Do You Know Where Your Business Stands Within Metaverse?

The 2020s have been penned as the decade of technology — set to define the next era to come.

A $1.5 trillion industry with a forecasted CAGR of 47.6% for an industry that has no physical presence as of yet. But numbers (a trillion-dollar to be exact) hardly lie.

Yes, we are talking about Metaverse, the biggest digital platform yet to exist. Introduced at Connect in October of 2021, it generated a buzz within seconds of going live.

Rapidly growing motion-tracking technology and cybernetics are expected to introduce new opportunities in the market.

That being said, human interactions with machines are the most indispensable aspect of the metaverse.

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Let’s dive into the possibilities of Metaverse turning into a trillion-dollar opportunity!

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Beginning with

Metaverse- Where Virtual Meets Reality

To your surprise, the term metaverse did not just show up recently. The sci-fi novel Snow Crash already featured the detailed concept of the metaverse back in 1992.

Where he referred to the metaverse as a digital world that exists parallel to the real-time world.

Mark Zuckerberg, recent rebranding towards the metaverse is seen as the next frontier in connecting people through reimagination.

Read about the futuristic dream of Mark Zuckerberg’s metaverse.

Now fast-forwarded to 2022, where metaverse aims to offer the next-level digital experience within a virtual community for unlimited interactions with an avatar that is a real “YOU”.

A Real Parallel World With 3D Capture And Virtualization Technology

A parallel world with objects, buildings, and even you as an avatar will only seem realistic with the power of 3D capture and visualization.

The entire concept of the metaverse is dependent on 3D capture and virtualization technology that delivers an immersive and interactive experience with 3D virtualization — allowing people to “live” within the digital universe.

Besides VR and AR, the metaverse is getting fueled with 3D technology, creating a more natural and realistic meta space.

Therefore, making people believe in this concept actually requires innovative 3D and visualization technology to get it off the ground for the best experience of the multiverse.

Intrigued to know more about the technologies backing the metaverse?

Let’s proceed to the most interesting part of the blog!

Well, How Does Metaverse Actually Work?

A question that sparks curiosity is “How will the metaverse work?”

With too much hype around the nuts and bolts of the metaverse and how it will create wonders in the digital world, people are wondering how it will let them indulge in the virtual world.

Metaverse cannot run on its own. Like a car needs fuel, the metaverse requires interactive technologies to run.

The mutual technological combination of VR, AR, MR, and XR make up the bulk of the meta world.

Mark Zuckerberg, Facebook CEO describes this amalgamation of the digital world in these terms:

“When you play a game with your friends, you’ll feel like you’re right there together in a different world, not just on your computer by yourself. And when you’re in a meeting in the metaverse, it will feel like you’re right in the room together making eye contact, having a shared sense of space, and not just looking at a grid of faces on a screen.”

Quite simply, the interconnected unreal but real world will bring the future to the palm of your hand easily through VR headsets, augmented reality glasses, game consoles, and smartphones.

VR technology ensures delivering the best sensory experience like touching and playing with the moving objects in the virtual world.

AR technology adds an extra dimension to the objects in the meta world. From images to sound and even GPS data, AR technology convinces the brain that you really exist in the meta world.

In a nutshell, with the right gear, you will be one step closer to reality and experience a truly unique experience in the multiverse.

The Ever-expanding Metaverse Opportunities in Different Sectors

The metaverse — a new gateway to the virtual world is reshaping different industries progressively.

As the meta world is coming better and more surprising every day, various industry sectors continue to demonstrate awestriking innovations in the Metaverse.

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Games Are On The Way To The Metaverse

The early evolved games like Minecraft, Second Life, and Sim City already offer a realistic and well-rounded experience.

And now the gaming industry is readily integrating metaverse elements in their games.

Popular games like Fortnite, Roblox, and Animal Crossing reported over 49 million daily active users in November 2021 due to the immersive virtual gaming experience.

Roblox, a leading metaverse player has also announced a partnership with multiple brands like Nike, Ralph Lauren, NFL, and more.

Media And Entertainment Are Moving To The Next Level

VR media and entertainment events crowded with 3D avatars are no longer futuristic concepts.

Back in April 2020, Travis Scott's virtual performance in Fortnite’s mesmeric and immersive surroundings attracted 12.3 million audiences around the world.

