Many people thought the metaverse was a fancy fantasy of engineers and sci-fi enthusiasts. However, since the pandemic, a move toward digital contact and the development of digitally native consumers has led experts to predict that the metaverse will be the next major computer change. Metaverse refers to a digital environment in which individuals can live lives identical to their current reality.
Web3 redefines the World Wide Web by introducing decentralization and a token-based economy. The metaverse and Web3 alter how brands interact with their customers. And it is becoming a place where businesses may conduct transactions.
Businesses and Metaverse
Brands increasingly invest in the virtual world, particularly in their metaverse presence. Facebook has rebranded itself as the metaverse platform, Nike has already named a metaverse head, and Microsoft has announced intentions to link its VR/AR platform Mesh with Teams, implying potential “immersive spaces” within the messaging app.
In addition, Walmart’s e-commerce platform developed an in-house innovation department dubbed ‘Flipkart Labs.’ It intends to put non-fungible tokens, NFTs, immersive virtual stores, and play-to-earn to the test. Several brands invest in metaverse projects, even in the “visual” fashion business. The companies offering metaverse development services are becoming popular due to the growing demand.
Social networking, e-commerce, and even the internet have changed how businesses operate. Similarly, Web3 and the metaverse are establishing comprehensive commodities and services economies, which are altering how firms and humans interact with the digital environment.
Consumer Relationships and Marketing
The metaverse is undoubtedly another route for reaching out to possible clients, staying in touch with the business customer, and building a community. Companies can arrange metaverse special events, include gamification in their advertising strategy, and promote physical or virtual items. And even start selling them on the sites.
All of this benefits from a considerably more engaging user experience that conveys a sense of the brand’s modernity to the client. Hyundai Motor Company, for example, introduced Hyundai Mobility Adventure, a metaverse experience on the gaming platform Roblox. Through gamers ‘ avatars, Hyundai’s future mobility projects and current products can be experienced. The metaverse becomes yet another richer conduit for reaching a valuable community.
Selling Products in Metaverse
From a commercial standpoint, the big novelty introduced by the metaverse is that firms can not only utilize these channels to sell physical things as they do on an e-commerce platform, but they can also design metaverse-specific products that can be sold in the form of NFTs.
Web3 characteristics make this possible. On the one hand, they can guarantee a product’s uniqueness, while on the other hand, they allow customers to keep the things they own in their crypto wallet. A business can then create NFT products to sell in the metaverse. However, these products are also used to promote the brand and other physical things.
The metaverse can also be a location where a firm conducts business through digital shops. In this setting, virtual real estate has emerged as a lucrative business. It is the ability to purchase virtual lands and other forms of virtual real estate.
This is already happening on platforms such as Decentraland and Sandbox. Virtual real estate expenses are rising, with plot prices increasing by up to 500% in recent months. A corporation, for example, can purchase a virtual shop and then lease it to another. Or, as in real life, it can sell at a later stage for a higher price.
The Remaining Use Cases
Following are some of the remaining use cases which totally describe why metaverse is an economic opportunity in Web3:
- The metaverse is gaining popularity, particularly among younger users, who are expected to fuel metaverse expansion. Firms that are not directly involved in the entertainment industry could also launch initiatives in this area. Projects that can help them get attention and expand their networks.
- A fully developed metaverse will encourage more collaboration. For example, the proposed metaverse should provide operations staff with a far more interactive experience. They should be able to guide even the most sophisticated field and service activities using technology.
- According to experts, most virtual meetings will transition from 2D camera image grids to a 3D world with digital avatars, i.e., the metaverse, within the next several years.
The metaverse and Web3 have emerged as preferred solutions for supporting a variety of enterprise use cases. The media’s interest proves this. Above all, by the resources that major brands are devoting to it and the resulting activities.