When it comes to the metaverse, the pro factor outweighs the con factor for small businesses, as this technological evolutionary invention has the potential to expand every industry now in existence significantly.
A community driven by digital exploration and expansion has already been established thanks to blockchain technology, the ideas of cryptocurrencies, and NFTs. The development of web3 has given the digital community more support for the idea that the future is virtual; the future is the metaverse.
The metaverse has been around for a while, but it recently experienced significant growth and outreach as tech titans began to consider this idea (1). They also increased the size of the teams working on concepts and inventions that would change human minds and propel humanity into a digital, immaterial world where nothing is anchored. Everything can move even when there is no physical contact.
The idea is certainly appealing, and leading technologists recognize the bright future it holds because of its virtual elements and concepts that possess high potential for user engagement. The metaverse now produces a virtual world with traits similar to the material world, such as purchasing lands, estates, collectibles, and many other promising features (2).
The potential of the virtual universe has already prompted Meta (3) to invest a sizable quantity of money in acquiring the necessary technologies. Everyone has a preconceived notion of the metaverse as a venue for technological corporations to demonstrate the power of human mind optimization and to conquer the world; as a venue for the sales of NFTs and the promotion of virtual currencies; or as a venue for the creation of games that would draw more players to the gaming industry.
However, Metaverse illustrates a wholly different concept with the same risky potential of exposure to individuals and organizations. Technological behemoths currently dominate the metaverse, but modest firms can still contribute.
The role of small businesses in a metaverse populated by tech titans
Small businesses can benefit from this innovation by adopting technologies like the internet, mobile devices, virtual reality, augmented reality, and payment systems for the metaverse expansion.
By introducing these pre-existing patterns, small businesses can take advantage of this innovation and create a better outlook and a better way of landing in the metaverse. Small businesses are essential in educating the public about the metaverse.
The metaverse is expected to expand, although adoption won't happen for at least another ten years. On the other hand, it is also anticipated that more than 25% of the population will soon regularly optimize the metaverse for processing activities (4).
Also, transitioning to the metaverse is neither necessary nor immediately required, but firms, particularly small businesses, must begin to think about it at least in the distant future. Businesses will be able to stay current and avoid falling behind in the future by strategically maximizing the technology, existing devices, and available resources to establish innovation, improve strategies, and provide an experience that is user-oriented to exist for a long time in the virtual market.
The major pros of the metaverse for small businesses
The material world is about to be transformed into a virtual realm known as the metaverse, where everything lives, functions, and even revolves online and virtual events impact the real world.
This also replicates businesses and even exists in the virtual world. It is not just about gaming, interaction, and communication; it is also a way for businesses and enterprises to operate and work in the virtual world.
Reduction of overhead costs
Businesses, especially new ones, seek several cost-cutting opportunities to increase revenue and profit while lowering expenses. This customary practice has long been seen as essential to the operation of businesses. The main advantage of creating a presence in the metaverse is that it gives all these elements a far more immersive virtual experience.
Artificial intelligence has emerged as the essential component of the metaverse that makes it possible to communicate with customers, stakeholders, and suppliers without ever setting foot inside the office. This reduces expenses associated with transportation, equipment, and major fees while enabling organizations to grow through virtual meetings run in real-time but by virtual avatars.
Growth and brand awareness
Thanks to the expanding metaverse and user-focused programming, there will undoubtedly be an increase in users on these virtual platforms. It is now seen as the factor that has the most potential for helping brands expand their reach in both awareness and potential growth. Coca-Cola (5), Louis Vuitton (6), Gucci (7), and many others have already begun to establish their networks in the metaverse by developing digital items and acquiring land and billboards that will have a significant impact on their brands.
Users believe that financiers and developers will soon create shopping centers and significant places like Times Square (8), enabling a real-world feature and having an impact not just on real estate but also on every other sector of the economy, including the advertising sector. Since the metaverse expansion has only recently started and is still in the growing phase, small businesses can purchase land near these top runners to increase their virtual outreach.
Only the physical part of the metaverse saves on overhead expenses while doing away with office space prices. However, when they began integrating a digital twist into their offerings, gaming, fashion, sports, sports, finance, and other key businesses saw a significant increase in revenue (9).
Along with NFTs serving as the primary idea for brands to begin connecting digitally, Gucci marketed digital bags at a cost even greater than that of their physical products. In contrast to the material collection, users are more interested in virtual assets. A source of income for gamers has been made possible by the gaming industry and the use of blockchain-based NFTs and digital currencies in the metaverse.
To access the metaverse, you only need an internet-connected device, a system, and, if necessary, VR or AR equipment. The metaverse is expanding and has not yet been properly established. Therefore, small businesses can now benefit the most.
If you are starting a business or a startup, all you need to do is create a place in the metaverse, expanding your reach and serving as a natural advertisement for your real estate or other holdings and offerings.
Major opportunities in the metaverse still need to be explored, but it has a bright and exciting future. Now is the ideal moment for small businesses to increase their sphere of influence in the virtual universe.