metaverse

Innovative aspects that Solution providers create will make metaverse a better operational space

Technological evolution has now extended beyond the physical world and spilled onto the digital world to enhance and extend reality. Metaverse is one of the rapidly progressing technologies that opened up various possibilities on an entirely different tangent. Businesses are ready to invest in building digitally enhanced immersive worlds to better showcase their products and services with the latest industry trends. 

Gartner, a research firm, predicted that 25% of people would spend at least an hour in the Metaverse. It is increasingly proving to be a lucrative space for businesses to foray into and operate in the digital world. 

 By providing a decentralized infrastructure to Metaverse, industries can create projects compatible with Web 3.0. Innumerable businesses are trying their hand in the Metaverse to leverage user experience in areas such as talent acquisition, branding, Training, Operations, transactions, and much more to make a mark in the virtual environment space. 

If we talk about the manufacturing industry, the metaverse can be combined with ‘Digital Twins,’ which will mirror real-world performance in the digital space that can be used to monitor and guide operations remotely.  An international Automobile company is already in the process of creating such a virtual world for their upcoming factories. 

Similarly, the education and learning potential of the Metaverse remains wholly untapped. The defence and law enforcement is deploying metaverse in hostage scenarios, anti-terrorism training, etc.; In the domestic sectors, Metaverse can be used to create training simulators that can help companies create complex scenarios in the environment of their choice and also use and reuse digital replicas of the work environment at will. It is no secret that the retail industry is one of the major players in the Metaverse space, as the opportunities to leverage the digital space are endless. Several international brands opened a virtual storefront in the metaverse, selling branded NFTs and driving customer experience in the immersive environment. Collectively, this paves the way for immersive marketing for retailers to grab their space in the Metaverse and provide a fresh look for their customers in the simulated environment. 

With virtual societies rising in the Metaverse, customers, represented by their digital avatars, can transact and engage in the ecosystem’s virtual-to-physical financial systems and payments. Various high-profile financial entities are planning to increase business opportunities through a presence in these virtual worlds to attract virtual visitors.

There are high stakes in the metaverse as businesses and IT leaders need to maneuver through the risks and limitations of the uncharted metaverse. Since the advent of gaming technology into the immersive tech space, it has been misconceived to be an exclusive space inhabited by gamers. But slowly, industries are foraying into the Metaverse to try out its boundless opportunities. 

On this note, it is imperative that the solution providers must stay ahead by researching strategies and testing various technologies to provide businesses with more feasible and intriguing projects. Businesses need to identify the customer base and market themselves, preferably the current generation, to try out the virtual space. For any leading Metaverse solutions provider, employing top-of-line tools and techniques such as blockchain, NFTs, cryptos, AR/VR tools, 3D Modeling, and more can advance the businesses’ core goals. 

As this virtual space matures, people will transform how they interact with the digital representations of brands, and tech leaders are optimistic that this will bring more opportunities in branding, workforce training, operations,  employee engagement, and more for both businesses and users alike.

By Pradeep Balu , Assistant Vice President ,NOVAC Technology Solutions.

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