“The next major technological platform for creative expansion of the mind will be cyberspace, or more specifically the Metaverse, a functional successor to today's 2D Internet, with virtual places instead of Web Pages. …”
Previously, we were on our tour to Metaverse where we understood what are its foundations on which it will work and how its going to affect the social media platforms. So, Rannkly is back here again to go further on this topic and discuss its Business prospects and how organisations are going to function in the virtual space.
Today we are going to deal more on changes that business organisations will face in Metaverse and what they should do to grow themselves in it. Virtual reality and Decentralised Automation Organisations are those factors that will be confronted directly in Metaverse space. But there is much more to know! Let’s understand them first:
WHAT IS AUGMENTED REALITY?
This is a surface where there is an amalgamation of virtual elements in the real world. As the word ‘augmented’ also suggests to increase the volume of something, it actually amplifies the vision of a person where he/she can experience unrealistic elements that were not actually present there.
The best example to understand this is the game “Pokemon Go”. While playing this game, one can see the animated creatures on the real ground that are called pokemons and they have to be captured by the player. But this game was later banned by many countries due to the high frequency of accidents while playing this game. This also indirectly represents the consequences of such advanced technology. This denotes that developing a space to experience all the virtual reality needs a very high class technology and billions of dollars to make it accessible for everyone.
To develop Metaverse, there has to be a 5G technology that can support huge updation of data and transfer of data at a very high speed. A lot of information will be transported from one end to another that needs a lot of data and a very high connectivity to transfer it very fast.
WHAT WILL BE THE INFLUENCE OF METAVERSE ON BUSINESS?
While analysing the scope of Metaverse in the future, it was found that it may not be recommended for some s[pecific use. As everyone uses smartphones and they are such a demanded technology, one cannot infer if such utility can be found in Metaverse space. This is because all the features that will be delivered by virtual reality are already in use or they are satisfying the needs of every common man. Then how Metaverse is a new demand for technology? Why are big businesses like Facebook shifting towards this new goal? Though this technology may be of no use for people today but it is in demand and the same people do expect such revolution in the technology.
The beginning is never easy and never straight who tries to innovate better opportunities for the generations. With this belief, Metaverse is heading ahead and widening its horizon to incorporate businesses in its space. So let’s discuss those aspects of business that will be dealt with in Metaverse and every business oriented with such a field must take special measures for it.
1. Digital products
While living in a virtual space, the user must need virtual things to carry on a normal life in the virtual world. So, companies should try to invest in creating those digital products that can be used by the avatars ( virtual character of ownself) to live as normal life as they live in the real world.
2. Product advertisement
As it is done in the real world, there will be a good scope of advertising the products in the virtual grounds to promote some company’s services or brand. In this task, a company not only needs advertising skills but also to advertise them in the virtual world and that too, in front of virtual characters.
3. Remote working
We all have seen this in lockdown situations that working from home or in hybrid format do create irregularities and unclear decisions. It decreases the efficiency of work and delay in target achievements. But if companies promote their businesses
4. Sponsoring events and concerts
We do have an example too where an Arian Grande (Hollywood artist) organised her music concert in VR mode (virtual reality) and it was highly appreciated too. So there can be such situations where people will opt for virtual technology for their enjoyment instead of actually going to a place, standing in ques, struggling for concert tickets or ruining their special moments in a bulky crowd.
5. Gaming technology
We can see many games that bring virtual reality in your hands where you can do almost everything in the game as you do in the real world. So if the demand of Metaverse expands then it will also demand for more such virtual games. Though they affect physical health at very deteriorating rates, they also excite children more than anything else. So there is a good scope of developing such gaming platforms that includes VR and AR features.
6. Metaverse hardwares
It is very much clear from the upgradation of the technology that if the future of Metaverse space is so wide then it will also expect those materials that will enable the establishment of such technologies. There will be a huge requirement of hardware products that could support transfer of data in a blockchain format. It requires a system of networks that are interconnected and transfer high speed data with utmost accuracy and that too, in an encrypted form.
The business opportunities noted above are those categories that will definitely be in high frequency if Metaverse comes as a new technology in this world. There could be many other organisational setups like improving business operations, product placements etc. that will cooperate to enhance the business developments. So, Rannkly concludes here with a thought that it is not confirmed yet how much the Metaverse will be accepted as a new Social media tools technology because the utility creates the necessity of any technology. At this point, we can only experiment with advanced technologies like VR and AR along with blockchain systems to analyse how they can be improved for better virtual experiences.
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