Deloitte has partnered with Web3 platform Vatom to provide immersive experiences for various industries, including virtual reality for cultural enhancement and community engagement for brands.
The partnership offers the capability to host thousands of people at the same time in the same virtual space with access to a collection of virtual assets and tokens of their metaverse experiences through a cross-chain wallet.
However, the primary objective behind offering immersive experiences to companies is to gather user data. Khusro Khalid, the managing director at Deloitte Digital, revealed that the reduced accessibility of third-party data has become a key trend affecting all industries. Therefore, companies that rely on understanding and engaging with customers are seeking to substitute third-party data and minimise customer acquisition expenses.
The customisable nature of immersive experiences allows companies to use various Web3 tools such as virtual spaces, Programmable Digital Objects, a cross-chain universal wallet, POS redemption, token gating, and loyalty points for multiple business purposes, as per Khalid.
Deloitte has numerous ideas for metaverse tools that could benefit companies. One such tool is virtual spaces, which can be used for events, meetings, and employee training. Virtual spaces can provide gamified tools to make training more interactive and engaging.
Another example is digital twins, which could be used in real estate to give potential buyers an immersive tour of a property without leaving their homes.
In both cases, virtual spaces not only offer a direct means of engagement but also allow companies to gather valuable first- and zero-party data from those who participate. This data can inform future strategies and efforts, as per Khalid's explanation.
Companies worldwide are investing billions of dollars in virtual reality experiences. The global market size for immersive technology was worth $21.6 billion in 2021 and is projected to reach about $134.18 billion by 2030, according to Precedence Research.
Major tech companies like Nvidia, Qualcomm, Google, Meta (Facebook), and Microsoft have already announced metaverse-related initiatives. Meanwhile, decentralised and blockchain-based platforms operating in the metaverse industry include Decentraland, The Sandbox, Axie Infinity, Metahero, and Star Atlas, among others.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash