It has become a bit of a buzzword of late. Wherever you look, there’s a headline, an advert or an advocate of the Metaverse. Tech firms are now hiring Chief Metaverse Officers as it promises a new tomorrow, a world without boundaries.
Put simply, the Metaverse is an online world where people can interact with one another – sounds a bit like something we’ve already got, doesn’t it? Meta, formerly Facebook, is aiming to give people an immersive virtual experience that seamlessly combines the real world with digital elements.
Sounds great, sure. But what does it actually mean for businesses?
All joking aside, there are a number of exciting opportunities presented by the Metaverse that are worth exploring. It could, for example, provide businesses with a platform for creating realistic simulations of their products or services without having to labour their way through the extensive, expensive prototyping process.
It could also be used to host virtual events, seminars or conferences in a way that is far more interactive than the current offering – we all sat through our fair share of Zoom conferences during the pandemic – as well as reaching far greater audiences. Companies can also leverage the power of 3D visuals to create more engaging presentations that, ultimately, convert sales.
It doesn’t stop there – this list might be a bit longer than you thought. By using the Metaverse as a platform for marketing and advertising, businesses can entirely immerse potential customers into the world of their product and create more successful campaigns. There’s also the Metaverse’s analytical capabilities, that will allow users to gain valuable insights into customer behaviour and preferences in order to improve marketing strategies.
It isn’t all win-win, though – there is plenty that will either hold businesses back, or that they should be extremely tentative of. The cost, for one.
Hiring experience 3D designers and developers isn’t going to come cheap, so if you’re wanting to immerse customers into the world of your product or service, you might want to improve your markup. There is then all the usual risks associated with the virtual world, such as data security and privacy protection – all adding additional hurdles.
The Metaverse is undoubtedly a huge opportunity. It’s one that will come with a huge cost, too, but the payoff for those that get it right could be monumental. Its full potential is yet unknown, but if Meta is successful in garnering interest and people and businesses alike continue turning to the Metaverse, it won’t be long until we’re interacting with it on a daily basis. And, as with many innovations, you won’t want to be left behind.