The word metaverse has been on everyone’s lips for quite a while now, ever since Facebook announced the creation of this new, all-encompassing digital universe. However, what does meteverse mean? In short, the metaverse is promised to be the digital future we all expect. The one where people spend their leisure time pursuing digital experiences in a real-world simulation. Here, users will be able to create worlds, participate in limitless online activities, and live a second, digital life alongside millions of others.
Though, this concept is not just for individual users. It’s not just the celebration of technological, futuristic opportunities, but a new realm to conquer. There are plenty of metaverse opportunities for business worth knowing and exploring. For instance, the metaverse can become a new market for promoting and advertising real-life items and services as well as selling digital products to online users.
Sure, the metaverse is more about the future than it is about today. For now, only several platforms of such a type are available to users and businesses. However, their numbers will be growing rapidly each year. Its current market size value is $47.48 billion. However, the predicted growth rate of the metaverse till the end of the decade is around 40%. The most optimistic prognosis expects the metaverse revenue to reach $678.8 billion by 2030.
So, any business with an ambition to conquer a new market and stand out in the competition should at least consider joining the metaverse to enjoy the promised opportunities.
Here is what you need to know about the metaverse, its potential for businesses, the current state of things, and how to join the metaverse.
Perhaps, the key phrase to explain the metaverse should be ‘digital experiences.’ Indeed, the metaverse is not a place, a company, or a service. Rather, it is the new digital space, just like the Internet itself, but with higher interactivity and bigger opportunities.
Users of the metaverse may engage in the alternative, online realm that simulates, enhances, and diversifies all real-life experiences. Thus, people can go shopping, attend events and concerts, meet new people, make friends, and travel; but they can also go on adventures, missions, and create personal avatars and worlds – all in a virtual space from the comforts of their homes.
So, based on what we know so far, these are the key features of the metaverse available to all users at the moment:
- Real-time experience. Whatever you are doing in the metaverse, you are doing it in real-time, along with other users.
- 24/7 activities. There is no pause in the metaverse. Users can log in or log out at any time, though, things won’t be as they left them. The metaverse doesn’t come with a pause.
- Limitless creativity. Users can experience the metaverse as a whole new universe, where they can create worlds, new rules, features, etc. Plus, people can own digital possessions, sell them, and offer unique products, thus, imitating the real-world consumer markets.
- User-generated content. Users, or businesses, can shape the world around them to their liking. The metaverse allows people to adjust this new universe to everyone’s needs and preferences. In other words, it can be whatever you want it to be.
- Easy access. Currently, you can use any device to access metaverse platforms. A smartphone, tablet, or laptop will do just fine. Hence, there is no need for expensive gadgets or equipment to enter the metaverse. However, the intention behind the metaverse does include, at least, the VR set for the higher engagement levels.
However, the metaverse is more of a promise than reality so far. It is hard to fully define and explain the concept as it has not been completely developed yet. As it remains new and experimental, users and businesses may only speculate and make predictions on how to use the metaverse. We are yet to learn how such mechanisms will operate and integrate into our society.
Nevertheless, the world’s expectations are high, and the tech progress rapidly catches up with the metaverse’s ambitious plans. Thus far, we only know about certain technologies required to build the metaverse as well as recommended equipment for exploring the phenomenon personally.
These technologies are already a part of the metaverse creation:
- Virtual reality;
- Augmented reality;
- Blockchain and cryptocurrency;
- AR+VR: Mixed reality;
- 5G, followed by an expected 6G; and
There aren’t that many examples of metaverse platforms just yet. However, users can try several platform-pioneers to see how they work. These are the top metaverse platforms to try.
One of the oldest, most popular, and biggest digital universes today, Decentraland has been the most promising metaverse example till very recently. This platform is not exactly the copy of the real world that people expect to see. Instead of realism or real-life simulation, it places emphasis on creativity.
Here, users can create their own worlds with the provided multitude of tools. Moreover, some users can keep their worlds private for only personal use. The platform is used for various purposes, from education, like making experiments in physics, to entertainment, including hosting global events and concerts to draw attention to metaverse experiences.
