The metaverse is “an integrated network of 3D virtual worlds.” These worlds are accessed through a virtual reality headset — users navigate the metaverse using their eye movements, feedback controllers or voice commands. The headset immerses the user, stimulating what is known as presence, which is created by generating the physical sensation of actually being there.

To see the metaverse in action, we can look at popular massively multiplayer virtual reality games such as Rec Room or Horizon Worlds, where participants use avatars to interact with each other and manipulate their environment.

But the wider applications beyond gaming are staggering. Musicians and entertainment labels are experimenting with hosting concerts in the metaverse. The sports industry is following suit, with top franchises like Manchester City building virtual stadiums so fans can watch games and, presumably, purchase virtual merchandise.

Perhaps the farthest reaching opportunities for the metaverse will be in online learning and government services.

This is the popular conception of the metaverse: a VR-based world independent of our physical one where people can socialize and engage in a seemingly unlimited variety of virtual experiences, all supported with its own digital economy.

Top benefits of the metaverse for business

Meta highlights that the metaverse (at least, the one powered by Meta itself) is not a technology that will be in common use in just a few months. The shift to the new platform might take up to ten years. Still, taking into account all the hype surrounding the metaverse and the already existing metaverse solutions, it’s safe to assume that “the future” is closer than we think.

We can expect several industries to find use of the metaverse more than others. These include:

  • Gaming

  • Social media

  • Digital marketing

  • E-commerce

  • Education

  • Fitness and sports

  • NFTs, digital art, and virtual fashion

  • Entertainment, such as TV shows, movies, etc.

So what exactly is the metaverse offering to all sorts of businesses and why should we all be looking into it right now? Let’s explore.

Find new ways to engage users

The metaverse is a whole new level of entertainment possibilities and immersive experiences, and as a business, you can use it to the fullest. If your company is among the first to introduce a metaverse experience to the customers, it will definitely give you an advantage and draw attention. Branded gaming adventures, virtual goods, and AR/VR showrooms can be the options for representing your business in the metaverse.

Discover opportunities for virtual events

Organizing a conference or a live show that can be attended both in person and virtually is not new. Many people cannot travel to listen to a professional conference or a lecture but it is no reason not to gain more knowledge. Alternatively to a simple Zoom or Google Meet stream, a conference in the metaverse can be not just another video in a little window and comments under it, but a full-fledged VR experience, with proper networking and participation opportunities.

A live show of a favorite artist might not be as impressive on a video stream. VR and the metaverse can definitely make this experience more immersive and give the viewers a better feeling of presence.

Galleries and museums can shift to the metaverse too. For example, Sotheby’s announced an NFT avatar exhibition project that is exclusively available on the gallery’s metaverse. 300 unique avatar items were sold out in one day.

Showcase and sell your products

Many brands are already actively using AR to let their customers try on clothes or glasses, see how new furniture would fit in their room, or get a virtual makeover with a new hairstyle or makeup. The same experiences, but better, will be possible in the metaverse.

With an opportunity to rent or buy commercial spaces, you can set up stores and showrooms, where users can check out your products in the metaverse. Even today, digital fashion is having a moment: users are actively buying virtual clothing and accessories, not to mention the separate world of gaming. Imagine what will happen with the development of the metaverse.

Introduce innovative forms of advertising

We can expect metaverse to introduce new approaches to brand storytelling and advertising in general. Storytelling is one of the most compelling approaches towards building your brand identity and awareness.

People like stories; these tell way more about the company and its values than plain slogans. Imagine how immersive and fascinating can your brand storytelling be with the VR and other technologies in the metaverse?

Storytelling will gradually transform into “storyliving”, meaning that the users won’t be passive listeners anymore but active participants or even characters who are making choices and influencing the events.

Establish better process building and team collaboration

We all have accepted the new reality of online meetings and remote teamwork. While being forced on us, these approaches still proved to be no less effective than a face-to-face office environment. The metaverse can be a way to enhance work processes even more. Meetings won’t feel like Zoom calls but rather as a group of people sitting in one room. VR workrooms have already been launched by Meta.

yellow abstract