Metaverse is the latest buzzword, but what does it actually signify for businesses? Are social media companies behind this development?

Apple CEO Tim Cook believes the metaverse is coming. He stated "Life with AR will soon become unimaginable." Companies need to prepare, whether this prediction be long or short term.

The first step in understanding the metaverse is to recognize what it actually is. Metaverse is an umbrella term and not capitalized as a proper title. Metaverse refers to an upgrade of the internet into a 3D virtual world, creating an interconnected web of sites that would serve as representation of today's immersive games.

Was the metaverse created by Facebook/Meta? No.

For decades, the concept of 3D immersive connected worlds has been around. Many online gaming companies have attempted to tap into this metaverse; however, their applications are not as deeply interwoven.

What is the best representation of the early metaverse? It was created using temporary software called Adobe Atmosphere. This 3D immersive experience also featured interconnected online realms that allowed people to communicate with one another. While this wasn't the first time this concept had been used, it proves that its roots in metaverse theory go back a long time.

Technology has advanced, bringing the metaverse into focus. It now meets the requirements of such a world with high-speed internet connections and abundant processing power - including 3D delivery methods compatible with all PCs.

Are We There Yet? No, but the metaverse is on the rise. Microsoft recently announced a collaboration with Meta that will bring Microsoft 365 applications into the metaverse - providing us with an entirely new form of collaboration. According to Microsoft research, half of Generation Z and millennials plan to work within two years in this virtual space.

Image source: Microsoft
What Does the Metaverse Mean for Your Company?
Companies such as Microsoft are exploring what could become a reality with AR/VR in the coming years. Here are some examples of its potential impacts on businesses:

Advertising Opportunities

Companies weren't aware of the full potential of the internet when it was first introduced. Now, companies cannot imagine operating without a website; it is essential for converting leads and increasing sales.

Metaverse advertising could be especially influential if seen as a 3D version of the internet. This would enable you to explore metaverse-style advertising within virtual worlds and even create your own showroom or VR site.

How to service Customers

Companies recognized the growing use of social media as a channel for communication with their customers. 79% of people expect companies to respond promptly to messages posted on these networks, and 70% expect a response within one day.

Many businesses now have a social media presence to meet this need. This is used for marketing purposes and answering customers' inquiries.

The next frontier may be the metaverse. People will begin to expect to interact in this space, much like how they do with social media today.

Companies need to understand how their customers utilize the metaverse. This could be accomplished by adding a question on metaverse use to their year-end customer survey.

Employee Training

One of the many advantages of the metaverse is its immersive training capabilities. This could greatly enhance training capabilities for everyone from doctors to forklift drivers.

Imagine being able to replicate a task in a virtual environment. You could make mistakes here and learn from them, enabling you to become more proficient in the real world.

Consider what training your employees need. Next, think about how a virtual world might make training more efficient or safer. You might not find exactly what you need in the metaverse yet; however, depending on how quickly technology advances in one year or so, it could become available.

Experience More Immersive Remote Team Collaboration

Since the pandemic, virtual meetings have seen a meteoric rise in popularity. Meeting via Zoom or Teams has become ubiquitous, and virtual worlds may be the next frontier in online team collaboration.

Microsoft has already begun to bring their apps into virtual space, as we previously noted. You can create a virtual environment with just some avatars and enjoy an entirely new experience at your next meeting!

Does there any other way to facilitate remote collaboration in the metaverse besides using technology? It all comes down to building design and maintenance. Imagine being able to explore a 3D model of an area before construction begins, then fine tune its construction from within that environment.

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