The Meta Verse and Future of Business

Imagine a scenario in which you could do business with colleagues while lounging on a beach, taking notes during a conference while floating around a space station, or even teleporting to London and New York from your workplace with only a few clicks, all without ever leaving your home. 

To take meetings or phone calls on your behalf, you could even send in your AI-enabled digital doppelganger. 

These are only a few illustrations of the type of employment that “the metaverse” envisions for the future.

The future is here and how! Technology has seeped into our lives changing them for the better and now it continues to gain a strong foothold in various walks of our existence be it entertainment or infotainment. One such altruistic advancement is the Metaverse! 

The metaverse stands out in a world filled with exciting technological advancements. 

The potential for a “real-time 3D internet” to change how we work, play, enjoy ourselves, and socialize is thrilling, and I think one of the first industries to experience the effects will be consumer products since the process has already begun.

But it’s still unclear exactly how the metaverse will impact the commercial world as a whole.

As we delve into this topic, I invite you to imagine a world where physical limitations are no longer barriers, where collaboration knows no bounds, and where innovation thrives in a digital landscape that blurs the lines between reality and imagination.

The metaverse, a term popularized by science fiction, refers to a collective virtual shared space that encompasses multiple virtual worlds, augmented reality, and the internet. It is an immersive environment that allows individuals to interact with each other and digital entities in real-time, transcending the constraints of physical space.

One of the most profound impacts the metaverse will have on future business is in reshaping the concept of the workplace. No longer will we be confined to traditional office spaces or restricted by geographical boundaries. With the metaverse, the idea of a remote work culture takes on new dimensions. Imagine conducting meetings while lounging on a beach, brainstorming ideas while floating around a space station, or collaborating with colleagues from different continents, all without leaving the comfort of your home. The metaverse will enable a new level of flexibility, efficiency, and global connectivity, allowing businesses to tap into talent pools from around the world while reducing costs associated with physical infrastructure.

In this article, we dig deeper and describe how this new virtual world will impact business in the future.

So, let’s start with the basics… What is the Metaverse?

The idea of the metaverse seems like something out of a science fiction book. 

The announcement by Mark Zuckerberg that Facebook will change its name to “Meta” by the end of October 2021 was a clear indication to the rest of the world that the metaverse would soon become widely accepted.

The term “metaverse” comes from the Greek words “meta,” which means beyond, and “universe.” 

Simply said, the metaverse alters our interaction with the internet. 

The internet will already be there, rather than requiring us to actively seek it out by pulling out our phones and conducting a Google search, for instance.

Users may design and construct their own digital avatars in the 3D “virtual world” known as Metaverse, where they can communicate with one another in a virtual environment.

Future business will be impacted by the metaverse, which ushers in a period of mass customization and the capacity to accomplish more tasks with less effort while connecting with one another in novel, creative ways.

And for business, the Metaverse offers countless options and possibilities, and that is what we will explore in the next section.

The impact of the metaverse on business is poised to be transformative in several ways. 

Firstly, the metaverse enables a remote work culture that transcends physical boundaries, allowing employees to participate in meetings, collaborate, and communicate from virtual workspaces. This not only increases efficiency but also opens up global talent pools for businesses to tap into. 

Secondly, the metaverse enhances live event experiences, allowing people to enjoy performances and concerts from the comfort of their own homes, with unprecedented levels of immersion and interaction. 

Thirdly, immersive shopping experiences in the metaverse offer businesses the opportunity to create virtual storefronts, enabling customers to browse, try on virtual products, and provide valuable feedback. This revolutionizes the retail experience and allows for innovative product launches. 

Fourthly, the metaverse provides new pathways for content development, pushing the boundaries of creativity and interaction in a virtual environment. Brands can leverage the metaverse to enhance their visibility and engage with consumers through immersive social media platforms and interactive content. 

Additionally, the metaverse presents opportunities for improved corporate training and development, utilizing augmented and virtual reality technologies to bridge the gap between theory and practice. 

