Metaverse Platforms: Evaluating the Best Fit for Your Enterprise

The Metaverse provides several investment alternatives for businesses exploiting the decentralized world. This article evaluates the best metaverse platforms for your enterprise.

The world is changing at an unprecedented rate, and with it comes an idea that has captured the imagination of millions: the Metaverse. 

As technology progresses and virtual reality becomes more accessible, the Metaverse emerges as a digital domain in which people can communicate, work, and explore in ways that were before impossible. 

Its popularity is rapidly increasing, and its impact on different industries, including business, is evident.

A new frontier of opportunity for businesses is emerging within this digital dimension. Metaverse enterprises can transform how firms work, cooperate, and interact with customers. 

This disruptive technology is more than just a trend or fad; it marks a fundamental shift in how we view and interact with the digital world.

Understanding the Metaverse 

In the most basic sense, the Metaverse can be viewed as the future generation of the internet. It is an immersive and interactive environment where users can participate in social and graphic adventures.

The Metaverse can replace parts of our physical offices, redefine education, alter how we hold business meetings, attend concerts and weddings, and engage in other in-person physical activities. 

It has the potential to change, even revolutionize, how we earn a living — through play-to-earn games and other extended reality (XR) business opportunities — while also creating an economy that rivals our current system through technologies such as cryptocurrency, blockchain, and decentralized autonomous organizations (DAOs).

Gaming, social experiences, immersive commerce, real estate, travel, fitness, and esports will all likely benefit from the Metaverse.

Three leading technologies power the Metaverse: XR, blockchain, and digital assets.

XR is an umbrella word for all immersive technologies, such as virtual reality (VR), augmented reality (AR), and mixed reality. 

These technologies enable users to access and interact with the Metaverse using a range of gear, including headsets, mobile phones, haptic gloves, and more.

Blockchain is an immutable distributed digital record with numerous applications, including cryptocurrencies, smart contracts, decentralized finance, and non-fungible tokens (NFTs). 

In the Metaverse, blockchain technology records transactions and establishes trustless digital connections. This shared, immutable record ensures that all virtual world operations are transparent and secure.

Digital assets are virtual currencies, often on their blockchain, representing an item or utility. Cryptocurrencies, such as Bitcoin, are electronic forms of exchange produced and stored on the blockchain. 

Digital tokens, on the other hand, indicate a specified quantity of digital resources (such as airline miles or loyalty points) and can be either intrinsic or generated by software. 

Understanding Metaverse Enterprise

An enterprise metaverse is essentially a metaverse that opens doors for enterprises. 

It integrates the many technologies used in metaverse environments, such as extended reality and AI, with IoT to assist businesses in achieving various objectives.

Companies can build their metaverse environments for various purposes, including immersive collaboration, distant work, product creation, and engineering. 

Compared to the consumer metaverse, the enterprise metaverse is still in its early phases. However, many market-leading vendors are starting to see the prospects in this setting.

Meta, known for its Horizon Worlds solution, has opened its mixed reality environment to developers globally, allowing more creators to create metaverse-style experiences for various use cases. 

Other Metaverse as a Service (MaaS) providers provide enterprise leaders with low-code tools for creating metaverse assets for specific use cases.

How The Metaverse Affects Businesses

Here are some of the ways the Metaverse affects businesses today.

1. Gaming and entertainment
2. Revolutionizing design and prototype
3. Customer experiences
4. Business education

Gaming and Entertainment

Gaming, entertainment, and social media are already established use cases, with individuals participating in massively multiplayer online games like Fortnite, virtual concerts by pop artists like ABBA, and virtual meet-and-greets with Vocaloids. 

Roblox, an online game platform and game production system, is the largest virtual world, with over 230 million monthly players.

Revolutionizing Design and Prototype

The industrial Metaverse is about to transform the design and prototype process by providing virtual collaborative spaces for engineers to build new items using digital twins. 

Visualizing digital twins of full plants allows for the planning, simulating, and optimizing of factory lines. However, larger transportation networks might be depicted within a metaverse by creating digital twins of entire cities.

Customer Experiences

Today, most corporate use cases and prototypes can be found in customer experience, online commerce, retail, and marketing. 

This comprises virtual showrooms, virtual shopping experiences with virtual fitting rooms for fashion, NFT-based loyalty programs, omnichannel advertising, and new digital brand experiences.

Today’s digital transformation projects frequently aim to automate essential business operations as much as possible, reducing human activities to a bare minimum. 

However, there are (and will be) business activities that require human involvement, such as moving between digital platforms and in-person communications. 

A metaverse would improve digital human connection by making it more efficient, such as with a virtual boardroom where executives can convene to analyze the most recent corporate numbers and assess new market prospects. 

Other employee jobs could benefit from virtual offices (such as Microsoft Mesh), which allow them to access corporate data in an immersive environment.

Business Education

Enterprise education is another natural fit as businesses create new employee onboarding and safety training programs.

