The metaverse is about to be a game-changer. Facebook creator Mark Zuckerberg already championed this futuristic idea, as he rebranded as Meta. But what if the metaverse could mean a revolution for smaller business owners, too?
Sure, the metaverse remains puzzling to many observers. Indeed, the concept originated from science-fiction author Neal Stephenson. In his 1992 classic Snow Crash, the metaverse refers to a three-dimensional space where humans interact as avatars.
Three decades later, the metaverse is a long way to a dystopian network of virtual worlds. But with the help of ground-breaking technologies like augmented reality and virtual reality, this digital space could push boundaries even further. And in the business world, this new ecosystem already means profitable opportunities.
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Engaging corporate meetings
Digital transformation is reshaping the workspace model. In recent years, the corporate environment has become a mix of remote working and physical attendance. Thus, virtual meetings are the new normal. But for employees, working from home often implies virtual fatigue.
Therefore, several productive tools can increase employee engagement by recreating the office environment in augmented reality. With Mesh for Microsoft Teams, business partners can already take part in corporate meetings as animated avatars. Microsoft also plans on rolling out customized virtual spaces, where co-workers socialize and collaborate remotely.
And according to Bill Gates, VR headsets might even be commonplace at work within three years. Meta’s developers seem on the same page, as the company is relying on the Oculus technology for its Horizon Workrooms 3D virtual office.
Immersive e-commerce experiences
In the retail industry, the metaverse will make it possible for customers to explore an online store without leaving their couch. But instead of clicking on still images, shoppers can try out their favourite products thanks to digital avatars.
Indeed, the metaverse allows users to wear everything from shoes to accessories. Thus, fashion brands started advertising new collections before displaying them physically. Ralph Lauren unveiled a gender-neutral collection for shoppers to personalize virtually. The Forever 21 Shop City followed suit, giving Roblox users an opportunity to create and manage their personal store on the online game platform.
Other retailers leaped into the metaverse, too. Last year, Procter & Gamble experimented with augmented reality in China. The pop-up retail store featured skincare analysis with no facial contact. Sports brands such as Nike and Adidas also championed the so-called physical retail, using blockchain technology to up their marketing game.
Innovative marketing opportunities
Traditional marketing is growing out of fashion. Instead, customers crave a more exclusive connection with the brands they champion. And in a highly competitive environment, the metaverse can boost your brand presence online with NFTs.
These non-fungible tokens usually take the form of digital collectibles, such as jpegs or VR artworks. Several global firms launched their NFT collection to power up their marketing campaigns, from McDonalds to Coca-Cola.
But you can also increase your brand awareness by tapping into online gaming. Indeed, in-game advertising is now a lucrative business model. Many companies, therefore, have partnered with online games to provide exclusive in-game items. Luxury fashion houses paved the way, as Balenciaga designed limited-edition skins for players to equip their Fortnite avatar.
Virtual worlds have provided a window for individual brands to build marketing momentum as well. On the Decentraland shared virtual community, for example, all eyes were on Atari when the gaming pioneer opened the first-ever crypto casino in the metaverse.
Of course, virtual casinos are nothing new. The best platforms have already outmoded land-based casinos to wager real money. With a wide catalogue of up-to-date slots, online casinos are the way to go for gamblers. Many real money casinos even offer generous bonuses, on top of loyalty points and VIP programs. Rewards can also help players try out several slots for free before they deposit actual money. And unlike the metaverse, there’s no need for an avatar to hit the jackpot.
Sure, a Ready Player One universe is still years ahead. Yet, the metaverse might be the next frontier for businesses willing to think outside the box. Plus, the marketing boom hasn’t happened yet in the metaverse. And from retailers to fashion designers, many have already taken advantage of the transformative power of this virtual world.
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