Immersive and engaging metaverse-type environments have long been part of the world of video games. These digital spaces are quickly becoming an integral part of the events industry too. But there’s more to the metaverse than gaming and events. The metaverse also has huge potential as a business tool. Companies of all sizes—in all industries—may ultimately benefit from developing metaverse projects. We’ve already seen a big handful of businesses in the metaverse successfully marketing their own digital brands. Could yours be next?
The Versatile, Evergreen Metaverse
There are many reasons why metaverse technology has generated so much buzz in a short amount of time. But there are two aspects, in particular, that mean the metaverse has the long-term potential to benefit almost any business, regardless of that business’s size or the industry in which it’s operating. The metaverse is both versatile and has evergreen potential.
Versatile: The metaverse is essentially a blank slate. It’s made up of a series of metaverse platforms, virtual worlds, and digital environments, and these spaces can serve a wide range of purposes. Businesses are in the metaverse hosting virtual events and virtual meetings, opening digital storefronts, and more.
Evergreen: If something is said to be evergreen, that means it has the potential to stay relevant for a long time, even indefinitely. The metaverse certainly has that potential—in part because it’s such a versatile medium. Nothing in the metaverse has to stay the same forever, and making changes in a virtual world is just a matter of altering lines of code to create new digital assets. Once your company has its own place in this virtual environment, that space is essentially evergreen because you have the ability to shape the space to fit your company’s needs.
Use 3D Metaverse Environments to Extend Your Office Space
Usable office space is at a premium for many companies, but the metaverse presents a new opportunity to expand in a different direction. When renting or buying more physical space isn’t an option, why not consider utilizing space in the metaverse?
Virtual 3D environments are certainly more affordable, and these digital spaces can be more convenient too. You may not have a big enough meeting room for all your employees to work in at the same time, but a metaverse space could comfortably hold everyone. Your entire company could attend a virtual meeting in the same digital space while they’re sitting in their offices or even working remotely.
Virtual 3D spaces are more or less a blank slate, with the ability to fulfill a wide range of needs. They can provide additional room for:
- Meetings
- Conferences
- Training and education sessions
- Onboarding and learning experiences for new employees
And these metaverse spaces can be fully accessible, regardless of location, time zone, and any other restrictions.
Better yet: Those virtual spaces don’t need to be furnished, painted, cleaned, or tended to in any way. They’re available when you need them, any time you need them. And when your virtual environment is not in use, the program is turned off, meaning resources aren’t wasted.
Host Virtual Events in the Metaverse
For businesses that hold multiple events throughout the year, metaverse technology represents a potentially revolutionary shift in event design. Having a permanent spot in the metaverse could be a huge timesaver, not to mention a more cost-effective way to run events. If you have an evergreen metaverse space that’s always available when you need it, you have an event space on call for a wide range of virtual events, including meetings, conferences, keynotes, and more.
There are huge advantages to holding events online:
- It reduces barriers to attendance, meaning more people can attend and participate.
- It’s a more engaging and immersive option.
- It can greatly reduce the carbon footprint of the events you hold by eliminating the need for travel and other high-emissions activities.
Utilize the Metaverse as a Marketing Space for your business
The metaverse has huge potential as an arena for marketing and advertising. It’s composed of 3D virtual worlds, which themselves have branding potential. And then there’s the possibility of opening up digital stores on existing platforms to provide metaverse shopping experiences—a feat that many brands have already successfully accomplished. Some of the world’s biggest popular music stars, including Ariana Grande and Lil Nas X, have held concerts on metaverse platforms, attended by multi-million-strong audiences.
The internet itself changed marketing not once but multiple times, over and over again. The metaverse will do the same, and it’s likely to happen much more quickly this time. In fact, there are already advertising and retail sector opportunities on existing metaverse gaming platforms. Already, it’s possible to buy advertising billboards on Roblox and buy land in Decentraland and turn it into a metaverse shopping district. Owning space in the metaverse means owning advertising potential.
In a recent report exploring opportunities for businesses in the metaverse, J.P. Morgan analysts predicted that by 2027, metaverse game ad spending would top $18 billion. And, eventually, they predict that the metaverse “will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues.”
When it comes to advertising, marketing, and branding, in particular, metaverse environments have huge potential, especially if your company is willing to take chances and experiment with metaverse technology. Now is the perfect time to do that, when the metaverse is relatively new and the most effective advertising strategies have yet to be uncovered.
What Could Your Company Do in the Metaverse?
Businesses can get involved in the metaverse in a wide range of ways. Will you stay in-house and focus on building a metaverse space that functions like an extension of the office? Or take your company into the metaverse at large with a new and exciting digital marketing campaign? The metaverse has opened up worlds full of potential, and already there are real benefits for businesses that are willing to take the chance on this emerging technology