Metaverse Business

Businesses like trade platforms for digital products and artifacts will also be formed within and for the Metaverse. People can use these commodities to interact in digital worlds, such as with digital avatars. 

Platforms for purchasing virtual land and apps for designing personal avatars can be developed.

The entire value chain of a business may become hybrid, just as the labor model grows more hybrid. 

Aside from the traditional value chain of the physical world, we can expect a virtual value chain that includes any type of virtual assets, such as currencies and goods. 

However, inbound and outbound methods between the virtual and real worlds must be in place to ensure that transfers may occur.

For example, physical assets must be transferred into the virtual world. 

One famous means of doing this is the digital twin. Virtual assets like NFTs should also be transferred (sellable) into fiat currency (dollar, euro). 

Business information systems must be developed to support these hybrid value chains.

Technologies That Improve Businesses in the Metaverse

Although there are a variety of ways to enter the Metaverse, there are some popular use cases that many businesses prefer:

1. Three-dimensional environment
2. Artificial Intelligence
3. Augmented and Virtual Reality
4. The Internet of Things

Three-dimensional Environment

Many corporations are establishing virtual storefronts, workplaces, and other types of businesses in the Metaverse. Most metaverse platforms demand 3D models to enhance their virtual worlds for clients.

So, suppose you’re starting an e-commerce store or any platform that requires 3D models for virtual interaction. 

In that case, you should consider creating 3D models for your company, such as buildings, virtual avatars, store items, and more.

You can also look for profitable company ideas in the Metaverse.

Artificial Intelligence

Artificial intelligence is also vital in giving clients a more realistic and enjoyable metaverse experience. 

Many firms prefer to use AI-based technologies, which include business automation, facial recognition, fast computing, and data analysis.

However, the following are common applications of AI in the Metaverse:

• Data processing and management.
• Gaming bots for single-player games.
• 3D scanning to create more realistic avatars in the Metaverse.

Augmented and virtual reality (AR/VR)

Both AR and VR gadgets enable users to immerse themselves in the Metaverse. You can choose how you wish to create an experience for your customers.

You can integrate virtual reality into your platform to give your clients a more immersive experience. However, your customer will additionally require VR headsets to access the platform via virtual reality.

Meanwhile, users can simply interact with your platform via augmented reality on their smartphones and laptops.

The Internet of Things (IoT)

IoT devices bridge the gap between the real and digital worlds by allowing data transmission via sensors. The IoT device tracks the user’s movements and stimulates them into their virtual character in the Metaverse.

Consider incorporating metaverse-related gadgets like Oculus Quest, which allows users to stimulate their virtual movement in the Metaverse. 

Also, you can include AI-based technologies in your products and services to enhance their IoT capabilities.

Now, to the real deal. Let’s look at some Metaverse platforms that help businesses thrive in the Metaverse.

Metaverse Platforms For Enterprises

Some Metaverse platforms that promote businesses are;

1. Fortnite
2. Adidas Metaverse
3. Nike Metaverse
4. Upland
5. Roblox
6. Sandbox Metaverse
7. Horizon Worlds
8. Edverse Metaverse

Fortnite

Fortnite has been a highly successful title among gamers and the entertainment sector, but the addition of ‘Metaverse’ to the tale has significantly improved the experience for its users.

Fortnite, as a Metaverse platform, has many of the requirements one would expect in the virtual world.

The Fortnite Metaverse allows users to play through multiple game modes and explore its rich locations.

Similarly, players on the current video game platform can meet new individuals worldwide by utilizing the network’s social capabilities.

And, like many other key Metaverse platforms, it allows players to join as customizable avatars that integrate seamlessly with the various locales and ‘ maps’ that the makers release regularly. 

Adidas Metaverse

Many well-known brands have expressed interest in joining the Metaverse, so it is not surprising to see Adidas launch its own Metaverse platform.

It all started with their ‘Into the Metaverse’ campaign, which included the release of virtual sneakers and other avatar-specific apparel.

This virtual gear eventually appeared in a ‘Fashion Week’ event planned for Decentraland, resulting in a crossover.

Adidas has also collaborated with Bored Ape Yacht Club to create collector’s items for sale in its Metaverse virtual showrooms.

Aside from the immersive experiences and limited-edition wearables on their Metaverse platform, Adidas intends to collaborate with Decentraland to allow consumers to create virtual twins of their favorite gear. 

Nike Metaverse

Nike is another well-known fashion brand that has gained popularity through their Metaverse platform. They began their venture into virtual realms when they partnered with RTFKT studios.

This allowed them to launch digital collections of their shoes. These digital reproductions of their limited-edition sneakers have customizable skins.

Users interested in shopping in Metaverse can visit their portal and browse their wares in their virtual magnificence.

Their showroom also shows some of their other endeavors, such as their AR Genesis Hoodie, which interacts with their audience’s avatars.

They also receive a physical hoodie from Nike, which personifies the Metaverse fully, merging the real and the digital. 

