If you’re a regular internet user, chances are high that you’ve heard the word “metaverse” multiple times by now. Every major website, newspaper and technological company is talking about it in one way or another. That includes us. In this article, I’d like to focus your attention on one aspect of the business opportunities metaverse platforms are opening.
Okay, but with all those different definitions and ideas of the metaverse out there, it would make sense to start by defining it. We’ve already covered that in an article we released last year. If you’re interested in a more detailed description of the metaverse or aren’t sure you understand the term, make sure to check it out.
The metaverse is a complex and supposedly vague idea. So is it possible to define it in one sentence? We could just say that it’s an immersive virtual world. But would that be a complete definition? Mark Zuckerberg, who arguably popularized the term the most, would like it to be one giant ecosystem. However, almost every large company is creating its own platform at this point. With so many metaverses emerging, it seems unlikely that we will see a connected and intertwined ecosystem we could describe as one organism in the nearest future. For now, it makes more sense to talk about immersive virtual worlds, plural.
What we’ll talk about in this article:
- Why it is wise to develop a metaverse platform for your company.
- How you can make good use of such a platform.
- How big companies are creating metaverses.
- Why you should start building your metaverse now.
- Where to start and how 4Experience can make your project a success.
How companies are building the metaverse
First of all, we need to realize that the collective metaverse is more than software and virtual spaces. It’s also the infrastructure, interface and creator community. And it couldn’t exist with new technologies such as blockchain and AI. We, at 4Experience, offer a vast range of services connected to the metaverse.
So you guys are metaverse developers?
Yes! We specialize in immersive technologies including extended reality (VR, AR and MR), 3D graphic design, AI & machine learning and software engineering. Our specialists have the know-how and advanced training to create every part of a metaverse. All the way from detailed avatars, objects and scenes down to practical features and an ergonomic UI. With more than 200 projects related to immersive technologies, we are ready for new exciting challenges!
But back to the topic: how are metaverse companies developing it? Some are creating complete platforms as their core product, others are focusing on the gaming or social aspect. A few have set making a community and marketplace for creators as their goal. Finally, some are developing the technology and infrastructure.
Meta is an example of a company focused on social connections and technology. And although their plans to create one ecosystem based around their platform might be far-fetched, they’re definitely on to something. We have to mention Decentraland too. It was one of the first ventures that explicitly spoke of the metaverse as their core product. When it comes to business opportunities, it offers a place to create branded spaces, events and assets. It may become a place for setting up metaverse stores in the future as well.
Speaking of virtual stores, H&M has seemingly released its first virtual shop in CEEK City. Although a representative of the brand denied that they’re opening a store in the metaverse “at this time”, an interesting video is roaming around the web. Whether H&M is working on immersive commerce or not, the visualization below is a good example of the possibilities.
Why you should develop a metaverse platform for your company
Many metaverse platforms are already in existence. And it is possible to use them for driving sales, increasing engagement and conversions, as well as branding and advertising (click here to find out more). Having said that, a dedicated platform is an opportunity to create solutions precisely customized to your specific needs. This way you can maximize all the benefits.
But how exactly can I use a metaverse platform in my organization?
The definition of a metaverse is fluent. You don’t have to create a platform that has all the features tech giants like Decentraland or Roblox have. Of course, you can create a whole virtual world with all the metaverse characteristics. But you can also develop a platform with just one main function and have it ready for adding new features in the future. An MVP version is also a good idea. What are some relatively easy but promising ways to use your own dedicated VR platform?
Virtual reality stores
Just as e-commerce was a revolution and huge success in the past years, we can expect immersive commerce to be the next big thing. It seems as though i-commerce is the natural successor to internet trade. And with VR becoming more and more mainstream, it’s wise to invest in this form of retail.
Furthermore, once you have a virtual space in the metaverse, you can meet your clients there. The things you might be doing now via telephone, like customer support, presenting customized offers, or consulting, can be done in the virtual space. You can make full use of chatbots for automating tasks and 3D avatars which make the experience more immersive.
Working in the metaverse
The rising popularity of Horizon Workrooms clearly indicates that people are interested in virtual workrooms and want to use them in their daily business activities. According to a study conducted by Dell, almost 70% of millennials and remote workers would be happy to try VR and AR technology professionally.
Why are virtual reality workrooms useful? They enable good integration of remote employees as well as conducting meetings and presentations without the need to physically be at the office. That means saving time on the commutes, which is eco-friendly. This is a great solution for companies whose departments are spread across different parts of the world. Additionally, you can use virtual spaces to meet your clients grabbing their attention and leaving a lasting impression.
If we go back to the study by Dell, it also concludes that more than half of millennials and remote workers are willing to use AI for work. You can use AI & machine learning to predict trends, perform tests and, as we’ve already mentioned, automate complex repetitive tasks. Virtual and augmented reality can also be used to improve work productivity by transferring some activities to the virtual world. AR or MR can help in inventory management intelligently navigating employees in warehouses. When it comes to VR, companies can create digital twins to enable a thorough review of the product before it goes into production.
