How organizations can succeed in the metaverse

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Ever since Facebook announced it would be changing Meta’s name in its quest to become a leader in the race for the metaverse, companies around the world have wondered what’s next for the online marketplace. As the metaverse continues to buzz in 2022, new challenges arise as tech organizations begin to venture into uncharted territories.

Organizations in the global enterprise landscape have already invested heavily in this virtual, universal opportunity. Even smaller companies are jumping on the digital train early, hoping to avoid missing out on compelling trades. A report from Emergen Research predicts that the metaverse market will reach more than $800 billion by 2028. Without a doubt, the new wave of virtual reality (VR) and augmented reality (AR) is already here.

[ Special Report — The Metaverse: How Close Are We? ]

However, companies that invest in the metaverse too quickly can risk being disappointed, with interface limitations and high upfront costs. According to a report from Grayscale in 2021, virtual land sales are expected to become a $1 trillion market. Currently, it’s nearly impossible to find a small patch of virtual land under $11,000, some of which sell for millions of dollars.

What should smaller companies do if they want to start selling at the intersection of real and digitized spaces? Should they wait for the market to become more accessible or would it benefit from jumping in while it is still new? MeetKai, a Los Angeles-based AI-powered conversational intelligence company, is trying to answer these questions and more with its VR platform called MeetKai Metaverse. In a press release earlier this year, the company said the MeetKai Metaverse is an ever-evolving multiverse where exclusive experiences become achievable using VR and AI.

Meetkai CEO and co-founder James Kaplan told VentureBeat that MeetKai Metaverse helps organizations eager to become players in the emerging metaverse ecosystem to easily access and create their own spaces in the new immersive world. Kaplan highlighted several action points organizations can take to succeed in the metaverse and how the MeeKai Metaverse is positioned to help them achieve that.

Early adopters and adapters will win

As the open versus closed metaverse debate continues to rage, several developers are pushing for providing an open platform where companies can leverage their activities in versatile, non-binding ways, at least when compared to Meta.

“Unlike Meta, where you are locked into their ecosystem from day one, we make customizations for companies that want to adopt their technology but have very specific use cases,” says Kaplan.

Companies that are open to early adoption will have an advantage when VR sales eventually become more mainstream. Whether or not a company jumps on the VR train right away, devising a strategy and positioning itself in the multiverse prepares all the assets for the growth to come.

Just as the early adopters of the internet took advantage of online selling a decade ago before it became more popular. A Gartner report predicts that 25% of people will spend at least one hour a day in the metaverse by 2026. Just as early users of the internet took advantage of online selling a decade ago before it became more popular, this new interactive world will inevitably give itself an edge over the rest.

Try different platforms

Meta’s version of an immersive multiverse isn’t the only option available to brands looking to set up shop in VR, according to Kaplan. Several platforms exist and more are in development – each with unique features for work and play.

For example, if an organization enters the metaverse that needs a very specific setting, such as booking travel, the MeeKai Metaverse platform can be adapted accordingly, Kaplan said. “Instead of being stuck in a limited VR hangout with Zoom-like encounters where agents have to process millions of queries in real time, the travel agency can implement advanced AI-powered customer service and host private tour previews that sell tickets to virtual travel experiences in multiple awe-inspiring locations, ” he said.

Embrace conversational AI capabilities

Communication in VR is still in the making. Conversations between players and automated avatars improve as the AI ​​capabilities for conversations improve. The MeetKai Metaverse platform leverages MeetKai’s conversational AI capabilities to provide a voice concierge app that uses voice search to deliver a personalized dialogue between humans and AI.

What is a virtual world if communication does not match human-to-human interaction? People expect fast, personalized experiences even when talking to a VR computer character. Just as unlimited information became available worldwide with the popularization of the internet, access to endless knowledge about VR shopping, travel or even medical experience will be available with the help of AI.

Offer brand-specific lifestyle experiences

With the rise of leading VR platforms, businesses have the opportunity to offer unlimited experiences to consumers in the virtual multiverse. Artists can organize live, virtual gallery tours. A shoe company may offer custom shoe design workshops where players can then purchase their finished product to keep in the metaverse. A consulting firm can sell VR collection layers for clients who want to work one-on-one.

These brand-initiated VR experiences empower people of all skill levels and walks of life to explore, engage and buy like never before. From travel and entertainment to self-fulfillment and social networking, the potential of human and artificial intelligence is accessible to everyone.

Kaplan said organizations that own a spot in the MeetKai Metaverse can do whatever they want there. He likens it to building a custom website – once you have a place, it’s yours.

Finding a way for organizations to create and provide tailored experiences for their audiences means they need a way to evolve freely with the digital space they claim. Alternative platforms that allow flexibility in ownership, currency, and payment in the metaverse continue to reiterate the need for such freedom. For better connectivity and persistence in the market, according to Kaplan, responding too much to Meta can put organizations in a walled garden situation.

Grow with technology

Finally, Kaplan said companies need to grow with technology to really make it in the metaverse. “There is a lot of doubt among companies that do not want to remain dependent on a pay-to-play basis. Equipped with better technology to grow with the metaverse as it evolves, companies can compete with confidence,” he said.

VR is a place where companies should be free to break the rules a bit. Kaplan said MeetKai will be launching a product this summer that sets new standards, where there’s a difference between building a virtual world and a niche customer experience.

MeetKai was co-founded in 2018 by James Kaplan and Weili Dai. While the company’s current workforce is barely 40, Kaplan expects the number to double by the end of the year.

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