Skip to main content

Are you ready to conduct business in the metaverse?

Facebook converted all of its apps and technologies into a new company and brand called Meta in October 2021. Metaverse resurfaces as a new buzzword. People want to know if we will soon live in the metaverse. 

 

Some companies have already gotten into the metaverse

 

It does not take long for some pioneers to jump into the metaverse. McDonald’s is one of them. On February 4, the company filed 10 trademark applications to the U.S. Patent and Trademark Office for both McDonald’s and McCafĂ©, such as: 

 

  • Virtual food and beverage products, including NFTs (an NFT is a unique and non-interchangeable unit of data stored on the blockchain that can track a unique digital asset’s transfer, ownership, and properties, according to Napoli, 2021)
  • Operating a virtual restaurant online with home delivery features
  • Online actual and virtual concerts

 

The idea is: when people feel hungry while hanging out in the metaverse, they can just “walk” into a McDonald’s there without coming back to the real world to place an order. Then, the food will be delivered to their door minutes later. 

 

Panera Bread also filed a trademark for “Paneraverse” on February 3, also including NFTs, virtual entertainment services, and a virtual reward program. Other companies like Nike, Gucci, Microsoft, and Crocs are working on their offerings in the metaverse. 

 

Not everyone is buying the metaverse idea, however

 

Apple recently updated its privacy setting, allowing users to choose how they want to share their data. Many people choose to opt-out of sharing their privacy and data. Yet, for companies like Meta, collecting user data and knowing everything about a user is the core of their business model. Google is likely to introduce a similar privacy setting as well. The update of Apple’s privacy settings is one of the reasons why Meta saw a $10 billion drop in revenues lately.  

 

What can the hospitality industry expect from the metaverse? 

 

The metaverse removes the barriers between humans and machines. Companies can now “humanize” most of the robotic services in both the real world and the metaverse, which can be a win-win for customers and companies. For example, travelers may feel they are still getting the automatic services from a real human being. Companies can use AI-powered avatars to address the labor shortage challenge. Additionally, the metaverse can create a virtual workspace for work-from-home staff. Training and workshops can also be offered in the metaverse. 

 

Are you ready to bring your business to the metaverse? If so, from which areas will you start?


Note: This article was first published in Hospitality News Magazine (Feb/Mar). The picture was downloaded from CryptoSlate.com.

Comments

  1. The Metaverse is something that businesses need to keep an eye on. I can see the positive implications that this technology can bring if it becomes the way they claim to envision it. If I were to own a business, I would not bring it to the Metaverse just yet. However, if the Metaverse were to be our future, from an HR standpoint the Metaverse creates certain elements of reality in a virtual world that could reduce overtime and make the standard of certain working conditions better. When companies move into the Metaverse, there would be less of a need for them to have physical offices. This would be a bonus because it would mean commercial districts would open for housing, farming, and environmental conservatism. People would be able to access jobs from anywhere in the world and work and education would be more accessible. So for now, my “business” will keep watch, but I am excited to see where the future of technology is leading us.
    Samantha Crawford HRT 3500 Section #01