Immersive learning environments
That sounds like something for schools and universities. What are they?
Immersive learning environments are extremely helpful in education, but that isn’t their only purpose. They’re learning settings built with engaging techniques and computer tools such as game-based learning, simulations and 3D worlds. What makes them better than conventional solutions? They can simulate realistic situations for practicing skills and enable users to interact with one another.
What are their practical applications?
- Onboarding and vocational training. Newcomers are usually trained by more experienced staff. That, however, can be inefficient. Save money, time and take full control of the learning process with VR/AR onboarding.
- VR & MR training for professional skills. A step-by-step simulation lets you evaluate your employees’ skills while effectively training them. It’s also cost-efficient.
- Workplace safety training. Great for learning safety rules without endangering your health. Simulate a violation of procedures and experience the consequences making an impression that lasts.
A good example is an award-winning app 4Experience developed for Samsung Electronics. The application is an AR onboarding solution that allows newcomers to get all the necessary information and training. It also features Samsung Lighthouse – an interactive way for newcomers to get acquainted with each other, appreciate the value of communication as well as test Samsung smartphones.
Why you should take part in creating the metaverse now
When Amazon first launched in the late 1990s, not everybody was convinced that online shopping could become a profitable business. Even in the early 2000s investors weren’t sure whether Amazon could survive in the long term, let alone make a relevant profit. But Jeff Bezos pursued his goal nevertheless and it did pay off.
It’s the same with extended reality technologies and the metaverse. People are skeptical and we do need some time to make it mainstream. There will be challenges, just like the challenges early internet companies faced. But in the end, the ones who are first and pursue their goal with determination will end up ahead of their competitors. When the metaverse becomes a standard, these companies will be ready.
Right now is the perfect time to become an innovator in your industry and jump ahead of your competition. Write your brand history, use the potential of this novelty and people’s curiosity to your advantage. Amaze your employees and attract new ones, conduct interviews and training in your own metaverse!
Whatever we feel about the concept of metaverses, we can all agree that our cyberspace can and probably will soon change drastically. Starting integrating your business with this newly emerging technology can give you a huge advantage now and in the future.
Still, many people are skeptical about the metaverse. How can I be sure they will want to use my metaverse platform?
Such concerns are understandable. Many people treat the metaverse concept with a grain of salt or are even frightened by the idea. Some worry that too much time spent in the digital world might take a toll on our health. Others point out that there are too many technological limitations as of now. Finally, not everyone has VR goggles.
For a fact, too much time in front of the computer is never good. However, we’re not attempting to spend more time in the virtual world, but to improve the quality of the time we already spend there. It’s also true that not everyone has the necessary devices for VR & AR right now. However, predictions found on Statista say that in 2023 the number of such devices shipped worldwide will increase to almost 70 million.
And you don’t necessarily need a VR headset to enter the metaverse. Just look at Decentraland, which you can join through a browser on your home PC. Similarly, not everybody had a computer in the 1990s, but the internet became an integral part of our lives nevertheless. We are positive the metaverse is the next big thing and we have good reasons to believe so. It’s just a matter of time.
What about the technological limitations?
Contrary to popular belief, a 30k resolution in your headset isn’t a must-have to experience realistic imagery. Just as you don’t you need a refresh rate of 400Hz to use the device comfortably. New technologies like eye-tracking and adaptive resolution are already overcoming those challenges. We still need another few years for high-tech hardware to become the standard. However, judging by the rapid development in VR and related equipment, we can be sure it’s inevitable.
How 4Experience can make your project a success
Okay, you convinced me. I want to develop a metaverse platform for my business. Where do I start?
First of all, you need a plan. But don’t worry, you don’t have to be an IT expert or have extensive knowledge in the field of software development. That’s our job. Feel free to schedule a call with our consultants so we can discuss the possibilities and optimal solutions for your business or organization.
Why should I choose 4Experience?
It’s certain that more and more of our activities will take place in virtual reality. And it will intertwine with the physical world using augmented and mixed reality. Those technologies are exactly what we specialize in. Our team consists of expert consultants, developers, game designers, artists, QA testers, project managers, a talented R&D department. Such a blend makes us versatile and multiskilled. We will take care of your project from planning and design, through development, all the way to launch and maintenance.
We’re constantly conducting research in the field to provide the best solutions on the market. Our developers always make sure our code is clean and the final product can be easily modified if there is a need. This way we keep software and code ready for updates and conversions, which might prove useful once the internet changes to more immersive cyberspace. Finally, we put a strong emphasis on customer satisfaction and make it our top priority. We encourage you to contact us. Let’s build the metaverse together!
Marketing specialist with four years of experience. Having spent part of his childhood in Ireland, he's fascinated with its culture and language. Loves history, football and any form of writing.