How will the rise of the Metaverse impact businesses in the coming years

The metaverse is a 3-D virtual world where everyone can interact, conduct all activities of a business, and build social connections through virtual avatars. It’s the virtual reality of what the internet essentially looks like today. The term, ‘metaverse’ coined by Neal Stephenson in 1992, has garnered much attention in recent times. It is still ideally at its nascent stage; however, we see many brands market and promote their products and services, trying to engage their audience in unique formats and gain traction through the decentralized land. 

And how do you get a full 3-D surround experience of the metaverse? By donning a VR headset that can take you on a ride in the digital universe. The metaverse every day, witnesses more and more consumers becoming a part of it and this has resulted in brands wanting to venture into the world to capture their audiences’ interest. After a lot of identification of their niche, curating a fresh brand, and coming up with content that resonates with them in the offline world as well, there are multiple brands that have managed to get eyeballs rolling in their direction. So how does the Metaverse translate into yielding conversions or increasing employee performance, words which seem out of place in virtual reality? Let’s figure it out! 

A) Teamwork and Collaboration

During the pandemic, remote working saw a steep rise in the graph paper. It taught us that organizations can continue to work with employees sitting in faraway places. However, the aspect of team building, working together, collaborating, and brainstorming in sessions together have all lost their meaning. In the years to come, businesses will be able to leverage the power of the Metaverse, and platforms such as NextMeet or PixelMax will eventually become key players in the market. A platform like NextWeek offers an immersive experience where avatars can go in and out of meetings in the virtual space, give live presentations, network with colleagues in the lounge or just roam around the office interacting with whomever they see.  

B) A Digital Colleague

The Metaverse will not just let you interact with your colleagues in the virtual world but also be joined by digital colleagues designed to engage and interact with you while you work. Highly realistic and AI-powered, these agents act as assistants and form the backbone of conversational AI systems. With platforms such as UneeQ and Soul Machines, digital avatars become as human as possible- one with emotions and those who facilitate all your needs and requirements. You have shopping assistants, concierges, mortgage advisors, covid-health advisors and so many more in the Metaverse.  

C) A Fast-Paced Learning Environment

Training and skills development derives a new meaning in the Metaverse. With on-hand assistance to train employees, role-play exercises, simulations, and many such interactive activities becoming the norm, the learning environment becomes extremely fast-paced in nature. And this isn’t just pertaining to a single field. The Metaverse will observe its roots seeped deep into concerns addressing the issues faced by employees at the workplace. It is also a place where social anxiety and combatting challenging tasks such as high-pressure pitching or difficult client interactions will become a lot easier.  

Accelerated by the impact the pandemic has caused in the world complemented by advancing digital technology, the Metaverse offers a new realm for improving time and cost-efficiency. The decentralized land has been gaining momentum through online gaming but is soon expanding itself in all areas of a human’s life. In the digital world, increased levels of output, closeness in interaction, newer forms of businesses, and brand-new definitions of currently unnamed terms will become a given.  

We are at the precipice of change and the Metaverse is only the means of enabling a new and free world for everyone to find their spot.  

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