The metaverse is expected to add $5 trillion to the value of the global economy by 2030, which would make 2023 a pivotal year in this trajectory. From gaming and publishing to telecommunication, media and healthcare, every industry wants a piece of this 5 trillion-dollar pie.

Metaverse is a hot topic for every industry today. Explore how it can bring new opportunities for businesses

Real-world implications of virtual environments

The newest kid on the digital block – the metaverse – is expected to radically change our digital experiences and perceptions. Combined with the power of 5G technologies, the metaverse can transform sectors like gaming, advertising, retail, manufacturing and education.  Let’s look at the trends we can expect from yet another technological disruption in 2023:

1. Improved customer experience

   The metaverse completely sidesteps many processes that are considered tedious for real-world customers. For example, assembling and using a set-up box is redundant in the virtual world. It is an environment built for the ultimate convenience and freedom. Direct-to-avatar (D2A) is another developing business model in the metaverse. It is a method of selling directly to avatars or the digital identities of customers in the virtual world.

2. Remote learning

   With the rising popularity of online learning, institutions and educators are exploring ways to make remote learning more interactive and engaging and the metaverse can help. With metaverse, virtual learning environments can be brought to life. With their digital avatars, learners can interact with life-like objects and participate in practical applications of their learning. Also, the immersive environment allows learners to interact with each other as they would in real life, thus promoting collaboration. Leveraging AR/VR equipment, educators can create activities for learners, that they can complete in realistic environments.

3. Non-conformism

   The metaverse, like everything new age, refuses to be boxed in by any one definition. The metaverse could become a space that champions decentralization and enables ownership of decentralized assets like NFTs. Using blockchain technology, it can be released from the hold of big corporations and become a completely decentralized utopia or can be shaped into a virtual environment where one can live, work and play.

4. Follow the money

   Even a digital environment must be profitable in some way. Companies have begun to stake their claim and mark their territories in the metaverse for marketing purposes. Verizon, HSBC, AT&T, T-Mobile, Nike and Coca-Cola are a few among the many companies that are leveraging this new and engaging way to connect with their customers. The metaverse is a unique channel of communication for these brands as it prioritizes customer experience and one-on-one connections.

5. Digital twin

   A digital twin is a novel approach for businesses to test their products and identify flaws in their systems. This virtual proxy or simulation is a good example of a metaverse being used to experiment with new ideas, create without fear and improve existing products, without the real-world resource cost. Formula 1, BMW and wind farm companies are among many that are turning to digital twins to test, design and prototype new offerings.

6. In-game marketing and merchandising

   It has been projected that by 2023, 66% of all global marketing expenditure will be utilized by digital advertising and the metaverse is expected to play a key role in this.

   The metaverse is revolutionizing gaming cyberspace into an engaging and interactive platform through immersive environments. In-game marketing and merchandizing are becoming leading trends in the virtual gaming space. Metaverse gaming provides enterprises with the opportunity to run embedded merchandising campaigns, where players can virtually purchase merchandized clothing, accessories and wearable NFTs for their digital avatars.

7. Virtual poker

   Since its inception, virtual poker has attracted players from all corners of the world. With the emergence of the metaverse, this space is becoming more interesting. By providing an immersive casino experience that replicates the real one, the metaverse is making virtual poker more approachable. It makes virtual poker more realistic by allowing players to control their virtual avatars through body movements rather than sitting in front of a screen. Through the metaverse, players can explore new places and even deposit money for poker chips virtually. Leveraging VR headsets, it promotes a hyper-realistic experience by incorporating physical cues. Also, the integrated system of a crypto exchange in the metaverse enables gamers to play poker virtually at any time and transact from any geographical location. Through virtual poker backed by the metaverse, players can win real value rewards, as the cryptocurrency and NFTs awarded to players can be used in the real world.

The 5G advantage

The metaverse will rely on AR/VR along with next-generation technologies like 5G, AI and blockchain, to offer a wide range of opportunities to users and businesses.

One of the premium technologies that the metaverse is projected to utilize heavily is 5G. With its enormous capacity, fast speed and low latency, 5G will enable extended reality to connect with its chosen metaverse platform and use advanced services and applications, from anywhere and anytime. 5G networks will help deliver enhanced bandwidth connectivity and higher capacity for metaverse applications, through the allocation of maximum network resources. Also, its underlying infrastructure will play a significant role in advancing the metaverse use cases for enterprises and consumers.

According to studies, “consumers are excited about transitioning life into the metaverse, with almost six in ten (59%) consumers preferring at least one metaverse experience over its physical alternative”. The activities that most people prefer to indulge in while in the metaverse are – shopping or purchasing virtual and physical goods, attending social events like concerts virtually, playing games and even exercising. For all these reasons, HCLTech has heavily invested in the metaverse and training our resources and is equipped to assist future-oriented enterprises on this new frontier.