    ReplyDelete
  2. Norman Liu HRT3500-02April 24, 2022 at 7:53 PM

    We need to calm down and wait to see if the reality is really hyped. For brands or individuals considering how to get involved in this new field, it is even difficult to figure out where to start. The basic concept of the meta-universe is not complicated. In short, the meta-universe contains all lasting, immersive, three-dimensional, and virtual digital experiences on the network. The meta-universe experience provides us with opportunities to play, work, connect and buy (we may buy physical or virtual goods). The term "meta-universe" feels like a whole, interconnected, and even interoperable universe. It may also be a misnomer because it is not. The virtual world created by each entity has its own channel, membership, the right to determine its own currency, and the form of creative expression, so the commercial and technical specifications are very different. The metauniverse emphasizes the concept that runs through all these independent worlds and experiences, and we are entering a more substantive immersive space than ever before. A few enterprises have begun to shape such a virtual space, led by entertainment and game companies. For example, Epic Games' Fortnite night normalizes games and social networking in virtual environments. New game platforms, such as Roblox, allow people to play in an immersive world created by users. Decentraland, a fully decentralized 3D virtual world, allows users to build virtual buildings - from theme parks to art galleries - and charge admission fees to other users, all driven by Ethereum blockchain technology. There are also companies such as metaverse and unity to develop driving engines and provide them to brands and game studios to accelerate the development of AR and VR content production.
    However, the meta-universe immersive environment does not only provide opportunities for consumer-oriented companies. Immersive environments have many commercial uses, from training future surgeons to product demonstrations to retail employees. For example, the management of NVIDIA, a technology company, believes that investing in meta-universe simulation manufacturing and logistics can reduce waste and promote better business solutions. Microsoft takes its cloud service as the framework of the meta-universe, and gradually introduces virtual images and immersive space into teams and other collaborative environments with mesh platforms. In the mixed or remote working environment in the post epidemic era, this more creative online business experience may play a more important role in the company's contact with employees and customers. For companies that are still on the sidelines, it is very important for each brand to find its own position and balance risk and return. This requires grasping the possible scope. Fast-moving companies can provide inspiration and serve as test cases. For example, many brands make full use of the game part of metauniverse to build an immersive virtual brand experience. According to CNBC, Nike, a highly mature brand, took the lead in creating a charging system at the end of the metauniverse sequence and applied for patents for virtual goods and the opportunity to sell them in a virtual retail environment. Nike recently acquired rtfkt, a company that designs virtual sneakers and collectibles for metauniverse.
    Edge experiments such as virtual showrooms, fashion shows, and fitting rooms suddenly have the potential to be widely accepted. Moreover, people are not only selling physical goods - For example, Sotheby's also recently launched the meta-universe Art Museum in decentral and holds virtual art exhibitions. With the development of the metauniverse, influencers, virtual goods and new business models for purchasing physical goods in the virtual world will become more important.

    ReplyDelete
  3. Junyi Xie HRT 3500-02April 25, 2022 at 2:12 PM

    Technology has significantly advanced, and the advancements offer a positive business environment with effectiveness and high profitability. I commend Facebook, McDonald's, and other companies' decision to join metaverse. This strategy has effectively given its customers an easy time ordering goods. It also offers the companies an excellent chance to quickly reach out to a vast market. Convenience is a vital factor that guarantees consumer satisfaction and gives businesses an easy leeway to get to their target market and offer goods and services affordably. Operating businesses virtually is cost-effective and saves time. Its primary challenge is compromising security as customer and business data safety is challenged. This is because of the high rise in cybercrime issues brought about by easy hacking. Despite the existing disadvantages, I believe that metaverse will stay in the market for a long time, and several businesses will incorporate this technology to run their activities. With proper strategies to cub insecurity and protect customers and the business, many people will buy this technology and incorporate it effectively.

    ReplyDelete
  4. Jocelyn Chung, HRT 3500 Section 2April 25, 2022 at 5:11 PM

    While I do believe that it is never too soon to integrate a business into the metaverse, the question lies if the company has the resources to do so. This would provide a golden opportunity for smaller businesses to promote their services and expand their name, however, it could be costly to pay for the trademarks, digital designs, and the labor. Larger corporations could help pave the path for these smaller businesses and provide foresight.

    What had stuck out to me in the article was how McDonalds was planning to deliver food to Metaverse users in real time. The Metaverse is not easily accessible to all, given that users would have to purchase the Oculus to be part of this exclusive community. Those who do not have access to the Metaverse will likely be confined to the real world, while serving those who are immersed in the virtual reality. It could be possible for employees to bring their work to the Metaverse, but we will continue to utilize human workers to fulfill any tasks that cannot exist within it.

