How the Metaverse could benefit your business

What is the Metaverse?

According to experts Skywell Software, ‘the Metaverse is the concept of a shared virtual space with digital worlds’. In simple terms, it allows you to transport yourself into a virtual room with colleagues and clients with the aid of virtual reality headsets. A good example of how this may look was shared by Noel Mack, Chief Brand Officer at Gymshark who met with the fitness brand’s owner Ben Francis in the Metaverse.

The history of the Metaverse

The idea of a virtual environment has been around since Tim Berners-Lee invented the World Wide Web in 1989. A few years later in 1992, sci-fi writer Neal Stephenson used the term ‘metaverse’ to describe a 3D online space.

The Metaverse in Gaming

Virtual worlds have been synonymous with video games almost since their inception. Early adopters of metaverse-like environments included There, RuneScape and Second Life. At present, Roblox, Minecraft, Fortnite and Animal Crossing all have a staggering number of users. Although the current games have worldwide fanbases, what is missing is the ability to move from one game-world to another-something the Metaverse does allow.

Why is the Metaverse so compelling?

Sharing a virtual space can be far more immersive than a 2D video or phone call. Most of us can attest for how distant Zoom calls can be, especially in group meetings. Despite being in different parts of the world, sharing a virtual space could make you feel like you were in the same room. Although still it its infancy, the Metaverse has exciting possibilities for leisure users and businesses alike.

The benefits of the Metaverse for businesses

As a newly understood technology, the Metaverse’s true potential for the business world is yet unknown. However, in its current form it could provide some unique and unusual benefits:

• Unusual working environments

Switching up the cubicle for something a little more exotic like the beach or a fancy café might increase productivity.

• Increase workforce collaboration

One of the criticisms of remote working by business owners is how it can hinder collaboration. Meeting ‘face-to-face’ in the Metaverse may start to solve that problem.

• Virtual tours

Property companies had to adapt their viewing strategy during the pandemic, moving to online virtual tours. Using the Metaverse would be a viable alternative in the near future, helping buyers view more properties and gain a more immersive experience.

• Retail experiences

Shopping online, while efficient, lacks the physical aspect that can enhance the buying experience. The Metaverse can allow consumers to visualise furniture in your home, try on clothing and shoes and find the best products with a virtual makeover.

How you can prepare for the Metaverse

As intriguing as it may be, it’s worth taking stock before diving into the Metaverse. As of today, to be part of the virtual reality movement requires a fair amount of cash. Small and medium sized businesses outside the tech sector should probably assess whether the Metaverse is a worthwhile immediate investment. After all, we don’t know for sure how the space will look in six months, let alone a year.

However, for businesses who are ready for the jump, here are a few ways to prepare:

• Brief and find the right people to train your team

Like with any other change, you’ll need people who know how to implement it but also share the same vision.

• Create your Metaverse strategy

Pull together the plan that’ll get you to your meta goal.

• Find the best tools for the job

Sourcing the optimal hardware and software to help implement your plan is key to its success.

• Continually test results

Find what’s working and what’s not and adjust accordingly.

We’re excited to see how the Metaverse develops and the benefits it can bring to businesses. The tech world is advancing at an incredibly fast rate and, whatever your personal stance on the Metaverse is, businesses will need to keep up and evolve to survive.

To find out how Capital Space could benefit your growing business, call 0800 107 4667 or email info@capitalspace.co.uk