Thanks to Facebook’s massive influence, every time people hear the word Metaverse, most of them associate it with Facebook and its other social media platforms owned by Mark Zuckerberg. However, Meta doesn’t necessarily mean Metaverse. Let us elaborate and help you understand what it stands for.

What is Metaverse?

The Metaverse is a virtual world where people can interact with each other without leaving their houses. They can live in the virtual world alongside their virtual friends or family, go shopping, or to an event. The word “Metaverse” began making rounds on the internet when Facebook announced the change in its corporate name to Meta, including all its platforms within the wide umbrella.

However, Metaverse is an old concept first mentioned in Neal Stephenson’s novel: Snow Crash. Ernest Cline’s novel Ready Player One also brought Metaverse back into the light. So, it has been around a while. Facebook’s decision just made it more popular.

Metaverse isn’t here to replace the internet. On the contrary, it uses the internet to traverse a virtual world based on real-world elements and fictional elements. This virtual world can be built using technologies such as AR, VR, AI, and social media. We have already been introduced to cryptocurrency, which is a single area of focus for Metaverse. And yet it has changed how people see digital currencies. So, the days aren’t far behind when digital currency becomes the norm in the Metaverse.

At the same time, you have to remember that Metaverse is a nascent concept that needs to grow into its great potential. So, don’t go into it blindly expecting to see very realistic avatars. In 2020, the technology isn’t that advanced.

We need years to clone the real environment into virtual worlds. The CGI effects in movies and shows are temporary and require a lot of effort, which is not yet feasible or sustainable for live virtual worlds. But the industry’s bright minds are making it possible to reach there, and you have to prepare for that future.

What does Metaverse mean for your business?

With the introduction of Metaverse, businesses now have a new way to communicate virtually. It helps them communicate, especially when holding meetings and training sessions in remote places. Participants can join from any corner of the world. In a way, it is similar to sharing an office with your colleague and reaching out to people through phone or video calls. However, Metaverse powered by tech such as VR is much more immersive. With the help of a VR headset, you could eliminate the distance between your peers, interacting with them as if you were sitting right next to each other. At the same time, in reality, you could be sharing a desk with your work colleague.

It bridges the gap left wide open by other modes of communication, allowing entrepreneurs to be anywhere and communicate with anyone they desire. Metaverse has several other benefits, such as helping employers create new job opportunities and reaching out to talent regardless of their physical location.

Businesses can also establish a virtual business or recreation area where users or prospective customers can gather and interact while they play games.

How can your Business Join Metaverse?

Metaverse is still in its early stages, and we are still to see the vision come to a conclusion. But several of its features are already being implemented by businesses all over the world. Virtual Reality Headsets, Superfast broadband, and Live Digital worlds are a few aspects of Metaverse that already exist and are being put to good use. Using these aspects, you can get your business ready for the future powered by Metaverse. You can take the first steps of moving your business to the metaverse by doing the following.

Choosing The Right Metaverse Platform For Your Business:

In 2022, Roblox Gaming Platform and Nike’s Nikeland are two very popular names connected to the Metaverse.

Facebook’s Meta, while also well-known, is years in the future. It is a vision that won’t be ready for at least a few more years. Meanwhile, other businesses are building their own version of Metaverse.

For example, Nikeland, built by Nike in partnership with Roblox, has created a gaming Metaverse where users can play games wearing Nike’s digital outfits. Users can play games such as Basketball, do parkours, and jump on trampolines. According to Scoopwhoop, Nike sells its virtual shoes for the price of 186,000 USD.

Decentraland, another metaverse platform, allows users to own lands, create structures, and trade virtual properties. The Decentraland marketplace lets you stock up on digital goods and items using the Ethereum cryptocurrency.

At the moment, there are several other platforms in different areas of focus like gaming, NFTs and Real estate. Your Marketing team can help you focus on your area of expertise and guide you to the right platform.

Create and Boost Your Online Brand Presence:

Have you noticed how Facebook’s Meta is the most awaited Metaverse in the industry even though it hasn’t been launched yet? That’s because everyone knows about it. The bare whisper of Facebook’s changing its name to Meta ignited the wildfire that’s reached all technologically literate minds.

It might take years to achieve that kind of online presence for your Brand. But an online presence is essential for the success of your idea. Your brand needs exposure. Leverage tactics such as organic marketing, paid marketing, social media platforms, and your website to create and spread brand awareness.

Build Virtual Reality or Augmented Reality Applications:

We have already mentioned how technologies like AR, VR, and AI are at the centre of creating a fully powered Metaverse. Prepare your business for Metaverse by building VR or AR applications that can familiarise your customers with your vision for the future.

The gaming and retail industry is flush with live examples of Augmented Reality and Virtual reality applications. In the retail industry, furniture companies like Ikea have already launched a virtual showroom and augmented reality app. Both of these help users design their homes in an entertaining manner. They also help save time and help homeowners find the furniture that will visually and physically fit in their house.

You’ll need to build a VR or AR application centred around your business niche. While it is great to create a game to bring in more exposure, you could also focus on creating a VR/AR app that adds value to your services.

Final Words:

So far, these are the primary things that your business needs to focus on. In addition to these, you also need to focus on creating apps for your target audience. A target audience is a quality audience, which means an audience or people who are likely to procure your services or purchase your products. Established businesses usually have their target audience figured out. Therefore, they can use their target audience’s likes and dislikes to build an app that can do well with their customers. For Example, a Maternity care business can target pregnant women and women who have just given birth.

Additionally, you have to build a Virtual world rich with interactive products and services. Users should be able to interact with your products and services as they would in real life. So, when you are building a virtual world or app for your audience, try to duplicate the real-life actions as much as possible.

Also, be a little flexible with your virtual worlds. Build adaptable virtual worlds that can grow and can be moved to the actual Metaverse when it becomes a real possibility.

Did you know that is it possible to use VR to Train your employees for better productivity?

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