Overall, Decentraland ends up being more of a crossover between the metaverse and online social games.
Some people view Fortnite as the first real example of the metaverse. It has surely come a long way from a single battle/defense game to the open world it is now. Currently, Fortnite already has numerous features expected in the future metaverse.
For example, users can spend real money purchasing digital items for the game (where the game’s shop offers daily updates), communicate with other players, explore the world with new several places being added in a year, and even attend concerts of real-life celebrities.
Needless to say, Fortnite has long overgrown its simplistic gaming past and is moving toward our futuristic future with the most impressive pace and strategy. Sure, it doesn’t promise to replace most real-life interactions, like work meetings, exercising, or learning, with digital experiences. Yet, so far it has offered plenty of entertainment people can’t find anywhere else.
A popular online multiplayer game couldn’t escape our attention. This game has millions of users, powerful creation tools, and support from numerous international brands, big corporations, and even the NFL.
The ability to create your own games within the universe, marketing policies, and highly engaging VR diverse experiences in Roblox make this platform a strong candidate for transiting into a full-mode metaverse in the near future. At the very least, most brands surely think so, which explains why they often choose Roblox as a hosting platform.
The metaverse is the next big new thing that has the power to reshape the market and everything on it. Hence, no wonder most businesses have started seriously considering metaverse opportunities, benefits, and limitations.
So, what brands should know about the metaverse before joining? Well, for one, it’s not an equal opportunity for everyone as of now. Currently, some industries can enjoy greater business opportunities in the metaverse than others, simply due to the nature and the promise of this phenomenon.
Here are several industries that gain the most from the new digital platforms:
- Fitness and sports;
- Digital art (i.e. NFTs); and
Of course, with time, the impact of the metaverse on business will probably spread to other industries as well. Exploring the vast possibilities of a new digital world will take time. So, how can the metaverse be used in business now?
Here are the top five metaverse benefits for business that are already worth entering digital platforms.
1. Higher engagement
The metaverse offers users a whole new life experience. Now, being in the digital world will feel more real, immersive, and engaging. In the metaverse, people get to live through their digital selves, meaning their contact with the digital surrounding feels as if they were there in person.
Businesses can use this opportunity to connect with customers on a new level, providing new sorts of digital services to enhance their brand’s awareness and exposure.
There, companies can be the first to offer various adventures, exciting interactions, and futuristic experiences. Hence, customers get to explore the metaverse through a certain business, while brands receive an edge in their industry and potentially a new loyal customer base.
2. New advertisement methods
Most advertisement strategies work due to spreading brand awareness. People need to connect to the brand before choosing to buy it. However, advertisement via slogans and brief ad videos is quite limited. The metaverse, on the other hand, offers to guide users through brands’ worlds firsthand, turning customers into active participants in the brand’s stories and identity building.
Hence, helping users live through the ad, instead of just watching it is one of the most promising metaverse business opportunities. Now, people can explore, experience, and see all components and qualities of various products for themselves before buying anything.
3. Virtual payments
Having an e-wallet will be a highly recommended, if not required condition for using the metaverse. Users are allowed to make real-life or metaverse purchases while on platforms. Therefore, businesses can use digital worlds as yet another shopping platform to promote, offer, and sell their products, while cryptocurrency ensures easy and open transactions.
4. Enhanced shopping experiences + Virtual sales
It’s not just about an improved shopping experience, which is there, by the way. It’s also about a deeper connection with brands users ‘try on’ and purchase in the metaverse. Things like virtual shopping assistants and showrooms will be the new norm.
Now, users can try on clothes and makeup, drive new cars, and test other items online. They will see potential purchases in 3D and explore them from every angle before buying them from a real store.
In addition, brands may expand their market and audiences, by selling items for the digital world, aside from the real one.
5. Community building
Early metaverse brands can also enjoy the ability to shape and build the world to their liking. Businesses can create a space where users would love to keep coming.
Here, businesses can lure customers in with various events, fun and open environments, special deals and exclusive items, and other engaging and inviting strategies. A close, active, and welcoming community in the metaverse ensures higher brand loyalty and increased real-life sales.
