Business Transformation in the Metaverse

Published in

Coinmonks

4 min readJun 21, 2022

Many of us are likely to recall the so-called “crypto winter” of 2018.The total cryptocurrency market capitalization fell from $692 billion in January 2018 to $93.4 billion in April 2020. This represented an 86.5% decrease. For digital asset investors, it was a trying time. We’re currently witnessing a similar dynamic at work.

While digital assets have slowed, the major trends driving the blockchain space are not. In fact, a new trend is on the verge of taking off and it has the potential to change the way we socialize, work, transact, and more.

No one can agree on how to define the metaverse precisely, but there is no doubting that we are already seeing glimpses of it and what it could become. As you are surely aware, the Metaverse is the next phase in the evolution of the internet and socializing and interacting on the internet.

If we had to define it, metaverse can be defined as an interconnected network of virtual worlds that uses artificial intelligence (AR), virtual reality (VR), and other immersive technologies to provide users with a digital second life. Many experts believe that the metaverse will soon become an extension of the business world — in fact, Bill Gates predicts that most virtual meetings will shift from Zoom to the metaverse within the next two or three years.

The metaverse could be a new challenge for some small businesses, but it can provide a competitive edge. Popular metaverse games such as The Sandbox and Decentraland have reported millions of new users in just the last five months. In fact, over two million people have joined The Sandbox metaverse in the last 13 months.

Business in the Metaverse

The mobile internet enabled a new method of personalizing experiences in order to meet people’s growing expectations for how they want to interact with businesses. We believe that the metaverse will accelerate this trend, and that meta technologies will play an important role in this. Users can interact in game-like virtual worlds with their own emerging economies in these games. And once inside the metaverse, we can find an entire economic environment with tempting user incentives.

Metaverse such as Decentraland now have thriving businesses and economies. Individuals own and develop shopping districts, casinos, and even private real estate. Metaverse real estate is one of the most intriguing investment opportunities I’ve been tracking alongside this broader trend. In 2021, Metaverse real estate sales will exceed $500 million.

Many tech companies already claim to be metaverse companies, and some are developing metaverse platforms to enhance users’ virtual and physical realities. Furthermore, the viability of metaverse business opportunities is heavily reliant on the execution of activities that are currently carried out in silos in a single shared space. Here are some notable metaverse activities that can support new business opportunities.

Virtual Events
Immersive Learning Experiences
Virtual Shopping Experiences
Social Media
Entertainment and Gaming
Employee Engagement

Business Transformation in the Metaverse

There are numerous reasons why businesses should be involved in the metaverse. According to all indications, metaverse is the future of communication. It will also be the location of our digital identities. Whether we like it or not, this is the world we are creating. Let’s look at some examples of how businesses in various industries might use the metaverse to create really unique experiences.

Marketing: Brands can advertise and market themselves in the metaverse. They can sell virtual goods for their customers’ avatars, create limited edition digital collectibles, and hold virtual events. The New Year’s Eve ball drop in Times Square was virtually reproduced in the Decentraland metaverse.
Increased opportunities for collaboration and networking: Businesses can now investigate opportunities to create client interactions in person. They can also collaborate in previously unthinkable ways. According to a Harvard Business Review study, Facetime is 34 times more productive than any text-based conversation. Given the importance of nonverbal cues, this conclusion comes as no surprise.
Improved Productivity: The metaverse can also assist HR, HR departments, and customer service organizations. Remote workers can now meet in the virtual realm face to face to discuss projects, share ideas, and provide feedback.
Banking and finance: The emergence of the virtual economy signals the formation of a whole new alternative financial system based on digital assets. Traditional financial institutions, such as banks, will need to adjust to these changes. As a first step, they must invest in their own digital transformation, such as VR training and customer applications.

With the appropriate strategy, businesses can leverage the metaverse to engage in a dialogue with consumers and create really unique experiences. As technology advances, firms from other industries can learn from one another’s trials and experiment with new Metaverse applications.

Final Thoughts

Businesses in the metaverse can develop their own economies, trade with other businesses, and form new and innovative collaborations. It is apparent that mataverse has the ability to alter the commercial world. This technology may help organisations of all sizes enhance their operations and bottom line, from improved customer experiences to higher sales and productivity. While there may be certain risks associated with accessing the metaverse, the potential rewards are too enormous to overlook.

Join Coinmonks Telegram Channel and Youtube Channel learn about crypto trading and investing

Business Transformation in the Metaverse

Business in the Metaverse

Business Transformation in the Metaverse

Also, Read

Written by Devendra Singh Khati