Metaverse is taking the world by storm! Many big players have launched their own offerings in this space. However, the term ‘Metaverse’ is still fluid and open for interpretation. No one knows which way it will go and how will it unfold! Nonetheless, consumers as well as enterprises are seeing this as an opportunity to define and build a complete new parallel world where rules and restrictions of real world may or may not hold resulting into emergence of new business models and innovative services. It will also bring about digital CX transformation.
Key Attributes of the Metaverse World:
- Persistent– Maintaining states, layouts and object placements, etc. on persistent basis. Users, via Avatars, can come in and leave all the time.
- Collaborative – This is a very important aspect. Metaverse is a shared world. Users should be able to collaborate, socialize, communicate and trade freely & safely.
- 3D Virtual Space – The environment is by default 3D. Users can wear 3D goggles like Oculus Quest 2 and directly jump into the virtual world. However, as 3D headsets are not that common, even 2D monitors can be used.
While there is a lot of variety in functionalities that are offered in any Metaverse, following ones seem to be common across all major players:
- 3D World to Explore – Essentially there has to be a 3D virtual world of decent size which users will feel attractive to explore. It has to be kept updated and changing (just like real world) all the time. Certain group of people can do it or it can be achieved through Creator Community.
- Non-Fungible Tokens (NFTs) – Non-Fungible Tokens are the driving force behind the economy of Metaverse. It includes:
- Virtual land – That user can buy/sell exactly on similar lines as that of real world.
- Currency – A virtual currency that powers the transactions in Metaverse, which is generally maintained in wallets.
- Marketplace to Buy/Sell items – These are virtual centers where people can display their 3D assets, allow users to buy/sell NFTs like art works.
- Tools for Creators to Build Structures in 3D – These are the tools that allow users to build and decorate their property in Metaverse. Many creator tools also provide ready-made templates using which creators can quickly create the world that they want. Meta is even trying out voice-controlled world creators!
There are many technologies that play a part in Metaverse. They work with each other seamlessly and complement each other to create value proposition for the users.
Following ones are at the very core:
- Blockchain – This is the core technology that is controlling multiple functionalities. It stores information in a decentralized manner, such that there is no controlling central authority. This helps build the trust factor that is required while dealing with virtual currencies and transactions.
- AI / ML – This helps in many forms and shapes. It ranges from enabling a Virtual Agent to interacting with users through Conversational AI to learning from data getting generated as users venture deep into Metaverse.
- Extended Reality (XR) – Extended Reality is an umbrella term that encompasses Augmented Reality (AR), Virtual Reality (VR) or Mixed Reality (MR). These technologies drive the ‘experience’ part for the users and allow them to interact with the virtual world.
Opportunity and Business value for Enterprises
Here are some of the super active Metaverse domains where large businesses are investing their money:
- Retail – With companies setting up virtual showrooms, this trend is surely going to boom. It is a very lucrative market where instead of users just looking at the products on 2D monitor, can twist / turn 3D models, display them virtually in their homes or even try them out with virtual mirrors! Events like Metaverse Fashion Week in Decentraland is one prominent example where lots of leading fashion brands participated.
- Event Management – This is yet another area getting a lot of traction where companies / artists are organizing virtual events inside Metaverse. This was especially helpful when everyone was confined to their homes due to pandemic. Recent launch of Samsung 837X experience in Decentraland is a classic example.
- Remote Work – Metaverse offerings will be the next frontier in remote work. While everyone is used to holding meetings on Zoom or Microsoft Teams, adding Avatars and getting immersed in a virtual meeting room will ensure that there are no distractions and employees can see each other’s Avatars, hear spatial audio, look at whiteboards just as if they are sitting physically in a real meeting room. Meta Horizons Workrooms, Microsoft Teams with Mesh & Omniverse from Nvidia are some such examples.
- Gaming – This is the most dominant area right now. In fact, there are many games like Roblox and Minecraft which are rebadging themselves into Metaverse, allowing users to explore giant worlds and creators to build new structures, etc.
So, you love it or loathe it; Metaverse is here to stay! As Metaverse is still in its initial stages, there are concerns about who will own, control and regulate it, what will be the contractual agreements, etc. Eventually Metaverse will evolve, users will start seeing the immense value it offers as it accelerates digital CX transformation. So, fasten your (virtual) seatbelts and enjoy the ride!
Persistent can help you Revolutionize CX with Metaverse
At Persistent, we can offer the following customized Metaverse solutions around Conversational AI, Chatbots and AR/VR/MR offerings that can help you enhance CX, engage customers & create a stronger business impact:
#1 Product Engineering
We can offer an immersive customer experience – ‘try before you buy’, Animation, 3D models & rich multimedia support to provide a captivating product story and visualize product features & capabilities for a better digital decisioning.
- Banking & Healthcare sector – Interactive Digital Flyers
- Retail, Automobile, CPG, etc.- 3D Product Visualization
#2 Field Support Solution
We can support you with Field operations (service, maintenance & repairs) using Augmented Reality & Collaboration tools, Step-by-step instructions, Remote expert help – WebRTC and improve ‘first time’ fixed rates & reduce cost.
- Remote Customer Support through MS HoloLens 2
- Field Management for Network Engineers
- Warehouse Operations
#3 Education & Training
We can make education and training an immersive experience with VR based prototyping / simulation to demonstrate complex product operations, virtual simulation, VR collaboration & advanced 3D interactive visualizations.
- Customer Experience Center
- Advanced Data Analytics
- Virtual Lab
To know more on how we can leverage our intelligent interactions’ solutions to give you the first movers advantage, please reach out to us here.