Metaverse’s $280 Billion Opportunity: I tell you how to cash in
The metaverse is a real world of opportunity for businesses. It offers a new digital space to create meaningful relationships with both your customers and your brand through Virtual reality.
In October 2021, with the sensational announcement that Facebook would be renamed Meta, the world experienced a surge in Metaverse-related discussions.
However, it was in 1992, a sci-fi writer Neal Stephenson who had first coined the term ‘metaverse’ to describe a 3D virtual space.
Thousands of companies have rushed to register the Metaverse trademark. I’ll discuss what this means for your business.
Capitalize on the Marketing Opportunities
Marketers can capitalize on the opportunities to reach consumers through virtual worlds. Virtual worlds give the opportunity for consumers to interact with brands in an immersive environment.
Successful marketing campaigns in the metaverse can increase brand loyalty and improve customer retention.
Revolutionize the way of communicating
Using the Metaverse in real-time, communication has opened up new possibilities for creating contact between people.
The development of the proposed use case will create a framework for future definitions of web communication standards. It can also be used with multiple media streams to make it even more attractive.
Create a Digital Reality
Metaverse’s technological advancement can help clients to experience the world without leaving their homes.
By merging virtual reality with augmented reality, a digital environment can be created that simulates realistic content.
The immersive environment can be used to demonstrate products or create walk through locations in a way that feels as if they are actually there.
Monetize on NFTs (Non-Fungible Tokens)
Metaverse blockchain benefits could bring about new, realistic, and engaging NFT marketplaces, where users can communicate with other users to view the merchandise for sale and make informed purchases.
Reshape Virtual collaboration
Virtual experiences in the metaverse have enabled global teams and remote workers to work together.
It offers a completely customizable solution where teams could access different functionalities such as events, offices, conferences, virtual training, and trade shows in just one interface.
How Are Companies Leveraging Metaverse
The idea of the metaverse is exciting, but as a concept it needs to be refined. The following are examples of organizations who are bringing VR to the masses.
(Click on the brand names to know their initiatives)
Market research firm Strategy Analytics Inc. estimates that by 2025, the global Metaverse market will be worth $280 billion—a six-fold increase from $46 billion in 2020. Now, imagine what you could do with that kind of growth potential.
How to Use Metaverse within your Brand's Strategy
Even having a clear vision of what metaverse is, can be challenging for companies to take their first steps into new fields.
When starting out, brands answering these questions will help gain an informed perspective:
- What kind of experience do you want to create?
- How will this experience benefit the people who participate in it?
- What are the goals of the metaverse?
- How will these goals be achieved?
Ultimately, influencers in all facets, from software development to advertising, must come together and decide on a course of action that will determine how far you want to advance into an uncharted territory.
While interactive media is the most well-known example of metaverse technology, there are many other business applications still waiting to be explored. Below partnerships exist to create more opportunity for the brands.
Companies like Fortnite from Epic Games, Roblox, Decentraland, MetaVRse and Unity have made it easier than ever to create immersive virtual worlds. Businesses are investing in these tools to create content and build brand presence.
Nvidia is investing in metaverse simulations of manufacturing and logistics to reduce waste and accelerate better business solutions.
Microsoft is using its Mesh platform to help companies create immersive spaces for collaboration, allowing employees to work together regularly and easily in different ways.
The commercial applications of the metaverse are even further heightened by the new behaviours that are surging around buying products and services directly from social experiences, also known as “social commerce.”
Social media companies like Facebook are jumping on the trend of shopping and selling goods in virtual worlds to take advantage of the intersection where people connect and buy.
They are working on developing new business models for influencers, creating tokens that act as unique digital goods, and acquiring physical stores.
A Way Forward
In short, there are a lot of possibilities for brands in the metaverse. Now is the time to start thinking about how your brand can use VR technology.
As Facebook’s recent acquisitions also reflect, this will likely be a space that brands will need to pay attention to (and invest in) if they want longevity.
As I feel, what brands want to achieve is to be in the middle of this movement and not be disrupted. This is a similar situation as when Amazon emerged, and everyone spoke about how the bookstore industry was going to be disrupted forever.
Instead, Barnes & Noble very smartly, helped Amazon’s entry by starting an online bookstore with BN.com and helped users utilize their physical stores in selling books online.
In short, Barnes & Noble changed their business model slightly and made themselves indispensable for many years in the future. I see the same thing happening here.
SMEs will start thinking about ways to enter this market and leverage on existing assets that are deeply linked to their existing business models. This can lead to better promotion for brand reputation and sales, instead of trying to be the next Airbnb or Uber in real estate or transportation.
- C. (2021, December 20). Increased by nearly 10 times in three months, thousands of companies rushed to register Metaverse trademark. CoinYuppie: Bitcoin, Ethereum, Metaverse, NFT, DAO, DeFi, Dogecoin, Crypto News. https://coinyuppie.com/increased-by-nearly-10-times-in-three-months-thousands-of-companies-rushed-to-register-metaverse-trademark/
- How Brands Can Enter the Metaverse. (2022, January 3). Harvard Business Review. https://hbr.org/2022/01/how-brands-can-enter-the-metaverse
- Smithson, A. (2021, October 18). A Brand Guide to The Metaverse. MetaVRse. https://metavrse.com/a-brand-guide-to-the-metaverse/
- Weston, G. (2022, January 18). Metaverse Use Cases and Benefits. 101 Blockchains. https://101blockchains.com/metaverse-use-cases/
- Wikipedia contributors. (2022, March 5). Metaverse. Wikipedia. https://en.wikipedia.org/wiki/Metaverse
- Woo, A. (2021, December 10). Mapping The Metaverse: How Can Brands Make The Most Of This New World? Forbes. https://www.forbes.com/sites/forbesagencycouncil/2021/11/30/mapping-the-metaverse-how-can-brands-make-the-most-of-this-new-world/?sh=27de0adc6534