In today’s world, there is an increasing need to connect better with one another than we are already experiencing. It is said that the internet will inevitably evolve into the Metaverse. However, what precisely is the Metaverse, what is it good for, and what can we do with it? Discover the information businesses need to know in the three best podcasts about the Metaverse highlighted in this article.
Below are the three best metaverse podcasts you should listen this year to stay abreast of the trends. In these podcasts, Andre Ice Kay, the CEO of Sociallybuzz, a social media agency in the US shared insightful tips about metaverse that will help you make informed decisions about the future.
#1. Metaverse and NFTs – The Future for Businesses
#2. Marketing in the Metaverse
#3. Web 3: Prepping Your Company for NFTs, Blockchain, and the Metaverse
Have you ever thought of a virtual universe where billions of people may connect and interact with one another, learn, shop, and live their lives from the comfort zones of this physical world?
In terms of technology, a Metaverse is a collaborative, immersive, and persistent virtual universe that is shared by both augmented physical and digital reality.
In this universe, the computer screens we use to access the global information web are developed into tangible doors leading to a three-dimensional virtual world that is larger and better than real life. And Avatars—digital representations of ourselves—will move freely between experiences, bringing our identities and money with them. A Metaverse is not a device-independent or one-vendor-owned entity. It is a stand-alone virtual economy supported by digital money and non-fungible tokens (NFTs).
The idea of the Metaverse didn’t just start today. It traces back to when author Neal Stephenson first used the word “metaverse” in his science fiction book Snow Crash in 1992. For decades, the development of technologies that support a virtual reality-based internet has been ongoing.
Metaverses are a combinatorial innovation that depends on various technologies and trends. The Internet of Things (IoT), 5G, artificial intelligence (AI), head-mounted displays (HMDs), an AR cloud, flexible work styles, virtual reality (VR), augmented reality (AR), spatial computing, and flexible work styles are some of the trends that are contributing to this.
In one of his podcasts, founder of Sociallybuzz and Best Date Ever Andre Kay defined Metaverse and NFTs as the following:
“A 3D virtual world focused on social connection, gaming, and immersive experiences. It has different access points, such as virtual headsets, computers, smartphones, etc. NFTs (Non-Fungible Tokens) are digital assets that can represent both tangible and intangible items. It is a token representing ownership of a unique virtual item, and there can only be one official ownership at a time.”
“How do we connect better as humans? That is the big question. Metaverse is where we’re able to connect immersively with one another. And if we’re going to connect immersively, where are we going to do that? The Metaverse triggers an immersive connection because people and businesses will be there.”
“Metaverse and NFTs can transform businesses. Most businesses thrive on finding new ways to connect with customers and create valuable experiences. Metaverse and NFTs are new ways to connect with audiences and monetize. Let’s start educating ourselves on what the Metaverse is all about and share that education with others,” says Andre Kay.
The word “Metaverse” gained popularity when Facebook changed its corporate name to Meta in October 2021 and announced intentions to invest at least $10 billion in the concept that same year. Along with Meta, other significant players in the technology industry, including Google, Microsoft, Nvidia, and Qualcomm, are also investing enormous sums of money in the concept.
As businesses compete for market share, the current Metaverse is becoming a multiverse, consisting of numerous metaverses with limited interoperability rather than a single common virtual place. There is a lot of excitement around Metaverse as companies now use the word to describe a wide range of improved online environments such as virtual dressing rooms, virtual operating rooms, online video games like Fortnite and budding virtual workplaces like Microsoft’s Mesh or Meta’s Horizon Workrooms.
E-commerce is predicted to be the dominant engine in the Metaverse, with gaming, entertainment, education, and marketing in the Metaverse all likely to grow in importance. According to optimistic predictions by management consulting firm McKinsey & Company, the metaverse economy may reach $5 trillion by 2030.
NFTs, or non-fungible tokens, are a secure class of digital assets based on the same blockchain technology as cryptocurrencies. They are expected to impact the usability and acceptance of the Metaverse. An NFT can represent something other than money, such as a work of art, a song, or digital property. NFT provides owners with a digital deed or proof of ownership that may be purchased or sold in the Metaverse. It serves as an intermediary to make land or property rentals and purchases possible in several metaverse virtual worlds, including Decentraland, Sandbox, Somnium, and Upland. Spaces such as meeting venues, art galleries, private residences, and hangout locations are made available.
In Andre’s view of the opportunities for branding and marketing in the metaverse space, businesses have an incredible opportunity to build a market and monetize within the Metaverse by being present in both the physical and virtual worlds. The space provides opportunities to connect with audiences on different levels.
