Do you agree that Metaverse is too big to ignore for any business? Metaverse offers new digital business assets and value models so that every business needs to augment it in their digital transformation. By 2026, around 25% of people may spend at least an hour in the new virtual world, Metaverse, as per Gartner. Also, 30% of businesses will have products and services ready for Metaverse. None of us want to miss the Metaverse examples and the value creation ideas amid such redefined priorities.
The New Value Creation in the Metaverse
The anticipated new virtual environment in Metaverse may not replace the digital interactions through the web, mobile, and social. But new interactions and business models will likely emerge.
Though it is in its early stage of development, the new digital business assets powered by Web 3.0, Blockchain, NFT, 3D experience, and virtual avatars will soon emerge as new ways to create revenue streams and value exchanges.
As many of us thought about the next-gen internet where we can shop, live and experience a virtual world, Metaverse is bringing that into reality with a few challenges. As we all know, Metaverse is a collision of digital and hybrid worlds that leverages AR, VR, blockchain, and new technologies around social media to create an intuitive experience replicating the real world.
As per McKinsey, around $120b+ investment was made in Metaverse so far in 2022. And 79% of the customers active in Metaverse made a purchase. More than 15% of revenue opportunities for businesses through Metaverse in the next five years. Do you want to envision the potential? Let me help you through a few Metaverse examples and trends so that you can initiate your Metaverse strategy.
A few Metaverse Examples
Roblox – A gaming platform with more than 50 mn users, lets anyone create and monetize their gaming worlds. It is more for the younger audience; companies like Nike, Gucci, and Ralph Lauren have set up their virtual worlds in Roblox to interact with their audience. Anyone can create their own game within Roblox, but it will have a similar experience for users.
Pokemon Go – An initial launch in Metaverse, the new go-to Killer app that leverages AR, seems the best example around Metaverse. The creator, Nintendo, helped further blurr business boundaries with the digital world by launching advertising campaigns within the poke-verse.
Decentraland – It is a true web3 platform that is a game, marketing channel and operates through a decentralized democracy. The biggest brands like Morgan Stanley, Adidas, and Samsung leverage the platform, which a Decentralized Autonomous Organization governs. Using their own cryptocurrency, MANA, users can invest in plots with a minimum of $10000.
Fortnite – The most successful online game, Fortnite, has millions of tech-savvy gamers on its platform. But they turned it to Metaverse with live concerts from a few like Travis Scott and Billie Eilish. Carrefour used this platform for their initial footprint in Metaverse.
The Sandbox – Though it started as a mobile game, it was later ported to Ethereum blockchain. It has its own object creation tools so users can build 3D characters and vehicles to mint them into NFTs and import them to other Sandbox worlds. Popular brands like HSBC, PwC, and Warner Music own lands in the Sandbox. The built-in marketplace allows trade and sales of NFTs; transactions carried out in their currency, SAND like Decentraland.
Metaverse Examples for Businesses
A few more prominent brands have already set their footprints in Metaverse. Still, more businesses are looking at Metaverse examples and how they can operate in the new digital world without losing to their competition. We tried to provide a few areas companies can look into to foray into Metaverse.
Entertainment Experiences – Business leaders initially did not have much trust in this area. But Fortnite changed this. It is receiving a lot of interest from the young audience, so business leaders may not leave it behind. Ariana Grande’s 2021 concert series and a few other star events showed the potential of Metaverse for a unique entertainment experience.
Connected Work Experience – Though most of us prefer Zoom meetings now, many people still expect a better and more immersive experience in the new world of meetings. It may soon move to 3D with digital avatars. How can you personalize the experience? By creating virtual avatars, you can feel like being in an office environment interacting with your colleagues. Not only this, but you can also change productivity patterns with Metaverse.
For example, a city worker can use Metaverse to check the properties in the community. They can work on the complaints, fix them and inform the community members within Metaverse.
Marketing and Branding – Recently, Warner Bros marketed their movie ‘In the Heights’ in Roblox and hosted a virtual party. Hyundai Motors has stepped into Roblox to enhance the experience for customers by exploring their current and future products. Disney’s theme park Metaverse will likely leverage AR, computer vision, AI, and IoT to immerse guests in the Metaverse experience. Though the initial steps are for visibility to the audience, it is bound to set new avenues for Marketing and ad spending.
Immersive Customer Experience – Customer interactions in the new Metaverse might completely change. Businesses may have to look for an immersive customer experience. For example, A Ski Resort may create an interactive guide in the virtual world to provide real-time and personalized information along their journey to enhance the experience. As brands look out for new avenues to improve customer interactions, Metaverse may prove to change it shortly.
Big brands in Metaverse
Retail – We discussed a few brands in the above sections. Gucci, Nike, and Louis Vuitton have created virtual avatars to try and experience their products and experience their journey in the new virtual worlds. But a virtual Dior store created shoppable products and got in more interactive features like music and video. Walmart has taken its initial steps in the NFT route and filed a few patents to explore the technology. Many experiences are yet to uncover in Retail.
Media and Entertainment – We discussed the live concerts and the experience for the young audience leveraging Metaverse. The visual space might entirely transform into a new experience with brands creating many explorable journeys in Metaverse.
Banks – JPMorgan Chase leveraged the virtual room in Decentraland to walk users through different payment demos and how to leverage smart contracts. Zelf, the emerging bank, has gone further to exchange value from virtual to physical worlds. For example, a teenager might use his $2000 tokens in video games as escrow to secure a $50 payday loan. Many financial institutions own space in the virtual world to proceed for a better customer experience and virtual banking.
Trends reshaping the Metaverse
The Metaverse and Web3.0 innovations seem to change our interactions, work, play, and how we do shopping. A few trends might change the business landscape.
- Digital assets
Metaverse and NFTs already connected through blockchain gaming offer a social networking paradigm shift. As users hold NFTs, it supports the project’s transfer and share perspectives in the new virtual world. The trending NFT avatars enable like-minded users to share experiences and content and shift social interactions.
- Distributed networks
The new virtual network requires speed to support all the users online. 5G and 6G networks provide the needed concurrency and latency manifold. Along with speed, compute may also change to the edge. Most of the virtual apps’ AI will run on the edge. The future holds potential for local compute devices and data feeds that can interoperate rapidly.
Metaverse will not be a place where we go, but it will all be around us. The convergence of AR, CR, mobile, and wearables is not very simple too. Cybernetics integrates human sensory and motor systems with the ultra-speed computing world. VR headsets and wearables are examples of this. As many Metaverse examples point out, these devices will be integral to enhancing the virtual experience.
- A technology bundle for simulating reality
The near real-time raytracing power used by Metaverse will cause an enormous increase in processing power. We may not just stick to IoT but move to the internet of everything that leverages AI, predictive analytics, and advanced analytics to predict the real world and power the new gaming interactions.
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