For many businesses, the first step is understanding the metaverse.
To say the metaverse is finally here would be incorrect because the metaverse has always been here, and we’re only just understanding the shift that will usher in a new age of virtual spaces.
However, so very few companies understand the metaverse, let alone are taking the steps to embrace it.
They’re asking themselves what the metaverse is, whether it’s worth investing in the metaverse, and how they can make the most of the metaverse.
The metaverse isn’t the stuff of science-fiction anymore and, despite any pushback the metaverse receives on social media, it’s something that only a very few can truly grasp.
However, businesses don’t need to learn the ins and outs of the entire metaverse while trying to break down its complexity.
Learning the basics of the metaverse is enough for you, as a business, to revolutionize the way you approach your business.
The metaverse isn’t a trend that will simply disappear. With Facebook embracing the metaverse and changing its name to Meta, and platform giants, such as Roblox that’s endorsed by big wall-street firms, such as Morgan Stanley, the metaverse is truly endless virtual potential.
Before learning the potential of the metaverse and how you can use it to make the most of your business, you need to learn about the basics of the metaverse. Fortunately, it’s not very complicated.
Who Is Leading the Charge into the Metaverse?
After learning about the metaverse, you’ll understand why Mark Zuckerberg embraced the metaverse and renamed his vast company “Meta.”
The name change makes sense now to those who questioned why Facebook became “Meta.” It really is because Facebook wants to be at the forefront of the metaverse.
The metaverse is a vast frontier that’s still almost virtually unexplored.
We’re living in an age where we no longer have anywhere to explore in the world, and we’re still on the doorstep of space, but the truly unconquered frontier is the metaverse.
There’s so much potential with the metaverse starting with social networking. Believe it or not, even though we didn’t have a name for the metaverse, we still had the ideals the metaverse is built upon.
The metaverse right now doesn’t have much of an identity. Much like man’s foray into space. Yes, we’re lobbing rockets into the upper layers of Earth’s atmosphere manned by the elite, but are we really exploring space?
Right now, Facebook isn’t the probe we’ve sent into the far reaches of space. In fact, the name change to Meta is a great business move, but we’re nowhere near the metaverse’s true potential.
Mark Zuckerberg took Facebook and built the rocket he plans to use to explore the metaverse.
The name change from Facebook to Meta wasn’t just a name change for the company, it’s an entire shift in its identity.
Facebook has always dabbled in gaming and virtual reality as it embraced its Oculus. Despite the annoyance some users have when needing a Facebook account just to play virtual reality games, the technology itself is here to stay.
Facebook’s change in direction, at least virtually, came at a time when the world experienced a global pandemic that affected businesses all over the world.
With COVID-19 forcing employees into their homes to escape a worldwide pandemic, humankind needed to make fast changes to their entire lifestyles.
With Facebook and other tech companies leading the charge, it makes perfect sense to move into the metaverse now more than ever.
Why would anyone risk going out into the world, commuting, doing nothing to slow the spread of a worldwide disease when you can be just as effective from the comfort of your own home and not miss a beat?
This all sounds very promising, but how complicated is the metaverse for the average business to understand?
The Basics of The Metaverse Isn’t Very Complicated
At its most basic definition, the metaverse is simply a virtual space. Of course, that is the oversimplification of the metaverse term.
The metaverse isn’t here to take over our known universe as if we were on the verge of a robot takeover. It’s a virtual place where people can gather online.
Whether it’s in a video game, in virtual reality, or with work, the metaverse is where you can do it all.
The metaverse is massive, and we still don’t understand it. Assets in the metaverse aren’t owned by any centralized authority. For now, there are no hard rules in the metaverse.
It’s essentially the wild west of the internet. For some, the metaverse is simply known as the internet, but it’s more than the internet.
The metaverse expands to virtual realities, augmented realities, mixed realities, and other realities we come up with that supplement our own.
With all the marketing hype surrounding the metaverse, it’s only natural that businesses want a piece of the pie.
It’s understandable that many businesses become intimidated by the metaverse because they don’t know where to look.
The metaverse isn’t a specific term for one piece of technology. You can’t look at a computer and tell yourself that’s what the metaverse is.
However, you can use that computer to tap into the metaverse and its endless possibilities.
Technologies are constantly expanding to add even more complexity to the metaverse.
For example, when it comes to video games, such as Fortnite, becoming the forefront of the metaverse, you see how t’s possible to access that world with different pieces of technology from phones to the personal computer.
Didn’t The Metaverse Already Exist?
In terms of the digital economy, many wonder if the metaverse has always been around. For example, in video games, you can trade virtual items and move them around between platforms.
When you look at a description of the metaverse, you wonder how the term hasn’t existed long before it’s become mainstream.
