The Business of the Metaverse

Posted by andrewpaul on March 18th, 2023

The metaverse -- a virtual world in which people interact with each other and software agents -- is becoming increasingly important to many businesses. Some are jumping in, and others are trying to figure out how to navigate this rapidly evolving technology space.

The emergence of metaverse components, including extended reality headsets, blockchain and nonfungible tokens (NFTs), IoT and cloud technologies, is sparking new exploration by organizations across industries. As such, IT leaders need to understand the possibilities of this new digital landscape.
Entertainment

The Metaverse is becoming increasingly popular as a place to socialize, play games, and engage in digital entertainment. These activities can strengthen social ties and foster shared experiences between people around the world.

One such example is interactive concerts in the Metaverse, which are attracting thousands of fans to virtual spaces for live performances. Whether it’s Punjabi singer Daler Mehndi, rapper Young Thug, or a K-pop group like Aespa, music is being transformed into a new kind of immersive entertainment experience in the Metaverse.

Various companies have already started exploring the possibilities of the Metaverse as a platform for future collaboration. Genvid, for instance, offers MILEs – massively interactive live events – where millions of users can interact with video streams, affecting the story, characters, and worlds within the content.
eCommerce

The Metaverse is changing the way we shop. It offers an alternative world where people can virtually shop, attend concerts, travel, and interact with other users who are thousands of miles away.

It also offers a new way for businesses to reach their customers. Brands can set up virtual stores and sell products to their customers.

Metaverse e-commerce allows users to try on or view a product before buying it, allowing them to make informed decisions and reduce return rates. This can lead to higher sales for both brands and consumers.
Education

Education is a vital part of society and should be encouraged as much as possible. This is because it helps individuals achieve their dreams and keep the world safe.

When it comes to education, people are often divided on what it means. This is because there are many different factors that affect a person's perception of what education should be.

Using the metaverse in education can make learning more fun, engaging, and efficient. It can also enhance interaction and communication among students and instructors.
Health care

The metaverse is the next generation of the internet - combining virtual reality (VR), augmented reality (AR), mixed and extended reality, blockchain, digital twins and artificial intelligence (AI) to create environments that are more immersive, interactive and experiential than ever before.

Health care is an area that could benefit significantly from the metaverse. In addition to telemedicine – the provision of medical services through remote means – this can include more training for healthcare professionals and improved data sharing.

There are some key challenges to overcome first, but there is a wealth of potential here. The most obvious benefit will be the ability to treat patients in a way not previously possible – virtual therapy for mental and emotional conditions, for example.
Business-to-business

The Metaverse is a virtual world that incorporates various technologies like augmented reality (AR) and virtual reality (VR). These platforms allow individuals to create their own avatars and interact with others in an immersive environment.

Companies can use metaverse platforms to improve training opportunities for employees and customers. For example, ski resorts could offer personalized information in extended reality that is delivered to a customer's device as they progress down the slope.

Business-to-business marketers should embrace the Metaverse and consider new ways to reach their target markets. They should also take advantage of metaverse technologies for trade shows, product demonstrations and client meetings.
Business-to-consumer

Whether you’re a brand or retailer, the Metaverse is an opportunity to engage consumers in new ways. A successful metaverse strategy can create excitement, goodwill and trust for your brand.

The metaverse is an emerging space that’s already becoming a hot topic for many companies. Some are exploring it to increase revenue and deepen consumer loyalty, while others are taking steps to prepare for its future.

The metaverse isn’t a single thing; it’s a network of virtual worlds and experiences that combine technologies like VR, AR, video-conferencing, Roblox, cryptocurrency and more. It’s an emerging business opportunity that requires leadership to embrace, set the tone and guide organizations through the metaverse learning curve.