Lastly, the metaverse facilitates the monetization of digital assets through non-fungible tokens (NFTs), allowing businesses to participate in a global marketplace and trade unique digital goods securely. As the metaverse continues to evolve, its impact on business will continue to grow, fostering innovation, expanding markets, and redefining the way we work, connect, and engage with the digital world.

The internet world is predominantly dominated by young people, and marketers are not passing up the chance to reach this client base. Coca-Cola, introduced its first NFT collectible in July 2021, enabling virtual residents of Decentraland to purchase and resell goods to other virtual residents on the metaverse platform. 

While individuals are willing to spend hundreds or even millions of dollars to get these collectibles, Adidas Originals grossed USD$23.5 million selling 30,000 of its “Into the Metaverse” NFTs in only a few hours.

Let me give you some statistics and financial insights related to the impact of the metaverse on business:

Virtual Events Market: The virtual events market has witnessed significant growth in recent years. According to Grand View Research, the global virtual events market size was valued at $77.98 billion in 2020 and is projected to reach $404.45 billion by 2027, growing at a compound annual growth rate (CAGR) of 26.7% during the forecast period.

Virtual Real Estate Market: The market for virtual real estate within the metaverse is expanding rapidly. For example, in February 2021, a virtual plot of land in the metaverse game Decentraland was sold for $572,000. Such transactions highlight the growing value and demand for virtual properties within the metaverse.

Augmented Reality (AR) and Virtual Reality (VR) Market: The metaverse heavily relies on AR and VR technologies. According to Statista, the global AR and VR market size is projected to reach $209.2 billion by 2022. This growth is driven by increased adoption in various sectors, including gaming, healthcare, retail, and enterprise applications.

Remote Work and Collaboration Tools: The COVID-19 pandemic accelerated the adoption of remote work and virtual collaboration tools. For example, Microsoft reported that daily active users of Microsoft Teams reached 115 million in October 2020, representing a significant increase from 32 million in March 2020. This demonstrates the growing reliance on virtual communication and collaboration platforms.

Virtual Shopping and E-commerce: The metaverse has the potential to transform the shopping experience. According to a report by Gartner, virtual try-on technology in the beauty and fashion industry can increase online conversions by 20% and reduce return rates by 50%. Furthermore, research by Shopify found that products with 3D models and augmented reality experiences had a 94% higher conversion rate compared to products without such features.

NFT Market: Non-fungible tokens (NFTs) have gained significant attention within the metaverse ecosystem. In the first quarter of 2021 alone, the NFT market witnessed over $2 billion in sales, according to DappRadar. Major brands, artists, and celebrities have entered the NFT space, contributing to its exponential growth and unlocking new revenue streams for digital assets.

These statistics and financial insights provide a glimpse into the economic impact and potential of the metaverse on businesses. They highlight the growing market opportunities, the rise of virtual experiences, the value of virtual assets, and the transformative power of AR, VR, and NFT technologies within the metaverse ecosystem. As businesses continue to explore and invest in the metaverse, these numbers are expected to grow further, shaping the future of the digital economy.

India has the most potential economically, socially, and financially from Metaverse adoption. Let me explain this bold yet obvious statement. India has the second highest number of smartphone users and the second highest number of mobile gamers in the world. Given the pace of technological changes, we are leapfrogging some technical phases like India skipped the PC adoption phase and straight went to mobile. Three areas will drive Metaverse adoption in India immensely which are social media, education and gaming.

In conclusion, the metaverse represents an extraordinary frontier that holds immense potential to shape our future in ways we can only begin to imagine. As we continue to push the boundaries of technology and connectivity, the metaverse promises to revolutionize the way we interact, learn, work, and play. It has the power to bridge physical distances, foster collaboration across borders, and unleash a new wave of creativity and innovation. However, as we embark on this exciting journey, we must also be mindful of the ethical and societal implications that come with it. It is up to us, as stewards of the metaverse, to ensure that it remains inclusive, accessible, and respectful of human rights and values. By harnessing its potential responsibly, we can create a future where the metaverse enhances our lives, brings us closer together, and paves the way for a truly interconnected and immersive world. Together, let us embrace this remarkable technological leap and shape the metaverse in a way that benefits humanity as a whole.