The metaverse is having its moment in history as it gained popularity with the advent of COVID-19 and the impact it causes on digital-based economies and offline business model disruptions. Dubbed the Web 3.0 version, the metaverse has moved beyond the gaming community and has paved the way for several industries to check into the potential of the metaverse. The rise of blockchain, digital assets, and non-fungible tokens (NFTs) fuel the demand for metaverse and its virtual space.
In simple terms, Metaverse is a virtual reality space that allows users to interact and explore the virtual area with other users who are not connected in the same physical space. Like any other technology, the metaverse is evolving and a vast ecosystem complete with gateways, platforms, and infrastructures that enhances customer experience through various channels such as identity (avatars), social, gaming, and financial services. Microsoft refers to the metaverse as the “New version of the internet.”
The users will define the destiny of the metaverse, and it seems that opportunities are endless. With bigger brands’ leap towards the metaverse as the rather ambitious plan for its future and sustainability towards being the provider of next-level digital and virtual experience through the virtual space, many companies are following suit.
The appeal of the metaverse is that it is an independent economy of its own, cryptocurrency and digital currency that will likely become the staple transactional method across the virtual space.
At Novac, we always work towards the futuristic approach that helps businesses to gain massive growth opportunities in the 3D realistic digital world. With our multitude of metaverse development services, we are helping businesses by creating the immersive space needed to build a digital presence to provide a unique experience to your customers.It also allows them to purchase, sell goods and services, sign contracts, recruit talents and interact with customers worldwide.
Commerce and Business Opportunities on Metaverse
Brands are realizing the implications of leveraging an immersive and decentralized digital world that could bring into their domain.
– Metaverse could enrich the customer experience by introducing virtual products to try and test out.
– Collect new data on customers through the marketing of physical and digital products and services
– Evolution in hardware, software, and experiences
In the financial services sector, Metaverse’s potential is being explored for branding and product development. The development of virtual-to-physical financial systems and payments in the ecosystem provides a way for NFTs to become the driving force of emerging new forms of trading. Metaverse is increasingly used as a hub by financiers in individual capacities such as aiding and analyzing financial risk, providing precise advice to customers without any geographical constraints with digital payment and NFTs in the realm of the Metaverse, increasing the customer experience, and more.
Another industry where the metaverse is gaining popularity is the automotive and manufacturing industry by creating a cyber-physical, industrial metaverse powered by immersive technology that will bring about the future of factories. Our virtual space development can bring aspects of manufacturing such as training, product demo, product design, and more.
The retail industry is another sector that establishes its brand standing in the metaverse. Fashion brands such as Nike, Gucci, and Louis Vuitton have started to sell virtual products and collectibles through metaverse-based marketing campaigns. Novac’s NFT design and virtual events development services allow businesses to create a new space for showcasing their brand through highly engaging storytelling in an interactive metaverse, paired with AR technology. The firm’s Metaverse development services can aid banking, financial services, automotive, manufacturing, and retail businesses in paving an avenue for their customers to interact and engage in an immersive environment.
The metaverse concept continues to grow along with blockchain technology and digital products like Non-Fungible Tokens (NFTSs). The future holds so much potential for metaverse such as investing in virtual lands, selling, and renting as the virtual space can be used as a financially yielding domain. With the future metaverse, the increased usage of NFTs and in-game assets and decentralization could increase the growth of a virtual economy where disruptions are almost nil. Brands have to ensure those companies that they are roping in as their immersive partner have great expertise in blockchain, AR/VR, and Metaverse components like 3D virtual spaces and Metaverse NFT marketplaces.
Our firm has had a dominant presence in the Augmented Reality (AR) and Virtual Reality (VR) space for quite a long time now. With immense expertise in immersive technology, the company has developed a spectrum of marketing and training solutions for businesses. Furthermore, venturing into the metaverse, NOVAC has a gamut of services to be offered to businesses like NFT Design & Development, private metaverse development, and building experiences in existing metaverses like Decentraland, Somnium Space, Roblox, and Sandbox for businesses, assisting them in making a smooth transition into the immersive world.
Written by
C. Mahesh, Managing Director, Novac Technology Solutions
