Enterprises are now seeing the potential of metaverse platforms more and more by the day. This article evaluates how to pick the best metaverse platforms suitable for your enterprise.
The Metaverse has emerged as the latest digital frontier that every firm seeks to conquer.
The world was stunned when Facebook relaunched as Meta and proclaimed its strong interest in metaverse-related projects and its commitment to investing its whole budget.
It generated discussion about how the Metaverse will shape the future of human communication and engagement.
Following Facebook, several companies, brands, and corporations began investigating the Metaverse in every way conceivable, such as renting virtual space, developing virtual stores, creating NFTs, and organizing metaverse events.
Because the Metaverse is still in its early stages, anyone can build a presence regardless of business sector, size, or geographic location and reap the full benefits.
Metaverse platforms are the foundation for enterprises to establish a presence in virtual worlds and create their own worlds.
So, while selecting metaverse platforms, businesses must first study them, learn what they provide, and then choose the platform that best meets their needs.
Let us see more specifically why metaverse platforms are essential to enterprises.
Importance of Metaverse Platforms To Enterprises
Here are some ways metaverse platforms can be beneficial to enterprises;
- Enhanced hybrid work culture & employee engagement
- Unparalleled customer engagement & customer experience
- Increased business engagement using virtual events
Enhanced Hybrid Work Culture & Employee Engagement
After Covid, the hybrid work model is here to stay. However, exposing themselves to Metaverse will be beneficial for firms that struggle to develop and educate remote teams across continents.
With Metaverse platforms, firms can hire the finest individuals regardless of location and provide training to employees working from home, resulting in excellent team cooperation across diverse backgrounds.
The Metaverse, the next stage in virtual reality connection, can help businesses provide the ideal platform for co-working spaces, meetings, simulations, training, conferences, and other activities.
Unparalleled Customer Engagement & Customer Experience
The Metaverse is bringing a revolutionary future for businesses to provide the next level of consumer engagement and experience (CX).
For example, businesses can ease entry into the Metaverse by creating customer service avatars. As a result, they improve engagement and foster long-term relationships that generate loyalty and conversion.
It opens up the possibility of advanced speculative enterprise for customers. Customers can interact with brands in remarkable ways.
Retail businesses, for example, can implement hyper-personalization by combining VR and AR to create more interactive experiences for their customers, allowing them to browse virtual stores and try on clothes in virtual changing rooms.
Increased Business Engagement using Virtual Events
Virtual events and concerts provide a chance for businesses to capitalize on.
Fortnite is well-known for its virtual business potential. Famous musicians like Travis Scott and Ariana Grande have taken part in Fortnite virtual events and received much attention.
The key benefits of using Metaverse platforms to create a virtual event are accessibility and improved user experience.
For example, anyone can purchase a virtual concert ticket, regardless of physical or geographical location.
Technology, avatars, and shared spaces allow end users or participants to have an out-of-the-box experience even when they are not physically present at the event, which will undoubtedly entice them to join in such virtual events more frequently.
As a result, businesses may expect higher audience participation in virtual events and improved chances for data collection and analysis of audience behavior.
Let us take a look at how enterprises can enter into the metaverse to have access to the amazing benefits we discussed above.
How Enterprises Can Enter The Metaverse
In the opening speech of Connect 2021, Mark Zuckerberg stated that the Metaverse would take an average of 5-10 years to become a popular business concept, which may or maynot be accurate.
The Metaverse is expanding rapidly, and we do not believe it will take more than ten years to mature fully.
However, metaverse aspects such as ultra-fast internet, virtual-reality headsets, and always-online digital worlds are now operational, indicating that we have begun to evolve.
While the inaccessibility of these technologies may be a problem, it will only last for a while.
With that said, here are a few strategies to ensure your enterprise can weather the transition to Metaverse and prosper in the aftermath.
- Find the right metaverse platfrom
- Reinforce your current online presence
- Plan AR/VR App development
- Your prime focus should always be your target audience
- Stay adaptable and focus on experience
Find The Right Metaverse Platform
The first step in preparing for Metaverse is determining the right platform for your business. A few Metaverse platforms available for exploration include gaming, real estate, and NFTs.
Roblox is one of the most popular Metaverse platforms, with an estimated 47 million daily active users. Roblox allows users to participate in various activities and entertainment, such as virtual concerts.
Roblox is the virtual event model mentioned previously while discussing virtual Fortnite events.
Multiple brands have begun collaborating on content marketing and public relations efforts and have sponsored Metaverse events to recognize Metaverse’s importance in the business world.
For example, luxury fashion houses like Gucci, Valentino, and Balenciaga are taking steps in the Metaverse.
At the same time, other well-known names such as Nike and Adidas have already come on board and created virtual stores allowing NFT trade.
Before deciding which platform is best for your company, thoroughly understand the complexities of the various options available.
Research the top metaverses, the audiences you want to attract, the products or services that are most needed, and how your business can fit into the Metaverse virtual world.
Reinforce Your Current Online Presence
Every business today has an online presence, whether through a website, a social media page, or even a directory page.
However, any company considering entering the Metaverse should review its current internet presence and marketing strategy.
There is a potential that the business can be a partial adjustment in strategy; for example, launching a virtual store, adding an NFT wallet to your online page, or simply hosting a virtual conference can increase a company’s consumer and client base.
Of course, you never know which plan will be the final step toward your business’ success.
Thus, before you begin anything, take some time to reflect on what you and your firm have been doing all along, what your competitors are doing, and what well-known businesses are doing to thrive.
Maintaining an internet presence is critical for any business to prosper and avoid missed chances. Ensure that your internet presence reflects what you have to offer.
