The metaverse topic has been all the rage for a long time, but now it’s more relevant than ever. Leaders of large corporations lead the way for technological development by creating their own metaverse solutions. Investment in this relatively new field doesn’t stop, as Meta Reality Labs alone has put $10bn into the metaverse development.
Yet, there’s a common misconception that only tech companies are using metaverse apps for business purposes. In fact, companies from many industries can benefit from it. So, what are the uses of metaverse applications that can be valuable for different sectors?
You are more than welcome to find out various applications of the metaverse for your business and explore real use cases of famous brands. In addition, you’ll find out how to create your own product with a professional metaverse development company.
Metaverse Uses in Different Industries
Exploring how to use the metaverse for business, it may surprise how many different applications of this solution exist. At least 13 key industries have a clear vision for adapting the metaverse. Still, let’s first explore several metaverse business use cases in order to get an image of how it works.
During the global pandemic, most learning processes were paused or reorganized for remote operation. The new reality has brought multiple challenges making people around the world adjust.
However, it doesn’t mean that our experience under extreme conditions is the peak of its potential. Compared to standard e-learning via Zoom, Skype, or other telecommunication apps, metaverse capabilities have plenty to offer to increase the overall efficiency of remote education.
What can the metaverse be used for in the education industry?
- Immersive lessons & training
Since the metaverse is a merge of virtual and augmented reality, these cutting-edge technologies will ensure an immersive learning environment. Hence, metaverse education makes it easy to focus on the learning process by diving deeper into the specific 3D world that may look like the real one.
2. An ultimate presence experience
Usually, a regular distance learning system can’t provide students with a sense of complete presence in a class. A recent study has shown that the home environment negatively affects people’s productivity and mental health. Thus, being completely present in a proper learning environment can solve this problem.
3. Extended opportunities with VR & AR tools
While computers limit people’s learning experience with simple presentations and non-user-friendly e-boards, the metaverse offers something really special. Realistic labs with the needed materials, 3D classrooms equipped with advanced props, as well as interactive presentations that take students anywhere, even inside the human body, can’t help but amaze.
Metaverse Banking Use Cases
Banking services and opportunities are developing non-stop. Just at the beginning of the 21st century, we had to attend banks in person and pay for services with a piece of paper. Nowadays, online banking allows us to not even leave our houses to resolve most issues and pay the bills.
Yet, there’s still some lack of capabilities that online banking users may experience. So, metaverse use cases in banking show us how this industry has evolved and that it brings even more value to customers.
What is the metaverse used for in the banking sector?
- Better communication
There’s no doubt that banking applications perform their function well. However, online banking, as it exists now, distances clients from communication. The metaverse, on the other hand, is a great space that leaves customers the opportunity to run their finances most conveniently, while bank managers can speak to their clients again and offer more and better services.
2. NFT & digital assets services
NFTs, or non-fungible tokens, appeared to be the backbone of the metaverse finance system. Even though the metaverse is a decentralized space, there’s still the need for banking services like more convenient withdrawal of clients’ cryptocurrency to the real world, management of metaverse financial operations for purchasing real-world items, savings & insurance, etc.
3. Extended marketing opportunities
Metaverse is considered an extension of the real world, and it’s forming a new audience. This means that banks have space for marketing campaigns and fresh opportunities to take over market leadership. Thus, promoting your banking services in the metaverse is now possible, getting new online and offline clients.
Metaverse Healthcare Use Cases
The healthcare sector is one of those that an average person doesn’t expect to see as an online service. Yet, remote medicine is helpful in many ways and is evolving daily to serve patients even more.
So, what benefits of metaverse applications are there in healthcare?
- Better training capabilities
Studying at medical school or passing an internship is stressful and complex enough. Luckily, entrepreneurs can create metaverse training apps for medical workers to learn in an immersive and steady environment. For example, students can train to do surgery in a realistic VR operating room and don’t stress about hurting someone.
2. The new-level telemedicine
E-medicine or telemedicine has been developing for a long time, allowing one to get decent medical care regardless of location and without needing to travel to the hospital. With the metaverse and its VR/AR technologies, the examination of patients and diagnoses will be even more accurate.
3. Medical data security
Thanks to blockchain technology, which’s way more robust than standard security solutions for the web, one of the main concerns about online medical care seems to be resolved. Thus, patients can send their confidential data to a doctor remotely, as well as get prescriptions and medical diagnoses completely securely.
Metaverse Insurance Use Cases
Just as you insure your property in the physical world, this will be a necessary process for the metaverse ones as well. That’s where traditional insurance companies can develop and scale their business up.
What insurance companies can get from the metaverse:
- Insurance services for metaverse brands
Many product companies from various industries are expanding by opening metaverse shops, galleries, and entertainment spaces. Even though there aren’t so many risks for businesses in a virtual world as in a physical one, some issues still may happen to entrepreneurs. So, insuring your business for proper cases can save you from excessive expenses.
