The metaverse was constantly evolving and gradually taking over our lives. It became the “Buzzword” after Mark Zuckerberg used the prefix Meta on their social media page Facebook. Metaverse refers to online 3D worlds accessed via computer, smart devices, Augmented Reality, and Virtual Reality headsets. Motive is simple to multiply engagement and interaction with ease of revolutionary new technologies.
- Business in the Metaverse.
- Opportunities in Metaverse
Microsoft has recently ditched its retail stores and focused on digital presence only—Microsoft CEO Satya Nadella even recorded saying the company is building an “Enterprise Metaverse.”
Big tech giants like Google and Apple are anticipating and are optimistic about this sector’s revenue generation potential. Hence, making it more obvious for Small and Medium businesses to look forward to the opportunities and potential it got.
Avatars replacing humans
Recently one of the Mc. Donald’s outlets have gone meta way and served the customer at their home with the food ordered at the virtual restaurant. Nike is all set to launch its own virtual store, where avatars can try their shoes and choose. Avatars are created by humans according to their own appearance. So even the store manager, salesperson, or any assistant will be removed by an avatar for a hassle-free shopping experience, even without customers stepping out of the house. The year 2020 already has seen a huge growth in online selling due to COVID. Every sector has moved to digitalization. Now the trend is only going to evolve.
Pandemic has made the digitalization transition of almost every business real swift. Even when the pandemic finally ends, it seems the majority of businesses will continue to take up flexible working patterns, including the ability to work remotely. Opportunities in the digital Metaverse era are going to be amplified only. As new technologies are welcomed, new thought processes and new approaches will be valued. Sotheby’s, for example, has launched an NFT avatar exhibition project that would be available exclusively on the gallery’s Metaverse. In just one day, 300 unique avatar goods were sold out.
The Next Big Move
Evidently, It seems there is a lot of potential in the Metaverse, but it requires huge investment at the same time. However, whilst there has been significant growth in the world of entertainment, the notion of using the Metaverse for business purposes is now finally having its moment, with many (including giants like Apple, Google, and Microsoft ) workspaces now recognizing its true potential.
Although the investment is huge, nonetheless, small and medium businesses should remain open for up-gradation to get the niche of the potential ever-evolving Metaverse. Starting from a healthy and good presence on all the social platforms. It will be easier for a business to enter and exploit Metaverse if it has already got an online presence and credibility. Sooner the new 3D way of selling and purchasing will be the new normal. Small and Medium businesses should start taking up the baby steps and adapt to new technologies to avoid missing any valuable market.