Cubix: Your Gateway to Metaverse Success

The Metaverse-led era is upon us, and with the overall market cap expected to reach $936.57 billion by 2030, it’s about time businesses join forces with a reliable transformation partner and navigate successful pivots.

The advent of the ‘Metaverse’ was undoubtedly a huge step towards a more connected and immersive future. However, industry experts are still concerned about its commercial availability and accessibility difficulties. While the market for extended reality solutions is expanding dramatically and is expected to reach $252 billion by 2028, business leaders are somewhat skeptical about the future of the metaverse.

Regardless of where you stand, one thing is clear: the metaverse is quickly becoming a significant business arena worldwide. It is no longer science fiction but a tangible reality, and businesses need to pay attention. 

This blog post aims to help you better understand why your business can enter the metaverse and how Cubix can help you navigate this journey seamlessly. But, let’s first bust some popular metaverse myths!

Demystifying Popular Myths About Metaverse 

Is Metaverse a giant online game? Or is it a massive-scale virtual reality world? No, it is a blockchain network for decentralized transactions. These and more. If you search for the definition of metaverse on the internet, you will find more than a dozen explanations, but not all of them are correct. 

In fact, these explanations are closer to becoming myths. Here are some common misunderstandings about the metaverse and set the record straight:

Myth #1: It’s too expensive and complicated to get into.

It is costly to create fancy metaverse worlds, but they are becoming more accessible over time. A recent report by Accenture predicts that 74% of firms will spend $1 million on metaverse-related technologies within the upcoming years and plan to spend more than $5 million. 

Yet, social media platforms now add metaverse features, including AI, blockchain, decentralization, IoT and 3D modeling, crafting virtual experiences and more familiar things. These everyday tools are affordable and allow businesses and creators to build basic virtual spaces without spending a fortune.

Myth #2: The metaverse is just a fleeting craze.

The metaverse will only get bigger with time as technology develops. Therefore, leading companies like big tech giants, famous brands, and retailers invest heavily in it. They are laying the foundation for the digital world, which will significantly impact how we live and work in the future.

Big companies are spending tons of money on metaverse stuff. Why? Because they think it will be a huge investment in the future. Yet, it’s not just tech companies that are getting involved. All kinds of businesses are getting involved. It will become a more significant part of our lives, like the smartphones for almost how we use them for everything now. 

We might be using the metaverse for all sorts of stuff in the future, as you can predict from this stat that businesses will generate about $5 trillion in value by 2030.

Myth #3: There will be only one Metaverse.

The most common misconception swirls around the idea of a singular metaverse. This idea couldn’t be further from the truth. The metaverse is much like the internet itself, which is shaping up to be a vast curtain of interconnected virtual worlds, each with its own unique flavor and purpose. 

These diverse digital landscapes, from immersive gaming environments to sophisticated virtual workspaces, will collectively form the metaverse.

As we currently navigate different websites and apps for various needs, future netizens\ users will likely jump between specialized metaverse platforms. Some may excel at virtual shopping experiences, while others might offer collaborative tools for remote teams. 

The key lies not in a one-size-fits-all approach but in the emerging rich ecosystem of choices, allowing users to curate their digital experiences according to their preferences and needs.

Myth #4: It’s all about games and entertainment.

Yes, a big part of the metaverse is games and fun stuff. But the anticipated applications of Metaverse exceed these use cases. This will include virtual classrooms where children from different continents can connect, socialize, and learn together. Virtual shops and outlets from real fashion brands will allow you to have a rich shopping experience with virtual try-ons without leaving your place. 

Commercial and industrial players will use Metaverse to hold training sessions where learners can practice their specialized skills and undergo professional training. This would be fun, engagement, and overall a new way of being together virtually from anywhere.

How Will Metaverse Maximize Business Value?

This is a billion-dollar question. With Metaverse promising to bring Generative AI into the games played in this virtual world, tech enthusiasts wonder if It’s still worth the hype. While Metaverse primarily focuses on getting the virtual world closer to our imagination with all its fancy gadgets, there is a considerable business appeal behind this. 

