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The emergence of the metaverse will be big business for virtually every company in a wide range of industries. Bloomberg estimates put the potential market value at $800 billion by 2024and in October 2021, Facebook was renamed Meta in preparation for the brand new digital landscape.
The Metaverse has been heralded by many as a whole new frontier for immersive technology that combines the likes of artificial intelligence, interactive video graphics, and virtual and augmented reality.
For many companies, however, the key technology that looks set to grow alongside the metaverse is big data. Today, it’s possible for businesses to learn actionable insights about whole swaths of customers as they browse online, but in the age of the metaverse, the sheer volume of data that individuals will produce will multiply dramatically.
While many businesses are waiting to see how the metaverse will unfold, it’s certainly worth anticipating how the new era of technology can improve their processes, marketing efforts, and customer experience models.
Combine AI and big data
As the data showAI can combine with big data to drive a range of improvements through user experience models and product discovery.
We can already see the first evidence of big data working in the form of digital twins, which rely on computer programming to create realistic simulations of product performance without the need to build expensive prototypes. This is a particularly prevalent practice in the aviation world due to the expense of aerospace flight simulations.
In the world of the metaverse, the volume of data that individuals will produce while navigating the Web3 landscape will help digital twin simulations to determine exactly how audiences will react to new services or applications: providing detailed predictions regarding levels of engagement, anticipated pain points, and likelihood of repeated use.
“The Metaverse is part of the next iteration of the internet, which some are calling Web3, and it promises to shake up everything we know,” said Maxim Manturov, head of investment advice at Freedom Finance Europe. “Over the next few years, we will all likely be working, playing, communicating and investing in this global ecosystem. The early days of the Internet, known as Web 1.0, were characterized by static one-way web pages. Do you remember Netscape and Yahoo? Users were just passive observers. Then came Web 2.0, the period in which we currently find ourselves. Controlled by a handful of companies like Facebook and YouTube, today’s internet is highly centralized, even though users are active participants. This brings us to Web3, which will unlock a whole new level of experience.
Given the global changes that metaverse technology is likely to bring to all businesses with an online presence, let’s take a closer look at how big data can optimize business operations over the next few years.
Big data can transform business intelligence
As the the metaverse growscompanies will be able to use cloud data to collect and analyze swaths of data from internal and third-party sources within platforms to gain rich, actionable insights into audiences and their collective interests and intentions.
These data sources could be structured, semi-structured, or completely unstructured, with available platforms and algorithms working to interpret swaths of information while predicting future outcomes with strong levels of accuracy.
While the metaverse will be a game-changing development for all, businesses are learning to anticipate the new wave of big data that the new frontier will generate through virtual and augmented channels. And it’s likely that more complex algorithms will already be in place by the time the metaverse reaches mainstream adoption.
In survey results, we can see that big data is currently being used for a wide variety of information by organizations around the world. As individuals ditch their keyboards for virtual avatars in an immersive virtual environment, we are likely to see much greater volumes of reliance on big data analytics in building predictive models and decision-making activities.
We will also see big data become more prevalent across a range of industries as a result of the metaverse. One such example will be in the commerce industry, where brands and online stores will be able to build a digital presence in new digital marketplaces where customers can interact with stores as if they were walking down a virtual high street. .
In a metaverse store, each time a customer engages with a virtual product, they can generate large amounts of data regarding their intentions and interests. It’s gotten to the point where businesses may be able to build a broad customer profile based simply on where interactions originated.
It will also be possible to identify the sentiment of users based on how they interact with your business. As entertainment will be key to a future built on the Web3, it is likely that companies will turn to gamification solutions to retain visitors longer and better understand their interests.
The data suggests that 72% of metaverse users in 2021 participated in online entertainment or gaming solutions, while 44% acquired gaming hardware, including skins and downloadable content. Once again, businesses can leverage this insight to gain in-depth insights into their audience’s behavior, what they like, what drives them away, and what would be most likely to keep them engaged longer. .
In addition, it will be possible to use other information, such as a customer’s choice of cryptocurrency to make payments, to better understand their attitudes and values. This type of data can also help identify emerging micro and macro trends towards certain coins, decentralized finance protocols, and tokenization practices to adopt.
We’ve already seen Facebook rapidly transform into meta in preparation for the metaverse. Certainly the newly rebranded Meta has already tapped into Facebook’s vast reserves of big data to identify how best to approach the task of building into the new frontier.
In this regard, Meta is already a master at acting on swaths of big data, and businesses can benefit from watching the social media giant’s first steps into the world of the metaverse.
Along with user identities, metadata surrounding Facebook’s marketing capabilities will transition into metadata to make Meta a premier marketing portal as the first Metaverse begins to take shape. This data can be put to good use to deliver extremely powerful targeted campaigns for businesses in the future.
Despite Meta’s initial big data dominance, Sandbox could also be used in a way to provide actionable data surrounding its initial popularity. Sandbox has over 500,000 users, many of whom have their own assets and games around the world. If a company seeks to process the vast data available on such a platform, its marketing campaigns could reach their target audience with unprecedented precision.
For now, the metaverse is still in its infancy. As many companies wait longer to see how the dust will settle on this new frontier, it can be beneficial to put the antennas in to see how big data can impact business operations tomorrow.
The next generation of the Internet represents a new chance to outsmart competitors. By acting earlier and faster, businesses that embrace the metaverse now are likely to win over their target audience with far greater effectiveness in this brave new world.
Dmytro Spilka is Solvid’s chief assistant.
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