How will the metaverse affect your business? Things to know

The term metaverse has become popular since the end of 2021, with the impetus of Facebook (now META). However, large technology companies, such as Microsoft, and especially companies in the video game are are working on this concept for some time. Thanks to technology, the metaverse is a virtual reality world where people interact in artificial environments.

Our ability to interact with the world is limited to five senses. Still, the development of communication and the Internet has made this interaction go beyond the limits of the human body. The metaverse represents a new dimension in terms of perception. It is an excellent opportunity for companies of all kinds to develop new business models, which more and more experts agree on. One of the primary purposes of the metaverse is for users to feel like they are in a parallel universe.

Economy and enterprise in the metaverse

Residents of this new virtual universe will buy or sell objects and assets or create their businesses. Furthermore, the economic activities of the metaverse are not limited to the video game industry. It will also be open to small and medium-sized companies, with a golden opportunity to advertise or sell digital copies of their genuine products such as cars, clothing, and technology.

Small and medium businesses are already engaging with digital marketing strategies to reap rich benefits from SEO and SMM. Digital streams and technology are helping such businesses with improved conversions, better sales, and higher revenue streams. In this regard, businesses are keen to opt for effective backlinking strategies that can help them grow in the digital ecosystem.

The potential of the metaverse is beginning to be perceived in the direct implication that it will have for millions of businesses that today only conceive their activity in a natural environment. However, virtual environment gyms, hair salons that offer unique hairstyles for avatars, training companies, and many other businesses will have their place in the metaverse.

Specifically, in the beauty and automotive sector, there are already brands that are getting ahead and exploring the different possibilities offered to them. It is estimated that 70% of the big brands will have a presence in the metaverse in the next five years.

For the economy of this parallel universe to become a reality, cryptocurrencies will play an important role. Payments could be made with tokens, which can be exchanged for real money so you can sell a product or service in the metaverse. This can become a real job for many people in aspects such as interior design.

In this sense, those known as NFT (Non-Fungible Tokens) will be present thanks to blockchain technology. In this way, the originality of the products services of businesses and people can be accredited.

One of the many examples of NFTs is the founder of Twitter, Jack Dorsey, who, in May 2021, sold the first message published on the social network for $2.9 million. Thanks to data block technology, his buyer can prove that he has the first tweet in history.

Focused on business, there are already creators of electronic art and photographers who sell their creations. Another example is Republic Realm, dedicated to creating virtual mansions that it sells for 15,000 euros.

Staff and employee apprenticeship

Teleworking will enhance many connection tools that were not possible before. The meetings in the metaverse will begin to be expected, where those present can show off their avatar.

Companies will have enough potential to train their employees remotely and even give them a virtual tour of a company headquarters that they may never physically set foot on.

Similarly, employee training can be done with many more tools. The classic blackboards will give way to proper virtual environments that will make aspects such as the vision and mission of companies clearer than ever.