It combines virtual, augmented, physical, and digital realities to create immersive experiences where users interact and collaborate in virtual environments. This collision unveils unprecedented opportunities for businesses to enhance customer engagement, personalize interactions, and build lasting relationships with global audiences.

Here are some of the most promising benefits for businesses to enter into a virtual world of the metaverse:

• Expanded reach and engagement: Metaverse enables businesses to coordinate with a global audience without geographical constraints, which leads to increased brand visibility. Virtual storefronts and events also allow broader customer engagement and higher revenue potential. McKinsey & Company projects the market value of metaverse activities at about US$200- $300 billion by 2022 and $5 trillion by 2030.
• Enhanced customer experiences: Businesses can now offer immersive, interactive experiences in the metaverse, like virtual try-ons or property tours. AI-powered virtual agents provide 24/7 personalized support that boosts customer satisfaction and decision-making. Similarly, statistics by the year 2026 predicted that about 25% of people will devote at least one hour to the metaverse for digital activities.
• Innovation and collaboration: The metaverse fosters global cooperation and diverse perspectives through virtual meeting spaces. This supports the secure, transparent transactions and resource sharing that drives business innovation and co-creation.
• New revenue streams: Businesses can monetize virtual goods and services in the metaverse, including digital collectibles and virtual real estate. Hosting virtual events and exclusive experiences offers additional revenue opportunities and competitive advantages. For instance, it is forecasted that many people invest about $54 billion in virtual products in the metaverse yearly.

5 Ways to Prepare Yourself for the Metaverse Era

Okay, now that we all agree that the metaverse exists, and yet its various applications are business-relevant. But how do you ensure your business doesn’t miss out on this future opportunity? How exactly could you prepare yourself for it? 

The best way is to look at those who are already doing it. Many of the leading companies and brands are taking advantage of these five down-to-earth ways to prepare your business for this virtual adventure:

1. Near-term Actions

You don’t need to dive headfirst into the deep end. One has to just begin with small by exploring some popular metaverse platforms. It’s like window shopping but for virtual real estate. Spend some time in places like Decentraland or The Sandbox. 

Also, get a feel for how people interact, what businesses are doing, and, most importantly, if your customers are hanging out there. It’s all about finding your crowd in this new digital world.

2. Long-lasting Foundations

Let’s be honest that some of your employees might think the metaverse sounds like science fiction. And that’s okay! Start by having casual chats about it. Maybe set up a “Metaverse Monday” where you share incredible examples of what other companies are doing. 

Your goal should be to get everyone thinking creatively about how your business could fit into this new landscape. Nobody knows that your undergraduate intern might turn out to be a secret virtual world expert!

3. Brainstorm Ideas and Develop Strategies

Now’s the time to let your imagination run into reality. Like what would your business look like if the laws of physics didn’t apply? Can you offer virtual try-ons for your products? Or host a concert on the moon? You have to just get weird with it! Not all ideas will be practical, but this exercise helps you think outside the box about your brand’s potential in a virtual world.

4. Connect with the Tech Experts

You don’t need to become a coding techie overnight, but it helps to connect with some tech-savvy folks. This could mean hiring a consultant, partnering with a reliable technology partner like Cubix, or even encouraging your current IT team to explore metaverse development.

However, this could be a challenging endeavor, so best of luck doing it yourself.  Yet, having someone who can translate the buzzwords will be super helpful as you navigate this new landscape.

5. Align Physical & Virtual World

Here’s the most important tip: keep an eye on what makes your business special in the real world. The metaverse is just a new way to connect with people. However, your values, brand personality, and customer commitment should shine through, whether serving coffee in a physical cafe or hosting a virtual reality meet-up. You have to stay true to yourself, and your authenticity will stand out in the digital crowd.

Why Should Your Business Be the Next to Move to Metaverse?

Over 500+ prominent companies and businesses are opting to engage in the metaverse for many critical reasons. Leading brands that have invested in virtual properties within the visual world include industry leaders like Amazon, Adidas, Nike, Gucci, and Apple.

