A metaverse is an interactive virtual environment that supports corporate growth. It is the most recent version of the internet, where users can produce, interact with, monetize, and own content. combining cutting-edge technologies including blockchain development technology, artificial intelligence (AI), augmented reality (AR), virtual reality (VR), NFTs, and others.
Businesses may function in this 3D digital virtual world in a way that is similar to how they do in the actual world, and they can also contribute to the five essential parts of a business: value creation, marketing, sales, value delivery, and finance.
Enterprise Metaverse: Real Business Opportunities From The Virtual World
According to the concept given above, an enterprise metaverse is a fully immersive virtual environment where companies can look for growth prospects and experiment with new consumer engagement strategies.
To accomplish their goals, they can make use of enabling technology.
- Contact potential customers
- Produce cutting-edge goods and services
- Promote and promote using interesting techniques
- Reduce production and operating costs
- Boost organizational effectiveness
We must gain clarity on what an Enterprise Metaverse is composed of and where the opportunities are if we are to fully appreciate the Metaverse’s potential.
There are four parts to the metaverse, according to a report released in June 2022 by Mckinsey & Company:Â
- Enablers
- Infrastructure & Hardware
- Platforms
- Content & Experiences
Enablers are the platforms that provide the framework for the intricate Metaverse architecture. They establish the structure for the Metaverse economy and take care of important issues like governance, security, and privacy.
Infrastructure is the second element. The hardware and software needed for the creation of the Metaverse are included in this component. Examples include operating systems, cloud computing, semiconductor networks, devices, and accessories.
Third, the tools and platforms that make it easier to create and share experiences. Web browsers, software, app marketplaces, game engines, AI services, etc. are all included in this.
And lastly, the Metaverse platforms’ experiences and content. Developers, artists, or—most importantly—users themselves can make it. After all, it was user-generated content that drove the growth of Web 2.0; but, in web 3.0, users—not platforms—own the content.
How Can Enterprise Metaverse Support the Business Value Creation?
Since Facebook changed its name to Meta in late 2021, the Metaverse has become exponentially more popular and interesting. Up to this point in 2022, more than $120 billion has been invested in the Metaverse, more than twice as much as was done in all of 2021 ($57 billion).
A total of $120 billion was invested, of which $90-100 billion came from merger and acquisition activity, $15-20 billion from corporate internal investments, and about $6-8 billion from venture capital and private equity.
These high investment levels show how confident investors are in the Metaverse’s potential.
Who Exactly Are Investing In The Metaverse?
Investors in the Metaverse fall into one of three categories:
Technological GiantsÂ
Several well-known companies are included in this, such as Meta (formerly Facebook), Alphabet, Microsoft, Nvidia, and others. Facebook’s renaming to Meta made it plain that it intended to become a Metaverse Company. It gave its Reality Labs $10 billion to create hardware for the Metaverse. Similar to this, Microsoft intends to buy gaming company Activision Blizzard for $69 billion.
Investment Capital
This group of investors has made some sizable investments. For instance, Niantic earned $300 million from Coatue, and SoftBank contributed $93 million in The Sandbox. With the help of SoftBank and Andreessen Horowitz, Improbable raised $150 million. Yuga Labs, who created the Bored Ape Yacht Club, raised $450 million.
Non-Technology Companies & Brands
These athletes don’t intend to fall behind. As a result, several well-known IT companies partner with major brands to help them enter the virtual space.
How Can You Prepare Your Business For The Metaverse?
After talking about the many advantages of using the Metaverse. How can you ensure that you are ready for this chance, then?
We have outlined a three-step strategy based on our real-world expertise.
Describe Your Goal
- Decide what you want to accomplish in the Metaverse and set goals to that end. It can be to create demand, establish a network, or unlock new revenue opportunities.
- Decide whether you want to create experiences, promote interactions, or create infrastructure.
Investigate Goals, Monitor Outcomes, and Receive Feedback
- Start pilot initiatives to investigate prospects in various fields.
- Follow up on findings to adjust the long-term goal. This will assist in choosing the appropriate measures for analysis.
- Obtain user input and keep an eye on their actions.
Expand Your Business
- Once the priorities have been decided, find or employ the necessary talent and equipment.
- Include metaverse development services in your business plan and be sure to specify who is responsible for what.
Opportunities Abound in the Metaverse
The Mckinsey research estimates that by 2030, the Metaverse will represent a $5 trillion opportunity. The following are the salient causes:
- Announcements of significant projects by corporate behemoths like Microsoft and Meta. They are ensuring that everyone is aware of the Metaverse.
- High user familiarity with the Metaverse.
- Advancements in key technologies like Blockchain and AI.
In terms of supply, users are already accustomed to the existing Metaverse selection and are even enthusiastic about what lies ahead. Proof of it comes from the enormous increase in the price of digital assets.
On the supply side, core technology is already in place, and investments are flooding in from all directions, fueling even faster advancement.
The experiments by brands using Metaverse yielded high returns, which is the nicest aspect. For instance, almost 27 million gamers watched Travis Scott’s concert in Fortnite.
Up to this point, the majority of Metaverse activities have been focused on five areas:Â
- Marketing and Promotions
- Employee Learning and Development
- Virtual Meetings
- Events and Conferences
- Product Design or Digital Twinning
Future technology advancements, however, are about to broaden the field of activity.
The Future-Proof Enterprise
Future firms will be able to introduce new goods and services in a realistic virtual setting thanks to the metaverse. Customers can connect with their favorite brands on several levels by immersing themselves in interactive virtual experiences.
The industry’s B2B division will use the metaverse as a vehicle to reach out to new clients, offer metaverse-based services, and create value chains that go well beyond what is feasible in a Web 2.0 environment. Additionally, the metaverse will have digital twins of shops, factories, goods, and digital experiences for B2C businesses, which will dramatically increase engagement.
