In this article, we will explore the choice between “shared” and “private metaverses” in the realms of virtual experiences and how each can align with your business strategy. Shared platforms provide broad user access, while private metaverses offer deep customization and control. We provide information and tools to make it easier for you to choose the option that best suits your needs.
AS YOUR FIRST STEP, YOU SHOULD MAKE YOUR CHOICE BETWEEN ‘SHARED’ AND ‘PRIVATE’ VIRTUAL SPACES.
There are two fundamental models for virtual experiences: Shared and Private (third-party or privately owned metaverse). In this guide, we aim to assist you in choosing the one that is most suitable for your company and brand strategy by explaining the differences between both models.
MAKE INFORMED DECISIONS WHEN CHOOSING VIRTUAL EXPERIENCES
While the exact definition of the metaverse is still unclear, it has become an intriguing concept for individuals, brands, and businesses interested in virtual reality and interactive web experiences.
In our view, the metaverse is a part of the continually evolving internet, consisting of engaging digital spaces that emerge within the interactive web, accessible and discoverable by all users, enhancing interaction between brands and people.
These two virtual space models—shared and private—fundamentally differ from each other, each offering unique advantages tailored to your business and brand strategy. To make the right choice, it’s crucial to understand these differences.
DIFFERENCES BETWEEN MODELS
Shared virtual reality or metaverse is represented on platforms like Fortnite and Roblox, managed by a third party. In these platforms, even though your business may not own the virtual world, you can collaborate with the platform to shape your brand experience and showcase your products or services within the extensive user network of these platforms. Travis Scott’s ‘Astronomical’ event, with over 45 million viewers, serves as a vivid example of how a shared virtual space can be successfully utilized.
These shared platforms stand out as structures requiring less setup for brands and enabling quick deployment. Due to their existing ready and interactive user base, they are ideal for businesses looking to introduce new products, reach their target audience, and enhance brand awareness.
On the other hand, private virtual experiences, known as privately owned metaverse, are entirely under your control and function almost like your own digital kingdom. In this realm, you manage every detail, from the sale of products to design, brand positioning to targeting your audience, and from the management of user data to customer feedback. Furthermore, by creating virtual products and experiences parallel to your physical products, you can enhance the customer experience and generate new revenue streams in the virtual world. This allows you to fully customize your brand’s digital presence and create a unique user experience.
WHICH METHOD SHOULD YOU CHOOSE?
Before making your choice between shared and private virtual experiences, clearly defining your goals and objectives is crucial. An effective strategy will guide you in shaping your brand’s virtual world and serve as the cornerstone of this digital journey.
If your goal is to create short-term brand awareness and quickly introduce a new product, for example, a shared virtual reality platform can serve this purpose. On the other hand, if you aim to position your brand as part of a sustainable interactive web strategy in the long term, the customization and control provided by a private virtual space would be more suitable.
Your strategy should be determined based on specific needs and goals. If your objective is an e-commerce platform, a virtual meeting space, or an internal training program, you may better meet these needs with the freedom and flexibility offered by a private virtual space. However, if the primary goal is to attract immediate attention for a specific event or campaign, a shared virtual reality environment may be ideal.
HOW TO CREATE YOUR OWN INTERACTIVE VIRTUAL SPACE?
Creating a customized virtual space can be a simpler process than you might think. Advanced platforms like Arimars NextAR allow you to bring a personal or corporate virtual space to life in just a few easy steps.
At the beginning of this process, you need to determine how to enrich your virtual experience and identify which technological integrations are suitable for your existing business model. Companies, brands, and creative industries can leverage the flexible toolsets we provide to maximize the opportunities offered by technology and deepen their interactions with their target audiences.
Every virtual space, whether shared or private, comes with its unique advantages and challenges. Choosing the one that best fits your business needs, target audience, and the purpose of your virtual experience is crucial for sustainable success.
If you want to learn more about creating your digital presence or need guidance through the process, feel free to reach out to us; we would be happy to assist you in building your virtual world.