What is the Metaverse? And How It Can Help, Or Hurt, Your Business


For those who have noticed Facebook’s Meta announcement, The Metaverse probably sounds like some type of strange science fiction. Many people have little understanding of what a Metaverse could actually be or look like, but understanding how it works, and more importantly, how it can work for you and your business is crucial as we continue growing into our ever relevant digital presence.

What is the Metaverse?

Essentially, the Metaverse itself is the growth of the internet to an immersive virtual space. There are a number of video games reaching back as early as 2000 that offer a loose presentation of existing virtually online. However, the Metaverse itself will exist more as a cohesive space. The goal is to, eventually, allow any user to login from any virtual reality(VR) headset, wearable technology, phone and even desktop, though it will be optimal for VR use. This is meant to mirror the way we access the world wide web today.

Why does it matter for my business?

While we’ve talked about what the Metaverse is, that still doesn’t explain why it matters to you and your business. Businesses around the world have had to adjust to digital, due to the global pandemic we have been experiencing over the last 2 years. It takes no stretch of the imagination to consider possible positive implications of having access to a fully digital presence, ANCUR wanted to share with you a few ideas we have for how the Metaverse can change, and improve, digital business presence.

1. Virtual Office and Meeting Spaces

In March of 2020, those employed who worked from home made up one-third of all workers, up from 6% in previous years. While we have all become accustomed to the infamous video meeting, the Metaverse will bring new opportunities for online collaboration. Creating interactive meeting spaces can boost morale and create a positive culture. No matter how far apart your employees are, they will have the opportunity to interact on a more personal level. Companies can develop entire virtual office spaces, breakroom and all, to give employees a separate-from-home work experience.


2. Virtual Spaces for Customers

Whether you sell services or products, having a place for clients to come that represents you and your work can create a lasting impression. Take a moment and imagine two scenarios, as a customer. In one scenario, you ask a provider about their services. You jump on a ten minute video chat, get the details you need, and receive the typical follow-up email. Imagine our next scenario, being invited to a well curated digital space. You have a more personal, albeit digital, interaction in an office that displays and represents the company and its offerings. While both scenarios are virtual in nature, they can have very different impacts, if executed properly. These same spaces could be used for online communities or classes, giving you the opportunity to bring your customers together in a safe, healthy way.

3. Online Store Fronts

Allowing people to access digital store fronts that give them an opportunity to visualize products more accurately can have a huge impact on sales. Many people feel uncomfortable making purchases without having the best possible idea of WHAT they’re buying. It is hoped that even clothes can be tested by possible customers before purchase, allowing them to see how clothes fit.

While these ideas are only a few, the possibilities will be endless with the Metaverse. Those in businesses of all kinds will be able to develop and present themselves in new and creative ways. Though implementation is still a few years out, staying informed is crucial for continued development. Be sure to stay informed by following our ANCUR reports.

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