Many brands have already spent a few years building their presence in the metaverse. Lately, numerous clothes brands and other companies have been reaching out to their customers and new audiences by creating whole digital worlds for users.
Here are just a few brands that have entered this new marketplace and serve as a great metaverse example.
True Nike fans have probably already heard of or visited NIKELAND. Yes, it’s the new Nike metaverse on the Roblox platform. Here, users can create avatars, try on Nike’s collections, and engage in various sports activities. By the way, a player has to copy any exercise an avatar does. So, it has a consumer business model while encompassing an exercise platform.
The famous automobile manufacturer has joined the metaverse with the main goal in mind – to promote sustainable forms of transportation. Users can join Roblox to play in the Hyundai Mobility Adventure. Such a game offers great interactions between characters and Hyundai’s cars. Users get to complete, go on fun missions, drive various cars (of course), and learn more about the brand and its mission.
Gucci has been experimenting with the metaverse for a couple of years now. It has shown its newest collection online, offered digital Gucci clothing and accessories for sale, and even participated in the first digital fashion week. Currently, users can explore the Gucci town on Roblox, with a focus on personal style, outfits, and the brand’s history.
Samsung is rather new to the metaverse. Yet, it has already grown from a single store to a whole world of adventures and in-game characters. Now, users can find the Samsung universe in Decentraland, go on special missions while also learning about Samsung releases and new technologies.
Even fast food chains don’t stand aside the metaverse experiences. Wendy’s created a Fortnite character to spread Wendy’s stand on frozen beef to the far corners of the digital world. Now, users can choose Wendy’s mission to stop any frozen beef from happening, in this world or others.
Ferrari used the Fortnite platform to promote their newest car release, Ferrari 296 GTB. A model designed for fun and fast driving, immediately gained popularity among Fortnite users. Such a digital introduction of the upcoming real-life product has created enough hype in both worlds to anticipate the actual debut offline.
Other popular brands on the metaverse:
- Coca Cola;
- Dolce & Gabbana;
- Louis Vuitton;
- The Walking Dead;
- Forever 21; and
- Tommy Hilfiger.
The remaining question about the metaverse is probably “How to get into the metaverse as a business.” As for now, companies can already follow the examples of the previously named corporations and brands. Of course, the strategy on how to enter the metaverse will depend on your business goals, budgets, and hopes for the platform.
Though, the first steps are all similar to entering any new market in the real world.
1. Choose your goals
The metaverse can be used for a variety of reasons. It’s best to start by defining those reasons for your businesses. Different platforms offer different user experiences that should be considered. While some platforms can help you explore new opportunities, others may help you drive the company’s goals forward, like sustainability promotion, the brand’s mission, faster product testing, etc.
2. Find your target audience
Explore the existing popular metaverse platforms. There aren’t that many of them yet, so thorough research won’t be too difficult and will certainly be highly beneficial.
After all, each platform attracts certain demographics, which may or may not include your target audience. Finding the one platform where your business can enjoy the biggest exposure and reception is surely the goal.
3. Develop the content plan
The metaverse requires creativity, strong content, and constant engagement with the users. So, businesses should be ready to deliver such content. Creating a proper content strategy will help companies map out their plan of action.
For instance, bands should think of the type of content to make, its overall look and design, the frequency of updates, etc. Plus, one should go through the required resources, technology, budget, and deadlines to bind the content expectations with the brand’s possibilities.
4. Plan the entrance
There is a lot at stake in how a brand joins the metaverse. Planning your time wisely and waiting for the right moment can instantly bring your company to the top of the discussion. So, keeping a finger on the online trends, knowing what your target audience would appreciate, and finding a perfect opportunity is the way to go.
The metaverse is an innovative and exciting new digital platform with limitless possibilities for users and businesses. Learning more about this phenomenon can ensure a bright future for your company. Numerous big brands in the metaverse already explore the opportunities and full potential of this new, promising market. It is only a matter of time before more businesses and people join this brand-new digital reality.
Perhaps, the metaverse can be the next step for your company too. Meanwhile, if you have any urgent tasks and ideas for today, our specialists will be glad to give you a hand. Go ahead and contact our team at Eastern Peak for a free consultation.