Metaverse or multiple universes is a concept that everybody is well aware of. Everyone is going crazy after the concept and is hoping for it to come to play soon.
Metaverse gained popularity when Facebook switched its brand to ‘Meta’ and pledged a huge investment towards the development of Metaverse technology. There is still a lot that needs to be discovered. There is still a lot of work that needs to be done.
Let’s explore the aspect of the Metaverse impacting business and the importance it holds towards your business’s growth.
Table of Contents
What is Metaverse?
Metaverse’s most accepted and accurate definition is a hypothetical union of all the social media apps available on the internet into a single virtual world. This virtual world may function in Virtual Reality and Augmented Reality. The primary purpose behind establishing a Metaverse is to facilitate communication between all social media apps and provide maximum public benefit.
Metaverse, the Hype and Its Benefit for Growing Businesses
The hype for Metaverse has increased since Facebook switched its brand to Meta. People are hoping and expecting good returns for their businesses from the Metaverse.
However, Facebook Meta states that despite the hype, there is still a decade left before Metaverse technology takes over. Small businesses should remain cautious and not make any big claims or investments with Metaverse. We do not know the extent to which Metaverse is impacting businesses now, but it will undoubtedly be huge.
5 Interesting Things That Small Businesses Should Keep in Mind
It is Yet to Reach Everybody
When talking about Metaverse, we mean how different virtual worlds can be connected to ease the communication and transfer of data and assets. The roots of the Metaverse are deep inside science fiction.
It was in 1992 when Metaverse was first discussed in a novel, namely ‘Snow Crash.’ This novel discussed Metaverse as a virtual reality system. Since then, building up the multiverse has been the topic of discussion, and people have been putting in their efforts to build something similar.
However, Meta has acknowledged that it may take as much as 10-15 years to build a complete Metaverse. Many people may be getting impatient to dive right into the Metaverse world, but they will have to wait till the release of the final results. Small businesses and everyone should understand that ‘Rome was not built in a day,’ and they will have to wait for Metaverse to turn into a reality.
Meta Isn’t Expecting Any Instant Profit From Metaverse
Although the news that Mark Zuckerberg is investing $10 billion towards the Metaverse projects is valid, they have made it clear that this isn’t an investment that will bear fruit anytime soon. Meta has asked businesses not to stop focusing on their today simply because they have high hopes and expectations from Metaverse.
They may need to invest in existing social media platforms to grow and develop their businesses in the future. A metaverse-impacting business will be a reality, but the implementation may take a long time.
Online Retailers Have Started Trying Metaverse Technology
You may have seen sound effects or images added to a real-time scene in the real world. This is known as augmented reality. You must have experienced all these effects while using Snapchat, Facetime, Instagram, etc., where you play with masks, hats, and other effects.
AR is one of the most critical keys to Metaverse technology. Although Metaverse is not entirely here, some online retailers have started putting AR into use. You may witness this in:
- Glasses: Have you ever tried purchasing frames online? Most optical sites these days allow you to virtually try out frames before you plan to purchase any of them.
- Furniture: Large sellers such as Home Depot and Amazon provide an option to visualize how furniture will look in your space. This task is performed using the AR apps and gives you the surety to select the correct item.
- Makeup: While planning to purchase any makeup product, you can try them virtually to know which one will suit your skin tone the best. Mac, Maybelline, and other makeup sellers provide this option.
- Apparel: Gucci, Nike, and some other brands have attempted to give you the experience of trying apparel before placing an order online. It’s interesting to note how AR is finding its usage in different zones of our lives and making our everyday tasks easier.
Businesses should keep an eye on all these new technologies and try to teach them as a part of their everyday routine to earn profit and attract a larger audience. The future of these apps with Metaverse may reach another level. You may be trying lenses from one store and apparel like clothes and shoes from another simultaneously to see if they go well together.
Video Games Offer You an Idea of What Metaverse is
Although the Metaverse is yet to become a reality, many video games offer viewers a sneak peek into the Metaverse. They have used immersive tech space for the creation of their video games.
Some of the video games that offer you an experience of a virtual world so that you explore spaces and complete activities that other users and businesses build are:
- Second Life: A 3-D virtual game that is a fusion of a video game and video conferencing software. The game has highly customizable spaces and avatars that you can modify and play with per your needs.
- Roblox RBLX: It is an interactive platform that entitles users to purchase, sell, and create various items, such as virtual hats. You may also create a complete game using this platform.
Many other similar games offer a sneak peek into the virtual world and give you a slight idea of what Metaverse will be like.
You Can Start Experimenting and Exploring Today
If you are interested in trying Metaverse, no barrier may stop you. You may take pre-existing models’ experience and implement the idea in your business. Various digital platforms have started using tools that may help small businesses access their pre-existing products’ virtual experiences.
There are websites where you can view the 3D model of the product you plan to purchase and then be sure about it.
You can also release your filters and effects on Snapchat, Instagram, and other apps and reach a large audience. There is vast room for experimentation and for trying out new things. You need to spread your wings and make an attempt to fly. Use all the technology you can to make your brand and products reach a larger audience.
Conclusion
The craze for Metaverse has been increasing among people. They have been searching for different ways to invest and be a part of the concept so that they may earn massive profits in the future.
Although the concept will take some time to reach the market, you have started witnessing a part of Metaverse in your everyday lives. As further developments take place, you may be astonished to realize Metaverse’s expansion and its craze.
