Metaverse and its Business Applications
Despite the
metaverse
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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