The Metaverse is a new word in the lexicon of the modern entrepreneur. It is a convergence of physical, augmented and virtual reality in a common online space. Here people experience virtual reality (VR) from any location, on any device at any time. The term has been coined to describe an environment that could be used by anyone with a web browser or console, including those without access to VR hardware like Oculus Rift or HTC Vive headsets.
A Metaverse is a place where people can go anywhere, anytime and be anyone they want to be their avatar or character in this realm of virtual reality. It can be used as an immersive experience anywhere one wants to be; whether that’s at home, work, play at a friend’s house or even on vacation.
Companies that want to stay competitive must already be planning how they will interact with customers, find new advertising opportunities and attract sponsors to the metaverse.
How does it work?
Think of the metaverse as a hybrid of social media, entertainment, work, and personal life. For example, you want to buy running shoes. You need to check how harmoniously they will look with the rest of the wardrobe. You put on VR glasses, where the database of your clothes is already loaded, and use a virtual mirror to evaluate the combination.
You can visit it with your friends and family, watch movies, play games, etc. And you can do all the things that you want in your real life (e.g., going out with your friends).
The Metaverse is also very popular nowadays due to the growing popularity of Virtual Reality (VR) technology. In this technology you put on head gear and use special VR headsets for VR like Oculus Rift or HTC Vive which uses sensors to create 3D images and make them appear as if you are there in the real world.
Next, you have a working corporate meeting planned. But it takes place at the main office of the company, 2000 km from you. You connect to the platform, where, in the form of a 3D avatar, you get to a corporate party in new sneakers. Walk around the location, play games, and communicate with colleagues who were unable to be physically present. Or rather, with their avatars.
Metaverse is an initiative to create a global virtual real-estate where consumers can create, sell, and buy anything imaginable. If you’re looking for a new demographic to target, that doesn’t mean you have to go through the traditional methods. You can use metaverse for everything from branded content to games, virtual reality, and augmented reality.
It’s not too hard to set up a virtual shoowroom, but you have to make sure that:
1. You have an appropriate amount of time and money
2. You have a good experience with marketing beforehand
3. You understand the laws (local or national) governing sales and product use
4. You don’t mind dealing with legal issues in your local environment (oh, and don’t forget to buy stock.)
5. You don’t mind paying taxes for your company as a foreign entity for tax purposes as well as for any other reasons you need to explain before the authorities might let you keep going with it.
How to market in the Metaverse?
This is probably the most interesting question of tomorrow. It is only an assumption of companies wishing to market in a virtual environment. Well, they may be correct, but a lot of companies are scared off by the term Metaverse because they don’t know how to set it up and advertise in it.
The Metaverse is the idea of using digital technologies to create a virtual place that you can visit with your friends and family. Everyone who wants to participate in its creation can start trying today. After all, tomorrow the world will need specialists who can create virtual worlds, multiplayer immersive games and many other interesting user experiences.
The main difference between the metaverse and simple entertainment is that everything is tied to money. The metaverse is a copy of the physical world, so all the opportunities for earning in it, associated with intellectual production, are also possible in the virtual:
· Trade in virtual real estate;
· Trading and algorithmic trading, staking, mining;
· Programming and development;
· Digital art, media and marketplaces;
· Video and cinema;
· Music and music stores;
· Collectible series of NFTs backed by a lobbying community;
· Game development and earnings in games;
· Purchase, sale and rental of virtual land and retail space, advertising;
· Media, digital influencers and avatars;
· Marketplaces of all stripes;
All this has one thing in common - transactions between the seller and the buyer are made directly, there is no intermediary between them with their own interests. Instead of imperfect laws, relentless technology enforces rights.
The benefits of using the Metaverse for business
With the recent launch of the Metaverse, companies can now offer their products and services and attract new customers to their enterprises through a free digital marketplace, it is like an online store where users can buy experiences. The Metaverse is an online platform that allows anyone to create his or her own virtual reality, where a user can create virtual worlds with software that runs on a PC.
This technology allows the companies to woo new customers without having to spend millions of dollars on advertising. It also gives them access to huge potential audiences that they normally would not be able to reach.
The Virtual World provides companies with another avenue for marketing their products and services, as well as building relationships with potential clients, and in turn, generating sales through loyalty programs and other promotional techniques.
And just like any other digital space , people will have opinions about the reliability of this platform, about its usefulness for businesses large or small and about its usability for various kinds of businesses. And it’s up to them which one they will adopt.
Don't know if the metaverse is for you?