10 Examples And Use Cases of Metaverse Business Development
There is a huge potential for a metaverse due to its diverse use cases. Also, many businesses want to capitalize on the potential fortune that the metaverse offers.
How competing extended reality experiences will develop into a single, interconnected metaverse will be determined over time. But the following is now obvious: businesses from all sectors are already looking for metaverse components as a way to connect and find new revenue streams, such as extended reality headsets, blockchain & non-fungible tokens, IoT, & cloud technologies. Moreover, as these evolving technologies grow more interconnected and sophisticated, exploration will likely continue in different ways. Therefore, both now and in the future, IT leaders may want to comprehend use cases & examples related to the metaverse. Let us look at them now:
1. Immersive experience
Metaverse entertainment may initially seem irrelevant to business operations. But business and IT executives might want to stay with the trend. This could offer new ways of entertainment that people may experience entering the digital reality world.
The 2021 concert tour by pop star Ariana Grande in the Fortnite gaming universe and similar virtual events offered a glimpse of the new immersive experience that a virtual world brings.
2. Business operations
Augmented reality is already used by businesses across all sectors to enhance operations.
In a fully developed metaverse, data will be pervasive and always available, fostering a more collaborative environment. For instance, the envisioned virtual land would provide operations staff with a much more immersive experience, enabling them to use technology to direct even the most complex field and service work and better coordinate with others.
3. Enhanced education & training
Educational institutions were compelled to use e-learning platforms & other digital forms of communication during the pandemic.
However, the anticipated capacity to support real-time interactions in the virtual space & stream data in real-time could alter and enhance how educators present their lessons. Moreover, businesses can also benefit from online learning opportunities.
Furthermore, global instructors and students can collaborate on real-world problems in the metaverse while using a steady stream of up-to-date data to direct the learning process.
4. Providing better customer experience
As extended reality platforms allow companies to offer new experiences and information in novel ways, metaverse platforms can transform how, when, and where businesses interact with their customers.
For instance, a ski resort could develop a virtual guide for skiers to use as they descend the mountain that would provide personalized information in real-time to improve their skiing experience. To inform tourists as they travel to new places, a tour operator could also offer a consistent immersive experience in the virtual world superimposed on the real world, perhaps bringing historical events to life in ancient cities.
5. Organize work meetings
During the COVID-19 pandemic, many employees substituted in-person meetings with Zoom calls. That comfort is a stepping stone to the upcoming iteration of “virtual meetings” by tech companies like Microsoft and Meta that focus on the metaverse’s development.
Bill Gates predicted that most virtual meetings would switch from 2D camera image grids to a 3D space with digital avatars within two to three years. In the future, you will interact with others via your avatar in a virtual setting that simulates being in the same room as them.
According to Gates, this will require motion capture gloves and virtual reality (VR) goggles to render facial expressions, body language, and voice quality.
6. Advertising, Branding, & marketing opportunities
Many companies are developing their presence in well-known VR environments. For instance, the gaming platform Roblox hosted the launch of Hyundai Motor Company’s Hyundai Mobility Adventure. Gamers can interact with current and future Hyundai products using their avatars.
The Walt Disney Co., a longtime pioneer of fantastical universes, has been doing it for a long time.
In November 2020, Disney announced a “theme park metaverse” where “physical & digital worlds converge, with wearables, smartphones, & digital access points immersing the guests in a different world.”
The technologies that paved the way for such experiences include computer vision, NLU, AR, AI, and IoT.
7. Addresses in digital form
Early adopters are also looking into real estate-related digital representations.
According to a New York Times article, “Investors are buying up concert halls, shopping centers, and other properties in the metaverse.”
Although highly speculative, some groups are interested in virtual real estate.
For instance, a restaurant might establish its presence in a metaverse so that people working, playing, or exploring there can quickly and easily order pickup or delivery in the real world. The user can virtually enter a restaurant and place an order using or accruing loyalty points that the business tracks using a seamless Web3 experience created by the restaurant. The user could accomplish this in the metaverse without leaving one website and logging into the restaurant’s website.
8. Exclusive revenue streams
Businesses already market products and services that are exclusive to the internet.
Gucci and the product & entertainment company Superplastic have collaborated to produce a small run of collectible NFTs. While Nike is developing an NFT that connects to its real-world counterpart, Ralph Lauren sells clothing for avatars.
It may indicate opportunities for the broader business landscape that well-known fashion brands now offer digital-only clothing & accessories, following in the footsteps of gaming platforms that have long sold comparable items.
9. Working in a more connected environment
Extended reality’s promise to improve worker performance, particularly when combined with augmented reality (AR), is the focus of one promising business-oriented metaverse use case.
For instance, a worker could investigate a traffic light that had been reported broken, learn more about the issue, and update the status of the repair right away. Additionally, within that platform, that metaverse could inform other workers & community members of the light’s working status.
10. Unimaginable
Leaders in business & IT will need to address several security issues related to the metaverse. They will also need to resolve technological problems. Most metaverse use cases fall into the unknown category for the reasons mentioned above. There will also be new applications that can extend the scope of the metaverse, most of which are under research.
They predicted how the world would change gradually as metaverse platforms mature, but the overall change will be dramatic.
Wrapping up!
Metaverse technology provides a large opportunity for businesses and creators in the universe. It is the fastest-growing technology that leverages immersive experiences and brings in a broader range of people to engage in activities that are far away. So, metaverse development in the future could make possibilities of a different universe altogether.
