Right Time For Your Business to Enter The Metaverse

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Written By Nidhi Sharma

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Technologists, marketers, and pundits are now discussing the metaverse and how companies can make use of it. Brands may be wondering if it's better to create metaverse experiences right away or wait to see if the metaverse lives up to its hype.

It is easier to make the right decision when you have an imaginative view of metaverse and how it might evolve. We also believe that it can be beneficial for your business, key people, technology, and infrastructure.

Create a Working Definition of What the Metaverse Means to Your Company

Although the idea of the metaverse isn't new, the zeitgeist continues to search for an accepted definition. Common themes include 3D visualizations and immersive video games.

It is even called the internet in 3D, as dimensionality is an essential element. In a more concrete sense, metaverse is the next stage in internet evolution. It happens over time and not at the flick of a switch.

The future is full of technology-enabled "superpowers", which allow us to experience the internet through our virtual eyes rather than just from a flat screen.

Instead of going to every website and app, we will be able to visit virtual spaces and overlay information into our daily lives. Our virtual experiences are the content that other people engage with, instead of creating, sharing, and consuming content.

These immersive experiences will replace websites. It is unlikely. The metaverse's appeal over the flat internet is however tempting. In the next few years, user experience designers, agencies, and consultancies will focus on immersion.

The Metaverse and Your Enterprise: Why it Matters

Gartner projects that 25% of people will spend at least an hour each day in metaverse before 2026. At least half of US teenagers and adults count on the metaverse for better experiences in shopping, beauty, travel, clothing and furniture. There are also many benefits VR, AR, and MR offer in asset management, training, analysis, and automation.

Brands that create immersive experiences in metaverse have a clear advantage. Brands that dare to jump in can help define the metaverse. Brands that stay put at risk of being swept away by a metaverse that is created for them, rather than riding the waves.

Let's get back to the definitions of metaverse, the next stage in the internet. Is it necessary for your brand to have a website? Although it seems absurd today, the requirement was not there in the 1990s.

Brands that were first to embrace the internet gained more knowledge than other brands. The digital transformation concept was created to help companies that didn't embrace internet technology.

Find Out What’s Possible for Your Brand in the Metaverse:

It can be useful to think about the metaverse in terms of three types. The first is the community and gaming experiences. Blockchain technology is the second. This includes non-fungible tokens (NFTs), smart contracts, cryptocurrency wallets, and decentralized autonomous organizations (DAOs).

Third, digital-twin technology uses 3D representations to represent large structures and artifacts. Digitally twinned processes are also possible.

It is also useful to consider the ultimate goal of each metaverse experience. It is to immerse customers in brand-related moments to engage them in new and innovative ways.

Is it to use digital twin technology to provide precise, location-independent training for employees or better field service? Are there other uses for digital twin technology in an employee, customer, and asset journeys?

When brands identify the use case that they wish to begin with, they can create the metaverse that will fit their needs. This includes consumer-facing experiences as well as industrial applications. Metaverse technologies should be open to exploration by brands. This is quicker, cheaper, safer, and more risk-free, as the metaverse technology is still in its infancy.

Identify the Essential Steps to Get Your Brand into the Metaverse

What do brands need to get some quick wins in the metaverse?

Metaverse leaders require support and cross-organizational communication. It's a good idea to check if any other metaverse projects are underway or planned within the company.

Coordination will reduce duplication and increase efficiency. A consultant partner may be needed to assist with the implementation or use of immersive technology, identify high-impact projects, and create a plan and metrics for success. These steps will help brands begin their journey to metaverse maturity.

The metaverse can be compared to the internet. However, it is important to take some mystery out of this amazing shift. It also encourages brands to create immersive experiences. They're not left behind in the metaverse's transformation from a new trend to an established part of humanity's evolution.

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