{"id":5676,"date":"2022-04-22T06:56:46","date_gmt":"2022-04-22T06:56:46","guid":{"rendered":"https:\/\/www.britopian.com\/?p=5676"},"modified":"2023-11-02T23:08:48","modified_gmt":"2023-11-02T23:08:48","slug":"metaverse-for-business","status":"publish","type":"post","link":"https:\/\/www.britopian.com\/content\/metaverse-for-business\/","title":{"rendered":"Metaverse for Business: A Look Into the Future for Brand Marketing"},"content":{"rendered":"
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The metaverse for business is here. It’s more than just games or entertainment. It’s a new platform for brands to innovate, build new products, reach new audiences and increase customer engagement. Metaverse marketing will prove to be valuable if done right.<\/p>\n

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Gartner predicted<\/a> that 25% of consumers will spend at least one hour a day in the metaverse by 2026. And with metaverse technology platforms predicted to reach $800 billion by 2024, brands need to take the metaverse seriously. Executives around the globe are already anticipating its arrival and planning how they can take advantage of its unique features.<\/p>\n

The metaverse is a term coined by Neal Stevenson<\/a> in his science fiction novel Snow Crash for a virtual reality simulation of the real world that allows users to interact and digital objects in a 3D environment.<\/p>\n

My first interaction with the term “metaverse” dates back to 2003 when virtual worlds like Second Life dominated the conversation on the internet. Many people, including myself, saw these platforms as the next big thing in digital, almost an evolution of social media and a way to connect with people from all parts of the world. For many, the appeal of Second Life died quickly, complaining that it was too clunky, nerdy, and time-consuming.<\/p>\n

Nevertheless, the platform<\/a> continues to chug along, and there is now renewed interest in its potential as a viable business opportunity. In particular, there is growing excitement about the possibility of using Second Life as one of many “metaverses.” While the hype surrounding virtual worlds may have waned, it seems it may have a bright future, given consumer and business interest in this space.<\/p>\n

Below is a helpful timeline that eMarketer<\/a> put together, showing the evolution of the metaverse.<\/p>\n

\"Metaverse<\/p>\n

In fact, over the past few years, there has been increasing interest in the potential of the metaverse as a platform for business and commerce. A recent report from Accenture<\/a> found that 71% of executives feel like the metaverse will redefine and impact their industry positively, with 28% believing that it will enable new business practices and help them reach new customers.<\/p>\n

What is the metaverse?<\/h4>\n

The metaverse is a shared, virtual space where users can interact with other users, avatars, places, and content. It is often compared to the virtual world of the Matrix, where humans are connected to a simulated reality.<\/p>\n

As mentioned, the concept of the metaverse has been around for decades. Still, it has only gained mainstream attention over the last couple of years with the rise of immersive technologies such as virtual reality and augmented reality. While the metaverse is still in its early stages of development, it holds great potential for enterprise brands and their customers.<\/p>\n

For example, the metaverse could be a new place to hold product demos or virtual press conferences for brands. It can also serve as a virtual customer care department. The use cases are endless. With its ability to immerse users in a realistic, digital environment, the metaverse has the potential to revolutionize the way businesses operate and communicate with their constituencies.<\/p>\n

According to a report from TechRepublic<\/a>, 91% of enterprise companies are already using or planning to adopt metaverse-related technology (augmented reality and virtual reality) in the coming years with the following use cases:<\/p>\n