With the effect of the pandemic, the constant confinements, and exponential digital advances, there are so many technological concepts going around, such as The Metaverse, which opens up a range of business opportunities in retail, tourism, and entertainment, among others. However, it seems that only the big companies/brands are the ones that can prepare to enter The Metaverse. But what about small and medium-sized businesses (SMEs)?
Next, we will talk about The Metaverse and how SMEs can take advantage of the business opportunities there. Furthermore, how they can experiment from now.
For each of the points mentioned below, we will cover them more deeply in later articles.
As The Metaverse is still under construction, its exact definition does not yet exist. However, We could say it is a new virtual and three-dimensional (3D) ecosystem in which users can interact with each other, work, play, study, go shopping, and have economic transactions, among many other possibilities. All this in a decentralized way.
While the above sounds a bit futuristic, big companies are already working on building their virtual world like Meta (former Facebook that changed its name to Meta and has invested more than 10 billion dollars in the creation). We can also name Microsoft, Apple, and Nvidia. So it will be a trend in a couple of years as tech companies push technology in that direction.
Four fundamental pillars form The Metaverse, which must work together for its proper performance.
(1) The first is Augmented Reality (AR), which modifies reality through a device, such as a smartphone or glasses or even a contact lens. For example, the game Pokemon Go (2016), which was a boom and is still present today, was one of the first to show this technology, where characters from the saga appeared virtually through a mobile device, and the characters have to be hunted by the users.
A popular AR experience for marketing has been the IKEA app, where the customer can place furniture in any place they want to have a preview before purchase.
(2) Virtual Reality is a computer-generated environment with images and objects that seem real that make to user feel immersed in this virtual experience. To enter this virtual world is necessary the use headsets or helmets. Among the uses of VR is entertainment (video games), Architecture (simulating a property from the inside, such as the pilot), Tourism, having the possibility of travelling from the comfort of the house, and Medicine, allowing to study simulation of operations at being able to create 3D elements such as the human body.
(3) The third pillar may be the most complex to break down. It is composed by
- Blockchain: it’s a little like a checkbook that’s distributed across countless computers around the world. It is a database where the information is distributed among different nodes (servers) connected but independent from each other, which means that a copy is held in each one of them, providing extremely high security. Each piece of data can only have one owner. This technology does not need an intermediate entity to make the transaction (currency transaction or files).
Imagine a spreadsheet duplicated thousands of times across a network of computers. Then imagine that this network is designed to update this spreadsheet often. That is a basic understanding of what Blockchain is.
- Cryptocurrencies: These will be the currency used for transactions within The Metaverse. It is a digital finance asset that uses encryption to ensure the integrity of transactions based on Blockchain technology. Most have heard of Bitcoin, which was the first cryptocurrency to appear.
- NFT (Non-Fungible Token) is a digital certificate of authenticity. This certificate is the only one that validates a purchase we make in The Metaverse is unique. It is not replaceable or substitutable. Currently, it is quite popular, especially in the digital art and music business.
Any digital file is feasible to associate with a single NFT. A not long time ago, the first Twitter post, made by its founder, Jack Dorsey, was sold for USD 2.9 million.
(4) Infrastructure. Here we can find from physical equipment to computer software necessary to support this digital 3D environment.
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The business opportunities in The Metaverse will be many and in all areas. Bloomberg estimates The Metaverse market size will be around $679 billion (USD) by 2030.
Imagine you are a paint artist and offer your work in The Metaverse, certifying that there is only one exclusive piece of it, which would be worth millions in the future. Another example, you have a store, imagine that consumers can try on shoes, sunglasses or clothing using their mobile device before buying it. Even you can convert your products into a 3D model, offering a new shopping experience through their website or social networks.
All these new experiences will be part of The Metaverse, although they are already present, and you can use them in your business right now, having a direct impact on the purchase and attraction of new customers.
The business opportunities will be endless, and although the big brands already use this technology to sell their products, this technology is affordable for SMEs currently.
Among the areas where business opportunities are working now:
- Events. Several musical groups have already performed in virtual reality the use of virtual reality, such as Ariana Grande in Fortnite or Foo Fighters, not too long ago. Immersive experiences are also used for seminars, tourism, art galleries, etc.
- E-commerce. A real-world item can be advertised in this virtual environment, assuring a new market sector and reaching new generations (Generation Z / Generation Alpha).
A virtual store enables people to try on the latest collection and purchase it in a single click. There are currently Augmented Reality experiences for trying on sneakers, tattoos, makeup, sunglasses, and watches, among others.
- Education & Training: could enhance learning by doing the process for the new generation of learners to catch their attention more quickly. Think about heavy machinery simulators, hospital surgery simulators, or immersive distance training for doctors.
- Real Estate: You can search for a rental or visit your next apartment without leaving your home. Even though this is already possible today, it will be more popular once The Metaverse is built.
Land sales in the metaverse are booming right now. Although some people think that business with distrust, others believe that it is a great business opportunity.
An example of what entertainment in the metaverse could be like is the following video posted by Meta some time ago.
Offer an immersive experience to your customers and the possibility of obtaining data and segmenting your customers more precisely without incurring the extra cost of budget and money.
Your business will be able to grow and expand in a new space with new potential clients. It is no secret to anyone that the current young generations are already immersed in Augmented Reality/Virtual Reality, and they will be the ones who will lead and teach their parents and grandparents to immerse themselves in this virtual world.
There will be new instances of connection between buyers and sellers. The Metaverse will have a great degree of visibility and exposure for your brand, so you can start creating awareness about your brand from now.
As mentioned above, with NFT technology, any file able to be digitized can be monetized, which is very appealing to collectors and people involved in art. However, this also is applied to the clothing sector.
Although many of the above business opportunities will be available in a couple of years, there are tools for e-commerce (Augmented Reality tools) that could be used by SMEs with a high impact today.
If you are a small, medium or large business, and you are already interested in preparing for what comes, Particular Createch Studio is here to guide you in this process. Just send us an email to hello@particularstudio.com.au.
The companies building The Metaverse have thus far been unable to provide an exact date for the official launch of the metaverse. However, in light of the information given by Meta, they expect their metaverse to be accessible to users within the next 5-10 years. However, they are currently working on ready-to-buy Metaverse components that you could use immediately.
The purpose of this first blog has been only to explain The Metaverse in a general manner, covering some concepts you will hear soon. So when you catch them, you will have any knowledge about them. Furthermore, this digital environment will have many business opportunities for all business sizes, which SMEs could benefit from now.
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