As the digital space expands and technology is engaged as a useful tool, businesses are being urged to take advantage of emerging opportunities in the metaverse or virtual extension of the Internet as they create immersive and interactive experiences to engage customers and to foster growth.

Deemed the next frontier of the Internet or the digital twin of the real world, the metaverse uses digital experiences to complement real ones and is largely seen as a significant business and financial opportunity for the tech industry and other sectors. In recent times it has been attracting some of the biggest brands, including banks, entertainment companies, global fashion brands, and even governments. Still early in its evolution, this technology through augmented reality is used to create a space where people can virtually or from the comfort of their homes break down barriers and gain access to key goods and services.

“A virtual world with the features to allow people to explore digital spaces and interact with other users has many advantages suitable for developing businesses,” US-based research platform Blockchain said.

For the hospitality sector in particular, experts said that customers can be given a tour and experience of a restaurant or hotel long before they actually visit the physical location.

“With guest satisfaction being the main goal for hospitality actors, using the metaverse to provide an immersive interactive experience could be a great opportunity. The impact will probably not be immediate and success will require time, but not being part of this new virtual environment will be a missed opportunity,” an industry insight firm stated in one of its reports.

Within other industries, experts said that the technology can also be used to host trade shows, conduct press conferences and facilitate online shopping, sales, marketing among other experiences. In recent times it is also heavily used in international markets in other areas including automotive, airline, security and medicine.

With its economy largely powered by non-fungible tokens (NFTs) and digital currencies, the growing number of users in these areas further opens up a raft of other opportunities in the space which can also be used to facilitate shopping in virtual retail stores and malls using immersive e-commerce, purchasing digital art, assets, and collectibles as NFTs as well as purchasing digital real estate and development of virtual homes.

According to Ricardo Dystant, head of digital transformation and special projects at JN Bank, while speaking at a recent JN Fund Managers forum, amid the increasing developments, it is becoming more necessary for local businesses to be present in the space, noting also some steps being taken by his company in this regard.

“At JN we are poised to capitalise on the opportunities of the technology especially through our mortgage business where clients can use the technology to do virtual property tours and/or even start the mortgage application,” he said.

Winston Wilkins, lead research analyst at MC Systems, fintech subsidiary of the JN Group, likewise urged investors to become aware of new trends such as cryptocurrencies while preparing themselves to take advantage of growing opportunities expected to come from engaging the technology.

“The metaverse in its current form involves online applications that have an immersive experience, persistent community, and native currency,” he said during the forum.

Amid the myriad of benefits, the experts, however, warned of possible challenges which they said could stem from various forms of cyber-attack and other threats which like the Internet also lurks around in digital reality.

Dr Alison Manzer, attorney-at-law and partner at Cassels, Brock and Blackwell LLP, who was a guest speaker at the forum pointed out that one way to protect against this is to, “ensure that the user has the capability of owning, controlling and being able to manipulate and guard their own identity”.