For some industries, it’s clear where the metaverse adds value. Retail and consumer brands, for example, can start with immersive product experiences using NFTs or create digital versions of their physical goods—customers can try on a pair of jeans without ever visiting a brick-and-mortar store. Others, like the real estate, art and luxury fashion industries, can use blockchain as an authenticity tool to combat counterfeiters.
The industrial sector has already started using metaverse technology to advance internal operations. Manufacturers are creating digital twins of machinery, models and systems for predictive maintenance and real-time remote monitoring. Others substitute physical goods and interactions with digital ones for more sustainable, cost-efficient supply chains.
It might feel uncomfortable to test the metaverse on critical operations or customers. But the metaverse can provide immense value internally, as well. Virtual spaces for geographically dispersed employees enable deeper and more meaningful collaboration, while reducing travel costs and carbon emissions. Immersive, digital spaces also reinvent training, increasing engagement compared to static decks and training videos.