The Corporate Metaverse: A Complete Guide For Business Leaders - Deepstash
The Corporate Metaverse: A Complete Guide For Business Leaders

The Corporate Metaverse: A Complete Guide For Business Leaders

Curated from: hackernoon.com

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Metaverse for business: The basics

Metaverse for business: The basics

A metaverse is a device and vendor-agnostic collective virtual open space that merges the physical and digital worlds. In that space, users can interact with each other through 3D avatars.

The primary goal of Meta (formerly known as Facebook), Microsoft, NVIDIA, and other companies working on activities that take place in isolated virtual environments is to ultimately blend these realms into a single one - the Metaverse.

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Why metaverse could be the next frontier for business

  • The media and entertainment industry is booming, but it's also starting to show the first signs of fatigue.
  • 41% of consumers are now worried about the impact of the Internet on their well-being and mental health.
  • And independent content makers are moving to platforms like Substack and OnlyFans to monetize their articles and videos directly.

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What you should know before stepping into the metaverse for business purposes

"Metaverse" is a multitude of things

  • A virtual realm that can be an exact replica of the real physical world or a brand-new immersive environment with its own landscape and forms of creative expression.
  • An independent digital consumer-to-consumer economy enabled by digital currencies and non-fungible tokens.
  • It is a set of technologies that alter the very notion of place.
  • When we visit a website or load an app on our mobile devices, we don't get a feeling of actually going anywhere.

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How does metaverse work under the hood?

Technology-wise, the extended reality is the cornerstone of metaverse applications.

Other technologies, such as artificial intelligence, cloud computing, and the Internet of Things also provide a foundation for virtual content creation, content mapping, and life-like interactions between users.

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Metaverse business models and opportunities

The metaverse could fuel the creation of new business models:

  • Buying digital land
  • Purchasing outfits and accessories for 3D avatars
  • Interacting with digital humans for employee onboarding, customer service, sales, etc.
  • Participating in virtual social experiences.

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The Metaverse economy and NFTs explained

  • Selling digital products is one of the key metaverse business opportunities. To facilitate this activity, content creators and buyers need to protect virtual assets.
  • Blockchain solutions in general, and non-fungible tokens in particular, come into play.
  • A NFT is an asset (image, video, audio clip, virtual real estate, or event tickets) that has been created using digital media. These assets bear marks of uniqueness, which can be recorded in an NFT card driven by blockchain technology.

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Key reasons to use metaverse for business

  • The metaverse concept does not revolve around ditching reality in favor of a unicorn-populated world. It is an opportunity to escape the real world’s boundaries and enhance certain activities we perform online.
  • Benefits of metaverse include a more engaging and realistic online shopping experience, futuristic digital marketing, and risk-free modeling of business processes and operations.

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How to Get into the Metaverse and reap its benefits faster

Governments and prominent tech vendors alike should address the following issues:

  • Ensuring a single point of entry to the global metaverse created by different companies.
  • Enforcing a set of metaverse implementation and content creation standards to provide a seamless user experience.
  • Regulating metaverses to avoid online toxicity, unauthorized personal data usage, and cybercrime.
  • Minimizing the metaverse's environmental impact.

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