Undoubtedly, the digital ecosystem has changed dramatically post the meteoric rise of the metaverse. The Web 3.0 era will disrupt how business firms function. COMEARTH, the world’s first e-commerce metaverse operating on the Polygon blockchain overviews the impact of the third iteration of the Internet.
Table of Contents
Work
Remote work will change the future of employee collaboration. Physical offices will be a thing of the past as organizations race to explore the metaverse. Workers will use headsets powered by Virtual Reality to attend meetings and conferences. Each employee will represent a 3D avatar or a hologram.
Hence, there will be a decrease in the number of jobs requiring in-person interaction. While technology will help in cutting costs and improving efficiency, virtual workplaces will fundamentally transform the relationship between employers and employees. Likewise, there will be greater demand for professionals skilled in Augmented Reality, Artificial Intelligence, Blockchain Technology, Cyber Security, and the Internet of Things.
Financial Services
The Covid-19 pandemic was firm proof that economies around the world are not immune to a slowdown. More attention is being given to a decentralized financial system that is not under the control of governments and central banks. Thus, the usage of digital assets like cryptocurrencies, stablecoins, and NFTs will skyrocket. Instead of utilizing a bank account, investors will utilize software and hardware wallets that operate on a self-custodial basis.
The wide availability of smartphones and rapid Internet penetration led to a revolution in online banking and digital payments. In the coming years, the financial services industry will focus more on personalization and ease of access.
Real Estate
For several centuries, land was viewed as an important form of investment. However, there is more demand for digital plots on platforms like Decentraland and The Sandbox these days. Celebrities, as well as renowned companies, are buying virtual land. The metaverse has accelerated digitization in the real estate industry and the future looks promising.
Education
Remote learning has democratized access to education. Today, students and teachers can directly connect with each other irrespective of their location. The future of academics will revolve around trends like on-demand lectures, digital campuses, and online classrooms. Educators can keep their wards engaged by utilizing virtual avatars. Gamification will also make learning effortless as students tend to grasp concepts by taking part in a simulated environment.
Marketing
While the virtual economy acts as the backbone of the metaverse, advertisement campaigns will undergo a substantial change. A balance between innovation and immersiveness is essential for gaining business traction. This will facilitate brands to build awareness and engage effectively with both existing and new customers.
Sellers of products and service providers will also hire influencers as part of their growth strategy. Brands can get closer to their target audience by conducting polls, organizing Ask-Me-Anything (AMA) sessions, and short-format video. Regular sharing of content on social media will enable brands to amass a large following.
Sports
Athletes can interact digitally with their followers and build their fanbase. Sports aficionados can also watch their favourite players in action regardless of their geographical barriers. Spectators will benefit from an immersive experience through the usage of 3D spatial audio. Offering seats in VIP boxes for die-hard supporters is another way to enhance fan engagement.
Sportspersons and teams can also sell one-of-the-kind NFTs on different marketplaces to pocket extra revenue. Hence, the metaverse has opened up monetization opportunities for the sports industry. Stakeholders can succeed by blending the real world (activities on and off the field) with the virtual world.
Retail
Digital storefronts will act as the focal point for brands to communicate with their customers. While the demand for e-commerce will remain high due to the preference for online shopping, the metaverse will facilitate retailers to experiment with their product offerings.
Providing a phygital experience during marketing campaigns is one way to attract buyers. Thus, the usage of digital avatars, try-before-you-buy options, and giveaways will help brands to break the boundaries between the real and the virtual worlds. The future of retail will delve into omnichannel marketing and quick commerce. This will enable brands to connect with millennials and Gen Z.
Conclusion
Currently, the metaverse stands at an inflection point. It can transform how people connect. Value creation will depend on those who take advantage of aspects like openness, decentralization, and interoperability. Peer-to-Peer interaction will be characterized by digital identities. Eager to make inroads in the Web 3.0 era? Have a chat with our team soon!
