The metaverse is full of opportunities. Developers have promised exciting and engaging features that users will experience in the virtual world, including shopping, traveling, and attending concerts. There is also an array of opportunities the metaverse offers businesses that can boost revenue and expand their digital presence. To find out how companies can leverage the metaverse to grow their business, check out our list below.
Advertising in the metaverse offers an entirely new channel for businesses to reach consumers and market their products and services. These engaging advertisements will be more impactful to consumers as they can better understand and assess products. Furthermore, the metaverse allows companies to reach a global consumer base and provide customer product testing in real-time.
The shoemaker, Vans, has already found success advertising in the Roblox metaverse. Vans created a branded skatepark in Roblox that enables players to perform new skateboarding tricks that garner points. These points can then be used at the Roblox store to make in-app purchases.
COVID-19 is primarily credited for the massive shift towards remote work. There are issues with the work from home model though, such as Zoom fatigue and decreased employee engagement, both of which may lead to burnout and feeling isolated.
The metaverse aims to solve these concerns by creating an interactive environment that employees can access from the comfort of their homes. Workplaces in the metaverse will contain office buildings, meeting spaces, lounges, and dining rooms, where employees across the world can work and interact in a collaborative and life-like manner. In return, the workplaces in the metaverse will also help bring back networking opportunities, which have become relatively obsolete in the remote work era.
Fashion shows, concerts, product launches, and conferences will be commonplace in the metaverse. This allows in-person events to utilize the hybrid model, which offers a mix of in-person and virtual aspects. Hybrid events significantly increase the number of potential event attendees since people do not have to be at the event physically. Instead, attendees can access metaverse events from anywhere in the world.
For example, Samsung hosted its Galaxy Unpacked event in the metaverse, alongside live-streaming the event on YouTube, Twitter, and other social platforms. At the event, Samsung revealed new products, encouraged attendees to explore the virtual re-creation of their New York City flagship store, and offered performances by various musical acts.
The metaverse market offers a plethora of business opportunities, with cryptocurrency at the helm. Cryptocurrency makes it simpler and quicker for buyers and sellers to transfer funds in a secure method. Each metaverse can create its own alt-coin, where users on the platform must use that cryptocurrency to make purchases. Furthermore, selling NFTs in the metaverse can be extremely lucrative for businesses.
Fortnite and luxury fashion brand Balenciaga partnered to create NFTs for Fortnite users to purchase. With each purchase, the buyer received a virtual piece for their avatar, as well as a matching physical product that was shipped to their buyer. The prices for the NFTs ranged from $395 USD for a hat, up to $1,290 USD for a denim jacket.
Digital products have been popular in video games for years and include outfits for game characters and additional map packs/worlds. This concept also expands into the metaverse, as companies can now sell digital-only products on the platform.
An example of this, Gucci created a line of virtual handbags. These bags were featured exclusively in an exhibit within the gaming metaverse platform, Roblox. Roblox users could then purchase the bags, which can be used to style and customize their avatars.
Bringing new products from idea to shelves is expensive and time-consuming for businesses. However, the metaverse can make the process less costly and more efficient. This is because companies can experience test the virtual versions of the product with users in the metaverse before putting the product through production. Buyers can also benefit from this because they can better assess a product before buying it.
Dyson, the technology company, created Dyson Demo VR. This allows consumers to test their products in virtual reality to better understand the product before purchasing.
The metaverse is full of possibilities for users and companies alike. Businesses that want to grow their operations need to start planning for how they will enter the metaverse and determine which avenues make the most sense for them. By leaning into the emerging technologies and features the metaverse provides, companies can evolve their businesses to align with the next generation of consumers.
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