Upland

Upland is another Metaverse platform that, like Decentraland, has created ripples in the community by focusing on virtual real estate and virtual property.

It enables customers to purchase selections from their preferred cities, which may be accessed via its smartphone app or online browser version.

If a person wishes to sell or exchange their property, there is a marketplace where users can interact.

Aside from the fundamental notion of commercializing virtual properties in a Metaverse context, Upland envisions mini-games for its customers to enjoy.

These small games occur in the platform’s virtual world and reward explorers with ‘treasures.’ 

Roblox

Roblox is easily one of the most popular Metaverse platforms among internet users and virtual community members.

It has witnessed years and years of progress and labor, and it continues to roll out new updates and services for its consumers.

By the way, millions of people use it every day. With over 200 million users clocking in for hours each month, it’s safe to say that this is one of the largest Metaverse platforms available today.

Roblox’s community has grown significantly, with many people seeking games and social activities on their Metaverse platform.

And that is precisely the business that Roblox has entered, settling into the entertainment sector with the activities and chances it offers.

On their platform, you can anticipate having your hands full of games from all genres, whether you enjoy combat games, RPGs, shooters, or even overcoming obstacles and races.

Roblox strongly emphasizes social connections, which stems from the platform’s ability to host single-player and multiplayer games.

Multiplayer games enhance the online experience of communicating with others on a Metaverse platform, and individuals frequently invite their friends to play alongside them.

In addition to the possibilities available in multiplayer gaming, Roblox has VR capabilities and cross-platform interoperability.

This ensures consumers have a genuinely immersive experience, depending on the system and hardware they use to connect. 

Sandbox Metaverse

Community-driven Metaverse platforms are significant in the current context because they reinforce the concept of decentralized platforms.

The Sandbox is a community-driven Metaverse platform that utilizes blockchain technology to allow users to interact with the economy. It features a game mode, a ‘builder’ mode, and even a marketplace.

And users have complete control over creating new experiences, developing assets, and so on, as well as monetizing or selling them.

Their economy is powered by their cryptocurrency token, ‘SAND,’ which is utilized to sell and buy in the marketplace.

The Sandbox Metaverse’s ‘VoxEdit’ function allows users to create numerous assets for the platform in the voxel format. 

Horizon Worlds

Horizon Worlds, created by Meta, is a Metaverse platform that has used VR headsets and authentic virtual experiences since its inception.

That’s because Facebook’s Quest headsets have been a popular way to see Meta’s platform, with all its graphics and aural fidelity.

Like many other Metaverse experiences, Horizon Worlds encourages users to participate in the platform’s economy by providing creator mode options.

People can attend events, play games, and use/view content generated by others similar to themselves.

Due to the expanding environment and creative tools, there’s a lot to do in Facebook’s official take on the Metaverse. 

Edverse Metaverse

The Edverse metaverse platform creates a dynamic environment beyond physical borders, allowing users to communicate, cooperate, and develop in a shared virtual world.

It is an important center for online learning that encourages immersive learning. Also, it serves as a versatile platform for online gatherings, fostering relationships and community development.

Edverse provides a scalable solution for organizations, whether large businesses or nascent startups, to boost collaboration and participation.

It’s where educators can unleash their unique teaching skills, entrepreneurs can thrive, and event hosts can create unforgettable experiences.

The Edverse metaverse, which encourages creativity, connection, and endless possibilities, is the perfect place for anyone wishing to harness the power of the virtual world.

How To Choose The Right Metaverse Platform For Your Enterprise

Consider the following aspects while deciding on the best blockchain platform for your business:

1. Blockchain characteristics
2. Accessibility
3. Platform Traffic
4. Integrations

Blockchain Characteristics

Each blockchain is distinct, with some offering fast transaction speeds and others offering meager transaction fees. You may compare the attributes of each blockchain to determine which is best for your business.

Accessibility

Metaverses can be accessed through various devices, including VR and AR headsets, smartphones, PCs, consoles, and televisions.

So, consider how you want your audience to access your product and services on the Metaverse platform, and choose the platform that meets your business’s access requirements.

Platform Traffic

Each Metaverse has its type of audience. Some are appropriate for gaming, while others are for beginning and building businesses in other industries, such as entertainment, business, and research.

Integrations

Ensure your chosen platform is compatible with advanced technologies like chatbots, cryptocurrency wallets, and CRMs so you can handle client data quickly and effectively while providing a great product and service experience.

Final Thoughts

The potential of the enterprise metaverse is continually expanding. As organizations develop more scalable metaverse platforms and technologies, more accessible information for business executives, and more powerful headgear, the potential grows.

In the coming years, we expect to see more firms invest in metaverse potential not only for staff training and onboarding but also to improve collaboration, customer service, and marketing tactics. Of course, there are still hurdles to face.

While AI and innovative technology enhance access to the Metaverse, new concerns regarding metaverse governance and data security are constantly developing. 

Each company investing in this terrain will require a unique strategy for the enterprise metaverse to become genuinely ubiquitous.