Despite the overall bearish crypto sentiment, the metaverse trend has taken the crypto world by storm. Customer experience and operations continue to be critical areas that have aided in the spread of the metaverse concept.
An exciting new term has decided to enter the crypto lingo in recent months, if not years: the metaverse. The term "metaverse" is almost everywhere these days. This is primarily due to Mark Zuckerberg's announcement that Facebook to be rebranded as Meta.
In the announcement, Zuckerberg introduced the idea of Facebook 2.0, a new and alternative Facebook model aimed at bringing the Metaverse to life and assisting people in connecting, finding communities, and growing businesses.
Decentralization, user governance, and real-world value have been emphasized as key features of blockchain-built iterations. Compiling these characteristics with realistic scenarios helps or hinders the hype trend.
A Customer-First Approach
The metaverse is the most recent form of human-technology interaction. This interaction began decades ago, beginning with physically plugging wires into and out of a computer and progressing to programming that computer. The technology interface has become increasingly intuitive over time, progressing from punch card systems to programming to graphic user interfaces (Microsoft) to smartphones (Apple) and, eventually, smart objects like Alexa (Amazon). It is the obvious next step in this encounter of humans with technology.
There are two major aspects to consider when considering what the Metaverse would mean to consumers and businesses. First, there are spatial environments, which are the Metaverse's 3D relationships with technology, as opposed to the 2D ones that exist today.
A Zoom meeting today is a 2D interaction, but a meeting with a VR set in the Metaverse would be a 3D one; a Pacman game today is a 2D one, but a Pacman game in the Metaverse would involve a 3D spatial atmosphere in which the players physically move or at least sense motion.
It will also allow customers to live in a 3D world. Because it is spatial and integral to a relationship, it becomes much more intuitive. And in this way, the average consumer will benefit far more from a customer experience and consumer value standpoint than even the 2D touch-poke world.
The second aspect is the game engine software that powers everything. Web developers created the internet, whereas game developers created the Metaverse. There is a significant difference now. As graphics technology advances, the digital world will become more like the real world. Future stores will be more accurate and game-like, allowing customers to try out products and services firsthand, thus increasing customer traction and satisfaction.
Capgemini, a global consulting firm focused on technology, recently published a report that was shared with BeInCrypto. It provided a well-rounded scenario for Metaverse centered on customer experience and operations. The firm estimated that the metaverse market would be worth between $500 million and $1 trillion by 2030.
The report polled 8,000 customers and 1,000 businesses in 12 countries across various industries to determine digital competency, interest, and impact. Within the mix was a group of 380 clients who identified as "metaverse-experienced," with three-quarters claiming to participate in the metaverse actively.
Notably, records revealed that 93% of surveyed consumers are curious about it, and 51% of those polled stated they intend to use the metaverse as it becomes more accessible to them.
Furthermore, the report sheds light on various aspects of customer experiences. This case addressed the types of interactions that customers seek, with 43% of respondents stating that they would like to communicate with friends and family. This was followed by assistance from colleagues (39%), gaming-related stories (33%), and commercial pastimes (28%).
The trend is supported by more than just the report mentioned above. A Sitecore survey of Metaverse enthusiasts conducted in October 2022 revealed a keen interest in many aspects of these new digital worlds. New experiences, fleeing reality, online festivals, and concerts, meeting new people, and virtually testing new products and services are all part of the package.
Geographically, regions all over the world are rallying behind the relatively new concept. Tuvalu Island, for example, intends to become the first digital nation to preserve its history and culture in the event the island is submerged in water. Rising sea levels forced the nation to relocate to the Metaverse. South Korean city Seongnam intends to recreate itself in the metaverse.
Is the Metaverse ready yet?
Various regions took steps to incorporate metaverse-related initiatives, as added above. But what exactly does it take to be prepared for the metaverse?
To begin with, a true Metaverse world would necessitate both virtual and augmented reality headsets. These combine to form a network of 3D worlds with which users can interact. According to an iceConnect study, such a network would necessitate an astronomical broadband speed of at least 1,000Mbps.
What the Metaverse Can Expect in 2023
Several industries, ranging from gaming to fashion to healthcare, have established a virtual presence in recent years. While there is still plenty of room for expansion, new regulations may limit it.
What kind of changes do you think would need to take place in order for a nation to be "Metaverse-ready?" Let us know your comments by sharing this article on social media.