There is a new sheriff in town. The metaverse! Given its promise for the future, the metaverse has created so much buzz with its out of the world concept. And from the look of things, the metaverse is here to stay.
The big boys have noticed it. Big tech companies and investors are all falling over themselves rushing to have a piece of the pie.
Businesses are starting to notice too and many are investing in this new technology christened the future of the internet.
Rightfully so, the future of the internet is here with us folks.
If you are in business and wondering how this technology can benefit your business, worry no more.
Below we outline how your brand can benefit from it. Just put on your swimsuit and let’s dive in.
What is the Metaverse?
Most of us if not all, have heard about the Metaverse. Facebook even changed its name recently to Meta. What is the metaverse?
The metaverse refers to a simulated digital experience on the internet that uses Virtual reality, Augmented reality, and blockchain to create space for interactions that mimic the real world.
It is a work in progress that will enable people to work, communicate and play in a virtual environment.
Technologies empowering the metaverse
The metaverse is still growing and many companies are still investing in the development of its technologies. However, some technologies are already in existence and are assisting the ideas behind the metaverse.
Virtual reality (VR)
This is a computer-generated virtual environment that mimics the real world. Users virtually get the feeling of being in the real world.
The video gaming industry is the best example of VR. You wear the VR headsets and glasses and enter the virtual gaming world. You can then feel all the activities in the storyline. It is an experience that raises even the smallest hair at the back of your neck.
Augmented Reality (AR)
In AR, images and objects which can interact with the physical world are created using technology. A good example is the 3D holographic technology.
It provides a better live streaming and video experience.
Some games are applying AR where players in the game interact with the real world.
Virtual reality, Augmented reality and other apps supporting the metaverse are just mind-blowing when you come to think of it. Their impact on the day-to-day operations of organizations will be a game changer. Importantly, doesn’t let your company be left behind.
Benefits of the metaverse to your brand
The benefits businesses can get by applying the metaverse technologies can’t be understated. The technology is just new but we can all see its enormous potential. Let’s shed light on some of those benefits.
Overhead costs reduction
For your company to continue staying profitable, you have to constantly work on reducing overhead costs.
Through its immersive experience, the metaverse promises to connect people all over the world. Companies will now be able to meet their clients, suppliers, and stakeholders virtually with no need for physical meetings.
Pitching and lobbying will now move to the virtual conference room. Costs such as transportation and accommodation of delegations will be a thing of the past.
Some investors have even started investing in conference centers in the metaverse.
Costs for Buying office equipment, office maintenance, and even repairs will be greatly reduced. You will no longer need to rent a whole three-storey building to conduct your business operations. Operational costs of businesses will go down significantly.
Increased virtual cooperation and collaboration
The metaverse guarantees the creation of virtual offices where employees will report to work and work every day like in their normal physical offices. Although this may experience difficulties in the beginning, it will be worthwhile in the end. This is because working remotely in the virtual office will increase virtual cooperation and collaboration.
And if the results on experiments on virtual working are anything to go by, better virtual cooperation and collaboration will increase productivity greatly.
Increased brand awareness and market reach
Because it is still new, we don’t have much information on how the metaverse will be regulated. But one thing we are sure of is that it will break geographical restrictions. Users will be able to travel the world in virtual spaces without restrictions, which is a plus for organizations intending to increase their brand visibility.
Companies like Coca-Cola are already taking advantage of this by marketing in the metaverse. With investors and landowners in the metaverse expected to build buildings and other landmarks, as a business you can take advantage by buying space for banners and adverts. This will help in getting your name out there to a bigger world audience. The bigger the better, remember?
Easier access to Services
Clients will have easier access to services in these virtual offices. One will just need to book an appointment and visit the virtual office and get served even without leaving the comfort of their home. There will be no time wastage on traffic and queuing for services.
The real estate industry will also benefit hugely from this. Customers will now be able to take virtual tours of properties they intend to buy without necessarily having to visit the property. Which is sometimes cumbersome.
Introduction of new payment Systems
The metaverse aims to create a virtual world of the real world. So, let’s say in the virtual world you enter a restaurant and order some chicken wings, who really doesn’t want to eat chicken wings virtually?
You will have to pay for it in the virtual world as you do in the physical. But how do you pay for it?
How about catching a bus or making a purchase as you walk the streets in the virtual world? There has to be a way for paying for all these.
This is where tokens users can use to buy stuff, and NFTs that can be redeemed to buy physical goods come in. Blockchain technology ensures that these virtual payment services are always secure and transparent.
Sourcing of talents will be easier
As compared to the metaverse the current platforms for recruiting the ideal talent you are looking for as a company have limited capabilities.
Especially when looking for talents across the world, interviewing and recruiting talents will be easier and more efficient in the metaverse than the traditional forms available today.
The metaverse is the way to go. Although it may have high initial costs like any other new technology. The benefits of investing in it are worthwhile in the long run. As a business, before the train leaves the station. Find opportunities your brand can take advantage of in the metaverse and get an edge over your competition.
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