Right now, the metaverse is simply used interchangeably with the internet. Big companies, such as Facebook, now known as Meta, know that they’re getting deeper into the metaverse.
However, to the average person: Meta’s dabbling in the metaverse is simply an internet company making better use of the internet.
Since the current concept of the metaverse is so new, people still believe it’s a work of fiction. With Facebook and other big companies looking towards the future of technology using the internet, there’s almost no limit to what the metaverse can do.
We see the type of virtual reality we want to see in science fiction movies right now, but these companies believe the metaverse is what will make those a reality someday.
Right now, the metaverse already exists. We have massively multiplayer online roleplaying games, such as Final Fantasy XIV or World of Warcraft.
We have concerts that are completely digital. We can pick up our phone and call anyone anywhere in the
world. We don’t even have to show our faces because we can create avatars to speak for us. We already have holograms of artists who have passed on performing concerts.
Now, you can even own digital assets in the metaverse, and it’s not a concept we haven’t tried exploring already.
Some may say that the early versions of the metaverse began as early as the 1960s when we started exploring the ideas of building virtual worlds with video games.
However, back then, we didn’t have the technology that we have today.
Technology, infrastructure, and virtual reality have evolved to the point where we can now ourselves a real chance to see the future of the virtual world.
This virtual world is expansive and almost never-ending. It’s a place where everything can exist virtually, but very few people have faith in it still there’s still so much pushback against digital assets found in the metaverse, such as NFTs.
Every time a company comes out wanting to explore the possibility of NFTs, they’re quickly shut down by the denizens of social media who believe the metaverse, and everything in it will fail.
But the current iteration of the metaverse is so much more, and businesses need to get on the train early while we’re all still trying to figure out its potential.
The Potential the Metaverse Has for Businesses
Now that you have a deeper understanding of the metaverse, it’s time to understand the possibilities it has for both small and big businesses.
The metaverse provides an opportunity for both new and old businesses to be at the forefront of the metaverse.
Some businesses don’t even have the basic digital entry points into the metaverse, such as social media.
Some e-commerce businesses believe all they need to do is list a product on a website and hope customers flock to them.
In our digital age, digital commerce will take over and businesses who have embraced the metaverse can connect directly with their buyers to give them a more immersive shopping experience.
An example of a company embracing the metaverse is Nike and the announcement of their Nikeland virtual world set on the Roblox platform.
Players can use the virtual shop on the platform to purchase virtual items for their avatars. Imagine if more businesses spread their brand through the Roblox platform?
While this doesn’t sound like something businesses would have done about ten years ago, it’s something businesses can add to their business plans now to maximize their revenue.
The metaverse is projected to grow astronomically with revenues in the billions for businesses who want to take the time to learn how they can benefit from the metaverse.
For businesses, the metaverse doesn’t only have to be a place where they offer digital products.
While the metaverse provides boundless opportunities for marketing products in the digital world, the metaverse is also a place to meet virtually with coworkers.
As a global pandemic continues to ravage society, remote work is becoming more prevalent.
Businesses need a way to host meetings, conduct training, and have spaces for coworking that takes place in the virtual world.
Online collaboration is just as effective as in-person collaboration with the right tools, and these tools come because of the metaverse.
Right now, CNBC reported that about 1 in 4 Americans are working from home.
Even companies who haven’t switched to a remote model yet have switched to a hybrid model to keep employees from jumping ship to a company that offers more of a work-life balance.
Remote work is here to stay and the metaverse will offer the type of virtual platforms where employees can collaborate, managers can conduct virtual performance reviews, and coworkers can meet with virtual avatars.
The reason why coworkers are turning to the metaverse for virtual reality coworking is that they feel the interaction feels more natural and they can work off each other’s social queues.
This is especially important in a world where it’s difficult to communicate in person or via a traditional Zoom call.
Adding the metaverse into the mix gives a company the type of culture where employees are free to speak their minds and have a little fun doing so.
There’s a bit of psychology that goes into employees who feel they’re involved in their workplace.
When you invite employees to collaborate virtually while providing a healthy work-life balance for them, then the retention rate increases.
Businesses won’t have to worry about turnover rate if they have staff loyal to their brand due to a shift in workplace culture because of the metaverse.
The metaverse is the perfect opportunity for businesses to brave the unknown. If you think about how businesses are at the forefront of their industries, they are the ones who took risks.
Businesses that don’t take risks are doomed to fail if they don’t adapt to an ever-changing digital world. They’re missing out on business transactions that can
take place in the metaverse, and how much potential cryptocurrency has for the future of the financial world.
Now is the perfect time to use the metaverse to its full potential to complement your business.
Today is the day your business can make its first steps into the digital unknown and its endless possibilities.