The Metaverse to some represents an incredible future iteration of the internet, interconnecting us in new, innovative ways. To others, it’s a vapid vaporware marketing campaign that overpromises the allure and practicality of virtual reality.
Obviously, there is a great deal of uncertainty regarding the future of the Metaverse. Entrepreneurs and enterprises alike are exploring new ways to possibly leverage the interconnected virtual worlds that comprise the sprawling (and yet undefined) Metaverse.
Despite the uncertainty, many businesses have jumped headlong into the Metaverse. There is no clear trajectory laid out or rules yet set in stone as these efforts prove to be entirely entrepreneurial in nature. Even so, there are some patterns emerging for companies who are bullish on Metaverse’s prospects.
Here are the top Metaverse applications businesses are exploring:
Probably the most exciting aspect of the Metaverse is the potential for true virtual collaboration. Imagine an environment where team members can be remote yet still work together in the digital environmental rendering of their favorite places.
Using avatars and haptics, the Metaverse will be a place where you can truly be yourself in collaboration with others who are doing the same. The level of team member interfacing will be sky high as people will be able to genuinely connect from the comfort of their homes. This provides businesses an incredible opportunity to completely revolutionize how they manage and work with their teams.
Another potential opportunity is the propagation of decentralized, or alternative, currencies that will be able to find a real use in the Metaverse. Instead of trying to explain it to the unwilling, the Metaverse will allow crypto transactions for items of relative value on their platform. This will provide a tactile reward for believers in decentralized currencies who will be able to hopefully find a home in the Metaverse.
In line with virtual collaboration, the Metaverse will also provide a new way to train team members in a visceral way that will impart lasting lessons that would otherwise fall flat. The experience of VR alone is enough to make most a believer in the technology. The magnitude of its sensory impact will ensure that team members will remember their training for a long time.
Of course, one of the more viral stories out of the Metaverse is the rush for its virtual real estate and how heated it has become. Indeed, the truth is that many investors see the virtual rendering space available in the Metaverse as a supreme opportunity that, met with the right press, could turn into the definition of a golden goose. However, the market has drawn some scrutiny for its intense competition and swollen pricing. Nevertheless, the virtual real estate opportunity is enough to draw big names and is creating more hype than ever around the potential of the Metaverse.
However, even more than simply selling products businesses will be able to test them too and in new ways never before possible. Testing in a digital environment allows for direct consumer comparison, kinetic model testing, and persistent iteration. All of these factors make the Metaverse an even more potentially impressive place for businesses and consumers.
The future for the Metaverse is murky. There is no telling how many people will be swayed to join an interconnected virtual world built upon AR and VR technologies. If the price to adopt VR tech becomes low enough to encourage mass adoption, then the Metaverse could become a majorly profitable endeavor for businesses of all sizes.
Currently, businesses are exploring internal applications like virtual collaboration, product testing, and remote worker training as well as external applications such as eCommerce, virtual real estate, and immersive digital advertising.