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A Beginner’s Guide to the Benefits of Metaverse Consulting in Singapore
28th October, 2021 will go down as a very important day in digital marketing history, and metaverse consulting Singapore is here to give you all the details.
So, what happened on that fateful day? Facebook rebranded as Meta. To some people, this was probably a PR stunt to distract from recent events, but those people are wrong. Actually, Facebook was onto something big, way bigger than many can imagine. It had begun transforming itself into a metaverse company.
Although the metaverse was around before 2021, Facebook’s move has put it directly in the limelight, making it one of the hottest topics in tech today. Case in point, Microsoft and Epic Games have also joined the list of early adopters of the metaverse, and the benefits they stand to reap as a result are irresistible.
Now it’s your turn to seize the opportunity for your brand, but be warned that success in the metaverse can be challenging because it requires a lot of technical skills in computing and digital marketing. The best and quickest way to get your foot in the door and start enjoying its many benefits is to use metaverse consulting in Singapore.
This post is a comprehensive guide to the metaverse, the advantages it holds for your brand, and how you can establish a presence in this new arena with the help of specialized agencies in Singapore. Looking for a metaverse consulting agency in Hong Kong?
Important Statistics about the Metaverse
- In 2020, global spending on virtual and augmented reality (VR/AR) hit USD 12 billion, which is expected to rise to USD 72.8 billion by 2024.
- Before its release in February 2020, Decentraland, one of the earliest platforms in this space, raised USD 24 million. Then, its casino made USD 7.5 million in three months after launch.
- In 2021, Epic Games raised USD 1 billion to accelerate its long-term focus on metaverse.
- Gartner recently identified the metaverse as one of the emerging trends of 2022.
- According to Goldman Sachs, the market size of the metaverse is expected to surpass USD 1 trillion in the coming months.
- Recently, Coca-Cola sold their first NFT on OpenSea for USD 575,000.
- By 2026, approximately a quarter of the world’s population is expected to spend about one hour daily on metaverse for different digital activities, including entertainment, shopping, and gaming.
- The AI economy is expected to grow and hit USD 15 trillion in GDP by 2030.
This is only a small sample of the emerging body of statistics on the metaverse, all of which indicate one thing: it is a technology whose time has come. So, are you ready for it? It’s time to go for metaverse consulting in Singapore.
Metaverse Consulting in Singapore : What is the Metaverse?
This is probably the most common question that people have been asking about the metaverse. The concept combines a number of technologies, including augmented reality (AR), virtual reality (VR) and videos, to enable users to “live” in a digital universe.
It is a virtual world where users are able to interact with each other and experience things as they would in the real world.
The term metaverse was first used in 1992 in Neal Stephenson’s novel Snow Crash, and referred to a virtual street where users could meet and buy virtual real estate, among other activities. In our metaverse, people use avatars to represent themselves and communicate with other users. Companies are able to offer products to their clients, hold meetings, and even explore new markets in the metaverse.
Keep reading to learn more about the benefits of using the metaverse.
The Special Benefits of Using the Metaverse
The main benefit of using metaverse for your company is that it helps you to stay ahead of the curve and deliver a better experience to your customers. Already giant brands such as Walmart, Epic Games, Facebook and Microsoft have raced ahead of the competition and indicated the desire to invest more in the metaverse for even faster growth.
Facebook has committed USD 10 billion for metaverse-related infrastructure, including software and hardware. Like these top brands, your company can also leap ahead of the pack by prioritizing the metaverse.
Here some other benefits you can expect from using the metaverse:
- It creates new ways to connect with clients.
You probably have a strategy for winning new clients or retaining your existing ones, but it’s important to also demonstrate relevance and adaptability. Now that more people than ever before are excited about the metaverse and moving parts of their lives into virtual spaces, you can’t afford to be left behind.
The development of a whole new world in the metaverse means that you get additional opportunities for marketing your products. The problem at this point is determining how to generate in the new virtual world. Well, metaverse consulting Singapore can help with this through the design of specialized campaigns such as virtual event sponsorship, immersive ads, and games.
- It offers you a new way to sell virtual products.
Your business is probably focused on providing a tangible product or service, but how would you like to offer a virtual good and make millions of dollars off of it? When you start using the metaverse, you can do just that with the help of non-fungible tokens (NFTs). These are digital representations of real assets, such as videos and images, which are owned and registered in a selected blockchain.
The trade in NFTs is booming. Just in the first half of 2021, the NFT markets saw the sale of a staggering USD 2.5 billion worth of NFTs. It is true that generating and selling these tokens can get pretty technical, but that doesn’t need to be a challenge when you have the assistance of an agency for metaverse consulting in Singapore.
A good example of an NFT that raked in impressive amounts of cash is the first tweet on Twitter, which was sold by Jack Dorsey for USD 2.9 million.
So, think of a valuable item in your company that can be converted into a digital asset. It might be the first design of your product, an executive’s photo, or a sponsored video that went viral. You can even buy artworks of your products, or anything unique that you think can be monetized. Whatever it is, it stands to fetch an awesome amount on the marketplaces as an NFT.
- It enables you to build more productive relationships with your team.
People are the foundation of any organization, and that is why most firms put a lot of emphasis on on-boarding and HR training. However, it’s intra-team collaboration that helps to build stronger relationships and allow your company’s daily operations to run smoothly. With organizations increasingly adopting remote work, the metaverse can provide you with an excellent way to build relationships within teams.
You can organize virtual meet-ups, discuss work, and even synchronize projects. It is also an excellent way to simply talk, bond with other team members, and celebrate together. To make it work, consider adopting the metaverse gradually as opposed to introducing the changes suddenly. It might not be easy to get everyone on board, but the results will be worth the effort.
Go for Metaverse Consulting in Singapore
There’s no denying that the metaverse is a pretty technical place. The whole idea of creating your own avatars and the implementation of AR/VR tech can seem pretty complex to many people, but that’s where the world is headed and you need to be there to meet it. The good news is that there is an easier, cheaper and more reliable way to get there: metaverse studio in Singapore.
The experts in these agencies understand every facet of the metaverse and are ready to guide you through it all. They have already helped other brands with their metaverse plans, and you can count on them to know what works and what doesn’t in this field.
It will only take them a short moment to figure out a good strategy for your brand after studying its design, the nature of the products, and the target markets.
The more rapidly the world of technology evolves, the more important it is to keep up with the trends and avoid becoming obsolete. Neglecting to make the move now means that you will lag behind your competitors, which is not a healthy prospect for your company. The benefits we’ve listed in this post are only a few of what you can expect by adopting the metaverse. There will be many more if you work with the right agency for metaverse consulting in Singapore.
Visit Wild Agency, one of the most respected firms for metaverse applications, to learn how to use the metaverse and maximize its benefits.