How Organizations Can Succeed In The Metaverse
Since Facebook rebranded as Meta in a quest to become the leader in the race for the metaverse, companies everywhere will be wondering what’s next for the online marketplace. While the metaverse continues to buzz in 2022, new challenges arise as tech organizations start their journeys into this uncharted territory.
Organizations across the global enterprise landscape are already placing large stakes into this virtual, universal opportunity. Even some smaller companies are jumping on the digital bandwagon early with hopes of avoiding missing out on immersive trade. A recent report by Emergen Research projects the market to reach over $800 billion by the year 2028. Without a doubt, the new wave of VR and AR is already here.
However, companies investing in the metaverse too soon may risk disappointment with interface restrictions and high-cost entry pricing. The virtual land property sales alone are expected to soon become a $1 trillion market, according to a report by Grayscale made in 2021. Currently, it’s almost impossible to find a small plot of virtual land for under $11,000, with some selling for millions of dollars.
What should smaller companies do if they want to start selling at the crossroad between real-life and digitized spaces? Should they wait for the market to grow more accessible, or would they be better off jumping in while it’s still new? MeetKai, the Los Angeles-based AI-powered conversational intelligence company, attempts to answer those questions and more with its VR platform MeetKai Metaverse. In a recent press release, the company said its MeetKai Metaverse is an ever-evolving multiverse whereby exclusive experiences become reachable with the assistance of VR and AI.
Meetkai’s CEO and cofounder James Kaplan says that the MeetKai Metaverse helps organizations who want to become players in the emergent metaverse ecosystem to have easy access and to get their own spaces in the immersive world. Kaplan highlighted several steps that organizations can take to succeed in the metaverse and how the MeeKai Metaverse is poised to help them accomplish that.
Early Adopters And Adapters Will Win
As the open vs. closed metaverse debate continues to rage, several developers are insisting on providing an open platform where companies can employ operations in versatile, non-binding ways (at least compared to Meta). “Unlike Meta, where users are locked into their ecosystem from day one, we make customizations for companies who want to adopt their technology but have very specific use cases”, Kaplan said.
Companies open to adopting early will have an advantage when VR sales eventually become more mainstream. Whether or not companies hop on the VR train immediately, coming up with the right strategy and positioning themselves well in the multiverse prepares all assets for the growth to come.
A report by Gartner predicts that around 25% of people will spend at least an hour per day in the metaverse by 2026. As with early adopters of the internet ten years ago profiteering by selling online before it became more popularized, organizations setting themselves up for this new interactive world will put themselves ahead of the rest.
Try Different Platforms
Meta’s version of an immersive multiverse is not the only option available to brands looking to set up shop in virtual reality, according to Kaplan. Different platforms exist, and a growing number are in development, each offering unique features for work and play.
For example, if organizations enter the metaverse in need of a highly specific setting, such as travel booking, the MeeKai Metaverse platform could be adjusted accordingly, said Kaplan. “Instead of being stuck in a limited space of VR with Zoom-like encounters that require agents to process millions of inquiries in real-time, the travel agency could implement advanced AI-powered customer service and host things like private tour previews that sell tickets to virtual travel experiences in various awe-inspiring locations,” he stated.
Embrace Conversational AI Capabilities
Communication in virtual reality is still in the works. As conversational AI capabilities get better, conversations between users and automated avatars will improve. The MeetKai Metaverse leverages MeetKai’s conversational AI capabilities with a voice concierge app that uses voice search, delivering personalized dialogues between humans and artificial intelligence.
What is a virtual world if its communication does not align with human-to-human interaction? Even if talking to a VR computer character, people expect fast, personalized experiences. Just as when unlimited information became available worldwide with the popularization of the internet, access to endless knowledge of VR shopping, travel, or medical experience will be available with the help of AI.
Offer Brand-specific Lifestyle Experiences
With leading VR platforms advancing, companies have the chance to offer limitless experiences to consumers within the virtual multiverse. Artists could host live, virtual gallery tours. Shoe companies could offer custom shoe design workshops where customers could then purchase their final product to keep in the metaverse. Consulting agencies could sell VR gathering tiers for clients looking to work one-on-one.
These brand-initiated VR experiences enable people from all walks of life to explore, buy, and engage like never before. From entertainment and travel to self-development and social networking, the potential of human and artificial intelligence is available for everyone to access.
Claim Your Spot In The Metaverse
Kaplan says organizations that own a spot in the MeetKai Metaverse would be able to do whatever they want there, likening it to building a custom website — once you own the spot, it’s yours.
Finding ways for organizations to create and provide customized experiences for their audience means they need ways to evolve freely with the digital space they claim. The alternative platforms that allow flexibility of ownership, currency, and payment in their metaverses continue to reiterate the need for such freedom. According to Kaplan, for better connectivity and persistence in the market, organizations shouldn’t play too much in Meta as it could lead them into a walled-garden situation.
Grow With The Technology
Finally, Kaplan said companies need to grow with the technology to truly make it in the metaverse. “There is ample doubt among businesses who don’t want to stay dependent on a pay-to-play basis. Once equipped with better technology to grow alongside the metaverse as it evolves, businesses would be able to handle the competition with confidence”, he said.
VR is a space where companies should be free to bend the rules a little. Kaplan said MeetKai would launch a product this year that sets new standards, where there is a difference between building a digital world and niche customer experiences.
MeetKai was cofounded in 2018 by James Kaplan and Weili Dai. While its current headcount is just shy of 40, Kaplan says the number is expected to double by the end of 2022.