Immersive experiences are already popular in the entertainment, gaming and fashion industries, but they can also be a tool for a variety of other business needs, such as simulating manufacturing operations and training managers to have sensitive conversations.
Deloitte announced a partnership with Web3 platform Vatom in late February to deliver immersive experiences across industries, from companies looking to elevate culture through virtual reality to brands focused on building community engagement. Together, the two companies claim to be able to offer the ability to host thousands of people simultaneously in the same virtual space, as well as cross-chain wallets and access to collections of digital assets and tokens for their metaverse experience. However, the hidden goal is to provide the company with basic data about the user. “A major trend affecting companies across all industries is the declining accessibility of third-party data,” Khusro Khalid, managing director of Deloitte Digital.
According to Khalid, companies that rely on knowing and connecting with customers are looking to replace third-party data and reduce customer acquisition costs. “Given the customizable nature of the product, companies can leverage a wealth of Web3 tools, including features such as virtual spaces, programmable digital objects, cross-chain universal wallets, POS exchange, token gating, and loyalty points, to implement diverse business applications, "He said.
Deloitte envisions various metaverse tools for companies. Virtual spaces provide a way for companies to “not only bring together global team members for events and meetings, but also provide gamification tools to make employee training more engaging and interactive,” Khalid noted. Other examples include digital twins for real estate, giving potential buyers an immersive tour of a property without leaving home. "In each case, virtual spaces not only create a direct channel of engagement, but are also an easy way to obtain valuable first- and zero-party data from those who engage in virtual spaces—helping to provide to inform future efforts and strategies,” explained Khalil.
Virtual reality experiences are attracting billions of dollars in investment from companies around the world. According to Precedence Research, the global market size for immersive technology is US$21.6 billion in 2021 and is expected to reach approximately US$134.18 billion by 2030.
Tech giants such as Nvidia, Qualcomm, Google, Facebook owner Meta, and Microsoft have disclosed initiatives related to the Metaverse, while decentralized and blockchain-based platforms operating within the Metaverse business include Decentraland, The Sandbox, Axie Infinity, Metahero, and Star Atlas, to name a few.
Eric Pulier, founder and CEO of Vatom, believes that the Metaverse is the Internet of tomorrow, so no business will be affected by immersive experiences: "Web3 represents the next iteration of the Internet. Just as there is no company or industry that does not use the Internet as an engagement tool, there is no business sector that would not benefit from using Web3 to more effectively reach its target audience at scale."
