The Metaverse is still one of the most discussed subjects in the past years. However, it all boomed when Facebook announced that it would shift its focus from being a social media company to a metaverse business, approaching a network of virtual worlds. The Metaverse is known for allowing users to immerse in any virtual world using VR and AR. Even cryptocurrencies are immersed in the Metaverse. For example, the ETH price on Binance shows how the blockchain effort contributes to Ethereum becoming the leading metaverse cryptocurrency.
Today, the Metaverse has suffered many changes as Web3 properties and cryptocurrencies influence it. Although regular people barely access this technology, it has yet to show how it can benefit our day-to-day actions, which is why it’s important to learn how the Metaverse will look in the near future and what improvements are crucial for us.
Multiple metaverses will serve diverse purposes
The metaverse experience already covers multiple industries, from entertainment to NFTs and cryptocurrencies. Zuckerberg’s Metaverse has included an expensive headset Oculus Pro to enhance the experience of socializing on the internet, but it has yet to become something useful for the population. Other platforms, like Decentraland or Roblox, allow users to create and play games while earning cryptocurrencies and trading NFTs, which is one of this year’s most discussed new things.
But in the following years, we’re expecting that most leading companies will provide their Metaverse for customers as a way to keep up with the trend. Some of the most influential companies (Nike, Adidas, and Gucci) have already immersed their businesses in the Metaverse by creating a presence for their brands. Nike, for example, is planning to make and sell “virtual branded sneakers and apparel” as a way to protect its trademark. On the other hand, Adidas has created an NFT limited edition (that has already sold out), collaborating with the Bored Ape Yacht Club to promote the Adidas brand.
The Metaverse will transform business processes
Businesses are slowly and steadily accepting cryptocurrencies as a form of payment and dealing with NFTs to keep their reliability on the market. But in the following years, we expect almost all businesses to use the Metaverse to improve their processes beyond promoting their services.
The Metaverse will capture visual representations of physical channels, products, and operations that are otherwise challenging to seize. This approach is expected to reduce work and errors since physical processes are also minimized and computation is integrated. How businesses operate and distribute products can now be recorded and maintained through metaverse systems.
Finally, the Metaverse could solve some challenges businesses face regarding customers interacting with employees. Clients can interact with a real-time 3D model of the product they wish to acquire. With the company’s help, this process should go smoothly and rapidly so that employees can walk the customer through a troubleshooting process to help them understand the technology behind the product.
Security and Privacy Will be Improved.
The metaverse and blockchain technologies are already considered to be entirely secure since no third parties are included in the processes of trading or playing games. However, both need more rapid improvements and people using them should be 100% ensured that their holdings are safe.
That’s because when you buy crypto online, for example, and don’t need to insert crucial information into websites, you are still prone to be fooled by fake giveaways and other scams. But with advanced security enhancements, traders could keep their money safe while browsing to trading since such scams would be immediately diminished.
Companies need to be aware of the required plans to mitigate potential risks because hackers find newer practices for fooling customers as the metaverse booms. When it comes to using the Metaverse for businesses, some practices will be crucial for ensuring security, such as having an identity strategy, making testing a priority, and strengthening the ability to detect and block malware.
The Metaverse will be the cornerstone of emerging technologies.
The Metaverse is not only a revolutionizing technology on its own, but it can also help other technologies and processes evolve. Companies will have to seek metaverse-oriented options for improving their business, such as exploring metaverse studios or devising strategies for experimenting with metaverse features.
For example, vendors could start rebranding products and services. Commerce, blockchain, and distributed infrastructure would be the first to experience such challenges to improve customer experience and keep up with the latest demands. Some businesses have already started testing the
Metaverse by purchasing virtual lands in diverse platforms only to find the long-term effect on their ROI and the general opinion on these actions. Some of these companies include:
- Atari, the video game and home computing business that owns virtual property in Decentraland and The Sandbox;
- Samsung launched its metaverse location in New York City, where you can also experiment with their digital products;
- Adidas has purchased the land where it intends to build an exclusive place for brand content, experiences, and items for purchase;
How the Metaverse and Gamification Technologies Will Merge
The metaverse and gaming industries already have some things in common, as gamification is a totally different experience in the metaverse world. Besides the almost-failed Facebook attempt, many other businesses have succeeded by implementing a metaverse-spaced technology for their customers.
For example, some gaming companies have already approached this merger:
- Ubisoft has developed a Discovery Tour where users can explore ancient Egypt in the Assassin’s creed game;
- Epic Games have created an interactive experience called “March Through Time” to celebrate the work and life of Martin Luther King;
- Mojang Studios has created a special version of the Minecraft online games where students can explore real-world issues to help them develop logical thinking;
Many other metaverse platforms have merged learning with game design to make learning fun and help students develop relevant skills for these fast-paced technological demands. Some new features of these platforms are already expected to have disability-friendly features to include all types of students and players in this universal experience.
Final thoughts
The Metaverse has attracted many controversial opinions since, for now, it’s not as usable for many things other than entertainment, but as technology develops, we expect the Metaverse to become an important part of our lives.
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- I'm a professional digital marketer with over 7 years of experience in the field. I create well researched content related to finance, cryptocurrency, stocks, forex and metaverse related articles.
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