Likewise, K-pop group BTS also released its new debut in Fortnite in September 2021.

From watching live sports in a sports stadium to attending your favorite signer’s concert at the concert halls and enjoying a movie in a cinema.

The metaverse is making the virtual world as entertaining as the physical world.

The performers now engage more closely with their fans. What’s more ethereal than enjoying an exclusive and almost real experience with your favorite artist? :star-struck:

Retail — Becoming A Million-Dollar Industry

Interestingly, the metaverse is also shaping the retail industry experiences on both brand and consumer levels.

Owing to the revolutionized way of customer interaction with the products and stores within the metaverse, scores of brands are showing their interest in the metaverse.

Metaverse is transforming the shopping experiences for people. Now presenting “trying on your favorite clothing on your avatar” after the very popular and convenient online shopping ritual. Metaverse is allowing you to decide whether or not to make a purchase.

Various fashion brands like Gucci, Balenciaga, Ralph Laren, Dior, and others are experimenting with virtual clothing and other wearables to open doors to more revenue streams and attract the audience.

That’s not it! Fashion brands like Nike, Louis Vuitton, Tommy Hilfiger, and Gucci are also leveraging metaverse-based marketing campaigns to stay ahead of the curve and get a head start on the future. So, if you are looking to venture into the metaverse for business, you may also want to consider trademarking your brand, which should start by learning all-in trademark costs for your jurisdiction.

A New Way Of Attending Meetings At Work

Ever thought of virtually collaborating with workmates? Well, remote working is definitely far beyond Metaverse and its wonders.

Here, let’s imagine an office environment where you interact with your work besties in real-time as avatars. We know that’s everything crazy!

With the massive adoption of remote work, Microsoft’s Mesh and Meta’s Horizon are doing really great in making a dream-of-work metaverse come true.

Microsoft Mesh is designed to offer a more engaging, fun, and personal online meeting experience allowing people to connect with a holographic virtual presence and shared experiences through mixed reality applications.

Meta’s Horizon Workspace is a VR workspace allowing employees to hold in-person meetings as an avatar version from anywhere using Oculus headsets.

Considering the widespread popularity of the metaverse, many metaverse startups are taking the lead in the global metaverse market. Let’s take a look at how metaverse is impacting the business world.

The Business World And The Metaverse

Currently, the unstoppable growth of the metaverse is giving birth to scores of meta startups, all set to create a boom!

Curious about the metaverse startups taking a lead in the metaspace? Let’s take a look at the most promising metaverse startups to watch in 2022.

Virtex

Madrid-based Virtex Stadium offers an immersive virtual stadium experience at the stadium center for all e-sports games.

Tripolygon

The Seoul-based startup Tripolygon allows metaverse creators to create their own 3D assets like buildings, avatars, items, and props using Unity Plugins.

The Football Company

The Germany-based startup The Football Company created a football metaverse to offer an authentic and advanced football experience to people.

Interested to explore more about the metaverse startups?

Wearable Technology

For genuine metaverse experience, wearable VR or AR gadgets, such as headsets, are needed.

The logical next step is to invest in AR/VR technology because they will replace smartphones as the central platform for digital and telecom services.

5G Networks

A fully workable metaverse requires 5G networks that provide high-bandwidth and low-latency services.

Advanced features such as MEC and network slicing enable remote rendering and support the frame rates required for an immersive experience.

AI

AI will enable, support, and implement the Metaverse, while significantly reducing power consumption and improving the performance of 5G networks.

AI algorithms can analyze huge chunks of data and can drive action and derive insights. Accessibility of metaverse could highly depend on AI.

Avatars

Avatars will represent individuals in the metaverse. They will be customizable and be able to move, speak and/or perform animated actions.

Individuals will be able to interact with their virtual settings through their avatars. AI will be sued to imitate gestures and movements.

Non-Fungible Tokens or NFTs

NFTs represent the non-interchangeable assets representing ownership of a unique digital item.

NFTs are the decentralized and reliable way to track & establish ownership of digital assets without the need for auditing bodies or corporate servers.

What Could Be Your Brand’s Metaverse Strategy?

Since the inception of the metaverse, brands are intensely invested to attract customers into the virtual environment through creative ways.

While people are already very excited about experiencing the reality of the meta world. But at the same time, this won’t be as easy as it seems.

