Metaverse is a virtual 3D environment that contains and connects various virtual worlds and can be navigated through an avatar representing your identity. The main concepts of the metaverse are business-relevant in today’s economy, which means that once the metaverse is fully developed, it could profoundly change how businesses and consumers interact with products, services, and each other. Stepping into a new and highly immersive reality helps companies acquire new and keep the existing customers, allowing their users to socialize, learn, collaborate and play in ways beyond what we could ever imagine.
WILL SPEND AT LEAST 1 HOUR/DAY IN THE METAVERSE
EXPECTED GROWTH OF THE METAVERSE EACH YEAR
OF ADULTS CONSIDER JOINING THE METAVERSE
INTEREST IN GLOBAL EXECUTIVES
There is a growing number of metaverses that offer properties for sale. The conditions and prices vary from the Metaverse to the Metaverse, so it’s worth researching before investing. You can buy a property there, like a house, an island, or a piece of land, build your brand’s branch, and thus immerse yourself in a new era of doing business in the Metaverse. Major brands have already recognized this opportunity and empowered their brand with a metaverse branch, indicating that it will become a new battleground for e-commerce.
With the endless potential Metaverse offers, some brands don’t want to enter an existing one; they want a piece of their Metaverse. But it’s not easy to build your own Metaverse, so the possibility of adapting to an existing metaverse might be the perfect solution. Some tools and platforms are open source and allow users to adapt to their own Metaverse. One of the most significant examples is Mozilla hubs, open-source engine member applications that can be forked and made on your own.
With the endless potential Metaverse offers, some brands don’t want to enter an existing one; they want a piece of their Metaverse. But it’s not easy to build your own Metaverse, so the possibility of adapting to an existing metaverse might be the perfect solution. Some tools and platforms are open source and allow users to adapt to their own Metaverse. One of the most significant examples is Mozilla hubs, open-source engine member applications that can be forked and made on your own.
Building your Metaverse from scratch might be the most challenging solution, but it gives the brands the most autonomy. It’s not an easy process and requires technical skills followed by a strong business model. Also, deciding on the immersion level, you will be going with is crucial. Multiple different integration levels come together in one shared space or a network. It’s not a simple one-dimensional process, which is why there are metaverse studios specializing in helping brands with metaverse integrations.
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METAVERSE BENEFITS FOR BUSINESS
– A breakthrough experience by 42% of global executives
– Used by 25% of people by 2026
– A positive experience for their business by 71% of executives
– Worth more than a trillion in annual revenues by JP Morgan
– Global spending on VR/AR is expected to rise to $72.8 billion in 2024
– In 2023, the Metaverse market is expected to rise to 82 billion U.S. dollars
– It is expected to surge to 678.8 billion U.S. dollars by 2030
– Meta Reality Labs has already invested $10 billion in the Metaverse
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