How big data might be the backbone of the metaverse?

How big data might be the backbone of the metaverse? ...

The metaverse's emergence will be big business for virtually every company in a broad range of industries. The market value of Bloomberg's predictions is expected to be $800 billion by 2024, and in October 2021, Facebook will be rebranded as Meta in preparation for a brand new digital landscape.

Many believe the metaverse to be a groundbreaking new frontier in immersive technology that encompasses both artificial intelligence and interactive video graphics.

The key technology that is expected to thrive alongside the metaverse for many businesses is big data. Today, it is possible for companies to obtain actionable insights about large segments of customers when they browse online, but in the age of the metaverse, the amount of data individuals will generate will vastly increase.

Although many businesses are waiting to see how the metaverse unravels, it's certainly worth considering how the new age of technology might improve their processes, marketing efforts, and customer experience strategies.

2022 MetaBeat

On October 3-4 in San Francisco, CA, MetaBeat will bring together metaverse thought leaders to discuss how metaverse technology will revolutionize the way all industries communicate and conduct business.

Combining artificial intelligence with big data

As data shows, AI can partner with large data to provide a wide range of enhancements through user experience models and product discovery.

Digital twins are already demonstrating that big data is at work, relying on computer programming to produce accurate product simulations without the need for costly prototypes. This is a particularly prominent practice in the world of aviation due to the costs associated with aerospace flight simulations.

The volume of data individuals will collect as they navigate the Web3 landscape will aid digital twin simulations in shaping precisely how consumers will respond to new services or applications, as well as providing detailed feedback on engagement levels, anticipated pain points, and likelihood of repeat use.

The metaverse is part of the next iteration of the Internet, which some call Web3, and it promises to alter everything we know. Then came Web 2.0, the period we are currently in. Today's internet is highly centralized, even though users play the role of active participants.

Let's take a closer look at how large data will help business operations in the next years.

Big data can transform business intelligence.

Businesses will be able to leverage cloud data to gather and analyze vast amounts of data from both inside and outside platforms to gain valuable, actionable insights into users and their collective interests and intentions as the metaverse expands.

With available platforms and algorithms, such sources of information might be structured, semi-structured, or entirely unstructured, while simultaneously anticipating future outcomes with high degree of accuracy.

Businesses are learning how to anticipate the new wave of huge data that the new frontier will generate through virtual and augmented channels, and it's likely that more sophisticated algorithms will be in place by the time the metaverse becomes mainstream adoption.

We can see that big data is currently used by organizations around the world for a wide variety of insights. As individuals switch their keyboards for virtual avatars in an immersive virtual environment, were likely to see far greater volumes of dependence on big data analysis in building predictive models and decision-making activities.

In the wake of the metaverse, big data will become more prevalent in a wide range of industries. One example will be within the trade industry, whereby brands and online shops will be capable of establishing a digital presence in new digital marketplaces in which customers can interact with stores as if they were walking through a virtual high street.

Gamification is becoming a trend.

Every time a customer interacts with a virtual product, they may obtain huge chunks of data surrounding their intention and interests. This is to the point where businesses may be capable of constructing a comprehensive customer profile based on the origins of the interactions.

It will also be possible to gauge user interest based on how they interact with your business. In a future built on Web3, it is probable that businesses will look to gamification solutions to retain visitors longer and to better understand their interests.

According to data, 82 percent of metaverse users engaged in entertainment or gaming services online in 2021, while 44% acquired in-game content, including skins and downloadable content. Once again, businesses can optimize this information to gain valuable insight into how their audience behaves, what they dislike, and what would be most likely to keep them engaged longer.

In addition, additional information, such as a customer's choice of cryptocurrency, will be available to enhance their beliefs and values. This kind of information can also help to identify future micro and macro trends toward certain coins, decentralized finance protocols, and tokenization practices.

Marketing the metaverse

Weve already seen Facebook transform itself into Meta in preparation for the metaverse. It's certain that the newly renamed Meta has already tapped into Facebooks vast data holdings in order to evaluate the best strategy for establishing a new frontier.

Meta is already a pro at manipulating large data sets, and companies can benefit from seeing the social media giants' early entrances into the metaverse.

As the early metaverse begins to form, user identities and marketing data will be transferred into metadata to make Meta a leading marketing portal. Such information may be utilized to tremendous advantage in the future.

Sandbox might also be utilized in a way to leverage Meta's early huge data dominance in terms of actionable data surrounding its early popularity. Sandbox has more than 500,000 users, many of whom have their own in-world assets and games. If a business wants to process the vast data available on such a platform, its marketing campaigns might reach their intended audience with unprecedented accuracy.

The metaverse is still very much in its early stages, although many businesses are waiting longer to see how the dust on this new frontier will settle, it may be beneficial to bring the feelers out to see how big data might impact the business operations of tomorrow.

The next generation of internet offers a fresh opportunity to outperform competitors. Businesses that embrace the metaverse are likely to win over their target audience with far greater efficiency in this exciting new world by moving earlier and faster.

Solvid's head wizard is Dmytro Spilka.

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