Let’s talk about what are the Benefits of using metaverse for your business, Metaverse includes a bunch of techniques that any small, mid, or big business could use to take a huge step in affront of Social Media and Marketing ways.
In 2014, Mark Zuckerberg decided to start building his virtual world and with that, he bought “Oculus”, a virtual reality company. It was not until 2021 that the creation of his metaverse was confirmed and by October of the same year, he announced the name change of his company from Facebook Inc. to Meta Platforms Inc.
How can owners benefit from it?
It’s not all playing around in the metaverse. The immense universe of computer-generated reality can likewise offer organizations amazing chances to find arrangements on the web, to apply them in reality. These arrangements are what consultancy PwC desires to make through its new Center East innovation lab in Doha.
“Understanding the possibilities of the metaverse alongside PwC requires that we see it as progress rather than an upheaval. That’s the approach we’re adopting with the metaverse, in this sense.”
Utilizing advanced mechanics, man-made brainpower, augmented reality, and so forth, PwC’s innovation specialists are progressively tracking down inventive ways of rising above the actual world without losing human association. This implies there is minimal that isn’t possible today – like conferences, huge scope joint efforts, feature introductions, and media interviews – in the metaverse.
Customer engagement
No matter what industry you’re in, in the metaverse, there are different ways to get your customers to interact directly with your brand, for example, by video games or creating activities related to your company.
NFT’s
Raducido is a Non-Fungible Token, that is, a type of asset that cannot be modified, and that is unique. For example, a work of art. And you may ask yourself, how can this serve me? NFTs have a unique value and you can create an NFT of your brand, a virtual item that users want to earn and keep.
Trade
Yes, you can also earn real money in the metaverse. For this, there are options such as building shopping platforms, designing a store with virtual storefronts, selling the NFTs mentioned above, generating virtual spaces for transactions, etc.
Internal meetings
Let’s not forget that it also helps better integration and internal communication. You can invite your collaborators to virtual work meetings through Meta Horizon World or Microsoft Teams. To enter, everyone must choose their avatar and customize it to their liking.
Recruitment of team force
Do you need more people in your work team? Don’t worry, you also have the option to take your hiring process and incorporate new employees on platforms such as Journee and Zepeto, making it more comfortable and interactive.
VR Training
Here we have told you many times about all the benefits of virtual reality training, plus Inmersys is an expert in this subject (you can see the success stories we have had). It’s no joke if I tell you that more and more companies are jumping on this boat, more than saving time and resources (which are already a great advantage) develops and improves the skills of workers and in turn, they will improve the quality of their work and increase productivity.
Pros of the metaverse for your business
Economic opportunities in the virtual environment.
The economic possibilities within the metaverse are limitless, and some have not even been created yet. Today’s virtual economy includes companies that handle cryptocurrencies and exchange NFTs, such as Gucci and Adidas. Not only is it possible to purchase items in the virtual world, but it is possible to purchase the ‘real world version’ of those goods thus building a bridge between two economies.
The Expanding opportunities.
Today, social media platforms such as Facebook, Instagram, Twitter, and others are used to promote brands. The metaverse offers ever-growing platforms in the virtual space to do the same. But also geographic expansion as in the metaverse the market is by nature global, no more borders.
Virtual business.
Many businesses are expanding thanks to e-commerce and have adapted to work online instead of face-to-face. The metaverse is another platform to create a business and interact with customers.
Cons of the metaverse for your business
Access to advanced digital technologies.
Doing business in the digital world involves having access to new technologies; such as virtual reality headsets, fast and stable internet connection, and people who understand the technology behind the technology. This is not available to all businesses or all potential customers.
Security and privacy risks.
Risk management is essential for business. Companies are having some difficulty managing risks such as breaches of their data in the new business environment, which can be costly. The metaverse may increase those risks and those costs.
Paradigm shifts.
That everything in the metaverse is simulated and people show up with an Avatar is not something that seems “real” to middle-aged business people, but let’s not forget that for those growing up playing online video games, these environments are natural to them.
Which companies are in the metaverse?
