The Metaverse And How It Will Effect Your Business - Savage & Palmer - Enabling Entrepreneurs

The Metaverse And How It Will Effect Your Business

by | Apr 22, 2022 | Information | 0 comments

The Metaverse – the doppelganger of our world, is a term that’s on every industry’s lips. While netizens are drooling over it, the entire concept is still unclear. “What is the Metaverse?” and “How will the Metaverse help my business?”

The Metaverse surged into the public’s consciousness in October 2021, when Facebook Inc., rebranded as “Meta” and announced a multibillion-dollar investment in the Metaverse technology

Despite the hype, Meta claims that Metaverse technology is still at least a decade away from maturity. Meanwhile, small-business owners should proceed with caution when it comes to metaverse-related claims and investment prospects.

Tom Ffiske, editor of the Immersive Wire monthly on virtual reality, augmented reality, and the Metaverse, says, “The best thing you can do is keep one eye on it and hold a bucket of salt.” “I think anyone… who says ‘it’ll be this,’ could be proven wrong,” he continues. “It will actually be determined by market forces.”

The Metaverse has a few things that small business owners should be aware of.

Here’s how the Metaverse can be a cornerstone for businesses  to be able to grow

The Metaverse is a mirror of what we consider to be reality. Mark Zuckerberg, the founder of Facebook (now known as Meta), states that the Metaverse is a proportioned amalgam of virtual reality or VR, augmented reality or AR, and artificial intelligence or AI.  You move, shop, interact, and exist in the physical world. You can do exactly the same in the Metaverse. You can move from object to object and habitat to habitat with the help of augmented reality. 

It is the same, except, with a touch of beautification and ornamentation. It won’t be wrong to conclude that the Metaverse is a complete replica of the natural world. However, it even has some features, characteristics, and objects unlike anything that exists in our physical space. Facebook being the first business to announce meta platforms, set the word ‘Metaverse’ on trend in the business world. 

Early users include Lancôme, Laura Mercier, and NYX. Meta has also partnered with ModiFace and Perfect Corp to allow advertisers to seamlessly upload 3D assets into its platform to create augmented reality (AR) commercials.

Brands will be able to upload 3D models of their items to both platforms and convert them into adverts as a result of the connection. We are confident that this will transform the advertising industry as a whole!

The Metaverse has already entered retail shopping to launch models with metaverse-inspired dresses with the best examples of this being Snapchat’s Bitmoji as well as Dolce & Gabbana. Brands like Ralph Lauren, Adidas, Nike, Converse, Jordan, Vans, American Eagle, Crocs, and Nickelodeon are promoting themselves on Snapchat by launching their products as outfit options for Bitmoji. Initially, it was just Levis and Ralph Lauren, but looking at their results, other brands have established themselves on Snapchat as well. 

The Metaverse will give the business world the freedom to demonstrate exactly what its vision and mission are in a way that netizens understand. Using meta platforms has significantly increased the interest of young minds in business. For instance, imagine shopping at a Gucci or Ralph Lauren Store, buying handbags or clothes that you like, only, from the comfort of your own home. But, is this all? Or is there more to the term — Metaverse? 

The Metaverse is calling: How can you gear up to grab opportunities?  

Last year, Meta sponsored Connect 2021, a show that provided spectators with a peek into the future by demonstrating the limitless possibilities of virtual and augmented reality. One important thing to realise though, is that the Metaverse will arrive within the next ten years, not immediately, and will present tremendous opportunities for both large and small firms. We’re as excited about the Metaverse, as we were about the transition from desktop to mobile. 

Today, we’re going to share some crucial insights to help you get a better understanding of the potential right now, as you prepare for the exciting trip ahead.

  • Virtual retail store shopping experiences
  • Buying clothes will become fun with 3D avatars
  • Expanding Immersive gamification
  • Decentralised NFT and Crypto
  • Digital avatars as customer assistants, as well as for sales and other business communication
  • Virtual events 
  • Attend lectures and seminars virtually

Software experts and analysts claim that with the development of photorealistic characteristics, the dynamics of the Metaverse and business will drastically change for the better. With these characteristics, meeting your friends, family, and colleagues will be almost like reality, as these characteristics will give the essence of being present face to face. Not only is it breaking the barriers for brands but it also provides brands with a unique space where they can sell their products virtually, like Balenciaga’s collaboration with Epic games.

Business in the metaverse 

Impact of the Metaverse on the business world

If experts are to be believed, the Metaverse is the next big step in the evolution of the digital world. As you already know, having a digital presence is necessary for all businesses. It is only evident that the Metaverse will impact the business world. But will it be good for growth? 

Experts and professionals say that the Metaverse experience will play a significant role over technological advancement. Now, business models can be easily created in the Metaverse and will be shared with just a touch. 

The biggest example of this is Gucci’s collaboration with Roblox. Gucci created a garden exhibit for two weeks on Roblox and sold rare items virtually. Some of these items were even more expensive than those in the physical world. The Metaverse is a great platform for advertising. 

In 2018, Wendy’s created its own character and launched it on Fortnite (the game). Wendy’s dropped this character in the game Food Fight, and destroyed all the freezers instead of killing other opponents. Promoting their “fresh, never frozen”  beef burgers. Over a live stream of about nine hours, thousands of people joined Wendy’s, and the organisation experienced a 119% increase in brand mention on social media. The Metaverse’s effect on advertising and the business world can be easily determined. 

With Facebook announcing its Meta branding, every entrepreneur and business owner is waiting to know about its impact. 

Why is the shift to the Metaverse necessary for businesses?

It is pretty clear that the Metaverse will soon become the hottest space for businesses, but why is every business rushing towards it? Is it really necessary, or just a hoax? 

Mentioned below are the list of reasons as to why this shift to the Metaverse is essential:

  • It is much more than just social networking

Though it is very clear from the above-mentioned data that the Metaverse is much more than virtual reality and artificial intelligence. When used right, it will form close-knit connections and will transform the shape of businesses. 

  • Improved advertising opportunities

The absence of physical limitations in this virtual world is like the golden egg. It is an excellent opportunity for advertising your schemes, products and services. Also, as you know, with Metaverse concerts and other events hosted virtually, your business will also get more potential opportunities for being a sponsor. 

  • Remote work is the new trend.

The pandemic hit every business hard. This is where the Metaverse brings the best and most readily adaptable advantage. When COVID -19 struck the world, the businesses didn’t stop their work, instead, with the help of this imitation, all the work was carried out digitally. 

When will the Metaverse be the core of all businesses?

Taking a look at the overall progress of the Metaverse, it has already grabbed the attention of several industries. As stated earlier, it has grown tremendously. The best example to prove this is the game – Fortnite. Today, millions are playing the game and making online purchases to stay ahead of others. 

This being a neat example of how easy and efficient it is to monetise the Metaverse, the virtual world is here to stay.

Savage and Palmer house a budding team of millennials. We understand the Metaverse and are all set to introduce your business to it. With changing times, it has become a crucial step for your business to have a face on the Metaverse – the next revolution! 

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