How organizations can succeed in the metaverse

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Ever since Facebook announced a rebranding on Meta in its quest to become a leader in the race for Metavers, companies everywhere have been wondering what lies ahead for the online marketplace. As Metavers continues to buzz in 2022, new challenges arise as tech organizations begin to travel to unfamiliar territories.

Organizations on the global enterprise landscape have already made a significant contribution to this virtual, universal opportunity. Smaller companies are also jumping early on the digital bandwagon, hoping to avoid losing immersive trades. Emergence Research reports that the Metavers market is projected to reach more than $ 800 billion by 2028. Without a doubt, there is already a new wave of virtual reality (VR) and augmented reality (AR).

[ Special Report — The Metaverse: How Close Are We? ]

However, companies that invest very quickly in metavars can risk disappointment with interface restrictions and high cost of entry. According to Grayscale’s 2021 report, the sale of virtual land property alone is expected to reach $ 1 trillion market. Currently, it is almost impossible to find a small plot of virtual land below $ 11,000, some of which sells for millions of dollars.

What should small companies do if they want to start selling at the crossroads of real life and digitized spaces? Should they wait until the market becomes more accessible or will they benefit from jumping when it is still new? MeetKai, a Los Angeles-based AI-powered conversation intelligence company, tries to answer those questions and more with its VR platform called MeetKai Metaverse. In a press release earlier this year, the company stated that MeetKai Metaverse is an ever-evolving multiverse where specialized experiences can be achieved with the help of VR and AI.

Mitkai CEO and co-founder James Capla told VentureBeat that Mitkai Metawars helps organizations eager to become players in the emerging Metawars ecosystem gain easy access and find their own niches in the newly immersed world. Capla highlighted some of the action points that organizations can adopt to succeed in metavars and how Mikai metavars are located to help them accomplish that.

Early adopters and adapters will win

Like Open Vs. Close Metavers Discussions continue, with many developers insisting on providing an open platform where companies can operate their operations in a versatile, non-binding way, at least compared to Meta.

“Unlike Meta, where you are locked into their ecosystem from day one, we create customizations for companies that want to adopt their technology but have very specific use cases,” Capla said.

Companies that are open to early adoption will benefit while VR sales will eventually become more mainstream. Whether or not the company immediately gets on the VR train, coming up with a strategy and positioning itself in the multiverse prepares all the assets for the coming growth.

Just as ten years ago the early adopters of the Internet made a profit by selling online before it became more popular. A report by Gartner predicts that 25% of people will spend at least one hour a day in metavars by 2026. Just as the early adopters of the Internet ten years ago made a profit by selling online before it became more popular, so are organizations that set themselves up for this. This new interactive world will inevitably put itself ahead of the rest.

Try different platforms

According to Kaplan, the meta version of Immersive Multiverse is not the only option for brands looking to shop in VR. Different platforms exist, and even more are in development – providing unique features for each task and game.

For example, if an organization introduces metavars in a highly specific setting requirement, such as travel bookings, the Mikai metavars platform can be adjusted accordingly, Capla said. “Instead of being stuck in VR’s limited hangout space with a zoom-like encounter, agents need to process millions of inquiries in real time. Travel agencies can implement advanced AI-powered customer service and host private tour previews that sell virtual tickets. There are many wonderful places to travel, “he said.

Acknowledge the AI ​​capabilities of communication

Communication in VR is still working. Communication between players and automated avatars improves as the AI ​​capabilities of communication improve. The MeetKai Metaverse platform takes advantage of MeetKai’s conversational AI capabilities and provides a voice concierge app that uses voice search to deliver personal communication between humans and AI.

What is a virtual world if its communication is not aligned with human-to-human interaction? People expect quick, personal experiences even when talking to a VR computer character. With the popularity of the Internet, unlimited information has become available worldwide, so with the help of AI, VR will have access to endless knowledge in shopping, travel or medical experience.

Offer brand-specific lifestyle experiences

With leading VR platforms advancing, companies have the opportunity to provide unlimited experiences to customers in virtual multiverse. Artists can organize live, virtual gallery tours. The shoe company may offer custom shoe design workshops where players can purchase their final product to keep in metavars. The consulting agency can sell VR integration levels to clients who want to work one by one.

These brand-initiated VR experiences allow people from all walks of life and walks of life to explore, engage and purchase things like never before. From travel and recreation to self-development and social networking, the potential of human and artificial intelligence is available to all.

Kaplan said organizations based in Mitkai Metawars will be able to do whatever they want there. It compares it to creating a custom website – once you own a place, it’s yours.

Finding a way for organizations to create and deliver customized experiences for their audiences means they need a way to grow freely with the digital space they claim. Alternative platforms that allow flexibility in ownership, currency, and payment in Metawars continue to repeat the need for such freedom. For better connectivity and perseverance in the market, according to Kaplan, playing too much in the meta can lead organizations to a wall-garden situation.

Develop with technology

Finally, Caplan said companies need to grow with technology to make it truly into Metavers. “There is a lot of skepticism about businesses that do not want to be dependent on pay-to-play. Equipped with better technology to grow with Metavers, companies can handle the competition with confidence, ”he said.

VR is a place where companies should be free to break the rules a bit. Kaplan said MeetKai will launch a product this summer that will set new standards, where there is a difference between creating a virtual world and a distinctive customer experience.

Mitkai was founded in 2018 by James Kaplan and Weili Dye. While the company’s current number is only 40, Kaplan said the number is expected to double by the end of the year.

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