Similarly, notable figures from the entertainment industry include comedians, musicians, and actors, strengthening their concerts and shows by leveraging Metaverse to highlight its versatility. Celebrities like Ariana Grande and Travis Scott host the in-game concerts that show how virtual experiences can provide a fantastic experience.

You can have a look here at several key motivations that underpin the decision of businesses to adopt the metaverse:

1. You Don’t Want to Feel Left Out

Companies view the metaverse as a platform to elevate customer engagement from transactional interactions. This shift will enable businesses to forge stronger consumer connections and differentiate in a highly competitive market. 

For instance, the first automotive brand, Hyundai from Metaverse, launched a ‘Hyundai Mobility Adventure.’ This showcases Hyundai Motor’s mobility offerings in the form of avatars and digital characters representing the participating players, engaging younger techies and boosting interaction with a loyal customer base. 

So, when all your competitors would be busy engaging with their target audiences and building business benefits, you won’t love being a mere spectator.

2. Empower Customers with Metaverse Experiences

Metaverse enables businesses to craft bespoke and personalized consumer journeys, delivering compelling experiences that transcend physical boundaries and resonate deeply with their target audience. For example, Nike made a move by crafting an animated feature, ‘The Last Game,’ within Fortnite. 

This was a fantastic move to reach a new audience and enhance their customer experience. If you don’t make the right decision at the right time, your consumers might be missing out on something huge. 

3. Introduction of Virtual Goods and Services

The metaverse provides a fertile ground for businesses to introduce and market virtual goods, digital products, and innovative services. So that businesses can monetize virtual assets and expand their offerings in novel and creative ways. 

Global marketplaces like Amazon.com have begun to utilize decentralized technology to connect buyers and sellers in the Metaverse and facilitate smooth transactions. What’s better than being at the forefront of technology and doing more business through new revenue streams?

4. Integration of Payment Solutions

Businesses globally are exploring opportunities to integrate secure payment solutions within the metaverse ecosystem. This capability facilitates smooth transactions related to virtual purchases, subscriptions, and digital assets through PayPal to ensure a frictionless user experience. Moreover, centralized and decentralized models follow these metaverse payment landscapes, including Roblox and Second Life control payment systems.

5. Development of Specialized Tools

Your business could develop and deploy specialized hardware and software applications tailored to metaverse environments. The advancements in virtual reality (VR), augmented reality (AR), and mixed reality (MR) technologies enhance functionality that drives innovation and operational efficiency. Vogue Business states that about 53% of fashion brands are utilizing AR and VR experiences.

6. Virtual Events & Collaborative Platforms

Metaverse is a dynamic platform for hosting virtual events, conferences, and collaborative meetings. It enables geographically dispersed teams and stakeholders to collaborate effectively in a virtual space, fostering creativity, productivity, and global connectivity. Leading companies and brands, such as Gucci, Hyundai, and Nike, have developed virtual environments for future events such as launches, trade shows, and conferences.

7. Training and Upskilling Initiatives

Companies can enhance workforce training and upskilling programs by leveraging Metaverse. Virtual simulations, interactive training modules, and immersive learning experiences empower employees to acquire new skills and competencies to support continuous professional development. Various private brands, such as Walmart, KFC, UPS, and many more, are utilizing Metaverse for hands-on employee training.

8. Strategic Advertising and Brand Promotion

The metaverse offers businesses innovative avenues for advertising campaigns and brand promotions. By building immersive and memorable experiences, companies can now enhance their market presence and customer loyalty. 

Top brands like Wendy’s virtual restaurant in Roblox, Nike’s “The Last Game” campaign in Fortnite, and Adidas’ virtual stadium experience in Minecraft are utilizing metaverse for advertising and brand promotion to develop customer awareness of your business and brand.

9. Diversification of Revenue Streams

Businesses can diversify revenue streams and explore new monetization opportunities by venturing into the metaverse. With its virtual investments, digital product sales, subscription-based services, or in-app purchases, the metaverse presents diverse avenues estimated at 4.2% of generating sustainable company revenues. This will result in a total of $1 trillion, which could come from metaverse experiences by the year 2025.

