Imagine, as a consumer, entering a virtual mall with a custom avatar, interacting with products and services sold by real companies, and making purchases which may be enjoyed in the physical world - all from the comfort of your own home.įacebook and Instagram originated as platforms premised on the idea of enhancing social elements of our lives through the online sharing of pictures, stories, and publications. Well-recognized brands, such as Gucci and Nike, have already began collaborating with platforms similar to the Metaverse in order to reach a broader audience. Online meetings became a necessity for the corporate world after offices everywhere shut down in 2020, but imagine a meeting with your business affiliates across the country where the limitations of video conferences no longer inhibit the sharing of ideas.īrands around the world have taken notice of the Metaverse because they believe it will usher in the next age of consumerism. In retail, the COVID-19 pandemic has already altered the norm of shopping experiences, and the Metaverse will accelerate the trend of purchasing products remotely while also enabling a more interactive in-store experience. The abrupt rise of the corporate world’s reliance on remote collaboration as a result of the COVID-19 pandemic, has proven that the future of working in the Metaverse is not only possible, but poised to result in more efficient, streamlined, and convenient opportunities for businesses.
The Metaverse will allow individuals to consume media content, purchase items, generate tokens, or participate in recreational activities which would be otherwise impossible due to geographic location, public health restrictions, or safety concerns. Business Considerationsĭespite some representations of the Metaverse simply as a glorified videogame experience, in reality it will have very powerful implications for the ways individuals and corporations do business.
However, it is still a mystery whether we are going to experience the Metaverse through the use of headsets which place you within a virtual reality, by wearing smart goggles that augment reality in your personal environment, or through a different method altogether. We know the Metaverse will be a space where you can interact with virtual objects in real life with real-time information using avatars. The Metaverse will allow us to reach beyond what physical limitations prevent us from accomplishing. Another way to describe the Metaverse is as the increasing permeability of the borders between different digital environments and the physical world. It is the concept of a future iteration of the internet, made up of persistent, shared networks of spaces linked into a perceived virtual universe. Metaverse comes from the word “meta” meaning beyond, and “verse” referring to the universe. Understanding the impacts of the Metaverse on your business begins with understanding the Metaverse itself. Like blockchain technology, the Metaverse is something which will inevitably shape the way individuals have social interactions, consume media content, and ultimately do business.Īre you curious how entering the Metaverse can benefit your business? Understanding the unique business and legal issues raised by the Metaverse may help you determine if entering this new world is the right choice for your business. For many, it begins with asking the question – what is the Metaverse? Why are big corporations investing billions of dollars to create digital landscapes for the next big thing in tech? This moment is reminiscent of the rise of the blockchain, which has become a widely implemented technology in 2021, but was originally brushed aside by many when it rose to the scene in 2015. The rapid emergence of the Metaverse hosts a set of new wonders, curiosities, and potentially even worries.
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