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    The metaverse business opportunities worth exploring

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    Mark Zuckerberg’s announcement in 2021 that he would build the Metaverse sent ripples through the tech industry, sparking a wave of anticipation and excitement.

    This concept promised a shared digital world where users could interact in 3D beyond the boundaries of the physical realm. Investors made bold predictions, expecting 1 billion users to spend millions on this new space.

    But just two years later, the Metaverse’s grand promise seemed to have faded. Utilization remained low and it did not offer a clear value proposition to businesses.

    In March, Zuckerberg acknowledged a shift in focus to AI, signaling a shift away from the Metaverse, an idea some have declared obsolete.

    But a quiet revolution is taking place beneath the surface, with companies beginning to explore the potential of other metaverse platforms in more practical and nuanced ways.

    Rather than relying on extravagant promises, companies using these technologies are creating customized experiences that resonate with their audiences.

    create a unique experience

    One such platform is Decentraland, a metaverse platform launched in 2020.

    “Fashion and beauty brands are increasingly deploying activations on Decentraland to experiment with new technologies, take advantage of the platform’s high engagement rates, and build community through co-creation.” Director Emma Mansfield explains. Decentraland Foundation.

    Major companies such as Dolce & Gabbana, Coach, Tommy Hilfiger, and Adidas recently participated in a virtual fashion week hosted by Decentraland.

    These experiences not only connect your brand with your audience, but also demonstrate your commitment to innovation and technology adoption.

    Each brand will have a unique brand experience that incorporates elements such as non-fungible token (NFT) wearables, AI-driven fashion creation, augmented reality (AR) try-on, gamified experiences, and exclusive digital drops. is created.

    For example, Coach’s gamified experience within Decentraland allows users to unlock AR filters within the app by completing certain tasks. You can then try on Coach’s Tabby his bag from the comfort of your home.

    Adidas leverages Decentraland’s Link Wearables feature to enable NFT holders to wear their digital assets in the virtual world.

    These experiences not only connect your brand with your audience, but also demonstrate your commitment to innovation and technology adoption.

    establish a presence

    metaverse business

    Retail brands aren’t the only ones entering this space. Financial institutions such as JP Morgan, Deutsche Bank, Fidelity, and PKO (Poland) recognize the potential of the metaverse to engage young adults in exploring investment opportunities.

    “For example, Deutsche Bank believes that tomorrow’s target audience is in the metaverse and is using 3D environments to better understand how to present their brand and how to connect and be relevant to this demographic. We launched it,” Mansfield said. CEO Magazine.

    This forward-thinking approach demonstrates a willingness to understand the evolving landscape and adapt to future customer needs.

    “Interestingly, food and drink brands have been quick to experiment with the Metaverse, despite the obvious limitations on taste and smell.” – Emma Mansfield

    Some brands use Decentraland to optimize real-world advertising campaigns by creating simultaneous digital experiences.

    “Interestingly, food and beverage brands have been quick to experiment with the metaverse, despite the obvious limitations of taste and smell,” says Mansfield.

    For example, Coca-Cola hosted its annual Metaverse Party on World Friendship Day, transcending geographic boundaries and connecting with a global audience.

    Earlier this year, Doritos also became the first brand to recreate a Super Bowl ad in the Metaverse using Decentraland.

    Vodka brand Absolut also expanded the reach of its Coachella Festival campaign through digital engagement, demonstrating the versatility of the Metaverse in marketing campaigns.

    metaverse wedding

    metaverse business

    Perhaps one of the most notable examples of food and beverage brands in the metaverse is Taco Bell’s recent virtual wedding. In this wedding, a real couple got married at a Taco Bell-sponsored location within the Decentraland platform.

    The event, held at a replica Taco Bell restaurant in Decentraland’s Fashion Street District, featured avatars in wedding attire exchanging vows in front of a Taco Bell-themed altar.

    “This wedding created a huge buzz and helped raise awareness of Taco Bell’s presence in the Metaverse.” – Emma Mansfield

    The virtual reception included bottomless Baja Blasts and endless tacos, creating an immersive experience that resonated with fans around the world.

    “This event was a way for Taco Bell to reach new audiences and connect with fans in new ways, and thousands of people from around the world attended,” Mansfield said. “This wedding created a huge buzz and helped raise awareness of Taco Bell’s presence in the Metaverse.”

    Beyond the Metaverse

    metaverse business

    The metaverse may have faced setbacks, but NVIDIA Omniverse has emerged as a powerful tool for enterprises to create immersive digital experiences. A real-time 3D design collaboration platform that allows users to run simulations and implement digital twinning.

    Businesses rely on Omniverse to build physically accurate virtual worlds. Although these virtual worlds may not be directly accessible to customers, they improve the experiences that employees can create for customers.

    For example, US-based home improvement retailer Lowe’s used Omniverse to create digital twins for some of its stores.

    These digital twins act as simulation environments that allow companies to optimize workflows, test new processes, and increase efficiency in a cost-effective manner.

    Using an AR headset, store employees can interact with the digital twin to ensure that products are correctly stocked. You can also leave digital sticky notes throughout your Omniverse store with suggestions to improve your real-world store planning.

    BMW and Siemens are also using Omniverse to create digital replicas of their factories. These digital twins act as simulation environments that allow companies to optimize workflows, test new processes, and increase efficiency in a cost-effective manner.

    Industrial Light & Magic (ILM), the visual effects company founded by George Lucas, uses Omniverse to power its creative process. By enabling artists to efficiently search a vast library of digital assets, ILM streamlines the production pipeline and remains at the forefront of visual effects technology.

    Haven’t done it yet

    The initial hype about the Metaverse may have faded, but for companies it marked the beginning of a more pragmatic and nuanced exploration of this digital frontier.

    Fashion and beauty brands, financial institutions, food and beverage companies, and industrial giants are finding innovative ways to harness the potential of the diverse metaverse.

    While the grand vision of a shared digital world is still a work in progress, these companies have demonstrated that the metaverse can be a valuable space for engagement, innovation, and community-building.

    As the metaverse continues to evolve, it is clear that companies willing to adapt and experiment will find their niche and succeed in this dynamic digital environment.

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