The Metaverse is a somewhat esoteric term for the Web3.0 landscape, an idea that sometimes seems to confuse even the savviest of technology entrepreneurs. The “Metaverse” has been popularized by Mark Zuckerberg, who claimed that the rebranding of their flagship and sister companies would be part of the “Meta” group. There were introductory videos, showing all the endless possibilities that could occur from the comfort of one’s bedroom.
At first glance, this seems like a great way to go forward in the gaming and media space. The metaverse 3.0 landscape is often confused with virtual reality, meaning the systems that have been popularized by large names, such as steam, which offer a VR gaming experience. While Web3.0 does show an evolution in the future of gaming and connecting with others, it has many practical applications that all businesses can take advantage of, even though they are traditionally considered laggards within the industry, or personalized service-based businesses.
According to a recent report, 95% of business leaders did respond positively, saying that they expect an increase in business in the following 5-10 years when the metaverse is said to be introduced into full effect. Something that seems so far away is closer than we could have anticipated, but the aftermath of the COVID-19 pandemic has placed everyone on a fast track to achieving automation and a fully remote environment.
Offers New Vertical Streams With NFTs
Branding in the metaverse will take on a whole new meaning. NFTs offer a way to interact with your audience in a novel way, opening up more possibilities for profit and income. For example, traditionally, luxury car brands such as Cadillac and BMW recognized the value that their brands have, so much so that they opened a new line of colognes for their products. Companies that offer discretionary income services, such as fast food and personal care services, can increase their potential with the adoption of NFTs.
Taco bell has already released its own line of NFTs, which has increased sales and attendance at its physical stores. This also ensures that if an event such as a pandemic strikes again, small businesses may have a way to stay afloat while they wait for the tide to turn.
Reaches a Global Audience
Companies that go online to the metaverse will have unprecedented access to customers, audience, and talent. This is the ultimate remote landscape that can offer businesses a new way to interact with everyone – even in businesses that are local to an area. One of the biggest demonstrations of this was the various concerts that were held on the popular online game Fortnite, where singers and actors such as Arianna Grande were able to reach everyone across the world. While this is already available via live television, the metaverse, and everyone’s respective avatar, could actively participate in a once local event – and interact in extremely meaningful ways.
This can be extrapolated to other businesses. Mom and pop shops could plug into the metaverse to sell their merchandise across the world, acting as a “street vendor” in the Web3.0 landscape.
Turns Competitors into Colleagues
The metaverse will showcase the advancements that VR and AR have made in the industry, so that collaboration and teamwork would be encouraged to function properly. The shift will now be from market share to attention, meaning it is in the best interests of small businesses to team up in a coordinated effort to launch products and services together. It will also strengthen internal relationships, as employees would feel connected to each other in a more substantial way.
Source: https://www.forbes.com/sites/forbescommunicationscouncil/2022/08/01/the-business-case-for-embracing-the-metaverse/?sh=60d274207898