    ReplyDelete
  5. The metaverse is a very new concept that offers a lot of possibilities for a lot of businesses to combine the digital world with the real world. Having said that in the future when I have my business I don’t think that I will bring it into the metaverse in the beginning. Even though the possibilities are great right now the metaverse is not that big, this is due to the equipment necessary to be in the metaverse so the market is very niche, which might be good to some businesses that have the funds but not for a small business. I can see the possibility of joining the metaverse in the future when it’s a more common and developed thing that everyone gets familiar with. That way it would be easier to be a part of it and we could have more examples of what works and what doesn’t work there. It's better to see the examples than being the one going in blind. Josue Barbosa Pastrano HRT 3500 Section #1

    ReplyDelete
  6. Jamie Yi HRT 3500-02April 25, 2022 at 9:26 PM

    I think in today's society, technology has improved a lot compared to even a few years back. I think that the metaverse can be both bad and good at the same time. Just like the article states, it can provide people jobs to work at home. I think that this is really good because more people are starting to work at home now. Especially after covid, many jobs and companies have decided to stay remote. One bad thing I would have to say is that since technology is becoming more advanced, robots could take people's jobs. However, overall I think this is interesting with a virtual world.

    ReplyDelete
  7. A very delightful article that you have shared here.Blockchain Metaverse Gaming Platform Your blog is a valuable and engaging article for us, and also I will share it with my companions who need this info. Thankful to you for sharing an article like this.

    ReplyDelete

Post a Comment

Popular posts from this blog

Yammer: A Social Networking Site Exclusively for the Workplace

Effective internal communications among employees are related to some desirable organizational outcomes, such as robust morale, a clear vision, low turnover, and high employee engagement. The question is what platform can serve the purpose. This ABC News video introduces “ Yammer ,” an exclusive internal communication tool for companies. A user must use a valid company e-mail address to sign up for an account. Once an account is validated, the user will be led to the company page that is pretty much like a Facebook page. The difference is that only the users whose e-mail addresses share the same domain can see the wall and communicate with each other. I have no question about whether Yammer could be a useful internal communication tool for companies, but I just wonder: how many social networking sites do people need for communication? Why people have to “create” so many platforms or channels for “effective communications”? To many people, Facebook is only for “friends,” whe

Luxury vs. Millennials and Their Technology: The Ritz-Carlton (By Julia Shorr)

Embodying the finest luxury experience, The Ritz-Carlton Hotel Company, LLC has been established since 1983. In 1998, Marriott International purchased the brand offering it more opportunity for growth while being independently owned and operated. They are known for their enhanced service level as the motto states, “Ladies and Gentlemen serving Ladies and Gentlemen”. The luxury brand now carries 97 hotels and resorts internationally and is attempting to keep the aspects of luxury while keeping up with the trends of the technologically improving generations. The Varying Demographics of the Target Market The Ritz-Carlton’s typical target market includes: business executives, corporate, leisure travelers, typically middle-aged persons and elders, and families from the upper and upper-middle class section of society .   This infers a large range of types of travelers in which all are similar in that they are not opposed to spending extra for the luxurious ambiance. However, with

How to choose the best credit cards for travel (By David Mai)

  Traveling in a Post-Pandemic World If there was one thing the pandemic taught us, it was that everybody became hesitant and unwilling to travel. Shaver (2020) of The Washington Post shared an interesting tidbit in which Americans were actually staying home less during the pandemic, according to research that tracks users' smartphone data.  The quarantine fatigue affected nearly everyone who lived an active lifestyle or loved to be out and about in the world. It was simply not a safe time, and too many regulations were in place that deterred consumers from traveling for leisure. Consequently, the COVID-19 pandemic significantly impacted the travel and hospitality industry. Yet, there is no doubt that people will yearn to travel again when the pandemic is fully lifted. Around this same time, credit card companies have developed unique ways to retain business with consumers who look to maximize rewards and benefits for their journey. A Little Preparation Goes a Long Way