ARTICLE

Metaverse: The Future for Businesses

Metaverse is an evolution, not an invention. When the Meta platform announced its origin, the Metaverse gained popularity, accelerated by the COVID-19’s impact on digital-based economies and offline business model disruptions. With the rise of blockchain, NFTs (Non-fungible Tokens) fueled the demand for Metaverse.

In layman’s terms, Metaverse is a virtual reality space in which users can interact and explore with other people who aren’t in the same physical space. The Metaverse is evolving in a vast ecosystem, complete with gateways, platforms, and infrastructures to enhance customer experience with identity, social, gaming, and economic services. It is not an interoperable universe and contains entities that are an individual virtual world with its access, membership, monetization rights, and much more.

For businesses, this means a 3D realistic digital world that allows them to purchase, sell goods and services, sign and enforce contracts, recruit talents and interact with customers worldwide. With Metaverse, consumers can easily test out various digital recreations of the company and try out products in virtual spaces.

Apart from the apparent reasons for trying out the next new thing, companies realize the implications of an immersive and decentralized digital world could be huge.

• Enriching consumer experience by introducing virtual products
• Collect new data on customers through the marketing of physical and digital products and services
• Evolution in hardware, software, and experiences

As the Metaverse is here to stay, let’s delve deep into the impact of a metaverse in the real world for various sectors.

Financial Services

Traditional financial services are already interested in tapping into the potential of Metaverse for branding and product development. In the near future, it is expected that Metaverse will give rise to virtual societies that allow people to transact and engage in a decentralized manner. The development of virtual-to-physical financial systems and payments in the ecosystem provides a way to NFTs and becomes the driving force of emerging new forms of trading.

Augmented Reality/ Virtual Reality narrows the difference between online and offline modes leading to greater participation of the customers. Metaverse is increasingly used as a hub by financiers in individual capacities such as aiding and analyzing financial risks, providing precise advice to customers without any geographical constraints with digital payment in the realm of the Metaverse, increasing the customer experience.

Automotive and Manufacturing

A shared online space powered by the combination of AR, VR, and MR will change the way the automotive and manufacturing industry is in the Metaverse. With organically integrated cyber-physical, creating an industrial metaverse is possible powered with immersive technology that will become the future of factories. The on-site installation and skills training can bring a virtual experience of people working together in the virtual world without being on-site.

In addition, Metaverse can allow the automotive industry to test out product design, development process, production testing, operations, marketing, and other operations. Apart from the previous operations, Metaverse can also aid in decision-making, and results are recorded through the blockchain.

Real Estate

Metaverse mirrors and adopts characteristics of the real world, and the concept of supply and demand affects the value and price of virtual land and real estate. Just like the real world, location, size, and utility play key factors influencing the value of land in the Metaverse. The digital real estate segments are called parcels, and one can buy or sell parcels using the metaverse platform’s cryptocurrency.

As more land parcels go up for sale, companies can reimagine real-world activities for digital real estate—for example, trade shows, exhibitions, fashion events, sponsorships, booths, and much more.

Retail and Consumer Brands

Brands are evolving in the aspect of establishing direct communication channels with their customers. Now Metaverse offers a new concept for the brands to explore and tap into the prevalence of the various business opportunities for the retail sector. Fashion brands are the leaders in the foray into the Metaverse; Nike, Gucci, Louis Vuitton have had metaverse-based marketing campaigns and started to sell virtual products and collectibles.

Brand storytelling has evolved with AR technology, and Metaverse can take it to a whole new level by immersing consumers in a virtual world where they can examine and evaluate the products. Additionally, the Metaverse allows the brand creators a new space for showcasing their brand through highly engaging storytelling that informs and positively influences purchase decisions.

Corporate Training

The ways of traditional job training are being substituted by the entry of immersive technologies such as AR, VR. With Metaverse, a number of businesses are widely accepting the use of Metaverse with various pros such as shorter onboarding time and hiring time, virtual tour of the office, job-specific training, collaborative workplace, and more.

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Familiarity

Most companies lack the institutional training for the Metaverse’s concepts. Many employees lack the skills to understand their digital transactions and investments truly. Assign a resource to fully delve into the source of knowledge and understand key concepts such as cryptocurrencies and decentralized autonomous organizations (DAO) and their relevance to the company.

Develop a strategy

Identify gaps and long-term opportunities built on metaverse concepts that will suit their company’s needs. Many companies will employ a digital resource to work through Metaverse’s key concepts and deploy feasible measures such as making the existing services extensible to the Metaverse, developing infrastructure on security and identity, establishing APIs to core systems so all the stakeholders can connect onto the platform.

Risk Assessment

It is better to test the open waters of Metaverse with caution and select a few opportunities with low-risk use cases such as selling the digital version of physical goods, virtual tours, launching NFTs to improve brand awareness and connections to customers through the metaverse platform.

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Why shouldn't you wait?

Innovation is accelerating the transformation towards the digital economy, enhancing interoperability for digital environments, new digital identities with new rules to create more immersive experiences for their customers. With millions of people access to social media and the internet, customers are constantly presented with a multitude of choices.

Metaverse is a significant global change, and the world is banking on this trend. This is the right time to present new ideas by adapting and getting ahead, and ensuring your company won't be left behind.

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At Novac, we always work towards the futuristic approach that builds your company's standing by developing products, services, and infrastructure ahead of time. With our multitude of metaverse development services, we are helping businesses by creating the immersive space needed to build a digital presence to provide a unique experience to your customers.

We offer various metaverse development services on multiple concepts to different industries to meet their business standards.

NFT Design

NFTs are non-fungible tokens representing ownership of unique items like art, collectibles, even real estate. We can help you build the NFTs with specifications, implementing support for multiple wallets, blockchain solutions, and technologies.

VR Meeting Platform

Businesses can conduct virtual reality meetings and VR conferences through the metaverse platform that is customized to the company's needs. The room setup can be customized to replicate your company’s board room and seminar halls through any device and platform.

Virtual Events in Metaverse

Bring your audience together in one accessible and immersive virtual world that visitors can navigate freely around the virtual event space. They can be fully customizable, and your company can have control over the environment and user experience.

Summing Up

The asymmetrical components in the Metaverse continue to evolve, allowing companies to scale rapidly with explosive growth and continuous innovation. Novac Technology Solutions can develop hypotheses, identify the right ecosystem and collaborate with the new digital landscape for the future.