B2B usage for Blockchain and the Metaverse

All Post Times EditorialSeptember 1, 2022

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B2B usage for Blockchain and the Metaverse

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When Facebook changed its name to Meta in 2021, the world took it as a signal to move towards a new digital frontier. The Metaverse – another world that exists entirely online – is the central theme of the social giant’s rebrand.

Meanwhile, companies around the world have started investing in the Metaverse. H&M and Gucci initiated the use of virtual reality to sell customized goods to customers. France’s Musée D’Orsay has installed virtual reality rooms that viewers can look into from the comfort of their bedroom. Walt Disney Studios has filed a patent for their ongoing Metaverse theme park.

For companies that sell products directly to consumers, Metaverse-related investments are seen as imperative as everyday consumers increasingly patronize tech-adapted businesses. But does the phenomenon also apply to companies that supply other companies?

In other words, is the B2B market forced to jump into the metaverse just because of the hype? Or is it still more lucrative to stick with traditional forms of marketing, even when looking 10 years into the future?

Metaverse and Virtual Reality

As with most previous emerging technologies, the metaverse and virtual reality have shown that B2B marketers can gain a lot by investing in them. The Metaverse has been touted as the new big breakthrough in technology: think of the mobile revolution or the dot-com boom. This creates a new, genuine way of marketing and advertising for consumers and companies.

VR technologies such as hardware and software design are potential B2B product areas. The pandemic has ushered in the modern version of a physical meeting: video conferencing. The relatively young industry is likely to mature as companies see it as an efficient tool. Businesses large and small equip their meeting rooms with virtual products such as VR headsets, glasses, flat screens, software, TVs, collaboration tools and much more.

If the metaverse were to become a full-fledged reality, B2B vendors would need to provide remote support, extensive training, and expanded participation in the manufacture, sale, marketing, and acquisition of B2B products and services for all stakeholders. Customer support and customer experience services are more palatable to customers when sellers are comfortable with the rigors of metaverse operations.

As B2B marketing thrives on product research and development, the metaverse opens up new opportunities to entice companies to buy what they offer. Customers do not need to be physically present to experience the impact of B2B materials holistically and first-hand. As virtual venues become mainstream, customers will be able to see 360-degree angles of items for sale.

In addition, product testing is widely used in B2B marketing. In the Metaverse, developers can create a product experience tailored to a customer’s unique needs, challenges, and concerns. For example, logo maker tools can represent a virtual version of a logo creation process. Ultimately, this approach will lead to better results without wasting unnecessary costs on testing and trials.

In the metaverse, the “show, don’t tell” technique will be the real differentiator from traditional forms of advertising and marketing. Too much storytelling leads to low conversions, but the Metaverse and its fleet of virtual reality opportunities can arm a B2B company to show – and showcase – a stunning experience or a bespoke reality.

Blockchain and Web 3.0

The advent of blockchain is nothing new for cryptocurrency, but it is now being considered as a viable tool for things bigger than currency, such as document storage, finance, museum and government records, intelligence, army information, and more. Is there an urgency for B2B spaces to absorb a largely speculative industry like blockchain technology and the larger Web 3.0?

The truth is that blockchain is shaping the future of the internet. Although blockchain is still in its infancy, we cannot abandon its role in the emergence of cryptocurrency, which will be adopted by major brands and other financial institutions and government agencies. How can entrepreneurs use these services? Is there even a small benefit of the technology for B2B brands?

Because blockchain is a secure technology for storing data across multiple owners, it is a viable technology for shared management and storage of supply chains. Its tremendous security and difficult access made it a perfect tool to enhance multi-party collaboration and help management teams efficiently maneuver disputes and resolutions despite different distances and different services.

Blockchain’s best-selling asset – security – allows most data companies and other service providers to leverage it over a long period of time. It provides durability and security for data, customers, and other stakeholders. That explains why many, many companies are building fully bespoke service suits that use blockchain as the primary driver for storage and sharing. Large companies that rely on data usually come first: data centers, software technology companies, artificial intelligence centers, e-commerce stores, and more.

Now that early adopters are on the rise, blockchain is poised to become a $2 billion industry over the next three years. A whopping 82% of Fortune 100 companies are researching the potential impact and benefits of new technology. These include top 50 companies, leading accounting firms, and at least one leading tech giant: IBM uses blockchain to power its TV advertising for enterprise cloud services.

A complicated but promising future

It will be years before ordinary consumers can feel and experience the impact of metaverse and blockchain technology on their everyday lives. Today’s phones and laptops were alien 10 years ago, and now they’re ubiquitous tools. And as always, B2B companies need to take the first necessary steps to acquire and improve the technology before B2C can commercialize it and implement it for everyday consumers.