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How Will Metaverse Shake Up Tech Businesses?

07/22/22 · Reports · This is not a financial advice
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Metaverse is the latest big thing technology and is making waves in multiple industries. As much as Metaverse is still yet to launch, it has attracted significant investor interest. Some pump resources to Metaverse NFT projects, as is well seen from our airdrops page; others adjust their business to accommodate with Metaverse once it is here.

As a crypto investor, it’s best to know how best to position yourself to get the most out of the technology and its influence on the markets.

Since Metaverse revolves mostly around entertainment, the gaming industry is leading the way, and even online gambling platforms like Ripper Casino are embracing blockchain technology in their operations. They are at the front row of the new technology and should be the first industry to take advantage of this incredible opportunity.

Does Metaverse have opportunities for businesses in other industries? If all the promises of Web3 and Metaverse will come true, big and small businesses will experience the same shift as in the gaming industry. Like mobile, Metaverse might provide a level playing field for everyone and increase opportunities for all businesses.

Here are ways the Web3 technology that Metaverse relies on may revolutionize businesses.

  1. Improved Customer Experience

    In Snowcrash, the cyberpunk book that first used the term Metaverse, businesses optimised their customer experience by using artificial intelligence staff with avatars that would adjust based on the customer’s appearance.

    This way every customer would get to speak to a staff member that looked kind of like them, which in the book improved customer satisfaction.

    It is the reality that businesses are always looking to improve their competitiveness by enhancing their customer experience. In today's business environment, customers have the power. This means customer experience is vital to the growth and sustainability of your business. A positive customer experience boosts brand awareness, loyalty, and revenue.

    Metaverse will definitely provide new tools and approaches to driving positive customer experiences. Even without AI, companies can showcase their products through VR and AR technologies. The experience will be more detailed but also more impressive to help customers make purchasing decisions easily.

  2. Marketing and Brand Awareness

    Organizations are also set to benefit from marketing and brand awareness in the Metaverse. The possibilities are endless. Some brands have already made a move and collaborated with game developers in the Metaverse. Some fashion brands have, for instance, partnered with NFT game developers to have their collections featured in the games. There are many strategies businesses could use to make their brands visible in the Metaverse.

    For instance, there are opportunities for real estate businesses to showcase their brands and build authority in the virtual world.

    They can build landmarks, houses, and even malls on Metaverse platforms and put up banners. They can also place adverts in Metaverse to increase their reach.

    Different businesses and brands will get a broad space to advertise their products and services, build relationships and reach international markets. People are already doing things online. The preference for e-commerce is growing, and Metaverse and businesses can tap into existing opportunities to diversify their marketing strategies.

  3. New Payment Methods

    To join Metaverse, you will need to have a crypto wallet and use some form of cryptocurrencies and digital assets, if only for your avatar.

    Metaverse will let consumers and businesses access new payment methods thanks to the Web3 technology that powers it.

    It is a fully virtual world, which means there will be businesses, individuals and bots that will be transacting in cryptocurrency.

    That cryptocurrency might be centralised or decentralised, that is not yet certain. Either way, people will buy and sell fully virtual goods in Metaverse, meaning that a fully virtual payment method would be more convenient to support that trade.

    Through blockchain, businesses and consumers can transact without incurring extra expenses like exchange rate fees and using intermediaries.

  4. Increased Collaboration and Networking

    The Covid-19 pandemic made businesses realize their teams could work on projects without being in the same office. There have been a plethora of tools used by companies to hold meetings, work on projects and run their operations.

    Metaverse will streamline collaboration and networking and establish more refined models for running businesses. Metaverse technologies will create more opportunities for collaboration, which will steer business growth and success.

    If Metaverse actually catches on, it would not be too far-fetched to conclude that air travel might actually start getting obsolete. Business meetings in Metaverse could be the environmentally friendly alternative.

    It would be a convenient virtual world where employees can interact and work. Tech companies like Microsoft are already leading the way in creating collaborative platforms like Mesh that allow employees to collaborate in the same room through holograms and 3D avatars.

    Through avatars enabled by Metaverse, the genuine feel of online meetings should improve as it will make them more immersive. Online meetings would feel less like conventional virtual meetings and feel more like you have people sitting in the room.

  5. Increased Revenue

    Technology has, over time, proved to be a significant driver of growth. Most of the benefits that come with running a business in the Metaverse improve the profitability of companies.

    For instance, through collaboration on Metaverse platforms, businesses can meet with partners in different locations. This will reduce travel expenses. Through remote work, companies will cut down overhead costs.

    Through increased reach to markets beyond your geographical borders, you will experience a boost in sales.

Final words

Metaverse is around the corner, and it is only a matter of time before it becomes part of our day-to-day activities. As a crypto investor, it’s best to know how best to position yourself to get the most out of the technology and its influence on the markets.

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