Entertaining meanwhile also engaging people is not really that easy as the metaverse is still evolving.

With that being said, brands that are willing to embrace the metaverse revolution must ditch their casual branding strategies and bring meta-curious (of course, we mean meticulous, but did you the get hint :wink:?) inventions to the table?

Scroll down to find out how to ace your metaverse brand strategy and make a whopping entry into the meta world!

Understand the Audience Keenly

Before letting your brand go meta, start by taking note of the following important factors such as:

Who is your Metaverse Audience?

What does the audience expect from your brand?

The skeptic Gen Z league is primarily and usually the target audience for your brand here. It is, therefore, necessary to deliver an innovative brand perception and outlook to your younger audiences. Of course to stand out in the wild meta ecosystem!

Therefore, truly understanding the brand personality and how the audience sees it is important to create synergy between the brand and the audience.

Know what metaverse is

Right off the bat, understanding the concept of the metaverse from learning the language to knowing the culture within, is crucial to offer great value to the audience.

This begs a question: how can a brand get along with Metaverse to bring something beneficial to their audience?

The right answer to this question is that the brands can’t jump off straight to the metaverse platform and take a lead among the competition.

To achieve this, brands need to scrutinize new ways to blur the boundary between the physical and digital worlds to offer a unique and enticing experience to the audience.

Focus on delivering the experience

Now that you know what metaverse is, who is your audience, and what is your brand, it is now high time to focus on delivering the experience.

Rather than rushing to take your brand into the meta world, take time out and see what elements you can work on to offer a seamless digital experience to the audience.

For instance, Coca-Cola, Balenciaga, Gucci, Nike, Wendy’s, and others are contributing well to giving an entirely new experience to the audience.

However, remember that earning a good reputation is hard and easy to lose.

So, rushing to take the brand to metaverse can also lead to earning a bad reputation. For instance, when Pokemon rolled out $9K NFTs Pixelmon, it was bad enough to become an instant meme.

Be mindful that you are not just attracting the masses with the realistic metaverse experience but also engaging them with the right strategy in the right way.

So, while you are scrutinizing the ways to create a remarkable presence in the multiverse, you surely need to come up with something exciting to admire the audience.

Making Money With The Metaverse

A concern that matters to everyone!

Till yet, if you are intrigued enough with the concept of the metaverse and wish to make money off of it, get started by following these steps:

Are you among those who are hunting for ways to make money in the virtual world?

Well, hopefully, these ways would surely help you to generate lots of dollars you might be dreaming to earn in the virtual parallel world.

Challenges Metaverse Creator Could Encounter

Despite frequent opportunities, the metaverse can also be a risky business. Metaverse’s viability highly depends on some very complex factors:

1. Trust, Safety, and Security

Scams, lapses in content moderation, and false or disinformation could be amplified in the metaverse. Possibly, false information may spread more aggressively in the metaspace.

For example, security issues could take the form of someone masquerading as a medical doctor to gain access to surgical theatre technology for digitally-performed surgeries.

Keeping metaverse safe and secure will require a lot of governing policies to ensure compliance and protect online data.

2. Interoperability

Metaverse means that there will be multiple online spaces that will allow the users to migrate and travel back and forth. The primary challenge here will be to provide a smooth interchange between multiple online spaces, and virtual worlds.

 

Another challenge would be to integrate avatars and import the data accordingly to the digital world the user wants to access next.

3. User Awareness and Adoption

Creating a demand for the metaverse might be a tad bit difficult. Surveys have shown mixed reactions regarding the possibility of the metaverse. Stimulating user awareness and adoption could pose a substantial challenge.

Certain factors of the metaverse can be off-putting for individuals making them reluctant to join it.

 

For this purpose, new content needs to focus on the usefulness and safety factor of the metaverse.

4. Regulation

Putting into effect the regulatory bodies of rules and compliance is unquestionably a major challenge.

The ever-evolving technology hardly allows policymakers to catch up along with that market disruptions pose instability in enforcing regulations.

Copyright and infringement issues, global intellectual property rights and challenges relating to controlling, possessing, and owning the mass data generated via metaverse will be one of the biggest regulatory challenges.

This is where InvoZone comes in as a savior. It has roots deep down in cybersecurity. With dedicated teams to ensure regulatory compliance, InvoZone is the cyber partner that you want to get on board as soon as possible.