How Cubix Can Help?

Migrating a business to the metaverse requires significant research, setting clear goals, recognizing target platforms, outlining resources, and much more. Even if you are a small business owner or a pioneer in one field, here’s how Cubix helps you understand whether the metaverse suits your business.

1. Define Your Target Audience

The first and foremost key to migrating your business to the metaverse is to choose the right audience. You have to ask yourself, are your customers really ready for the metaverse? This virtual world is still new to many, and different groups are exploring it at different speeds. Explore who will buy from you whether they are:

• Tech-savvy Gamers
• Young Entrepreneurs
• Creative Types

Thus, this will help you pick up the perfect metaverse space to set up your new virtual shop.

2. Pick Your Right Platform (Metaverse)

Location matters in the metaverse, just like in the real world. Yet, there is more than just a big metaverse; there are various platforms from which to choose. Each of the metaverse platforms has its own vibe that attracts different kinds of consumers. Do some window shopping:

• Decentraland: It is known for virtual real estate and events.
• The Sandbox: The big gaming platform for gamers and creative types.
• Roblox: The huge virtual universe with younger users.
• Horizon Worlds (by Meta): A virtual reality game aiming for broad appeal.

You just have to look at where businesses like yours are setting up and where your target customers hang out.

3. Consider AR & VR Tools

You don’t need to build a massive virtual headquarters right away. Just begin with a simple presence, virtual storefront, or booth at a metaverse event. You can craft augmented or virtual reality tools to enhance your business offering. This will let you test the waters without a considerable investment. Because many metaverse users utilize mobile or desktop devices to experience this simulation world, you can grow your virtual footprint.

4. Make it Interactive

The metaverse isn’t just about looking at stuff but about doing things. You can think about how customers can engage with your brand in fun, unique ways. The key is to offer experiences they can’t get from a regular website, including:

• Virtual try-ons for clothing or makeup
• 3D product demonstrations
• Interactive games or challenges related to your brand
• Virtual consultations or classes

5. Bridge the Real and Virtual

Your metaverse presence should not exist in a vacuum. You have to find ways to connect it to your physical business, like:

• Offer special coupons in the metaverse that can be used in your actual stores.
• Host virtual events that tie into real-world product launches.
• Create digital twins of physical products for customers to explore in detail.

6. Continue Learning and Modifying

The metaverse is changing fast, so you must stay flexible and ready to try new things. You have to keep an eye on what other businesses are doing, be bold, and experiment. Your first ideas might not work perfectly, and that’s okay; after all, it’s all part of the process.

7. Focus on the Experience

While the metaverse is exciting, remember it’s just another way to connect with customers. Always ask and think about how this will add real value for our audience. You don’t just jump in because it’s trendy; make sure your metaverse presence truly enhances your customers’ experience with your brand.

8. Get Your Team on Board

Moving to the metaverse might be a significant change for your employees. This is where Cubix will be your reliable technology partner. Always provide training and support to help them understand this new environment. Some team members may have hidden skills or enthusiasm for virtual worlds that can drive your efforts forward.

Ready to Take the Lead in the Metaverse Era?

As we wrap up our journey through the metaverse landscape, it’s clear that this isn’t just some passing fad. The metaverse is shaping up to be a game-changer for businesses of all sizes and industries. But remember, it’s not about jumping in headfirst without a plan. It’s about taking thoughtful steps to explore how this new frontier can enhance your business, connect with customers innovatively, and potentially open up new revenue streams.

The key is to stay connected, flexible, and true to your brand’s core values and learn as you go. And don’t be afraid to reach out for help! Companies like Cubix, a leading metaverse services provider, are at the forefront of helping businesses leap into the metaverse. 

Our metaverse experts provide comprehensive metaverse development services crafted to boost your customer experience and new digital horizons. Whether you need strategy guidance or hands-on technical support, partnering with our experts can make your metaverse journey smoother and more successful. 

So, are you ready to take your first step into this brave new virtual world? Contact Cubix and let our seasoned development teams bring your metaverse adventure to life!