Is the Metaverse the Future of Business?

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is the metaverse the future of business? | FutureBusiness

Work-Life

The metaverse promises to introduce new ways to operate within work, by expanding the concept of collaboration and social connection. NextMeet, an immersive platform within India, enables companies to conduct meetings in the metaverse. With the use of a 3D environment, NextMeet hopes to alleviate the disconnectedness that comes from remote working by allowing businesses to operate within a virtual workplace. Employees can create digital avatars, utilise virtual meetings and offices, give a presentation, socialise with colleagues and so much more within the platform.

The metaverse will certainly open up possibilities we cannot currently imagine. The virtual office doesn’t have to be a dull and boring recreation of the real thing – why not try a new location for work, perhaps a beach or a cruise? Such technologies will likely revolutionise the working landscape and alter the office environment.

Job Roles

Just like the internet, the metaverse will offer more opportunities in terms of work and job roles. With the creation of a metaverse economy, this digital immersive economy will gain much momentum. For example, Decentraland is a virtual platform that enables its users to buy and sell land and estate through digital money called ‘Mana’, while IMVU, an online metaverse social network, allows avatar creators to produce and sell virtual products. The social network generates $7 million in revenue and has more than 7 million users per month.

Within a decade or two, we will likely witness companies and businesses invented and developed within the metaverse. In the same way that roles were introduced by the internet, for instance, social media managers and cyber-security professionals, the metaverse will bring about new roles that offer much potential to the economy.

Preparedness

The effect of such an immersive digital world will be enormous. With the metaverse promising to enrich customer experience, produce virtual products and boost the economy, companies should begin researching and experimenting with the metaverse now.

The metaverse offers a unique experience. Brands will be able to take their strategies to a whole new level, while businesses can engage with customers on a bigger scale, thereby potentially reaching customers they weren’t previously able to – for example, attracting customers who cannot shop in your physical stores to your virtual shop, or having sales representatives presenting at trade shows around the world without leaving the comfort of their homes.

With the metaverse, organisations could create something truly amazing. You are not limited by the money, time, and logistical complications that arise within the physical world – the only thing holding brands back will be their imagination.

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How To Prepare

Many of the current features of the metaverse are relevant to businesses, thus it’s imperative companies start making preparations for this virtual world.

Research

Most organisations, even those within the tech world, lack an institutional understanding of the metaverse’s concepts. It is quickly evolving and developing and therefore companies should expand their skills and knowledge to comprehend digital investments and transactions.

Build a Strategy

From research, you’ll be able to identify gaps and build long-term goals to create within the metaverse and its key concepts. Companies may benefit from hiring digital native employees to help with this. Consider plans for security and identity and establishing APIs (Application Programming Interfaces) to your systems so everyone can connect.

Experiment

Choose some opportunities within the metaverse, for instance, lower risk cases, i.e., producing NFTs to raise brand awareness or selling virtual versions of physical products to test how the metaverse operates.

Trust

The current version of the metaverse offers new complications for companies in terms of cybersecurity, brand reputation, privacy rights and much more. Businesses need to focus on ways to overcome this in the early stages of their metaverse initiatives.

For instance, as PricewaterhouseCoopers suggests, implement security ‘at the service level, so that no matter where your asset goes, security is maintained’. In addition, communication is key to establish and encourage trust among shareholders, stakeholders, consumers, etc. Vocalise what individuals should expect from initiatives within the metaverse and the ways your brand will reduce risk.

So, how will you take advantage of the metaverse?

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