The 21st century will be remembered as the era of significant technological advancements. One of the most prominent ones among all is the development of virtual worlds, metaverse.
The concept of virtual worlds in fictional movies and novels is becoming a reality now. While you think of the metaverse as a platform to play games and interact with people in an immersive environment. It’s much more than that.
Big brands today are leveraging metaverse to expand their business. They are entering the virtual space with branded NFTs, virtual stores and metaverse services.
Reputed brands like Google, Microsoft and Apple are investing millions to develop metaverse tech. In fact, Facebook completely rebranded itself as Meta.
That’s not all! Even luxury fashion brands like Gucci, Louis Vuitton, Dolce & Gabbana, Zara and Hermes have also dipped their toes in the metaverse space.
Why do you think these brands are into metaverse? How metaverse benefit businesses?
Let’s find out the answers to all your queries in this blog.
What is Metaverse?
Metaverse is a virtual world that replicates the experiences and elements of the physical world. Powered by IoT, AI, ML, AR, XR, 3D modelling and MR, metaverse offers immersive real life experiences to the users.
The definition of metaverse cannot be restricted to a few lines. It is because the metaverse offers limitless opportunities to individuals and businesses alike.
Stats That Supports The Growth Of Metaverse Development Trend
Have a look at some notable market stats that prove the exponential growth of metaverse development services .
- The value of the global metaverse market size was $63.83 billion in 2021.
- A report from Fortune Business Insight predicts that the metaverse development market will reach $1527.55 billion by 2029.
- Further, the metaverse market will grow at a CAGR of 47.6%.
- There are 400 million monthly Metaverse users.
- Roblox is the largest metaverse platform having a footfall of 230 million.
While others are in a race to build metaverse platforms that become a success. Don’t sit tight and let the opportunity slide. You too can create your own metaverse platform. Book a call with the best metaverse development company today.
Metaverse Benefits For The Individuals
Mark Zuckerberg says that the future is going to be in the experiences. And this is what Metaverse offers to its users.
Metaverse offers highly advanced immersive experiences to users. The things you do in the metaverse will feel as if you are experiencing those in real life.
With the help of AR and VR devices, you can interact seamlessly in the virtual world.
We understood the importance of seamless communication and sharing during the covid pandemic. The pandemic shut everything down and locked us in our homes.
The existing video calls and communication mediums were not effective. It was the first time we felt the inefficiency of our present-day technologies.
This was the time when Metaverse picked its pace. It offered users a hyper-realistic virtual world where they can communicate, share and interact like in the physical world.
Whether it’s online classes, meetings, remote working or concerts, everything in the metaverse feels real.
The present-day internet restricted us to 2D screens where we could only view the content. It never felt real. We always had this feeling of missing out.
However, with Metaverse, instead of viewing content, you are going to be in it. You are going to live in the experiences.
So, what can you do in the metaverse?
Your online avatar can do the following things in the metaverse.
- Play games to earn crypto and NFTs.
- Meet, share, socialize and interact with people across the world.
- Attend musical concerts, events and exhibitions
- Conduct meetings, share documents and collaborate with others to work remotely.
- Enrol in online courses and training programs to learn in an immersive environment.
- Buy virtual lands, digital assets and real estate.
To sum up, the main benefit of metaverse for individuals are:
- Elevates virtual experiences
- Offers a highly advanced virtual environment
- Offers a platform to interact and communicate seamlessly
- Opens up new innovative and effective ways to learn, communicate and work
- Creates limitless virtual opportunities
Let us now understand how businesses are leveraging metaverse development services to grow.
Business Benefits Of Metaverse
Do you know that 30% – 40% of businesses fail to survive?
Why do they shut down? How do they fail to make profits?
It is because they don’t adapt to the advancing world and customer preferences.
Businesses have to adopt and adapt to the changing world, market trends and customer demands if they wish to sustain and make profits.
Nowadays every sector is clinging to the metaverse. It is a hot market trend and sensation right now. Be it a tech company, entertainment, retail, fashion or gaming, every industry is exploring ways to enter the metaverse.
Meta has invested $50 billion in Reality Labs to research and metaverse development. Another VR & AR company, Niantic Inc. has raised $300 million from Coatue Pokemon Go gaming company. The company is developing a real time virtual world platform.
On the contrary, Microsoft has launched a new feature for its Microsoft Teams – Metaverse Mesh. Metaverse Mesh allows employees to attend meetings, share documents and work collectively using VR and AR tools.
Microsoft has gone one step beyond to garb the metaverse opportunity. In January 2022, it acquired Activision Blizzard Inc. to expedite its metaverse gaming platform development.
Italian luxury fashion brand, Gucci, is the first among the lot to launch NFTs. The brand has launched its limited edition bags, wallets, purses and accessories as NFTs. In addition, it collaborated with Roblox to build a virtual experience space, Gucci Garden. You can experience the story, vision and achievements of Gucci in an immersive virtual space in the Gucci Garden.
Even the automobile sector couldn’t stay untouched by the metaverse trend. Last year, Hyundai partnered with Roblox to build Hyundai Mobility Adventure. It is a virtual reality gaming and experience space. The company launches the virtual version of its new cars in the Hyundai Mobility Adventure. You can explore the interiors, features and functions of the newly launched cars in the metaverse.
Why do you think these companies are investing millions in metaverse development? How do they benefit from it? Is metaverse development services worth it for businesses?
Here is how metaverse helps businesses boost their profits, value and growth.
