While the definition of Metaverse is still being explored, one thing is quite straightforward, Metaverse will definitely unleash the next wave of digital disruption. According to McKinsey’s recent report, the sector holds the potential to generate up to $5 trillion in value by 2030. More than $120 billion have been invested in Metaverse game development and virtual land development in the first five months of 2022. However, apart from game development, we have identified 4 business ideas that can make the most out of the metaverse. This blog aims to identify these businesses, understand the market impact and understand how these businesses are implementing metaverse.
4 Business Ideas for creating real value in metaverse
Metaverse will be the next iteration of the internet where we would be able to work, live, connect, and collaborate. This could be in the form of a Metaverse education platform, a gaming platform, or even an immersive shopping experience.
Let us see how businesses can better tap the power and potential of the metaverse.
- Unlocking New Marketing Opportunities
According to the McKinsey report the potential market impact of the metaverse in the advertising market will be somewhere between $144 billion to $206 billion by 2030. However, businesses will have to rewrite the rules of marketing. The critical elements of marketing in the metaverse resemble those of brand experiences in the physical world, but the application is entirely different.Let’s take a look at NIKE and see how they have successfully capitalized on the marketing opportunities in the metaverse. In 2021, NIKE launched Nikeland, an interactive metaverse world that uses metaverse virtual land development on Roblox. With this Nike expanded its market to digital space where people can engage with NIKE products and services. Users can customize their avatars, dress them up in NIKE gear and share their outfits with fellow users in the metaverse.
For most of the metaverse users, omnichannel commerce comes as second nature. This means their payment credentials are often embedded in digital wallets which they use for experiencing Metaverse. Thus by using metaverse fashion solutions, consumers can easily order a NIKE product or service in a virtual environment for delivery in the real world.
- Virtual Tourism
Another promising use case of Metaverse that we see beyond Metaverse game development is tourism in the metaverse. In April 2022, we saw Millennium Hotels and Resorts open a virtual hotel, M Social Decentraland using metaverse virtual land development services. It was really interesting to see how they blended the virtual and real experiences. The M Social guests can tour the hotel in virtual land and can win surprises in the real physical world.Next, we are seeing Emirates launch signature metaverse experiences using Metaverse game development services for its customers. Emirates will also develop NFTs for utility as well as collectible purposes. Even Disney has marked its foray into the metaverse. The users will be able to view Disneyland as a natural canvas that will provide new ways to deliver experiences at its theme park and resort properties.
- e-Learning spaces
The size of the global e-learning market was valued at $197.00 billion in 2020. It is projected to cross a market size of $840.11 billion by 2030 and according to the McKinsey report, the metaverse will have an impact of $180 billion to $270 billion on the e-learning market.The potential of e-learning was unlocked by the global pandemic COVID. Students and professionals across global relied on centralized solutions like Skype calls Microsoft Teams and Zoom meetings. While these tools offered support for virtual communication, the immersive experience was entirely missing. Metaverse education platform aims to redefine the experience. It aims to offer learners and professionals an experience where they feel as if they are working in the same room.
We have seen many organizations like capitalize on the Metaverse virtual land development by creating virtual office spaces. A hybrid VR and mixed reality environment have been created and each user has been assigned a digital avatar. This offers employees an immersive workplace experience. The teams can access different events, office spaces, conferences, virtual training, and trade shows.
- Web Real-time Communication
The metaverse has a very strong use case in facilitating real-time communication in web experiences. This is basically an open-source initiative where users don’t need to use intermediary servers for communication. This would be peer-to-peer communication in the metaverse and could open up new avenues for direct and secure communication between browsers.
Conclusion
Have you wondered about the business use cases of metaverse that go beyond Metaverse development or Metaverse virtual land development, you would not have found many answers. However, times have changed, and millions of users are now enjoying digital experiences and real-world capabilities of the metaverse. However, before you chose to become a part of metaverse disruption, you need to ask yourself what is your aim. Do you want to increase brand awareness, want to promote loyalty, or want to generate a favorable sentiment? All this brainstorming will help you decide what kind of metaverse development or integration should you go for.
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