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Working with a Metaverse Agency in Singapore for Metaverse Application for your Business

A few years from now, technological developments are going to transform the world into a digital commonplace where people can move and interact freely. This is the idea behind the metaverse, and a metaverse consulting in Singapore can help you with its application in your business. So, how exactly does it work? 

As a relatively new concept, the metaverse has become a hot topic of conversation with companies looking to stay on the forefront of technological innovation. Keep reading to learn more about the metaverse, including what it is and its main benefits for your company. We will also tell you why it is crucial to work with a good metaverse agency in Singapore

Don’t let yourself fall behind. Let the experts help you reap the benefits of this emerging space and stay ahead of your competitors. 

 

Metaverse Agency in Singapore : What is the Metaverse? 

 

The metaverse traces its roots back to about 30 years ago when Neal Stephenson used the term in his science fiction novel Snow Crash. In this book, people use digital avatars to go about their daily tasks in a virtual world, a kind of second universe. Today, technological advancements have carried the same concept from fiction to reality. 

The metaverse is a combination of elements of technology, including video, artificial intelligence, augmented reality, and virtual reality, enabling users to interact within a digital universe. It provides people with a new way to explore the world without limits. For a business, this virtual world comes with all sorts of opportunities for reaching new audiences, such as parties, meetings, and exhibitions. 

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The potential of the metaverse means that no company wants to be left behind. For example, Facebook has already changed its name to Meta to indicate its huge commitment to the metaverse. They have committed about USD 11 billion to help develop software and hardware for their metaverse infrastructure. Other notable companies that have joined and are applying the metaverse in their operations include: 

  • Microsoft, which is already using holograms for extended reality (XR) applications. 
  • Epic Games, which invested heavily in building its portfolio in the metaverse. They have already held concerts by artists such as Travis Scott and Ariana Grande in that metaverse. 
  • Roblox, a leader in metaverse applications, offers a platform for companies and individuals to build homes, play, and work in different scenarios. 

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The Metaverse in Statistics

 

  • Global spending on augmented reality (AR) and virtual reality (VR) is expected to rise from USD 12 billion in 2020 to USD 72.8 billion in 2024. This is why leaders in industries such as healthcare, gaming, and blockchain are positioning themselves to take advantage of this space. 
  • By 2024, the metaverse’s overall worth is expected to reach USD 800 billion. This will be a huge jump from only USD 47 billion in 2020. 
  • Decentraland, one of the notable pioneers in the metaverse, raised USD 24 million in 2020. In just three months after its debut, Decentraland games had generated USD 7.5 million. 
  • In 2021, Epic Games raised USD 1 billion to use in accelerating its vision for the metaverse. 
Avatars in Soho Plaza, part of the virtual world Decentraland
A picture shows avatars in Soho Plaza, part of the virtual world Decentraland, in November 2020. Martin Shibuya, Art Director/The Decentraland Foundation

The Unique Benefits of the Metaverse for Your Business

 

One of the main benefits of the metaverse is that it is limitless. It allows you to work in any setting, meaning that your employees will enjoy greater flexibility and productivity. For example, your employees would not need to be in a physical office downtown to meet potential clients. They would simply attend the meeting virtually in the metaverse using avatars. Looking for a metaverse agency in Hong-Kong?

Here are some other advantages you can expect for using the metaverse: 

  • It enables you to make more money from digital assets.

As technology improves, it allows companies new opportunities to diversify their sources of income. Although your focus might be on selling tangible products or services, there is a new way of boosting revenue through digital assets referred to as non-fungible tokens (NFTs). These are digital representations of actual assets, such as paintings or videos, and are sold on metaverse marketplaces. 

Coca-Cola was one of the first brands to jump into NFTs when it auctioned off its Coca-Cola Bubble Jacket Wearable and other collections for USD 575,883. Other brands that have used this space to make additional income are Original Penguin, Macdonald’s, and Gucci. Even private individuals have joined in, with Jack Dorsey selling his first tweet on Twitter for USD 2.9 million. 

 

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With the help of a metaverse agency in Singapore, you can also create NFTs based on your assets and sell them for millions. Some companies are now raiding their archives for any valuable assets to digitize, from the original designs of their products, to maps of early settlements and portraits of their founders. 

  • The metaverse helps you create real-time experiences for your target audience.

Most of the leading companies that you can see rushing to the metaverse have discovered the secret: that this technology will shape the globe in the next decades. In particular, the metaverse is offering companies opportunities to improve customer experience in a unique way. Whether your company is a food store, fashion line, or automaker, the metaverse allows you to change how clients experience and engage with your products. 

Take the example of Hyundai, an automobile company, which has seen growing sales by offering targeted clients virtual test drives. Nike is also offering to work with clients virtually, allowing them to see how they would look in their clothes and shoes. So, it’s now your turn to stand out and use the metaverse to give your clients the best experience you can offer. 

  • It can boost offline sales.

When the metaverse is mentioned in the context of business, what mainly comes to mind is ecommerce. It’s true that the bulk of the sales that you will drive by adopting the metaverse will be online, but you’ll find that it’s also very effective in promoting offline sales. Since everything is interconnected in the metaverse, your brand or product image can help promote offline shopping habits.

For example, H&M experienced a surge in sales in their physical shops after promoting their clothes in a video game called Animal Crossing. 

You too can improve your sales by working with professionals to create more engaging content. Think of a unique product, service, or asset for your company and how it can be used to win greater engagement. With the help of a metaverse agency Singapore, it will be only a matter of you start seeing a huge growth in sales. 

Why You should Use a Metaverse Agency in Singapore 

A closer look at metaverse reveals one thing; it is a complex system that requires deep understanding of the modern application of the latest technologies. This is never easy for many companies. At a time when economies are recovering from the devastation of COVID-19, some companies might not even want to adopt a strategy that will increase their costs. 

However, the metaverse comes with so many benefits that you cannot afford to miss it. The best way to overcome the complexities and start enjoying the benefits is to work with a metaverse agency in Singapore. The agency will help you in the following ways:

  • Conceptualizing and internalizing the idea of the metaverse and its application in business. 
  • With the help of experts in metaverse applications, your enterprise can work on optimizing your gains by using already available platforms such as Roblox
  • The experts at the selected metaverse agency Singapore will keep the cost of adopting the metaverse low, saving you from having to employ your own staff to do it.
  • Using professionals can help you avoid the major risks and concerns that have been raised about the metaverse, such as its implications for user privacy. 

As you can see, the metaverse is an idea whose time has come, and you can count on it to catapult your enterprise to the next level. It helps companies to reimagine their operations and provides them with a different and more engaging experience. To enjoy the benefits that we have listed above plus many more, it is important to work with experts in the niche.

Visit Wild Agency, one of the most trusted firms in digital marketing, and contract them to help to get started with metaverse applications. 

You can never go wrong with professionals on your side.