What is the B2B business metaverse and how much does such a metaverse cost?

A business metaverse is a virtual space used for business purposes. It's a type of virtual world that allows companies and organizations to present and sell their products, services, and brands in an interactive and immersive way.

Business meetings in the metaverse – Image: Xpert.Digital / Supamotionstock.com|Shutterstock.com

A business metaverse can take various forms, from virtual trade fairs and conferences to online shops and interactive advertising campaigns. A business metaverse can also be a platform for collaboration and teamwork, enabling a company's employees to work together on projects and communicate in a virtual environment.

A business metaverse can be used by companies of all sizes, from small startups to large multinational corporations. It offers the opportunity to achieve global reach and address target audiences worldwide without requiring a physical presence.

An example of a business metaverse is Second Life, a virtual world that allows companies to create virtual shops and exhibitions and showcase their products and services. There are also specialized business metaverse platforms that focus on organizing virtual trade shows and conferences.

However, when it comes to the metaverse, not everything that glitters is gold. Here are a few points you should know:

• Mechanical Engineering & Industry Sector – Opinions & Criticism of Metaverse – Risky, pointless & dangerous for companies

A metaverse as a meeting point for infinitely interconnected virtual communities – Image: Xpert.Digital / Shoaib_Mughal|Shutterstock.com

A B2B metaverse is a virtual space specifically created for business purposes between companies. It's a type of virtual world that allows B2B companies to network, communicate, and collaborate in an interactive and immersive way.

The B2B metaverse with expanded possibilities – Image: Xpert.Digital / Supamotionstock.com|Shutterstock.com

A B2B metaverse can take various forms, from virtual conferences and workshops to online platforms for trade and collaboration between companies. It provides an environment where B2B businesses can get to know each other, exchange ideas, build partnerships, and close deals without having to be physically in the same place.

A B2B metaverse can also offer various features specifically tailored to the needs of B2B companies. These include features such as virtual showrooms and exhibitions to showcase products and services, virtual negotiation rooms to finalize deals, and virtual training and classrooms to impart expertise and skills.

An example of a B2B metaverse is a platform that specializes in collaboration between companies and designers. There, companies can create virtual spaces where they can collaborate with designers and design and manufacture their products.

Overall, a B2B metaverse offers an innovative and effective way for companies to communicate and collaborate with each other to promote and grow their business.

The costs of developing and operating a metaverse depend on various factors, such as the complexity of the metaverse, the number of users, the type of features provided, and the quality of the graphics and technology.

Some of the main costs associated with developing a metaverse can be:

• Software development costs: The costs of developing robust and scalable software for the metaverse can be very high, as it forms the basis for the entire virtual world.
• Server costs: A metaverse requires a powerful server infrastructure to provide users with a smooth and immersive experience. This can mean high costs for purchasing, maintaining, and updating servers.
• Graphics and technology costs: A metaverse requires high-quality graphics and technology to deliver an immersive experience. The costs of developing and implementing this technology can also be high.
• Personnel and operating costs: A metaverse requires a dedicated team of developers, graphic artists, engineers, community managers, and other staff to run it. The costs for recruitment, training, and compensation, as well as operating expenses such as rent, utilities, and insurance, can be substantial.
• Marketing costs: To attract users and raise awareness of the metaverse, marketing costs must also be considered. This can include the costs of online and offline advertising, influencer marketing, and public relations.

It is difficult to give an exact cost estimate for a metaverse, as this depends on various factors and can vary from project to project. However, some estimates suggest that developing a comprehensive and scalable metaverse could cost several million to billions of dollars.

The situation is different, however, when using already successfully deployed software from providers for visualizing 3D/CAD demos, e.g., for product presentations at trade fairs via touch tables , smartphones, or tablets. Prices for this start at €250 per month. The possible applications are virtually limitless.

Extended Reality in mechanical engineering: VR simulator for construction machinery & excavators with virtual reality - Image: Xpert.Digital

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• Extended Reality in Mechanical Engineering: Komatsu Simulator for Construction Machines & Excavators with Virtual Reality XR Technology in the Metaverse