Plan AR/VR App Development
Developing an AR/VR application that lets your clients become acquainted with the new reality – Metaverse – features would be handy to any business seeking to connect with Metaverse.
As previously said, Metaverse combines blockchain, augmented reality, virtual reality, and artificial intelligence technologies.
Experimenting with these technologies will allow you to better understand the Metaverse before entering the virtual realm.
Several brands, including Zara, Chanel, and Gucci, have experimented with augmented reality apps for shopping.
The brand advised its customers to place smartphones near store windows or sensors and watch as models wearing their items appear on their screens.
Similarly, you can begin by leveraging currently accessible technologies such as VR headsets and envisioning the virtual reality experience.
Your prime focus should always be your target audience
The target audience differs by industry. When joining the Metaverse, focus on a predefined set of target audiences.
Having a product designed for the Metaverse is excellent, but it may be appropriate for something other than the target population you want to reach.
Targeting everyone in the Metaverse, especially in virtual reality, is never a good idea; instead, you should specialize and aim your marketing efforts at a specific target population your product best serves.
To avoid setbacks, it is generally essential that you conduct thorough market research and identify your target audience based on numerous characteristics throughout the company planning stage.
Stay Adaptable and Focus on Experience
Metaverse is all about the experience. And, once a more definitive form of Metaverse emerges, there are no predefined rights and wrongs when conducting business in the virtual world.
Thus, the only thing any entrepreneur needs to realize is that the Metaverse is all about the experience; everybody who enters the virtual world expects to witness a never-before-seen encounter.
At the same time, because technology and the Metaverse industry are still emerging, doing business in the Metaverse will be a trial-and-error process, requiring your company to remain adaptable to the changing nature of virtual worlds.
Now that we have seen the process through which enterprises can enter and progress in the metaverse space, let us see some metaverse platforms that enterprises can leverage.
Top Metaverse Platforms
Some prominent metaverse platforms are;
- The Sandbox
- Decentraland
- Cryptoxels
- Roblox
- Star Atlas
The Sandbox
Sandbox is a blockchain-based platform that allows businesses to rent and purchase virtual land. After renting or buying land, the firm can establish a virtual presence by building virtual stores, shopping malls, etc.
Sandbox employs Ethereum as its cryptocurrency to conduct trades on the platform. Its stability and security make it one of the best metaverse systems.
Sandbox offers Ethereum-based tokens called Sand. These tokens are used to pay gas fees on the Ethereum network.
Decentraland
Decentraland is a 3D virtual social world where enterprises can trade NFTs using the Ethereum Smart Contract.
Its features and user-friendliness make socializing with other users extremely engaging, providing a near-real experience.
Businesses can host events, sell goods and services, play games, and socialize with people from all around the virtual world.
As the name implies, Decentraland is entirely decentralized, giving businesses ultimate control over the experiences they create on the platform.
Cryptovoxels
Cryptovoxels is the best metaverse virtual gaming platform based on the Ethereum blockchain system.
Its incredible usability and functionality make it ideal for enterprises looking to establish virtual real estate businesses and a hotspot for NFT trading.
It also enables businesses and brands to offer wearables featuring game characters, virtual objects to enhance settings, etc. Games in the Cryptovoxles can be accessed via PCs and VR devices.
Cryptovoxels can generate anything a business wants, from games, empty lands, and buildings to fabricated mansions, art galleries, co-working/collaborative spaces, and community buildings.
Roblox
Roblox is a popular metaverse gaming platform allowing people to collaborate and create games. It is well-known for providing a variety of virtual reality experiences.
Its unique selling point is that users may dress up their avatars with accessories from real-life businesses such as Burberry.
Enterprises are eager to work with Roblox because it allows them to sell digital things in their in-game storefronts and on the avatar marketplace.
The platform will enable users to purchase in-game accessories using real-world money to facilitate trading.
Star Atlas
Star Atlas has recently garnered popularity for its virtual world, which includes numerous virtual planets, galaxies, and civilizations, making it a cutting-edge metaverse platform.
Businesses can use spaceships to transport their customers to multiple virtual worlds, open new store locations, learn about different cultures, and so on.
It will give the viewers the finest immersive experience. Star Atlas is built on the Solana blockchain technology.
Given all these metaverse platforms and more, let us see how to evaluate them to find the best fit for your enterprise.
How To Evaluate Metaverse Platforms For the Best Fit For Your Enterprise
Here are some factors to evaluate when choosing the right metaverse platforms for your enterprise.
- Decentralization
- Personalization
- Platforms and accessibility
- User experience
- Integration
Decentralization
The platforms must be a decentralized economy in which event firms who rent or purchase space from the platform retain complete control and jurisdiction over that virtual area.
Personalization
The platforms should enable businesses to create/design a clean, immersive, appealing, and branded environment.
Platforms and Accessibility
Understanding and comprehending how users can access the platforms is critical. It would be much appreciated if the platforms could be accessed via apps, desktop, tablet, mobile, and VR headsets or AR glasses.
User Experience
A few features, such as digital twins, 3D environments, immersive social features, real-time communication, avatars, and so on, must be included to improve the user experience.
Integration
The metaverse platforms should be able to incorporate third-party business systems, software, and tools, such as chatbots, voice assistants, data and content management, E-commerce applications, CRM, payment gateways, etc., in addition to media files and content.
Final Thoughts
Top enterprises putting time, money, and resources into the Metaverse suggest that this virtual environment will become a significant player in the business era, changing how people interact and boosting productivity in various industries.
Businesses have many chances to join the Metaverse bandwagon and jumpstart their growth until Metaverse’s full potential is realized.
If you get started early enough, you’ll better position your brand for success in new virtual places.