Access To Global Audience
Metaverse platforms witness millions of active users monthly. Imagine targeting such a large audience on a global scale.
It will not only help you promote your brand but also market your products and services.
Customer engagement is a priority for businesses. Metaverse offers businesses exciting and unique ways to interact with their customers.
Therefore, metaverse helps businesses in retaining their loyal customers as well as lure in new ones.
Revenue Via Digital Products
Brands are creating digital twins of their limited-edition physical products. They are then selling these as NFTs on their virtual stores.
Brands are making huge profits by selling virtual products, even more than physical ones. For instance, a Gucci bag worth $4500 in the real world was sold as NFT for $8500.
Thus, you can see how businesses are doubling their profits in the metaverse.
What can be the best place to market your brand than Metaverse?
Metaverse offers limitless opportunities for businesses to narrate their brand vision. You can open virtual stores, events, virtual experience spaces and gaming platforms for your users.
While users get an immersive experience on your platform and enjoy their time. Indirectly, they are also getting connected with your brand.
To sum up, metaverse benefits businesses by promoting their brand, upgrading products, multiplying revenue and enhancing customer engagement.
Top 7 Use Cases Of Metaverse For Businesses
After the covid pandemic, most companies started to operate remotely permanently. However, remote working isn’t effective in the present-day Web2 set up.
Metaverse is here to change the way we work. It offers employers and employees an immersive platform to collaborate. Employers can build their virtual office in the metaverse where their teams can come together to work. Employees can attend meetings, share documents, conduct events and work together more efficiently.
For instance, Accenture has opened its virtual office, called the Accenture Nth Floor. The company collaborated with Microsoft and AltspaceVR to build its virtual office.
Education & Learning
Most companies these days enrol their employee in skill training courses. While physical classroom training is helpful. But a virtual classroom with a 3D representation of the concepts is more helpful.
It will enable people to quickly grasp the concepts. That’s not all! learners can even practice their skills in a safe virtual world.
Metaverse has brought events, concerts and even fashion shows on virtual platforms.
In only two days, Lil Nas X’s Roblox performance drew in more than 33 million views, while Marshmello’s live concert on Fortnite was attended by 10.7 million players.
Virtual metaverse concerts are becoming increasingly popular among top artists such as Ariana Grande, Justin Bieber, Travis Scott, Black Pink, and BTS.
Businesses can build virtual event platforms. The platform will enable artists, musicians, creators and other businesses to organise events and shows.
Businesses can build an immersive experience space for their customers as well. It is a clever way to enhance customer engagement and brand marketing.
Gaming & Entertainment
The Covid pandemic has led to a significant surge in the popularity of metaverse gaming. Roblox, which is currently the world’s largest metaverse gaming platform, boasts over 230 million monthly active users and reported a revenue of $2.215 billion in September 2022.
Market surveys indicate that more than 3 billion gamers worldwide are expected to join the metaverse in the future, with 44% of people expressing excitement about the play-to-earn gaming model.
Given the market conditions, launching a gaming platform or developing Metaverse theme parks and interactive spaces for users would be an excellent Metaverse business idea.
Well! It seems real estate is not only popular in the real world. Even in the virtual world of the metaverse, real estate is in huge demand.
People are buying virtual lands in the Decentraland metaverse platform for millions. You can even develop properties on your virtual land and put them on rent.
Further, real estate businesses are using Metaverse for property tours. A 3D tour of the house, flat or property helps customers to decide better before buying.
Moreover, it also assists businesses in retaining clients and enhancing customer experience.
The use of Metaverse technology in healthcare has introduced innovative channels for delivering treatments at a reduced cost with improved outcomes. In the post-pandemic world, Telemedicine and Telehealth, enabled by the Metaverse, have emerged as a concept allowing patients and doctors to interact in virtual 3D clinics.
Metaverse applications for therapy have also been developed, where patients can transport themselves to a serene digital environment during panic and anxiety attacks.
Furthermore, digital workouts and exercises have been incorporated into the Metaverse, promoting a healthy lifestyle among its audience. Digital Twin technology, which is powered by the Metaverse, has also been introduced. This technology allows for the creation of a patient’s digital representation to test treatments and medicines.
Gone are the days when social media is a medium of data theft by social media companies. With Metaverse, you will have decentralized social media platforms where you will be in full control of your data.
Apart from this, users will also receive an incentive for creating and sharing content.
Further, the metaverse will elevate our social media experience to the next level. With online avatars in an immersive experience, you will explore innovative ways to connect with people across the globe.
How Can Blocktech Brew Help You With Metaverse Development Services?
Blocktech Brew is a leading metaverse development company which excels in creating engaging virtual platforms as per business needs. We have highly skilled metaverse developers who are experienced in technologies like AR, VR, IoT, blockchain, MR and 3D modelling. The in-depth knowledge of our developers assists them in delivering quality solutions. With our advanced metaverse solutions, you can tap into the metaverse space with an innovative platform that boosts your revenue and value.
Talk to our experts today to explore how metaverse development services can help you achieve business excellence.
I am the CEO and founder of Blocktech Brew, a team of blockchain and Web 3.0 experts who are helping businesses adopt, implement and integrate blockchain solutions to achieve business excellence. Having successfully delivered 1000+ projects to clients across 150+ countries, our team is dedicated to designing and developing smart solutions to scale your business growth. We are focused on harnessing the power of Web 3.0 technologies to offer world-class blockchain, NFT, Metaverse, Defi, and Crypto development services to businesses to help them achieve their goals.