Metaverse is the newest buzzword in the technology space that has the potential to create new avenues for organizations. It is expected to enable companies to provide their end-customers with highly immersive and engaging digital experiences.
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Industries have gone beyond off-the-shelf products and are rendering almost everything via an ‘as-a-Service’ models, giving them more flexibility and a consistent revenue stream. And Metaverse has joined the competition too with Metaverse-as-a-Service (MaaS).
Understanding Metaverse: The term metaverse refers to combining immersive presence into a self-sufficient virtual ecosystem. It is an interconnected 3D virtual world that allows users to participate in a life-like simulation of reality. A user can do a variety of things such as buying/selling items, earn money, socialize, consume content, have conversations, build spaces, etc. Metaverse is like a simulated world which acts and looks like the real one. You can travel, own a space (house/land), see display advertising, interact with others, and so on.
Understanding MaaS: MaaS is quickly gaining traction as organizations look to capitalise on the growth of the VR and simulation industry. MaaS offerings allow organisations to create virtual identities, events, build their brand assets in VR, collaborate in virtual spaces, etc. without any technology knowledge.
MaaS will enable businesses to create their virtual identities on metaverse without having to create competencies or hiring talent in-house. MaaS will also give small and medium enterprises an opportunity to explore the trend, build their set of the universe and keep pace with the big players.
Use Cases of Metaverse:
1. Enhanced customer experiences: Metaverse platforms have the potential to transform when, where and how organizations interact with their customers, as extended reality platforms enable businesses to deliver new experiences and provide information in new ways. For instance, an engineering company can build digital twins of their products in the metaverse and replicate real-life simulations to understand roadblocks and bottlenecks.
With Metaverse, organizations in TIER 3 & 4 cities will get equal opportunity to brand themselves and engage with the users. Physical office locations will slowly lose its significance as more and more players join the metaverse trend.
1. Meetings & Conferences: The COVID has already introduced the world to virtual meetings, but it will be scaled up with the help of metaverse. With 3D simulations of users in the form of avatars, office spaces designed based on real-life spaces, and infrastructure around the users such as walls, tables, desks will make it look real life-like and immersive.
Bill Gates recently said, “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 to meet with people in a virtual space that replicates the feeling of being in an actual room with them.”
3: Art and Architecture: Metaverse with its 3D abilities will open up new avenues for creators and visual designers to create immersive art experiences without having to look for exhibition and art gallery opportunities.
Due to its visualization capabilities, professionals such as interior designers, fashion designers, brand and graphic designers will experience a completely new way of creating artworks and engaging with their audiences.
Metaverse is expected to grow rapidly as more and more organizations and developers are conducting talks of incorporating the metaverse into their operations. Big technology companies such as Meta, Nvidia, and Microsoft have already made their presence felt and others are following suit. MaaS will only help this to grow deeper by enabling even the remote organizations to join the trend and stay competitive. It is just a matter of time before everything we do right from socializing to office work will be virtualized, our voice will reach a wider audience, and we will be able to work, converse, and consume content at the comfort of our own house.