Metaverse: how does this technology impact the future of business?

The transformation provided by new technologies should boost innovations in the corporate sector in the years to come. In this sense, the expansion of virtual realities and the integration between the real and digital worlds with the Metaverse promises to increase the interaction environments between brands and customers, as well as elevate the user’s experience in the purchase journey of products and digital services. 

With this article, you will understand the influence of the Metaverse on the future of businesses and how this virtual environment may become an ally in your company’s evolution.

What is Metaverse?

Metaverse is a virtual universe that replicates reality in an immersive and interactive way through virtual and augmented reality technologies. This digital environment graphically integrates real-world elements, provides realistic sensory experiences to users and expands the possibilities of virtual interaction.

This network of virtual worlds, considered the future of the internet, gained prominence in the corporate environment in the second half of 2021 when Mark Zuckerberg announced that Facebook had joined the Metaverse and the company’s name changed to Meta. Since then, technology has advanced and, today, it is already possible to purchase in this universe. Besides, modern technologies, such as the new internet network, 5G and IoT, and the Internet of Things, shall enhance their possibilities in the following years.

How does the Metaverse work?

The main change proposed by the Metaverse is a three-dimensional immersion in a virtual environment. Soon, users might change the flat screens of mobile phones and computers for devices with 3D experience. In addition, the idea is to have each person inside the Metaverse with personalized avatars that perform actions people do in the real world. Hence, it would be possible to work, buy products, meet friends and even travel within the virtual universe.

Another difference of the Metaverse is its continuous space proposition. This way, it breaks through the limitations of the individual device and exists in parallel with reality. Thus, when a person disconnects, the universe still works, regardless of the individual actions of each user. 

The Metaverse also intends to have its own economy, with digital currencies. This possibility opens space for the creation of new business models and forms of interaction between brands and customers, it also allows innovative experiences for companies in the digital era.

What technologies are present in the Metaverse?

The integration of technologies allows the Metaverse building. Learn the main ones below:

Virtual Reality

Virtual reality is a digital tool that simulates reality in a three-dimensional format with computer graphics and sensory effects. This technology is important to Metaverse development because it offers immersive and interactive experiences that can be helpful to enhance the user’s experience in this digital environment. 

Augmented Reality

Augmented reality is the inclusion of three-dimensional and digital graphic elements in reality. Therefore, with the help of software and hardware, it is possible to insert virtual reality components into the physical world. This technology makes possible the development of the Metaverse and the integration of virtual realities and the physical world. 

Blockchain

Blockchain is a database network that allows information sharing and financial transactions in the virtual world. In this sense, this secure and transparent technology that authenticates files and makes them unique is one of the key pieces for economic development in the Metaverse.

What exists in the Metaverse already?

The virtual world must evolve and deliver its full potential in the following years. To this extent, companies are already investing in this universe, and thousands of users are integrated into the Metaverse. A survey found that almost 5 million people already use some segment of this technology in Brazil. 

NVIDIA, the famous manufacturer of technological components, is one of the largest companies that already invest in the Metaverse. It created Nvidia Omniverse, a collaborative online simulation platform where a myriad of professionals, such as designers and artists, collaborate on expanding the virtual world.

In another segment, with the aim of connecting its consumers, Nike, the largest clothing and sports shoe company around the globe, has created its own virtual universe within the Roblox game: Nikeland. Several elements of the virtual environment are based on the physical headquarters of the company, plus it is possible to customize your avatar with Nike digital products and participate in sports games.

Microsoft also has its own platform in the Metaverse. Mesh, founded in early 2021, is a virtual environment focused on meetings with the inclusion of digital elements such as holograms and 3D avatars.

At the end of 2021, Banco do Brasil also joined the Metaverse by including a digital complex in a roleplay server of the GTA Online game. In this environment, players can create bank accounts for their characters, as well as take a digital tour around the BB building.

How does the Metaverse impact the future of business?

According to Gartner’s study, by 2026, more than 25% of the population will spend at least an hour a day in the Metaverse. Therefore, it is expected to have customers using this space for work, shopping, education and leisure activities. 

Based on these predictions, several companies are already looking for ways to insert themselves into this virtual environment with the aim of improving their business models, delivering new experiences to users and standing out in the market. “The next transformation might change the digital business into Metaverse business,” says Marty Resnick, Gartner’s Vice President of Research.

The migration of users to the Metaverse shall imply a new division between business models and a need for companies to be part of this new world. So, those who are in advance to the next digital transformation will have advantages, such as:

• The approach of brands and customers through immersive experiences;
• The creation of exclusively digital products and services;
• The increase of loyalty and engagement through the interaction with virtual reality;
• New revenue format with digital economy;
• Innovative user experiences and easiness to purchase;
• Integration of offers and construction of personalized journeys.

Would you like to learn more about how new technologies can boost your business results? Talk to our experts and find out how Objective can improve performance and innovation in your business!