Before we delve into the main topic, let’s look at what the Metaverse is and what it represents. The term “Metaverse” means a place or an atmosphere of visual reality where humans can comfortably interact with the computer-generated atmosphere. It looks like a 3D video animation, where you see yourself interacting with those supposed 3D animated environments. This feature is often found in new inventions like Visual Reality (VR): a technology often found in products like the Oculus from Meta or PlayStation VR from PlayStation. More companies are exploring the opportunities this technology has presented.
The Many Business Opportunities in the Metaverse
Today, Metaverse’s obvious business opportunities can be seen in the gaming industry. As of 2014, Meta (than Facebook) bought Oculus for $2 billion. This is a company that understands the future Metaverse as a good business. After 20 months in the market, the product has sold over 15 million units, and it is projected to sell over 34 million by the year 2024 as virtual reality’s popularity keeps increasing. Other advantages it has brought into the industry include:
• Saves Cost of Operation
The presence of Metaverse in the automobile industry enables car designers and engineers to easily run experiments, to understand how these products will look before they can commence full production. This is far better than spending more money making expensive prototypes only to still spend more money to review them later. Companies like Jaguar Land Rover (JLR) and BMW have abducted this method, saving them millions over the years.
• Gives Room for Improvement
Companies like Gucci, Disney, and Nike have taken a step further into making their operations easier through Metaverse. The mere introduction of Metaverse into the company’s operations improves such a company’s reputation among its competitors. It is also a good way to identify a good visionary company.
• It Promotes the Company’s Reputation
Companies that deploy the Metaverse equipment into their operations, especially those in academic presentations and educational activities, are taken more seriously. Although projectors offer a comprehensive insight when used in presentations, the introduction of Metaverse into the system makes the whole process more practical, sleek, and in-depth.
Psychologically, younger people, especially children, easily connect through a 3D video or graphics. And for the fact that Metaverse comes with a clear picture image makes it a perfect tool for businesses to use to Connect to the younger population. A practical example is Roblox: a gaming platform with over 43 million daily active users. It is also said that 67% of their users are below the age of 16.
The concept of Metaverse has gone beyond the scope of just being used on video games and animations to becoming a tool many industries use to prevision their intended projects. A clear example of this can be seen in the construction industry, where civil engineers apply this technology to preview their proposed projects before putting machinery on the ground.