70% of large companies will be in the metaverse in the next five years

Although no formal definition of the metaverse exists yet, businesses cannot afford to wait until one does or until the metaverse has fully evolved before experimenting with and investing in it.

If you wait a year and a half or two years to do something, to have a clear strategy, and start testing these assumptions, it might be a little bit too late.

Cathy Hack

Many businesses are interested in capitalizing on what has been labeled the metaverse's profit potential.

Currently, "metaverse" is used by different companies in different ways. At the moment, no extended reality platform allows users' avatars to live, work, or shop in what many refer to as the "new internet." It's also uncertain how and whether extended reality initiatives will join together to form that vision. From linked greenhouse gas emissions to legal hurdles, the growing metaverse is laden with potential issues.

These 5 metaverse use cases serve as examples of the new digital sphere's potential.

Thrill-seeking entertainment

At first look, metaverse entertainment may not appear to be relevant to the business. However, business and IT leaders should keep a close eye on this area. The metaverse's entertainment is attracting a lot of attention, especially from younger consumers who are likely to fuel metaverse expansion.

Enhanced Training and development

Educational institutions were forced to build e-learning platforms and other digital communication means due to the pandemic's limits on in-person gatherings.

Now, some might examine how the future metaverse, with its anticipated potential to broadcast data in real-time and facilitate real-time interactions in virtual space, can alter and improve how educators deliver their lectures.

Enhanced customer experiences

Extended reality platforms enable businesses to create new experiences and convey information in new ways, and metaverse platforms have the ability to alter how, when, and where firms interact with their customers.

Work meetings

Many workers used Zoom conferences instead of in-person meetings during the COVID-19 epidemic. Companies like Meta (Facebook) and Microsoft were able to focus on metaverse development as a result of this.

Within the next two or three years, I predict most virtual meetings will move from 2D camera image grids … to the metaverse, a 3D space with digital avatars,"?

Bill Gates

The idea is that you will eventually use your avatar to meet with people in a virtual space.

Marketing opportunities

A number of brands are creating a presence in established VR settings. For example, Hyundai Motor Company debuted Hyundai Mobility Adventure, a metaverse experience on the gaming platform Roblox. Gamers' avatars can experience Hyundai's future mobility projects and current products. And last year, Warner Bros. Pictures hosted a virtual party on Roblox to market its movie In the Heights.

REAL-WORLD VS. VIRTUAL WORLD

Last year alone there were more than 5 million mentions of the metaverse in online conversations -with 29% positive brand sentiment. With Generation Z and Millennials are the age groups that dominate 90% of said conversations.