All areas of the digital sector are united to work in the metaverse:
- Infrastructure: connectivity technologies such as cloud, 5G, or WiFi.
- Human interface: VR headsets, AR glasses, and other tools that link users to the metaverse.
- Blockchain technology.
- Spatial computing: such as 3D visualization.
- Creator economy: design tools and digital assets.
- Advertising: ads, social media, or reviews.
Business opportunities offered by the metaverse.
Advertising within the metaverse
This option works very well for those who already have a business, if it is a product you can generate advertising for that product to increase sales; and this would go very well for both an online business and a physical site since advertising would be like that of a social network like Facebook; where among the publications you can also advertise a paid publication to reach many people.
Create an item store
Creating a store selling items within the metaverse is entirely possible, and to do so you must buy a parcel of the metaverse and thus create a business selling NFTs.
An NFT is a non-fungible token that represents a unique virtual item that you can sell to a person, and then that person can also sell it back. It is similar to the physical world, but they are objects that are for avatars within the virtual world. These stores can be for all kinds of NFT, whether it’s clothing, music, art, etc.
Buy tokens or cryptocurrencies
Most metaverses have their currency called tokens, with them the users of that metaverse can exchange NFT and other products. Just as it happens with cryptocurrencies in the real world, the value of these tokens can skyrocket, this way if you buy them cheap and sell them at a higher price you are winning.
Buying and selling real estate
Just as in the physical world, in the metaverse you can buy property, whether it be land, houses, etc. This likewise addresses a type of speculation, since such property can be sold at a greater cost, in the event that it’s worth increments, or essentially make one more sort of business with it, like a store.
How companies should prepare for the arrival of the metaverse
Months after Facebook started calling itself Meta, bringing to the forefront of media attention a term that has come to revolutionize our lives, the recent purchase of Activision by Microsoft -the largest acquisition in the video game industry- could also be perceived as a bid to lead the race of the metaverse, where 7 out of 10 large companies will be in the next 5 years, according to some studies.
The main clothing brands have already begun to sell their catalogs in this other world, where concerts are already being organized. A world where it will be possible to go sightseeing, meet with friends, or do almost any kind of activity.
The metaverse is a living concept that will evolve with the human being and that, therefore, must be incorporated to accompany us on the way, as José Luis Navarro, Innovation consultant at Lito Design, assures. He also teaches at The Valley and points out that the metaverse is not yet to come, but already exists and is being used on a large scale.
Steps to be taken by companies
- Redesign products and services, to adapt them to the objectives pursued by the metaverse and offer experiences of a playful, educational nature… in a virtual format.
- Virtual equipment: a technology of this caliber requires graphic content creators and developers, such as scenarios, avatars, props, or customized clothing that allow users to have a 100% virtual experience.
- Physical equipment: high-end devices will play an important role in the success of this initiative. From the virtual reality glasses to the server and the chair where users will sit, they must be improved and upgraded to provide the best possible user experience.
- Digital marketing: the metaverse will explode the creativity and imagination of the people in charge of this area, leading them to develop new formulas and mechanisms to impact users and scale their experience to another level.
- Regulations: “Clear and transparent legislation will have to be established in terms of privacy, security, exploitation model, ethics of use and other transversal aspects”, according to the digital portal In forges in its article “On the metaverse and its business opportunities”.
- Organizational culture will transform with the advent of the metaverse. Leaders must primarily broaden their vision and mindset for all the opportunities that this technology brings.
Change in business strategy
With the metaverse, the behavior of users and employees in organizations must be evaluated as a priority. It is no longer just what they say or know how to do, but how they behave within this augmented reality universe and how they can cope with these changes.
To ensure the advancement of the technology, Marquez urges to constantly adapt the company’s strategy to the users’ behavior.
Equip teams for resilience
Foster resilience and collaboration among employees. Train them on how to use and behave with new technology tools. Encourage them to develop new habits that work for them in today’s environment. Give managers the flexibility to reprioritize resources as circumstances change, ensure that key results are visible to direct reports, and align performance management objectives with business professionals.
