How synergy between the metaverse and big data helps businesses

May 11, 2022 09:51
Photo: Reuters

One of the biggest technology stories of the decade is Facebook changing its name to Meta, which has brought the buzzword “metaverse” into the spotlight. It may stay to be a futuristic sci-fi concept to some, but it turns out that the metaverse is a lot closer than many of us expected.

As Bloomberg estimates that the metaverse may be a US$800 billion market by 2024, more and more businesses will start entering the blockchain-based platform, eventually attracting more consumers to make their move to the metaverse. It is deemed to be Web3.0, the internet of the next generation, and ends up becoming an everyday virtual world of our business activities and personal lives, where you work, relax, interact, and make purchasing decisions. This will soon be a whole new world that creates enormous amount of data, incredibly valuable to businesses, and a fertile ground for new business opportunities, just like those that boomed alongside the internet.

Every action is on the cloud, no matter on the internet now, or in the metaverse in the near future. While the data on the internet is scattered over different corners of different spider webs, the metaverse will harvest a more comprehensive data set, obscuring the actions in the virtual world and reality. With more behavioral data available and the popularisation of advanced devices and gadgets such as AR glasses, VR headsets and gloves, the cloud will even be able to capture users’ biometric information, such as walking pace, heart and respiratory rate, eye movements, and even anxiety level. Businesses can place real-time advertisements in the metaverse based on their footprints in this virtual world as well. That is why businesses have to get the ball rolling, if not invest more, on big data management.

It may be hard for non-blockchain users to retrieve the data, but with a big data company and the platform's advanced technology and professionals, you can simply leverage their access and competence to get what you want. Through such companies, big data can then be processed, analysed and visualised as valuable data for businesses to facilitate decision-making process - more strategic and consumer-oriented decisions, expand the business scope and improve performance. With a brand-new source of data more comprehensive than anything the world has seen, companies will need to be ready to tap into the gold mine with the right tools, such as making the most out of AI and virtual identity mapping in order to reach their target audience more precisely than ever.

While every tech giant is talking and planning about the metaverse, it remains untapped for many businesses, not because they do not want to, but may lack an opportunity to experience. Recently there are many business activities happening in the metaverse, such as meetings, conferences, virtual events, not to mention those for the public like games and concerts. There are more and more opportunities that offer businesses the first glimpse of this sophisticated platform and the potential it promises.

Big data applications are not unlike metaverse’s virtual reality. Both create interaction by bridging online and offline realities (O2O), such as programmatic DOOH, which provides double exposure through linking outdoor advertising boards (offline) to mobile advertisements (online) by data importing. Start managing big data properly with professional help allows businesses to get prepared to launch the rocket to the metaverse.

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COO of Vpon Big Data Group