Utilisation of metaverse’s potential to benefit different use cases, both short-term and long-term, seems to be explored by global corporate landscape. It’s believed that corporate metaverse’s offering of immersive experiences can redefine interactions between customers and stakeholders.
According to Appinventiv, a mobile application design and development company, global metaverse market is expected to clock $1527.55 billion by 2029, at a 47.6% compound annual growth rate (CAGR). The company has held online video gaming adoption and online shopping needs as factors which can contribute towards this rise in valuation. “I believe corporate metaverse refers to a virtual world that is created and owned by a corporation, where users can interact with each other and the environment in a simulated space. In the context of corporations, corporate metaverse can be used for a variety of purposes,” Yash Pariani, founder and CEO, House of Gaming, a gaming platform, told FE Blockchain.
As for use cases, corporate metaverse can help fulfil purposes such as branding, customer engagement, marketing, product presentations, among others. Insights from Perpetio, a mobile application development company, highlighted that corporate metaverse can create different methods of advertising, along with ensuring team collaborations and cryptocurrency-based transactions. Reportedly, industries which have started to explore corporate metaverse are digital marketing, education, gaming, among others. For example, companies such as Google, Microsoft, Nvidia, Amazon, and Meta have already started to build their base of operations in metaverse.
“Corporate metaverse can be used to create marketing campaigns that engage customers. For instance, a retail company could create a virtual store where customers can see products in 3D before making a purchase. This can be leveraged by service sector and FMCG brands to increase brand consideration,” Sukrit Singh, founder, XP&DLand, a Web3.0 platform, mentioned.
For the future, corporate metaverse has been backed as a promising prospect. However, experts have upheld the need for a regulatory environment to ensure security of virtual business assets. As stated by Bonanza Design, an innovation studio, future business opportunities will be shaped by corporate metaverse’s customisation and capacity to complete more tasks, while ensuring an increase in connections.
“As technology advances, we can speculate as to what this virtual workplace could be able to do. Corporate metaverse should develop into a platform for commerce, complete with virtual shops, malls, and perhaps real estate, as it’s expected to take a boost and should accelerate further,” Kanav Singla, founder and CEO, Metadome.ai, a 3D and XR technology company, concluded.
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