An Intro to Potential Applications
Entering the Metaverse
The next stage of the Internet, the metaverse is the concept of a virtual world in which we live, work, shop, and interact with others. In what seems like it’s straight out of science fiction, the metaverse is progressing from concept to reality before our eyes and forward-thinking business owners would be wise to begin thinking about the potential applications of the metaverse with regards to their business.
A reductive view of the current state of the metaverse may characterize it as gimmicky or a superfluous extension of Web 2.0, but really, ongoing developments are showing us the wide possibilities which the metaverse can provide. As a businessowner or entrepreneur it’s important to recognize the viability of these possibilities and adopt early to see an increased ROI.
Professional and private interactions are becoming more digital, and with the metaverse, these interactions are becoming immersive and intuitive experiences in virtual online spaces. To operate in these spaces, users will require virtual or augmented reality interfaces. Fortunately, these technologies are currently being further developed and democratized by some of the largest tech companies. As these technologies become more affordable and easier-to-use, mass adoption is expected. So, before the metaverse becomes the new place to be, let’s take a look at its current state and the possible applications in professional settings.
What makes a metaverse categorically a metaverse? First, there’s the digital environment, a 360-degree melding of the physical and virtual worlds. Second, this digital space is equipped with an economy capable of financial transactions. Lastly, the capability to travel from one metaverse to another – interoperability – is a key component of a metaverse. To be succinct, a metaverse is the next step in our experience of the web wherein our now 2D internet experiences are made available in an interactive 3D space.
Since the components of a metaverse could technically be created and brought together by anyone with the prerequisite knowledge and skills, the metaverse is essentially democratic. Different individual creators, organizations, and companies could all have a hand in the creation of these decentralized digital spaces. All this is certainly exciting, but what can the metaverse do for you? Does it have any viable applications as of yet?
Professional and Predicted Applications
Marketing and Sales
As proven by early metaverse adopters like the game Second Life, there is an economy ready to spring up in digital spaces. In Second Life, users can capitalize on digital real estate and virtually market themselves. The same is expected to be true throughout the metaverse. Virtual assets like marketing materials within the metaverse will be worth real currency – companies have already begun buying real estate in virtual spaces to ensure they can advertise themselves effectively.
On an individual level, the metaverse will likely revolutionize collaboration in sales and marketing. Users will be able to interact with their fellow employees in digital space to brainstorm and execute marketing strategies. It’s also expected that advertising within the metaverse itself will be able to specifically match a user’s own preferences via data collection. Essentially, buyers’ personas will become more easily recognized and reached by marketing and sales teams.
Design and Engineering
Multiple major companies have already begun using virtual and augmented reality processes to intuitively streamline their design process. By manipulating graphics in a 3D space, not only is the design process easier, it’s also more economical. No design materials are wasted, lost, or mismanaged. For companies already working with 3D modelling software, the transition to the metaverse is a likely and logical next step.
As VR and AR technologies become more sophisticated, so too does their application. VR and AR technologies can now be used to plan and guide life-saving operations. It’s even expected that virtual health services will allow patients to interface with health professionals in meaningful ways. VR and AR cameras will even be able to identify problems in a patient’s range of movement – which is imperative in certain medical fields like physiotherapy.
Today you may be able to train a new employee over a video conference call, but the effectiveness of this digital training very much relies on the industry. But what if you could perform hands-on training in an entirely virtual space? This is what’s projected to occur soon in the metaverse. No expenses for the trainee or sacrificing of precious downtime should be expected, just effective and intuitive training processes.
The blockchain is expected to undergo support and power developments in the metaverse. If you’re unfamiliar with the blockchain, it’s the technology that creates digital currencies and non-fungible tokens. These digital currencies will help establish the virtual economy of the metaverse in a scalable process. Once the economy is up and running, the creation of new unique metaverses will become even more accessible.
What Consumers Want
Keeping these business-side benefits in mind, we should also pay some attention to what consumers are expecting from the metaverse. Acting upon such anticipation now could just pay off in the long run. A study in Forbes found that the top five most anticipated activities include: social interaction, entertainment, gaming, travel, and shopping. Accordingly, innovative members of these industries would be wise to begin strategizing how they can captivate the metaverse audience as it grows over time. How is your industry adapting to an increasingly digital world?
If you have questions about how the metaverse or other IoT applications may affect your industry, please contact us at Evolution Data where we specialize in innovative tech solutions for business applications.