B2B Uses for Blockchain and Metaverse

by Arthur · September 1, 2022

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

Meanwhile, companies all over the world have started investing in the metaverse. H&M and Gucci have started using 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 bedrooms. Walt Disney Studios has applied for a patent for its ongoing metaverse theme park.

For companies that sell products directly to consumers, metaverse-related investments are seen as important, because everyday consumers are more and more likely to support technologically adapted businesses. But does the phenomenon also apply to businesses that cater to other businesses?

In other words, is the B2B market forced to dip its toes into the metaverse just because of the hype? Or is it still more lucrative to stick with traditional marketing methods even when looking 10 years ahead?

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Metaverse and virtual reality

As with most emerging technologies of the past, the metaverse and virtual reality have shown that B2B marketers have a lot to gain from investing in them. The metaverse has been touted as the next big breakthrough in technology: think of the mobile revolution or the dot-com boom. With it comes a new, unadulterated way of marketing and advertising to consumers and businesses.

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 effective tool. Companies large and small equip their meeting spaces 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 be required to provide remote assistance, immersive training, and expanded participation in the production, sales, marketing, procurement of B2B products and services across stakeholders. Customer support and customer experience services are more palatable to customers if the salespeople are skilled in the rigors of metaverse operations.

Because B2B marketing thrives on product research and development, the metaverse opens up new opportunities to entice companies to buy their offerings. Clients do not need to be physically present to experience the holistic and first-hand impact of B2B materials. As virtual arenas become mainstream, customers can see 360-degree angles of the items for sale.

Furthermore, product tests are widespread in B2B marketing. In the metaverse, creators can produce a product experience tailored to the customer’s unique needs, challenges and concerns. Logo maker tools can, for example, present a virtual version of a logo creation process. Ultimately, this approach will lead to improved bottom lines without wasting unnecessary costs on tests and trials.

In the metaverse, the “show, don’t tell” technique will be the real differentiator versus traditional forms of advertising and marketing. Too much storytelling leads to low conversions, but the metaverse and its fleet of virtual reality capabilities can arm a B2B business to show—and showcase—an amazing experience or a customized reality.

Blockchain and Web 3.0

The entry of blockchain is nothing new to cryptocurrency, but now it is 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 urgent need for B2B spaces to accommodate a largely speculative industry like blockchain technology and the greater Web 3.0?

The truth is that blockchain rules the future of the Internet. Although blockchain is in its infancy, we cannot abandon its role in the rise of cryptocurrency, which is being adopted by big brands and other financial institutions and government agencies. How can business owners benefit from these services. Is there even a small benefit to the technology for B2B brands?

Because blockchain is a secure technology for storing data across multiple owners, it is a viable technology for shared supply chain management and storage. The immense security and difficulty of accessing it positioned it as a perfect tool to improve multi-party cross-collaboration, and to help management teams effectively maneuver disputes and solutions despite varying lengths of distance and differences in services.

Blockchain’s best-selling asset – security – enables most data companies and other service providers to use it for a long time. It provides longevity and security for data, clients and other stakeholders. That explains why lots and lots of companies are forming fully customized service suits using blockchain as the main driver for storage and sharing. Large companies that rely on data are usually first in line: 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 in the next three years. As many as 82% of Fortune 100 companies are investigating the possible implications and benefits of the new technology. That includes Top 50 companies, leading accounting firms and at least one leading tech giant: IBM, using blockchain to power its TV commercials for business cloud services.

A complicated but promising future

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