What Does This Metaverse Thing Have to Do with Business in the Future?

Zachary Kitchen
November 23, 2022
What Does This Metaverse Thing Have to Do with Business in the Future

A definite constant in these modern times and environment is the advancement of technology. With many digital firms pouring a lot of resources, time, and creativity into their IT services, it’s inevitable that new digital spaces and functions will emerge that will influence individuals and enterprises globally.

Despite a recent surge in interest, the word "metaverse" has been around since before the 1990s, although in different forms. The following are some ways Metaverse has been mentioned before now: 

  • The 1982 movie Tron does not mention the word Metaverse but entails many details we see in its application today. 
  • Acclaimed writer and screenwriter William Gibson highlighted the digital realm in his novels in the early 80s, preceding the application of virtual reality. 
  • Neal Stephenson's 1992 sci-fi novel, Snow Crash, mentions Metaverse. 
  • Second Life, a video game released in the early 2000s, is widely considered the first practical example of Metaverse, with players being able to attend meetings and shop in the game after creating their avatars.

Will Metaverse render face-to-face meetings obsolete and change business processes and operations in the coming years forever? Maybe. Maybe not

What is Metaverse?

While this term has many definitions, outlining the basics is key. Simply put, Metaverse is a simulated, shared, and ‘non-reality’ space where people can relate or communicate with one another using their avatars. This space can be designed to look like the real world. A practical example is the Matrix movie series, where humans are placed in a liquid bubble and linked to a digitally simulated world without their knowledge.

A human in Metaverse is represented by a digital character referred to as your "avatar," who can interact with other Metaverse users with specific senses. You (your avatar) can stroll about in that reality and communicate with other guests' avatars much like you would if you were in an actual location chatting with real people. 

In Metaverse, you can not only chat with other users, but you can also engage with them intuitively by reaching out and shaking their hands or working on other activities. Instead of conversing via video screens where the only workable channels are sight and sound, the end-user in this tech gets the impression of being in an actual location with real people. This sense of being present will be so real and intense.

How It Affects Businesses

As previously stated, the notion of Metaverse has existed for decades. Nonetheless, it has recently acquired widespread attention because of the emergence of immersive techs, like augmented reality (AR) and virtual reality (VR). Though Metaverse can still be regarded as being in the early developmental stage, it has enormous promise for corporate organizations and customers.

Metaverse can be used as the new venue for events such as virtual conferences or business product presentations–the possibilities are infinite. Metaverse has the capacity to modify the manner businesses work and connect with their constituents.

A TechRepublic research reveals that 91% of businesses and firms now utilize or aim to use metaverse-related technologies (VR and AR). Here is a breakdown of the use cases according to the research:

"60% will use it to complement production; 53% will use it for product design and engineering; 53% will use it for customer service, and 26% will use it to execute corporate training."

How Businesses Can Leverage Metaverse 

Below are some ways by which businesses can leverage Metaverse:

Staff Training 

Metaverse may be an effective tool for business training. Apart from the usual and routine cybersecurity training and education, this can provide a realistic, collaborative environment for employees to gain new skills and information. It may also imitate real-world circumstances, letting employees test their abilities in a safe and regulated environment. 

Additionally, Metaverse may be utilized to construct unique training programs that are particularly suited to the needs of your firm. Companies can develop a virtual reality simulation that allows employees to interact with a new product and learn about its features and advantages. This will help them sell the product better, which is bound to increase engagement and sales. 

Public Relations

With the use of Metaverse for PR initiatives, companies may reach a worldwide audience and dynamically communicate with prospective consumers. Furthermore, Metaverse allows businesses to develop a personalized and immersive experience to increase brand exposure. 

Content Creation

Metaverse allows businesses to create immersive experiences for their customers. Brands will have the option of creating entire ecosystems with their own defined laws and characteristics. This will expose a world of possibilities for storylines and content. The Hyundai Mobility Adventure launched by Hyundai in 2021 is a good example of this.

Need Help Navigating New Technology Frontiers?

Digital Crisis can help your Houston area business expand digital capabilities to stay competitive in an ever-evolving world. 

Contact us to set up a future planning chat.

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