2. Blockchain-based assets insurance
NFTs, cryptocurrency, metaverse property — all of these are valuable assets that are usually too damaging to lose. Although tempering with users’ data is very hard, thanks to reliable blockchain technology, hackers don’t seem to give up on trying. That’s why insurance of customers’ blockchain-based assets is a lifesaver that relieves most concerns.
3. New communication opportunities
Metaverse is a new concept to many users, and few know how to securely operate in this virtual world. Thus, insurance companies can consult metaverse clients on basic digital safety rules and provide complex insurance solutions for different cases.
Metaverse Retail Use Cases
Metaverse capabilities have given a boost to retail industry development. Nowadays, this concept solves multiple challenges that offline and e-commerce businesses face.
What metaverse use cases for retail can be:
- More engaging interaction with customers
There are many customers who prefer the online shopping experience over the offline one because they don’t feel comfortable interacting with persistent sales managers. Still, many of them lack interaction with products. Luckily, metaverse shops provide clients with mechanics that allow them to try on things, explore goods from any angle, and even customize them. At the same time, they can use sales managers’ services only when needed.
2. Extending target audience
Studies show that one of the newest generations, called Gen Z, is deeply into the metaverse. For example, 52% of those surveyed said they are feeling more like themselves in the metaverse space. Thus, retail businesses can engage with younger customers by building outstanding metaverse solutions.
3. A modern way of brand promotion
Since the metaverse has become a new and promising space where people hang out, work, and do shopping, brand promotion requires conducting marketing campaigns in this space. This way, you can use the metaverse as an additional opportunity to spread the word about your company and draw new clients to it.
Leading Brands Using The Metaverse: Exploring the Best Practices
For the last couple of years, the list of companies using the metaverse has significantly increased. In contrast to the pre-pandemic time, nowadays, we read in the news about one of the most famous companies developing their metaverse solutions.
So, let’s explore how an entrepreneur who uses the metaverse for their company’s business goals can do it most efficiently with examples of tech and non-tech leaders.
Unlike some companies building experiences in the entertainment field, Microsoft’s metaverse solution is all about better employee collaboration at workplaces. Thanks to advanced tools, specialists can create digital representations of themselves (avatars) to connect to the meetings remotely and still feel the presence fully.
At the same time, such functionalities as real-time translators make it possible to be on the same page with colleagues and partners more easily and without excessive spending on interpreters. Also, there are extended capabilities for employees, like VR training, data visualization, prototyping, etc.
Luckily for a broader audience, Amazon enters the metaverse with a mobile AR solution in the e-commerce industry. With the app capabilities, online clients can now explore digital products in their personal environments. For example, it’s possible to check whether a particular coffee table fits a customer’s room before making a purchase.
Additionally, there’s another Amazon metaverse-like product — an educational game that trains players to use AWS (Amazon Web Services). Thus, users can develop their cloud-computing skills and learn more about cloud solutions for an enterprise.
The concept of Samsung’s metaverse space is an immersive world for having fun experiences. Once a person has created their own avatar, they can attend concerts and secret metaverse events with famous guests, explore the 3D environment, and get NFT collectibles.
The company’s representatives even claimed that Samsung’s metaverse would only be expanding as new unique worlds are under development. Thus, the company is improving communication with its target audiences and engagingly promoting its products.
The Gucci Garden is a powerful metaverse-like project by the collaboration of the Gucci fashion company and Roblox — a blockchain-based gaming world. In a virtual space, Gucci has landed a store, a museum, and restaurants under the brand’s name.
Thus, fashion enthusiasts worldwide could buy digital and physical Gucci products for the Roblox currency that can be converted into cryptocurrency. It’s also possible to explore different Gucci collections in a Florence-like decorated digital space.
What Do You Need To Use Metaverse As a Business Platform?
All the new metaverse solutions developed by famous companies seem to warm the interest of many customers. So, what do you need to get the same successful metaverse application? Explore the 3 simple steps below to follow.
- Outstanding concept. Building a metaverse is a complex and resource-consuming project. Thus, defining the concept that would engage with your target audience is imperative. In order to do this, you can carefully explore the market and analyze the positive edges and drawbacks of your competitors’ offers.
- Solid investments. As mentioned, metaverse projects take plenty of resources — specifically, significant budgeting. Whether your company has required funding or not, engaging investors with reputed names would be an efficient strategy. Once the global audience sees familiar names under your project, their trust in your product will increase.
- Experienced developers. It’s impossible to create a metaverse worth investment and a top place on the market without technical professionals. The good news is you don’t necessarily have to spend large amounts on hiring experienced specialists. In fact, you can draw developers with deep expertise and even save money on salaries.
Make the Most Out of a Custom Metaverse Solution with Program-Ace
Are you interested in building a spectacular metaverse solution and maintaining optimal budgeting? Fortunately, it’s possible when you opt for outsourcing development. With Program-Ace, a custom software development company, you can augment your team with our experienced metaverse creators on the most favorable terms. You are also welcome to outsource full-cycle or partial development to our company so that you could focus on other crucial tasks.
Contact us to find out about the potential of your project and get individual estimations.