“A collaborative virtual shared area, formed by the merging of virtually augmented physical and digital reality,” according to Gartner. A persistent metaverse provides greater immersive experiences.” According to Gartner, a full metaverse will be device agnostic and not owned by a single vendor, with its own virtual economy powered by digital currencies and nonfungible tokens (NFTs). People will be able to reproduce or augment their physical activities in the metaverse, which will have an influence on companies that customers deal with on a daily basis as well as how work is done. Immersive workplaces in virtual offices will help businesses improve employee engagement, collaboration, and connection. Because the metaverse will supply the framework, businesses will not need to build their own infrastructure. Virtual events, which have grown in popularity over the previous 18 months, will also provide more collaborative and immersive networking possibilities as well as seminars.
Other options for customers include purchasing digital land and building virtual houses, as well as shopping in virtual malls through immersive commerce.
There is little question that the metaverse will allow businesses to develop and improve their business models in previously unimaginable ways. Gartner predicts that 30% of global enterprises will have metaverse-ready goods and services by 2026, therefore all businesses should start designing digital business strategies that take use of the metaverse’s built-in infrastructure and players. At the same time, metaverse technology adoption is still in its early stages and is fragmented, therefore Gartner advises companies against investing extensively in a single metaverse.