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Unlocking the Metaverse: 7 Key Insights for Businesses

We have presented potential opportunities that the Metaverse is poised to offer companies, along with seven pieces of information aimed at aiding companies in comprehending this evolving digital realm.

The concept of the Metaverse, frequently discussed since last year, is purported to usher in a revolution in the digital landscape. This new concept, denoting “beyond the universe” or “the other universe,” is anticipated to bring forth numerous innovations not only for individual users but also for businesses.

We have outlined the potential opportunities that the Metaverse holds for companies and provided seven key pieces of information to facilitate a better understanding of this transformative universe.


What is the metaverse?

The term “Metaverse,” derived from the combination of “meta,” meaning “beyond,” and “universe,” denoting “universe,” is recognized by experts as a collective virtual sharing space. Initially coined to describe a fictional world in Neal Stephenson’s 1992 novel, Snow Crash, the concept of Metaverse has taken on a renewed significance, particularly through the initiatives of various technology giants, with Facebook playing a prominent role.

In contemporary discussions, the Metaverse has emerged as the most prominent concept in the digital realm, often hailed as the future of the internet. As technology continues to evolve, the Metaverse represents a collective virtual space that has captured the imagination of experts and enthusiasts alike.


Is Metaverse a novelty?

The concept of the Metaverse, which surged in popularity in the digital realm towards the close of last year due to initiatives by technology companies, has manifested itself as a concept that internet users have previously encountered in various examples.

Experts highlight that numerous gaming universes such as Second Life, Sanalika, Knight Online, Fortnite, Minecraft, and the like have already presented the possibilities that the Metaverse now encompasses.


How strong is the Metaverse economy?

As per the 184-page report released by the US-based Citigroup, it is forecasted that the Metaverse economy will attain levels between 8 to 13 trillion dollars by the year 2030. Additionally, the report anticipates that the number of Metaverse users will reach 5 billion.

The report emphasizes that, taking into account the investments made by global industry giants, Metaverse universes had already achieved a valuation of 21 billion dollars as of April 2022.


How many Metaverse universes are there?

Since its conceptual inception, numerous Metaverse universes have been developed by technology companies, each with unique purposes.

Notably, Sandbox, AXS, Decentraland, OVR, and Horizon World, the beta version of which has been released by Facebook in America and Canada today, distinguish themselves as some of the most popular Metaverse realms.


How to enter the metaverse universe?

To access the Metaverse universe, touted as the future of the internet with the goal of enhancing user experience and decentralizing the internet, users require a cryptocurrency wallet.

Within these existing universes, various cryptocurrencies are available, typically accessible through the exchange of ETH and BSC. After registering, users must integrate their crypto wallet into the chosen universe, enabling them to engage in buying and selling activities within that particular Metaverse.


Is Metaverse reliable?

The evolution of the Metaverse concept has given rise to new inquiries within the realm of cybersecurity, prompting a quest for solutions. It is crucial for users to carefully examine the White and Light Paper documents provided by Metaverse companies before making decisions. Metaverse universes are recognized for safeguarding properties and crypto assets through the utilization of blockchain technology.


What does Metaverse offer to Companies?

While significant investments by large-scale companies dominate the Metaverse landscape, these virtual universes also present substantial advantages for companies. Ideal for businesses due to its expanding market, Metaverse universes offer returns to companies not only in terms of economic gains but also in terms of competition and reputation.

Within the Metaverse universe, companies can establish their own businesses or platforms. This allows them to showcase products and services, facilitating easy communication with both existing and potential customers. As a result, Metaverse becomes a pivotal platform for companies to swiftly reach consumers aged 18-29 in the future.

Furthermore, companies will have the opportunity to connect with their current and potential customers through advertising spaces they create or purchase within the metaverse world. Additionally, the Metaverse universe offers companies the ability to host meetings, organize events, and collaborate with virtual realms of brands across various sectors. This positions the Metaverse as a crucial space for companies to engage with consumers and conduct business activities in innovative ways.


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