As the need for virtual solutions to everyday problems grows, so too does the interest in the metaverse — or a shared virtual world in which users can interact, play, experience and socialize much like they do in the real world. Businesses too are betting on the metaverse, with giants like Facebook rebranding to Meta in late 2021.
But how exactly the metaverse will affect business as a whole is still up for debate and speculation. As leaders in their respective niches, the members of Rolling Stone Culture Council have reflected on their thoughts about the metaverse and, below, share their predictions for the ways they see this virtual world affecting business in the coming future.
More Premium Live Event Experiences
We sell virtual reality entertainment, and I can say firsthand that, within 20 years, people will not leave their homes to see a live act. What is taking place now in the metaverse in regard to live performances is incredible — and it will only get better. The metaverse will allow an amateur musician to be on stage and play with the band or have the best seat at any live performance. – Thomas Bresadola, Simplified Entertainment
Greater Connection and Information Sharing
Our company is moving headlong into the psychedelic mental health revolution, and we foresee a world where those who are on a journey to experience healing through psychedelics will enter the metaverse to fellowship and share information with like-minded seekers. As the metaverse evolves to become indistinguishable from reality, we see a horizon that we can barely envision. – Klee Irwin, Irwin Naturals Inc.
New Pathways for Content Development
The metaverse is definitely going to enable content businesses to explore and experiment with developing content in ways they have not done before. It will be interesting to push the boundaries of character interactions into themes and settings outside of the real world. – Reenita Malhotra Hora, Chapter by Episode Productions
Increased Visibility for Brands
My organization is already a purely remote workplace and has been since its inception almost a decade ago. The metaverse may usher public relations into a new type of digital frontier with increased visibility for brands in the virtual world. With digitized products and services, marketing will likely have to push the bounds of creativity to compete. – Evan Nison, NisonCo
Interactive Esports Spectatorship
In the esports industry, there’s already speculation that game developers will start producing big-budget titles within the metaverse. If that happens, it will open up esports to true spectatorship in which fans can include themselves in the action. For esports fans, attending a competition “in person” within the metaverse would add a new dimension of realism and immersiveness to the experience. – Tyler Gallagher, Team 33
Experiential Cannabis-Related Content
It’s not uncommon right now for people to gravitate toward spending hours looking at screens while indulging in cannabis and cannabis-based products. I think extended reality and metaverse technology will evolve streams of content and experiences that will be designed specifically for people who are under the influence of cannabinoids, giving consumers more options for how to experience cannabis. – Chris Murray, FoxNRTH Inc.
Improved Corporate Training and Development
Immersive tech like augmented reality (AR), virtual reality (VR) and extended reality (XR) — along with artificial intelligence — are already notably impacting corporate e-skills training and development. Economic effects include forecasts that 23 million jobs will be impacted by VR and AR as soon as 2030, potentially boosting the global economy by $1.5 trillion. These immersive technologies applied in the metaverse environment minimize disconnects between theory and practice. – Merilee Kern, The Luxe List
More Engaging Feedback Opportunities
The metaverse will revolutionize the music insights space in which BUMP works in. It will mean focus groups and insight groups will no longer just be based over Zoom or boring Google Meet channels, but will instead engage young people to get the most exciting, fruitful ideas out of them. – Robbie Murch, BUMP