The future of the metaverse is here, and many corporate brands are eager to step into the world of mixed reality (MR). Interestingly, while many are still on the waitlist, some big corporations have taken bold steps and gone ahead to make a grand debut into the metaverse already.
A metaverse is a shared virtual reality/world where people are represented in avatars, and can seamlessly interact with one another as well as participate in MR activities/events.
For a moment, it felt as though many brands were waiting for Facebook and Nike to enter into the space before they can simply “just do it”.
It is important to note that, while Facebook rebranded as Meta to establish its long time interest in MR, Nike happens to be the first major brand to fully venture into the metaverse with the launch of its virtual shoe company. As such, the athletic apparel firm holds the bragging right ahead of other notable corporations like Microsoft and Disney, to mention a few.
Talking about Microsoft and Disney, these two tech giants have also taken bold steps of pivoting into the metaverse, leveraging unconventional approaches. Microsoft on one side is on a mission to close the gap between staff who reside in different blocks, streets, or are even border-apart.
Specifically, the tech giant wants to build a co-working space in form of a ‘metaverse Team’ (formerly called Mesh) where employees can work and interact with one another. You can think of this as Microsoft team but integrated into the metaverse.
On the other hand, Disney recently announced its latest move into the metaverse in an attempt to offer a more immersive experience to its millions of fans across the world. In its own case, Disney has acquired a patent for the metaverse technology that links reality with augmented reality (AR).
Precisely, the media and entertainment company got approval for a ‘virtual world stimulator’ that will now be operated as a component of its theme park. According to various reports, the technology would include a projection device as well as a tracking system that enables Disney to display virtual effects on to a real-world venue for users, e.g. theme park visitors, as they move about.
What do these major adoptions mean for the corporate world?
If you’ve been following the blockchain industry closely for the past few years, you’ve probably noticed a lot of scepticism among corporate brands, with the majority of them being reluctant to venture into cryptocurrency, NFTs, and other web 3.0 projects in general.
However, as web 3.0 projects gain wider recognition and adoption in recent times, more companies are taking a second look at the long-ignored venture. More so, with notable brands like Nike and Disney in the space already, the metaverse is slowly becoming a major sensation among corporate brands.
For instance, by the end of 2021, there were only about five major tech companies who announced their intention to enter the space, with notable names such as Nvidia, Square, and Alibaba joining those already listed.
So far, it appears that a growing number of corporate brands are discussing metaverses or taking concrete steps toward creating one, and it appears to be the latest trend in the corporate sector. Apple, PWC, and Prager Metis are among the noteworthy businesses making headway in their quest to enter the metaverse.
A publication by Insider Intelligence further suggests that “each tech firm will have its own version of the metaverse” in 2022, as it will become a requirement moving forward.
This claim is also backed up by a statement made by William Gee, a partner at PWC Hong Kong. In his words, William noted that “the Metaverse offers new possibilities for organisations to create value through innovative business models, as well as introducing new ways to engage with their customers and communities”.
Having established the preceding facts, we can confidently state that the mainstream adoption of the metaverse by corporate brands is only a matter of time, especially as it looks to be a critical component of the present emerging business model.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.