How Emerging Technologies Could Change The Way You Do Business?
If you thought that the Metaverse was merely for gamers, virtual parties, and some kind of digital gigs, think again. With the web3 space, you can transform your business and reap the benefits of innovative solutions. In this article, we‘ll explore the possibilities and show you why this space is so exciting. Ready? Let‘s get started!
Time To Think Big…⌛🧐
Just like the dawn of “the first” internet revolutionized markets and economies in ways that were unforeseen, the emergence of Web 3.0 will also have an immense effect on our lives, businesses, and economies. The transition from Web 2.0 to Web 3.0 will not only change the way that large enterprises work, but it will also provide these opportunities to smaller organizations. Most significantly, it will alter how people live, purchase, search, toil, and enjoy leisure activities.
Organizations from numerous industries are already leveraging augmented and virtual reality technologies to boost efficiency and streamline operations.
According to the Newzoo Trend Report 2022, in July 2021 alone, the number of companies working on the Metaverse increased from 200 to over 500 in June 2022.
From well-know names like Amazon, Facebook, Microsoft, and Google, these giants have all created and implemented virtual worlds, allowing them to explore new ways of working and offering a unique customer experience.
Louis Vuitton was one of the first luxury brands to recognize the potential of the web3 space; and as a result, they developed their own game for the Metaverse to celebrate their 200th anniversary. But it‘s not just luxury goods companies that have taken notice. Nike was quick to secure a foothold in Web 3.0 as well. With the launch of ‘Nikeland’ (the virtual world created on Roblox in 2022), Nike has become the world’s highest-earning brand from NFT sales, netting over $185 million, according to Dune Analytics data. In 2021, even Coca-Cola joined the fray, utilizing the popularity of NFTs by auctioning their own collectibles (Coca-Cola branded virtual wearables first unveiled at a live event in Decentraland).
Business Opportunities with the Metaverse 💼💡
The emergence of virtual and augmented reality has enabled businesses of all types to access powerful and innovative tools that can help them to become more competitive and maximize their potential. Companies such as big- tech, retailers, manufacturers, and those in the entertainment, education and food sectors can use AR and VR (augmented and virtual reality) to automate processes, increase efficiency and productivity. But also to deliver better customer experiences. The business opportunities here are actually endless, both in theory and in practice.
For example, retailers can now create virtual stores that customers can access from the comfort of their own homes. Such stores can offer both physical and digital items for purchase, providing customers with an even broader and more interesting range of products to choose from.
Restaurants can bring customers closer to their kitchens than ever before with virtual tours, cooking courses as well as virtual tasting experiences.
Moreover, with the advent of virtual classrooms, educational institutions can now provide students access to lectures and lessons from anywhere in the world. Similarly, companies are now able to hold meetings in virtual offices, giving employees the flexibility to meet even when they‘re not physically present in the same room. This not only makes operations easier for businesses but also helps them to achieve their goals faster and better. Virtual meetings offer employees the opportunity to exchange ideas quickly and provide better support to their clients. What a great advantage, isn’t it? Anyone, wherever they are, can get more done together in less time.
Also, healthcare organizations can use AR/VR to provide virtual patient care. And finally, real estate companies can use virtual reality to provide potential buyers with a more immersive view of properties.
There are many more examples beyond those mentioned. The Newzoo Metaverse Report (link above) can provide a comprehensive understanding of this rapidly expanding space.
… Prepare Yourself for the Web3 Experience 👀👇
The increasing presence of big brands in the metaverse clearly shows that Web3, NFTs and virtual spaces are becoming more mainstream. It is no longer just a niche market for tech-savvy individuals and gamers.
According to a 2022 Accenture survey, over 70% of respondents believe that the shift to the Metaverse will have a positive business impact; with 42% reporting it will be “breakthrough” or “transformational.”
BUT, wait… Is Web 3.0 only for big players? Absolutely not! Especially not when it comes to the Metaverse.
It offers smaller businesses a way to reach new markets and customers that they wouldn’t have access to in the physical world. They can not only promote their products and services, but also directly sell them.
It is exciting to see how traditional brands are utilizing the latest technology to innovate and create unique experiences for their customers, and it will be interesting to observe how the web3 space, including NFTs and the Metaverse continues to expand in the coming years.
Of course, everything sounds simpler than it is in practice. There are immense obstacles to overcome, such as a lack of knowledge, funding, or access to ‘highly specialized groups’ that can provide accurate guidance and information. When considering the business value of the Metaverse, companies should remember that this is still a space in its early stages, laden with potential for change and uncertainty. Expert knowledge plays an integral role in helping to avoid wrong decisions, exorbitant costs, and ultimately to determine the very basics—namely, how to start.
The Cake can be helpful on your way. Our mission is simple: “connecting those who have the knowledge with those who need it”
Whether you need advice on web3 or business strategy, our community of over 70+ trusted experts can provide you with the guidance you need. If you have any questions or would like to schedule a consultation, please reach out to us via email (address below). We look forward to learning more about your business and helping you take the next step to success.
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