A Metaverse expert has claimed that cutting-edge VR technology will save millions on expenses and potentially fundamentally alter how firms run.
According to Engage CEO David Whelan, there will be countless opportunities for businesses to save money in the future by employing cutting-edge Virtual Reality metaverse platforms.
Level of interaction is increased with Metaverse VR
While the popularity of video conference tools like Zoom soared when the COVID-19 pandemic hit in 2020, adopting VR raises the bar for interactivity.
The US Sun participated in a VR performance with DJ Fatboy Slim, for instance, and gained first-hand experience with the possibilities for music consumption.
Nonetheless, Ireland-based Whelan thinks that virtual raving is just the beginning.
According to a KPMG survey, the metaverse has a lot of potential to boost business earnings, but there aren’t enough examples of it working already for businesses to invest heavily in it.
The term ‘metaverse’ roughly describes the idea of a virtual world where individuals can connect with one another as avatars while they live, work, and play.
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Metaverse can drive revenue and profits
In the meanwhile, the KPMG poll found that 60% of TMT executives believe that as transactions move from physical to virtual, the metaverse can boost revenue and profitability while bringing down operating costs.
According to the survey, they think that interactive experiences can also increase consumer happiness.
Similar numbers, however, admitted that the metaverse still requires improvement and development despite its potential.
70% of the global corporations surveyed plan to commit less than 5% of their 2023 technology budgets to the metaverse, and 27% have no plans to do so.
767 executives from tech, media, and telecom firms with yearly revenue of over $250 million provided replies for the report. The businesses came from five continents and thirteen different nations.
Before making large investments, many in the tech, media, and telecom sectors want to see evidence of increased metaverse adoption.
According to 40% of those surveyed, there aren’t enough effective use cases for the metaverse to demonstrate a return on investment.
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