First coined in Neal Stephenson’s prophetic novel Snow Crash in 1992, the “metaverse” has recently gained lots of attention as it might change the way we interact with society forever. While it has mainly been associated with video games, Facebook’s rebrand to Meta introduced the metaverse to mainstream media and technology.
The Growth of the Metaverse
With the move to virtual work and learning because of the COVID-19 pandemic, the need for virtual solutions to everyday problems is growing. The idea of a shared virtual world in which users can interact, play, experience and socialize in a similar manner to the real world is very much possible in the metaverse. While the metaverse has grown and developed significantly in the last few years with well-known programs such as Decentraland and Roblox, the extent of the impact on how the metaverse will change the way we do business is still unfolding. Facebook’s rebrand to Meta was in anticipation that it will transform the Facebook platform into a 3D virtual world.
As technologies advance and appropriate 3D devices and 5G networks are widely available and can be deployed, the metaverse is expected to change the world, and particularly the business world, in powerful ways.
Diverse Live Event Experiences
One of biggest differences between in-person a virtual events is attendance. Unlike a physical event, where room capacity puts limits on participation, a metaverse environment can be expanded to allow more attendees to enter.
Additionally, the flexibility of the metaverse space is multi-faceted. Hosting events in virtual environments allows global audiences to attend and enables far more opportunities for people whose family obligations might have prevented them from attending. The metaverse space also provides an opportunity for business events to be more inclusive of people who are deaf or have hearing impairments.
Along with allowing for greater audience and flexibility, metaverse events can also be more profitable than in-person events. Whereas physical events require investments of money and time in reserving the space, seating, food, and decorations, the metaverse would not require these expenses.
New Ways for Content Development
When you bring your brand into the metaverse, there are limitless ways in which you can innovate virtual experiences to attract people to your company. While right now the metaverse may seem dominated by big-name brands, small businesses can also build their metaverse footprint by planning interesting, immersive digital experiences for their audience. You can do presentations and events in a virtual space, do one-on-one virtual consultations, and utilize virtual reality in the classroom. There are so many opportunities to be creative and do something new in the metaverse.
Two brands making the most of the metaverse are Adidas and Prada. This year, Adidas and Prada launched an ambitious NFT collaboration that features user-generated and creator-owned art. The project brings together participants across fashion, design, and crypto to co-create large-scale digital artwork by the physical Re-Nylon collection. The artwork was later auctioned, and the proceeds were split between Adidas and Prada. In the end, buying an NFT ended up costing around $775 a piece, bringing in $23 million for the companies.
While Adidas did have to use a chunk of their proceeds to compensate partners for help with marketing and pay users for glitches in the minting and wasted gas fees, there will surely be more knowledge and a more seamless way to host these virtual events, particularly as advances are made in Web3 technology.
Reimagined Workspaces
An incredible aspect of the metaverse is that you can attend work from anywhere in the world through an advanced virtual workspace. The days of Zoom fatigue and the dreaded Slack messages are over, you can now participate in a virtual reality workspace that imitates the real thing.
Collaboration software such as Meta’s Horizon Workrooms and Microsoft’s Mesh is already available. These programs allow colleagues to meet as avatars in virtual reality in virtual versions of office spaces where employees can interact in real-time as avatars. The programs are designed to encourage chance encounters and casual chats that have been lost in the current work-from-home format.
There is a world of limitless possibilities for your business in the metaverse. Whether you want to promote your brand in creative ways, reach a vast audience, or provide more options for employees to work remotely, the world that the metaverse will create will surely change the way business is conducted forever.
About the Mozverse
Founded by Danny Mozlin, Mozverse is a leading platform that empowers businesses to create fully immersive virtual worlds in the metaverse. Mozverse provides consumers with an optimal experience while interacting with each other and digital objects in the new 3D world where working, dating, and shopping virtually are becoming increasingly commonplace. The catalyst behind the founders’ vision for Mozverse was the hyper-shift towards a more virtual society in the wake of the COVID-19 pandemic.
Mozlin is a technology entrepreneur with experience in AR, VR, and blockchain development. Zach is a technology entrepreneur, social media influencer, sports analyst, and podcaster.
