If a few years ago, digital transformation – a phrase that entails many new definitions ranging from new jobs, new consumption habits, to new opportunities such as Digital Shopping, Digital Marketing, Digital Business, Digital Advertising,….whether with the trend of the world Metaverse, there is any more definition according to the formula such as Meta Shopping or Meta Economy and what new opportunities will businesses have?

1. Metaverse – Technology convergence drop point

1.1. Technology convergence drop point

Metaverse – the falling point of technology convergence is the maturation stage of many technologies used as tools to promote digital transformation, such as: Digital Twin, 5G/6G, AI, AR/VR, Blockchain,..

Metaverse is the global wave of all the big tech companies, governments, and growing institutions. When user data and assets can be brought to a digital world (virtual world), users have complete ownership of assets regardless of language or geographical boundary.

1.2 Meta Economy

Meta economy is a combination of two terms: Metaverse (Digital Super Universe) and Economic. As a result, Meta Economic is a virtual reality economy linked together by the Internet/Web 3.0. Humans are represented and interact with one another as NFT assets using 3D avatars. Meta Economy creates an infinite world by assisting users in more creative ways to serve their businesses, overcoming and supplementing the limitations of the traditional economic model.

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2. What Opportunities for Businesses in the Meta Economy?

2.1 Changing consumer habits: from Digital Shopping to Meta Shopping

Although shopping online has many advantages for customers, one term that comes with it is “lucky.” The customer experience is only in 2D; viewing products through pictures often results in hanging bait and switch.

So with the Meta economy, is the user experience optimal?

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Assume you go to a metaverse fashion store using virtual reality glasses; you can fully explore the virtual store as if it were the real thing. With a 3-dimensional space that allows you to select the dress carefully, see every detail, and, most importantly, be consulted directly by the store’s remote staff. And, of course, this dress is NFT-chemical and cannot be altered to ensure that when you receive it, it is the product you ordered, so you no longer have to worry about counterfeit goods.

Experts say it’s the shift from Digital Shopping to Meta Shopping.

2.2 Virtual events, virtual KOLs

In the last two years, the comeback event has grown in popularity, with a virtual explosion of KOL developers and virtual singers. The Metaverse has altered the appearance of both virtual events and entertainment in general. Participants use 3D avatars to role-play in the virtual world, and they feel as if they are meeting face-to-face at the event.

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Virtual events, virtual KOLs

In recent illnesses, virtual KOLs and virtual singers have been the sole source of life for major entertainment companies in Korea, China, and the United States. Fantasy idols don’t age, they don’t have real-life scandals, they don’t get tired or breathe. They were the company’s first appearance on Metaverse.

2.3 Social Media

Facebook, the social media industry’s behemoth, changed its name to Meta, contributing to the Meta wave’s explosion and clearly indicating favorable prospects for the social media movement.

Metaverse has everything you need to build digitally autonomous virtual communities with their own ecosystem. In fact, metaverse media can allow people to communicate with friends who are in the same location even if they are thousands of miles apart.

However, the time has come for users’ privacy to be protected, from communication to trading. And the time has come to recognize the value of personal data in the digital world. A mechanism for equality, known as a DAO – Decentralized Autonomous Organization – or SocialFi, must be built, and it is also one of the Metaverse society’s main pillars.

2.4 Meta Travel

The Metaverse optimizes the transformation of real-world material values into digital space, including tourist destinations. Travel companies can sell virtual tours, along with VR glasses, for users to enjoy remotely at a lower cost than going to the location. This service is appropriate for exploring historical sites, antiquities, or adventurous locations.

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Meta Travel

When guests experience the hotel space, and accommodation in advance, and have an overview of the geographical location and space for the upcoming trip, the metaverse makes an important contribution to the process of promoting customers’ purchasing decisions.

And there will be many new business models with Meta economic candlestick trends in the future.

2.5 Meta Education

Will the education industry begin a new chapter? Education’s ultimate goal is observation, practice, and practical application. The observation and practice process will be taken to a new level by Metaverse.

In medical education, for example, students use VR to observe a surgical practice session in a more intuitive 3D space. In military training, for example, XR technology can be used to support virtual training scenarios. Metaverse’s virtual spaces can stimulate both mental and physical combat scenarios.

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Meta Education

2.6. Working on the Metaverse environment

The Metaverse connects people from all over the world into a three-dimensional space, allowing for remote work in a virtual office. Workers now have more opportunities to find work around the world. Furthermore, businesses can use the metaverse to enable virtually enhanced workspaces and foster business-to-business and employee-to-employee connections.

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Working on the Metaverse environment

2.7. Meta Bank

Banks can open virtual banks that provide physical card opening on Metaverse, helping customers maximize information verification and information security procedures based on blockchain technology without systems. Cumbersome verification procedures, no need to meet staff, and gradually digitize the card opening process.

Metaverse Bank

2.8. Meta Advertising

Bringing physical billboards into virtual reality is a new media marketing channel that many companies are interested in. Previously, many companies placed advertisements on the game’s metaverse platforms.

Digital Twin technology with real-time features makes NFT billboards synchronize with real-life billboards. When the brand’s advertising appears on screens in the real world, it will also appear in the virtual world.

Advertising Metaverse
Advertising Metaverse

2.9. Car Meta Showroom

Showrooms can now open virtual reality stores on the metaverse thanks to the Meta economy. The use of Digital Twin technology to “copy” the store onto the digital platform, as well as how everything that happens in the physical store is updated on the metaverse store, is the model’s highlight. This is known as real-time calculation.

Customers will benefit from Digital Twin Technology – a digital twin – for a better remote product experience. Customers who buy a car remotely, for example, will see the car’s specifications displayed on a digital copy that is constantly updated.

Car Showroom

And in the future, there are many new business models with Meta economic candlestick trends.

New trends always bring with them new opportunities and challenges. Opportunities for new business models abound, but building your own Mataverse platform remains the most difficult challenge due to a lack of resources in technology, people, money, and time.

So it’s time to create the Metaverse ecosystem, a platform that connects businesses with technology companies in order to maximize resources. If it is not possible to stand on the shoulders of giants for digital transformation, businesses can serve as the global extension arm for the creation of the Metaverse.

Reference source: https://101blockchains.com/