Exploring Business Applications and Advantages of the Metaverse

Through numerous advancements, digital transformation continues to provide tremendous opportunities for contemporary businesses. Technology has evolved significantly from simple static websites to engaging a global audience through a Web 2.0 experience. However,

the most significant shift in the web evolution is introduced by the Metaverse.

The term Metaverse was first introduced by Neal Stephenson in 1992 and has since become a mainstream technology across various industries. Although Metaverse has been around for over a decade, it gained widespread attention among digital enterprises during the pandemic. After the pandemic, industries have sought to enhance on-screen communication, prompting businesses to implement Metaverse use cases as new revenue streams in their operations.

What is the Metaverse exactly?

Let’s explore how the Metaverse functions using an example. Imagine owning a pair of smart glasses that can virtually enhance your workspace at home, so you
don’t need to be physically present anywhere. Your virtual workspace may not be real, but it will closely resemble reality. As Metaverse technology progresses, the augmented space will increasingly become tangible.

The Metaverse serves as a realm where hybrid and digital environments coexist. Simply put, it is a three-dimensional web-based space driven by

AR (Augmented Reality)

and

VR (Virtual Reality)

. Users can assemble in a digital universe to engage in various activities. It resembles an interconnected virtual space filled with digital assets,

NFTs

, avatars, and much more.

Recent advancements in the Metaverse suggest that it can also incorporate

IoT (Internet of Things)

,

AI (Artificial Intelligence)

, and holographic avatars. While these technologies are propelling businesses toward success, the pertinent question remains—what does the Metaverse signify for businesses? Let’s explore!

What does the Metaverse mean for businesses?

The Metaverse possesses the capability to replicate real-world experiences utilizing cutting-edge technologies like AR and VR. As the next iteration of the internet and social media, it presents a myriad of business opportunities for enterprises globally.

For instance, in the near future;

The Metaverse is set to revolutionize advertising through unique storytelling experiences in 3D technology. The interoperable nature of the Metaverse facilitates digital engagement in events. Brands will be able to connect with a global audience through the e-commerce landscape, overcoming geographical barriers. Furthermore, Metaverse supports digital wallets, enabling businesses to manage seamless transactions within its virtual ecosystem.

The Metaverse offers businesses numerous advantages. It’s clear that every enterprise will utilize Metaverse applications based on their business models and specific user requirements. According to a recent survey from March 2022, over

17% of global IT enterprises

have already invested in the Metaverse, while sectors like Education, Finance, Healthcare, and Marketing are beginning to explore it, with investments ranging from 9% to 12%.