Examples of the metaverse for business

For any conventional business, a few of the most suitable use cases for metaverses are enterprise implementations to store or transfer data cheaply and quickly. Also, with newfound ease of use, you can design and launch your own virtual world for users in minutes.

Replete with many organizations that have seen an opportunity in the vast cyber-space and has caused a market to arise for companies that specialize in augmented reality.

Only time will tell what the future holds for metaverse connections. However, IT leaders should explore how metaverse components interconnect and mature to provide a clearer understanding of their present and future impact.

Gaining a competitive edge in the virtual space

‘Perhaps a world where hybrid and digital coexist, with a fully operational economy has yet to develop,’ said Gopal Srinivasan, partner at consulting firm Monitor Deloitte. ‘Already we’re seeing some of those ideas implemented.’

Deloitte has initiated an initiative to help support companies navigate emerging commercial opportunities. Smaller firms are also offering similar services, as can be seen with multiple startups, such as Azon Partners, having launched their own businesses.

With a predicted rise in the size of the metaverse market and the incentive to invest in it, 25 percent of people are predicted to spend at least one hour a day in the metaverse by 2026.

Professionals are trying to figure out how to operate in an emerging digital world, with some being worried about falling behind or even missing out on the opportunities altogether.

Current extended reality platforms have developed the potential to provide AR and VR experiences that allow users to live, work and shop in the metaverse. This is a developing concept with still unknown implications, such as greenhouse gas emissions and legal challenges.

These metaverse examples provide a glimpse into the range of possibilities that this new digital sphere could bring.

Learn how immersive entertainment can translate into business value

Despite the lack of enterprise application, the entertainment sector within the metaverse is one that business leaders should keep an eye on. The younger demographic are most heavily involved and their mindset changes could drive future success within this field.

The 2021 Fortnite concert series suggests how a metaverse will provide new immersive entertainment experiences. Pop superstar Ariana Grande is a project that promises to take showbusiness into the metaverse.

Justin Bieber, Marshmello, Travis Scott explore content without the 3D safety of traditional art form.

“Metaverse-type technologies are seeing the most activity so far,” Srinivasan pointed out, referencing the advances made by gaming platforms

Financial services

Augmented reality already popular with different industries

Metaverse will support a collaborative environment where more data is always present. This anticipated metaverse should deliver more of an immersive experience to the “operational workers”. Workers should be able to use the technology to guide complex field and service work, as well as being coordinated with others in it.

Improved education and training

Without the pandemic, schools would have to adopt digital ways of communicating with students and with other schools. That is what happened at educational institutions due to the pandemic and its effect on in-person communication.

New technologies for education in the future could allow educators to deliver content more effectively. With a new, virtual metaverse, which is expected to make use of real-time data streams and support meaningful interaction between people while they are in it, real time education might be a possibility.

Get a glimpse of the benefits and uses of virtual training environments

By harnessing the metaverse and its unified collaboration capabilities, organizations across various industries will be able to provide enhanced training for their employees. Instructors and students can even meet in the metaverse and work through scenarios together while using data-rich information to guide their learning experiences at all times.

Diverse customer environments

Metaverse platforms could evolve how and when business fulfill tasks, delivering new experiences to customers and providing information in new ways. Extending reality platforms would enable business to deliver different types of interactions such as experiences and information.

With AI-generated content, ski resorts can provide personalized information on mountain slopes. Interactive experiences can also be provided by companies that bring historical events to life through virtual and physical worlds.

As the program of AI in career growth progresses, insurance companies could be offering a new shopping experience for their potential customers by allowing them to test drive cars before purchasing one. This could create unexpected opportunities for businesses and individuals.

Where to meet and collaborate

Many companies have taken to teleconferences during that dangerous pandemic as an opportunity to focus on the future of business settings. Now, with new technological advancements such as Zoom, companies are able to focus on their upcoming projects and other significant matters.

Most virtual meetings with people today are done through video conference calls and that is predicted to change within the next few years. Bill Gates predicts that the transition to a 3D avatar will make the virtual meeting more personal.

With a sophisticated AI like this, users will need to invest in virtual reality goggles and motion capture gloves in order to realistically express emotions, body language and the delivery of other people’s voices. These are the cutting-edge technologies that we need for motion-capture VR to produce a high quality, immersive experience.

Examples of how the metaverse can be used for business

AI with the technology will be able to transport workers to their next work location and also bring them into their new virtual or physical world, Srinivasan said.

With a remote immersive digital twin, one worker can manage multiple retail locations and orchestrate any situation.

How to make the most out of advertising, branding and marketing

Brands are finding interesting ways to market using new technology like VR. Roblox has an ARM for the metaverse experience of the future Hyundai includes players in a AR experience of Hyundai advertising products and services. Cinequest hosted a virtual party on Roblox last year to advertise In the Heights, a movie.

Many companies are launching their own worlds and brand themselves with them. Walt Disney has been leading the way for decades, a company doing this often, as well as others.

Disney announced that over the next five years, their parks would be a part of the future, using cell phones and wearables to give guests the ultimate experience. They planned to use technology at such a high level that it felt like being in a digital world.

Mandadi: Must-have technologies for business

use of digital locations

What some big companies are doing with VR and AR

“Investors are buying up arenas, malls, and other properties in the Metaverse,” according to an article from The New York Times.

The rise of the metaverse as an investment opportunity

Roblox and Minecraft are creating new environments with what they create, where they can connect with consumers.

In the Metaverse, people would be able to order real-world pickup or delivery from a restaurant by going through their website, not needing to leave their current webpage. This would greatly reduce the amount of time it takes for customers to order. A restaurant could create an seamless experience using Web3 and provide a way for users to earn loyalty points on any webpage that they visit which the company can then track. In theory, with a future Metaverse, the user will do all this without moving from one page and then logging into a restaurant website.

How Metaverse can create new revenue streams

Reasons why businesses need to learn about the metaverse

Ralph Lauren, Gucci, Nike, and Superplastic have teamed up to create a new series of collectible limited edition NFTs. Ralph Lauren’s clothing is now available to purchase as avatars, while Nike has announced that an NFT will be available that links to the real-world counterpart.

Industry leaders are capitalizing on the AI and automation craze, leveraging similar tactics as gaming platforms. New technology allows high-priced fashion brands to sell tailored products not only in physical stores, but also digitally, bypassing the use of third party vendors when possible.

Avila said that digital assets could be a natural fit for many companies.

Relying on the metaverse to make work easier

One business-focused use case for the metaverse involves AR and how it helps workers perform their job better, particularly through the use of AI.

Mr. Nguyen predicts that a fully realized metaverse will allow the work force to be more efficient and productive, knowing what is coming next in the work day.

A metaverse might provide a means of getting timely and relevant information about properties in a community that are being inspected. Metaverse users could check upcoming work, look up recent complaints, and obtain the currently approved number of repairs. All those functions can be completed without the need to switch location or gain new knowledge transfer.

What will the metaverse look like in the future

Between this lack of knowledge of the potential for metaverse use cases, security challenges and the varying needs for each imaginable industry, many industry leaders might not adopt a metaverse today.

Nguyen sees a lot of potential in the metaverse for business

The machine learning will dramatically change how people around the world interact, McMullen predicted.

“There is a future where people interact in new, rewarding and socially beneficial ways,” Nguyen said. “This will not just be limited to digital interactions either, as physical interactions with other humans will also undergo important transformations.” In this future, the biggest use cases for blockchain technology are when we do not know what to expect of a situation or interaction and those most difficult of tasks are handled by the blockchain.