Unless you are a gaming enthusiast, the virtual world may seem less relevant to your daily life, but that could change. Since Facebook became Meta Platforms Inc. in October 2021, the focus has turned toward the metaverse, a virtual reality that could become a $13 trillion economy by 2030, with enormous implications for businesses.
What started as an interactive VR space populated with online gamers is morphing into a future web version where virtual universes meet social networks, collaborative spaces and e-markets.
While some elements of its concept are not new, the metaverse is evolving from a fragmented space, where users frequent as they please, into a sophisticated economy, where opting out could prove disastrous for businesses.
The metaverse is expected to be worth $800 billion within two years. Therefore operating inside it could become nothing short of mandatory over the coming decade, with as much as 25 percent of the economy potentially residing in the virtual realm.
These assertions may seem outlandish, but some industries’ biggest names have already entered VR territory. For example, luxury powerhouse Gucci opened a “garden” on the Roblox gaming platform last year and released virtual bags that sold for more than $4,000 each.
Global brands such as Nike and Coca-Cola have also sold digital assets and offered virtual trials, auctions and factory tours, all on the metaverse.
Besides retail, sectors such as aviation, automotive and healthcare have been capitalizing on advances in VR, with Boeing, Rolls-Royce, and Pfizer using the technology to train and create digital twins.
Then there is real estate. In the metaverse, an interested buyer can tour a unit before purchasing. It may even become mandatory for parties to sign legally binding contracts in the virtual world.
Whatever the sector, the metaverse brings clear opportunities in an age where purchase and business decisions are increasingly occurring in the digital world. The available data suggests that Generation C spends more time as digital personas than as their physical selves. As the metaverse grows, consumers may soon refuse to buy products that are not present or tested within it.
Orbit World Metaverse is one platform where people can mingle, attend events, and make memories. In the city, partnered businesses will be able to showcase their products, promote their products and services, create events that further aid in brand recognition and awareness. Consumers will be able to purchase items digitally, be it for themselves in the physical world or their avatar as well as gain access to services digitally that they had traditionally interacted with in person – but on the Metaverse. Orbit World Metaverse, with the aid of the Comet token will be the go to place for everyone digitally.