“Many businesses are still figuring the whole thing out, and it’s okay. The next few years are for learning, exploring, and preparing for the Metaverse. Don’t think about how you’re going to sell something just yet or how you’re going to make money immediately. Start exploring and learning about NFTs first. If you have an Oculus, jump into the Metaverse in Horizon World,” says Andre Kay.
“Explore! Look at what other people are doing, and get a feel of it. When the time is right for you to bring your business on board, you will truly understand the technology more than trying to figure it out.”
For the time being, the following measures will assist you in developing a strategy that incorporates metaverse technologies into your business:
Metaverse is making online games more exciting. Most Metaverse games now include a decentralized economic model that supports play-to-earn gaming. Players can purchase, sell, and exchange in-game assets in the form of NFTs, and they find it appealing to imagine their avatars exploring the vast virtual world.
Since the pandemic, businesses have adopted metaverse applications to facilitate remote work. Platforms for video conferencing have also grown significantly in popularity for work-from-home situations like online learning and remote employment. The real-time audio and visual interaction on these platforms prevent them from offering a compelling, captivating experience.
Metaverse gives customers a more engaging experience with its graphically advanced virtual world, three-dimensional avatars, and immersive meetings. The Metaverse enables users to move in a virtual environment with lifelike participant avatars rather than viewing the participants on a computer screen and communicating through microphones.
Metaverse technology supports the production, ownership, and exchange of digital assets and the tokenization of physical assets, enabling cryptocurrencies and NFTs.
Owners of e-commerce businesses can conduct trade procedures, including product inspection, negotiations, and transaction closure with merchants in a virtual setting. Additionally, companies can better influence customers by creating engaging and realistic marketing content rather than relying on digital marketing strategies.
Even social media is gradually moving away from the two-dimensional space and embracing the Metaverse. Social media has evolved from straightforward text-based chats to sharing memories and stories, and now it is approaching a virtual universe, the Metaverse.
A platform built on Metaverse gives social media users a more immersive experience because the Metaverse’s content is heavily graphical, and users virtually reside in this world.
Facebook and creators of Meta platforms are aware that technology is capable of far more than just facilitating social media connections. Incorporating a three-dimensional space rather than just observing people on computers or mobile devices and hearing their voices. Combining virtual reality and augmented reality provides a more realistic digital experience that goes beyond the scope of the current social media world.
The Metaverse will impact the future of business by facilitating quicker learning. Allowing workers to practice a sales speech for a high-value customer or learn how to handle equipment as though in real life. Interactive games and simulations could accelerate learning and improve results.
Metaverse improves cooperation and teamwork. Teams may, for instance, visit places virtually where they can’t go physically to get a first-person experience as an alternative to the whiteboards, sticky notes, and huge screen monitors that are the mainstays of in-person ideation. Theoretically, a digital twin reproduction of a building might allow architects to work in real-time with clients on layouts and identify issues and opportunities before the space is finished.
Evaluating operations Executives and Managers may find it simpler to visit a factory, distribution center, or building site on the other side of the world, shake hands with workers, and conduct inspections as though they were physically there.
Creating successful metaverse work settings will take much more than simply grafting current office spaces and protocols onto virtual places. Businesses can begin to adapt to technology by learning to explore it.
Andre speaking in one of the podcasts, outlined two possible ways businesses can begin to adapt to the Metaverse:
The future is Metaverse, and opportunities are fast emerging.
“By 2026, it is expected that 25% of people worldwide would spend at least an hour each day in the Metaverse,” Said Andre.
Within the next five years, the Total Addressable Market (TAM) for the Metaverse is expected to reach roughly $1 trillion, and It can get larger as more people get used to it.
The Metaverse is unquestionably the most significant advancement in the virtual reality world, and it will alter how we view online communication and social media interactions. However, the Metaverse is still developing and in its early stages. Businesses should exercise caution when investing in a particular metaverse because it is still too early to tell which will be sustainable in the long run. Andre advised businesses to only work with brands and technologies that they trust.
Businesses should take the initiative to develop a workable data privacy policy specific to their operations to establish security and privacy safeguards. They should also collaborate with the major metaverse platform owners and standards organizations.
Exploring and gaining a thorough knowledge of Metaverse development can change the narrative of your business. You can effectively design and launch a unique virtual world.
About Sociallybuzz:
Sociallybuzz is a leading social media marketing, management, and digital advertising agency for small and medium-sized businesses. With over 12 years of experience, we know how to create and execute marketing campaigns that will help you grow your business. Our social media agency specializes in using the power of social media to create highly targeted campaigns designed to get you more customers and sales.
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