How Enterprises Can Take a "Meaty" Slice Of Metaverse There are 400 million monthly average users of Metaverse right now, mostly Gen-z and Alphas. Currently, that's just five per cent of the world population. And the number is expected to reach 25 per cent by 2026, according to Gartner.

In the latest PwC India report titled 'Our Take- Embracing the Metaverse', out of 150 Indian businesses surveyed, 25 per cent are planning to embed Metaverse into their organizational activities within a year entirely. In contrast, 7 per cent feel it will take them over five years to do the same. Metaverse is ideally defined as a virtual immersive environment which mirrors our reality through technology such as artificial intelligence (AI), blockchain, 5G, community and power platforms, augmented reality (AR), and virtual reality (VR).

While addressing the audience at a Web3 and Tech and Innovation Summit 2023 held by Entrepreneur India, Shubhra Kathuria, Senior Director, EY Wavespace, shared her definition of Metaverse. "I avoid putting a definition; I like to talk about it in terms of how we're going to experience the Metaverse. A case in point is how we access the information today. Today, we go to the webpage and look at what's available, you look through the shoes, you pick the one you like, and add it to your cart and purchase."

What can the Metaverse do?

The Metaverse will let you participate in those websites rather than just look. One will walk into a 3D immersive store, have shoes appear on your feet, ask questions from the customer representative, and even get feedback from your friends. Then, once the shoe is purchased, it will not only be delivered to your home, but you'll also receive a digital copy of the product in your digital wallet.

SEE VIDEO: Building the gateway to the ultimate future of Internet Experience: Shubhra Kathuria

There are 400 million monthly average users of Metaverse right now, mostly Gen-z and Alphas. Currently, that's just five per cent of the world population. And the number is expected to reach 25 per cent by 2026, according to Gartner.

"Gen Z, they spend 40 per cent of their time in the virtual worlds. So, it matters to them what skin, accessories and furniture they carry in those virtual worlds. And they are willing to pay for it," adds Kathuria.

Web3 versus Metaverse

Kathuria also believes Metaverse does not necessarily need web3 but can be built on a centralized database or a decentralized technology. She feels launching new products, experiences, and business models is a great way for businesses to utilize monetization opportunities. However, Irina Kargayayur, Founder, BQ9 and Polkadot Head Ambassador, who delivered feels otherwise, "For me, Metaverse does not exist without web3.Web3, for me, is the fundamental base; the token economy is the fundamental base of the Metaverse."

SEE VIDEO: Building the gateway to the ultimate future of Internet Experience: Irina Kargayayur

Focus on building communities

"Every enterprise that enters the world of web3 becomes a startup. Because we deal with so many unknown parameters with so much experimentation, we are still on the journey of discovering our customers. And trust me, no one still knows who the customer is. There is still a lot of exploration, and that is the most exciting journey," shared Kargayayur.

Businesses should aim at building a community with their fans to leverage interaction with them. Nike has emerged as a torch bearer for co-creating products with its audience and users. This strategy has enabled it to create a virtual creation .SWOOSH where it invited individuals and collaborated with select few to virtually launch its 'Your Force 1' designs. Metaverse can be used as a revenue generation channel, 3D immersive stores, marketing channel, support channel, and product testing channel. Companies are rapidly engaging in the Metaverse to recruit new talent, onboard employees and adopt a virtual office for geographically distributed teams and members.