a space where everything gets simulated from the real world. The users can make their own avatars and also decide what the avatar wears as well as looks like. The metaverse space generally resembles the physical location for feeling more connected with businesses leveraging this for selling digital products beginning from software applications to clothing.
- Continuation of Remote Work- Remote work has turned into a trend ever since the COVID-19 pandemic. Most companies have completely shifted to remote work. Though the transition of remote work has been quite smooth for most companies yet some problems are still prevalent- team building, collaboration, organizing meetings, and training new employees. Employees in the metaverse will possess their own virtual workspaces where they can collaborate, work, and attend meetings. The users can prepare virtual presentations and participate in brainstorming sessions. Metaverse makes an interactive environment rather than merely virtual meetings, connecting the users from across the globe for attending global summits, catering to international audiences, and also attending meetings.
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Big brands like NVIDIA and Microsoft have already come up with their strategies for building around the metaverse. The days ahead will come across a virtual world that is completely integrated. Soon there will be a digital twin that will resemble one’s counterparts. Technological advances will indeed take a much dramatic turn soon where almost every business will be upgraded to virtual spaces or to the Metaverse.
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