How Can Big Data be the cornerstone of the Metaverse?

As we all know, the metaverse has been hailed by many as a new frontier that incorporates immersive technologies such as artificial intelligence, interactive video graphics, virtual reality, and augmented reality. The emergence of the metaverse will be big business for every company in every industry. Organizations estimate Facebook's potential market value to be $800 billion by 2024. In October 2021, Facebook changed its name to Meta and prepared for a new digital age.

For many businesses, however, the key technology that seems set to evolve with the metaverse is big data. Today, it is possible for companies to learn actionable insights about customers as they browse online, but in the metaverse, the vast amount of data generated by individuals will multiply.

While many businesses are watching to see how the metaverse unravels, it's worth looking forward to how the new technological era will improve their processes, marketing efforts, and customer experience, models.

Collaboration between artificial intelligence and big data

According to the data, AI can work with big data to provide a range of enhanced features through user experience models and product discovery. Early evidence of big data at work can already be seen in the form of digital twins, which rely on computer programming to build realistic simulations of product performance without the need to build expensive prototypes. Because of the costs associated with aerospace flight simulation, this is a particularly dominant practice in the aviation world.

In the metaverse, the amount of data that individuals will generate as they navigate the Web3 environment will contribute to the digital twin simulation, precisely shaping the way audiences respond to new services or applications, providing information about engagement, expected pain points, and potential for reuse.

The metaverse is part of the next iteration of the Internet, which some are calling Web3, that promises to disrupt everything we know, and in the next few years, we'll probably all be working, playing, communicating, and investing in this grand ecosystem. The early days of the Internet, known as Web1.0, featured static one-way web pages. Then came Web2.0, which is where we are now. Under the control of a few companies such as Facebook and YouTube, the Internet today is highly centralized, despite the role of users as active participants. This brings us to Web3, which opens up a whole new level of experience.

Given that metaverse, technology is likely to bring sweeping changes to all internet service providers, let's take a closer look at how big data could optimize company operations in the coming years.

Big data can transform business intelligence

As the metaverse evolves, enterprises will be able to use cloud data to collect and analyze vast amounts of data within platforms and from third-party sources to gain rich, actionable insights into audiences and their collective interests and intentions.

These data sources can be structured, semi-structured, or completely unstructured, with available platforms and algorithms that can interpret large amounts of information while predicting future outcomes with high accuracy.

While the metaverse will be a revolutionary development for everyone, businesses are learning how to anticipate the new wave of big data that the new frontier will generate through virtual and augmented channels. By the time the metaverse is adopted by the mainstream, more sophisticated algorithms are likely to be in place.

In the survey results, we can see that big data is currently used by organizations around the world for a wide variety of insights. As people move away from using avatars' keyboards in immersive virtual environments, we are likely to see a much greater reliance on big data analytics for building predictive models and decision-making activities.

With the advent of the metaverse, we will also see big data become more prevalent across a range of industries. In trade industries, for example, brands and online stores will be able to establish a digital presence in the new digital marketplace, where customers can interact with the store as if they were walking down a virtual high street.

In a metaverse store, every time a customer uses a virtual product, they can generate a lot of data about their intentions and interests. This is where an enterprise can build a huge profile of customers based solely on where the interaction came from.

It will also be possible to identify users' emotions based on how they interact with companies. With entertainment set to be key to Web3's future growth, it is likely that businesses will look to gamified solutions to retain visitors longer and better understand their interests.

According to the data, 72% of metaverse users were involved in online entertainment or gaming solutions in 2021, while 44% were given access to gaming materials including skins and downloadable content. Once again, businesses can optimize this information to gain rich insights about user behavior, what they like, what causes them to leave, and what is most likely to keep them engaged longer.

In addition, other information, such as a customer's chosen cryptocurrency for payment, can be used to better understand their attitudes and values. Such data can also help identify emerging micro and macro trends for specific currencies, decentralized financial protocols, and tokenization practices.

Marketing metaverse

We've seen Facebook quickly transform itself into Meta in preparation for the metaverse. To be sure, the rebranded Meta has tapped into Facebook's vast trove of big data to determine how best to tackle the task of building new domains.

In this regard, Meta is already a master at handling large amounts of big data, and the company could benefit from watching the social media giant's early steps into the metaverse.

Along with user identities, the metadata surrounding Facebook's marketing capabilities will be transformed into a meta-universe, making Meta the leading marketing portal as early meta-universes begin to form. This data can play a huge role in providing businesses with highly targeted activities in the future.

For now, the metaverse is still very much in its infancy. While many companies are waiting longer to see how the dust settles on this new frontier, it's worth giving it a try to see how big data will affect business operations in the future.

The next generation of the Internet represents a new opportunity to outmaneuver competitors. By acting earlier and faster, businesses embracing the metaverse now have the potential to win over their target audiences with greater efficiency in this Brave New World.