What Is a Business Metaverse and Why Is It Important?

Metaverses seem to be on everyone’s lips right now whenever topics of tech, innovation, or general social progress come up. From metaverse enthusiasts to naysayers, everyone has an opinion. But while there are many types of metaverses being announced and advertised, the distinction between business-themed virtual worlds and regular ones isn’t yet very clear. So, what is a business metaverse and why is it relevant to the world of business?

A glimpse into your future studio in the Meta Studio business metaverse for creators.

What is a business metaverse?

Here is a wrap-down of the main considerations to take into account whenever we’re discussing the business metaverse concept. What counts as a metaverse for business and what doesn’t? What types of business metaverses are there? If a metaverse world is run by a business entity that also monetizes, somehow, does that count as a business metaverse?

Well, things may seem complicated regarding what is a business metaverse and what isn’t, if you look at all these FAQs. But from our point of view, it’s simple: a business metaverse is an immersive virtual world where users can do business. Therefore, (almost) all metaverses will be run by a business and will probably be monetized by it somehow, but not all metaverses will be business metaverses.

What makes a business metaverse count as one?

In a business metaverse, you can conduct the business you would otherwise do in an offline setting or in a web2 platform, but in the immersive environment that is specific to metaverses or web3. So, instead of meeting potential collaborators or business partners at your favorite coffee shop, or instead of selling your art in an online store or Facebook group, you can just do business in the metaverse.

As long as this condition is fulfilled, you can safely say that the metaverse you are using is a business metaverse. But while it may sound simple, there aren’t many business metaverses out there. Most of the ones we’ve seen so far are only centered around gaming, shopping, retail or virtual real estate, but that’s it.

In fact, we at Meta Studio are creating the only business metaverse for content creators that exists so far. But more on that later. Now, let’s see what there is to be done in a business metaverse, why this is important for economic growth and innovation, and what the trends say about the adoption curves of business metaverses for B2B and B2C niches.

Examples of activities to be done in a business metaverse

What exactly should you be able to do in a business metaverse? This is no exhaustive list and we’re sure many new opportunities will arise as the world becomes more interconnected in web 3.0, but here’s a quick rundown of everything we think a user should be able to do in a business metaverse:

· Buy and sell digital or even physical goods or services;

· Collaborate with others, find and build business partnerships

· Produce digital goods and build an audience that can then be monetized — especially in a business metaverse for creators;

· Work for gigs or hire others to accomplish various tasks;

· Found a digital business, build its virtual headquarters, hire and manage a team;

· Create bridges and business relationships with other business entities within that metaverse or neighboring ones;

· Have business meetings in the virtual office;

· Provide employee training or customer support sessions in the virtual office;

· Compete with other businesspeople from the same niche, research your competition and sign agreements;

What makes a business metaverse important?

Ok, so now we’ve established what is a business metaverse and what you should be able to do in it. But why is this an important development for general world progress, on a macro and micro economic scale?

There are a few reasons we believe getting our business metaverse up and running will make a positive difference:

· The decentralization trend that is at the foundation of blockchain design will empower users on an unprecedented scale;

· Convenience is the most important driving factor for work and business — from Work-from-home trends to flexibility above all else, the world moves fast and needs spaces to do business that work for them — the metaverse is the ultimate convenience from this point of view;

· Zoomers and those even younger than they are don’t embrace a classic notion of work — work in a classic setting is unbearably boring and stifling for this generational cohort, and only a new gamified space that promises complete freedom and ownership can motivate them;

There are still some critics who don’t think the metaverse will ‘take’ and therefore it’s not important. We’ll get more to adoption trends below, but first we need to stress that a minority’s dislike for it doesn’t make it less relevant. Like it or not, the metaverse isn’t about personal tastes anymore. It’s about the future and the direction in which the world is moving towards, whether everyone is ready to adapt to it from the start or not. Every innovation or major change had its detractors or people reluctant to jump the wagon, but that doesn’t mean the world stopped for them.

Will the world of business embrace B2B or B2C metaverses?

Every relevant tech analysis predicts spectacular adoption trends for the metaverse this year, among other blockchain-related trends. As mentioned above, critics have always existed and will always be a part of any major innovation. What matters is that brands both big and small have enthusiastically started to embrace the metaverse and actively work towards adopting it.

This means a business metaverse is bound to become a reality very soon, through the combined efforts of big brands (with more power and resources) and innovative startups (with more agility and a greater capacity for radical change).

We have seen both B2C and B2B models of doing business in the metaverse actively implemented, so the future looks bright on both those counts.

Here are a few examples of initiatives of B2C business metaverse activity:

· Virtual shopping and retail;

· Gaming;

· Customer support;

· E-learning;

· Museum visiting and tourism;

· Art.

Also, there are several strong B2B business metaverse implementations that are already taking the world by storm, although they generally only fall under these two categories so far:

· Employee training;

· Corporate parties for employees and business partners.

The Meta Studio business metaverse

For our part, our business metaverse will have both a B2C and a B2B component, since you will be able to conduct business in it both as a freelancer and as a big brand. Meta Studio aims to be the first business metaverse for freelancers and entrepreneurs in the digital content industry, where work feels like play while building an income. You can find out more by following us on Telegram or by visiting our website.