Mark Zuckerberg announced a new name – Meta, for parent company Facebook on October 28. The decision comes when allegedly, the company is facing accusations from former employees and whistleblowers.
However, Zuckerberg skipped on that in the founder’s letter and claimed this evolution to be the “next chapter” of technology. So what does this threshold carry for budding entrepreneurs and startup founders, the real sailors of the upcoming technology? Let’s dive into it.
What is Metaverse?
The speculative part is - what more awaits us after the much-hyped name change? The answer is Metaverse – the domain. In the words of the founder, it is “an embodied internet where you’re in the experience, not just looking at it.” Furthermore, it is “like you are right there with another person or in another place.”
It promises to be a virtual world where you can shop, learn, play, work, and do a lot more, just as you function in the real world. Needless to say that the post-pandemic world is an overlap of the real and virtual world. Metaverse is planning to extend the reach of virtual reality to a point where the lines between the real and virtual worlds are blurred completely.
That may sound philosophic, and you may end up asking what’s the use of it for my business?
For starters, you can virtually interact with your team in a much more fun way than ever before, without having to go anywhere. But, before you tap into the benefits of Metaverse for startups, here are the key takeaways.
- Meta is the transformation of the company that started in 2004 with a whole-and-sole goal to connect people. The name change applies to the parent company and not subsidiaries like Whatsapp and Instagram.
- Metaverse is a combination word - meta + universe – referring to meta-reality and a world of its own.
- As Geekwire reports, the corporate structure of Meta will not change. Still, the company will now divide its financial results reports into two operating segments: Family of Apps and Reality Labs.
- The company will also begin trading under the new stock ticker MVRS, speculatively from December.
What is in the Store For Emerging Businesses?
- Benefit From The Functioning Of Metaverse
Humans have developed numerous devices to derive interactive communication and amusement by deceiving our senses since the inception of time. Televisions, speakers, and more recent technological advancements such as interactive video games, virtual reality (VR), and augmented reality (AR) have served this role well. The technology introduced by Meta takes it all a step forward. It integrates all these technologies, so you can be present and function in virtual reality, as you would in the real world.
As the founder’s letter hints, the Metaverse is formulated to fulfill the futuristic objective. It is a recent technological advance powered by blockchain technology. The platforms on Metaverse allow individuals to create, own and trade decentralized digital assets using cryptocurrency with margin and non-fungible tokens (NFTs).
- NFT: The Silver Lining
A non-fungible token (NFT) is a unique and non-interchangeable unit of data stored on a digital ledger or blockchain. These are new virtual assets representing digital property like photographs, videos, or in-game property that blockchain-registered users own. You can collect and trade in NFTs, digital assets with an intrinsic value. We are living in the age of crypto and NFTs. The ongoing digital transformation is dynamic and welcomes new ways of creating an economy with open arms.
Reuters presents mind-boggling data of the NFT market that has jumped from $13.7 million in 2020 to $2.5 billion in the first half of 2021. Thus, the Metaverse is severely going to contribute to the broader acceptance and growth of NFTs.
Blockchain apps and currencies of Metaverse promise enhanced transparency in interpersonal and business-related transactions. Therefore, the mood is optimistic about the growth of metaverse and business owners who are investing in it.
Exclusive Ownership: As per the findings of Business Edge, there could be new political and cultural shifts lying within shared protocols and standards. It will eventually assist people in interacting, collaborating, and exclusively owning assets & skills. It reduces the duplication of resources, meaning what you have – a concept, idea – solely belongs to you. You can imagine the worth of your path-breaking idea, stored as NFT, in the near future.
- Complete Digitization of the Businesses
Metaverse seamlessly brings together the real and virtual world. There are speculations that consumer behavior may differ from how it is in the real world. The purchase preferences may ultimately evolve, leading to a drastic change in market conditions. The abandonment of traditional business models is highly likely. So if you are growing a business, make scope for the change and start adapting to the Metaverse.
Data science tools and artificial intelligence will govern the upcoming business world. Working in a remote environment will then become a necessity more than a choice.
The advantage for new business owners is that they can quickly shift bases and choose to work with well-trained remote assistants. Metaverse only presents a way to make virtual interaction easier for you and your potential remote staff.
- Boosting Sales
Online shopping took a new meaning when brands like Amazon and Flipkart came into the picture. However, some shortcomings still cause buyers to hesitate before making a purchase. The most commonly recorded complaints are
- I’m unable to try the product.
- How do I know if a particular product suits my personality?
The issue can cause a lot of damage to your business, specifically if you are running a fashion label. Virtual trials through the use of video cameras are already in place. Companies like Lenskart and IKEA are using this technology. But, Metaverse advances it by letting you try a piece of clothing on your ‘Avatar,’ your virtual personality. So you can make a well-informed purchase decision.
- 10x Growth For Experience-Based Businesses
Virtual reality will become a stepping stone for experience-based businesses. Understand it with an example of a travel company that will take individuals on virtual tours to peculiar locations like the moon, Mars, or maybe even other galaxies. Presently, only billionaires can afford to go on space tours.
Metaverse can introduce exciting features in the future, giving you a solid user engagement if you want to start an experience-based startup. If you're going to step into the world of video games, augmented reality will only help you take your product a notch higher.
Individuals will no longer need large sums of money to set up gaming consoles. Instead, the real-like gaming experience will be at the fingertips of enthusiasts. Not just traditional video games, you will be able to introduce virtual versions of outdoor games like cricket, where multiple players can assemble to play the game virtually.
In a nutshell, Metaverse claims to solve the problems that the post-pandemic virtual world faces. However, the research about its full benefits is still going on. The good part is that technology focuses on making virtual life wholesome – offering ease to work with remote assistants.
In turn, creating a “healthy” virtual work environment for emerging online businesses. You can interact, party, and do a lot more in the enhanced augmented reality, without spending time traveling.