Not so long ago, the term Metaverse was little known. The phrase that is believed to have been coined as early as 1992 was just a fictional word until Facebook’s CEO announced that the company was changing its name to Meta. Since then, Metaverse has become a hot topic for discussion in various circles. People are looking to understand the term and the capabilities of the technology.
But what is Metaverse? Is it just another marketing language to create awareness about a brand and attract traffic? How does it differ from virtual reality, the technology closely mentioned with the term? This article looks to break down the Metaverse in relation to business and how it can boost different functions in a business.
Metaverse can be defined as a 3D version of computing and the internet in simple terms. It combines multiple technology elements, including augmented and virtual reality. It creates an environment that merges the real and the virtual worlds to create ‘life’ within a digital universe.
This digital universe can allow people to interact as they would in a physical world, as in meetings, shopping, or entertainment shows as avatars. But how does all this come into play in the business landscape? Here are five ways Metaverse can benefit business functions.
Better Team Communication And Collaboration
If there’s one thing the Covid-19 pandemic has taught businesses, it’s the importance of proper communication and collaboration channels. Given the work from home and remote work arrangements, companies have to rely on online platforms to conduct team meetings and run their operations.
However, this has not been without the challenge of lacking the real connection in interactions. Even though team members are working away from each other, they still want to feel the connection of being in a workplace. This is where Metaverse promises to provide better experiences.
With Metaverse, the virtual experience, communication, and collaboration are more immersive. The technology also promises to make these work elements better and more convenient to make people interact. You’re able to retain a more in-person interaction. The benefits businesses will derive from this level of immersive experience are improved productivity, and quick problem solving that will help drive sales and button line.
The first step to achieving this is finding a reputable Metaverse development company you can consult with and find ways to incorporate the technology into your business.
Improved Business Access
The metaverse can be said to be a bridge between the physical and the digital worlds, which means that it creates an environment that mimics the physical world. But how does that benefit a business? It will make it possible for clients to attend appointments without traveling or leaving their homes.
For example, if you run a law firm, a client who lives in another state won’t have to travel for an appointment. All you’ll need is to get into the Metaverse and interact as you would in your office conference room. You’ll be able to attend to your clients in record time, without anyone of them traveling to your office. You eliminate client complaints and boost customer satisfaction.
This level of access will significantly benefit many businesses, particularly those that need to show products to their customers before selling. Customers can tour and interact with your products through augmented reality and other technologies from the comfort of their homes.
More Revenue Streams
Businesses should consider buying into the Metaverse digital real estate, a digital environment where you can connect with other people. You can use your digital property to organize product launches, advertise your services, and more.
However, it’s also an environment where you can build kiosks and event spaces to rent out to other uses, just as you would if you bought a physical real estate property. This can help boost your business income and grow your digital investments.
New Payment Methods
The Metaverse is intended to be a digital universe that allows users to interact and access everything as in the real world. There has to be a way of transacting and paying for products and services. Luckily, blockchain technology allows the facilitation of payments on the Metaverse through cryptocurrency and other tokens to make payments in the virtual world.
What is the Metaverse crypto? Together with non-fungible tokens, these are the elements that have enabled the creation of a functional digital economy.
Better Training Experiences
Business training is a crucial part of its growth. The executive and team members require training on various business aspects from time to time. Unfortunately, this can increase the overhead expenses through travel logistics and facilitation. The best thing with Metaverse is you don’t have to set up or invest in new infrastructure to benefit from the immersive and cost-effective training experiences.
Whether your business needs to learn how to use new technology, undergo security awareness training, or sales and customer service training. The facilitators and your teams don’t need to spend a lot of resources. This saves your business costs and time while still fulfilling the training goals.
The benefits discussed above show the various things Metaverse can benefit your business. The technology promises to make digital interaction more exciting with an undertone of reality by providing the things as users see them in the real world.