Business in Metaverse
Metaverse is a virtual reality where users can interact with other users in an artificially created 3D computer-generated environment that coexists with the physical one. It’s an embodied Internet that you are not just looking at but also living in. It offers an experience of sight and sound of the virtual world and can change how we live, interact, and socialize digitally, forever.
It’s an immersive digital experience on a new plane of existence where we can share, build, converse, collaborate, and hang out in the virtual world of shopping, entertainment, work, and many other playful and inconceivable things. It promises to revolutionize our lives by becoming an extension of the physical world. It is commonly believed that the metaverse could potentially replace the Internet and become humanity’s future. Metaverse offers many exciting business opportunities for consumers and brands alike. A few of them are mentioned below:
Advertising
As people spend more time in the metaverse, there’s a massive opportunity for advertising, billboards, and product placement. In the metaverse, businesses will be creators too. They’ll build digital spaces or even digital worlds. They’ll be able to use ads to ensure the right customers find what they’ve created.
Courtesy: Sensorium
Events & Concerts
As more and more events and concerts are hosted in the metaverse, companies and businesses will have a plethora of opportunities for potentially profitable sponsorships. It will be interesting to watch the evolution of virtual concerts and the revenue they generate for companies and the artists who partner with them.
Courtesy: The Indian Express
Digital Only Products
Many companies and businesses, online or offline, will have the opportunity to sell digital products in the digital world. Pretty much anything that people have in the real world might be something they want to buy in the metaverse—from clothes to cars and anything in between, or anything imaginable or unimaginable.
Courtesy: Sensorium
Remote Working
Co-working spaces, meetings, simulations, and training in the metaverse will be created. For example, Facebook Horizon Workrooms is an attempt to take on the Zoom app and give workers new ways to collaborate online in virtual reality. In the future, there’s an increased likelihood of work-related or business conferences and tradeshows in the virtual world. All of this can be done with your avatar. Imagine having a meeting with co-workers as your avatar while you are sitting at home in your pajamas.
Courtesy: Quartz at Work
Games in Metaverse
The gaming industry is huge and worth over $180 billion. Games have long been a backbone and plan for the metaverse. There are many VR games on the market right now; newer ones will be coming along and will bring sponsorship opportunities. Games will unlock all the possibilities of the metaverse. They will create new forms of entertainment. The way games work is like life. Using game mechanics at the core of building the metaverse will make it accessible to everyone.
Courtesy: Bunch
Metaverse Services
Companies will be needed to help organizations move into the metaverse. There will be huge opportunities for companies that can create digital twins for organizations. Better prediction, monitoring, tracking, allocation, resource management, optimization, and quality control are all possible with the integration of digital twins and metaverse technologies.
Courtesy: Composites World
Metaverse Hardware
There are unlimited opportunities for developing metaverse headsets that resemble glasses and are lightweight. In the future, there will be contact lenses giving you virtual and augmented reality. Haptic suits will give you a sense of feel and touch. We’ve already started seeing better-augmented realities on our phones. Any device manufacturer has huge opportunities there.
Courtesy: Financial Times
Improving Business Operations
Digital twins, as mentioned earlier, can also be used to dramatically improve business operations. They can sync in real-time with the physical environment. Augmented realities will change businesses as they’ll be able to offer customers new and better ways to shop. Businesses that incorporate augmented reality into their products benefit from audiences’ direct visual involvement. It will be interesting to watch how augmented reality (AR) changes over the following years and how businesses continue to adopt the technology.
Courtesy: Currency
Metaverse has become a buzzword ever since Facebook rebranded itself to “meta”. Now, the real and virtual world is merging. As per the industry report, India’s augmented (AR) and virtual reality (VR) market stood at ₹135 billion in 2020 with a projected growth of 38% every year. AR and VR market could grow tenfold by 2027.
When it comes to end-user applications, it could be infotainment, education, tech, retail, manufacturing, media, fashion, travel, tourism, or healthcare. All these themes could become a tangible reality in a few years across various sectors.
There’s a long list of Indian start-ups working on extended, virtual, augmented, and mixed reality. Sectors that will witness great opportunity with the rise of the metaverse will include consumer electronics, semiconductor companies, and handheld devices. It’ll include companies that’ll create ICT infrastructure including Telecom and 5G ecosystems like Himachal Futuristic and Tejas Networks.
Some of the renowned Indian companies that have already ventured into the metaverse include HCL Technologies, Tata Consultancy Services, Infosys, Mphasis, and Mindtree, to name a few. Some Indian start-ups already working in the metaverse are Next Meet, Zippy, Bolly Heroes, One Rare, Loka, Interality, and the list goes on.
Read more to understand how Metaverse will impact Travel
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About the Author
Ravish is a New Delhi-based professional blogger and an avid social media expert. He enjoys fine dining, music, and traveling. Ravish specializes in long-form content writing and loves exploring topics in mobile and computer technology. He has a passion for high-tech gadgets and writes about web and mobile applications.
Source of inspiration:
https://www.businessofapps.com/insights/how-does-the-digital-twin-and-metaverse-technologies-relate/
The article on business in the metaverse provides valuable insights into the potential opportunities and challenges that businesses may encounter in this emerging virtual world. Well-researched and informative.