The term ‘metaverse’ is exciting to many, while it also gains a few eye-rolls. But the majority are still trying to figure out what it is and if they should participate.
For businesses, it’s the new frontier. As the digital world gets tighter as users grow and companies struggle for attention, the metaverse provides unique opportunities for visibility.
What is metaverse?
Metaverse is a network of 3D worlds where individuals can play, shop, work, and interact in a universe of other digital realms.
For those Sims lovers in 2000, it’s probably a dream come true. Unlike sitting behind a computer and using your mouse to click and browse, users can virtually step into a digital universe. For those born after internet birth and have grown bored with traditional searching and browsing on the web, metaverse offers an experience upgrade.
How does metaverse work?
Metaverse comprises many of the same features as the internet but with new ways of interacting with them. Avatars, games, trade, communication, and business, for example, are all available in metaverse.
This isn’t dissimilar to what we currently have, but it is noticeably more interactive and enhanced digital experiences. For example, skins are used in the metaverse instead of profile photographs. In addition, you can physically place an item into a virtual basket rather than clicking to add it to a cart.
How can companies prepare for the metaverse?
Metaverse’s most distinguishing characteristic is that you can travel anywhere with a pair of virtual reality (VR) goggles. Combing VR with augmented reality (AR) and mixed reality, the physical reality fades when you put them on. You are immediately transported to a digital universe, literally seeing nothing other than the digital universe.
Businesses will benefit from the metaverse because they will be able to provide immersive shopping and marketing experiences unseen.
1. Determine your metaverse needs
Some companies have begun appointing or promoting a Chief Metaverse Officer.
This person has a deep understanding of the business, skilled in analyzing the market, has a strong innovation orientation, and has a more than a reasonable understanding of technological possibilities to drive metaverse strategy and build a comprehensive roadmap of initiatives using a try, test, learn, and adapt approach.
2. Develop innovative virtual billboards
Will we continue to see virtual billboards in these new worlds? Yes. Metaverse’s advertising is similar to modern digital marketing methods but more advanced and enhanced.
Companies pay to expose their ads to customers and target groups in the metaverse while also gaining real-time statistics.
For years, companies like Supercell, which produces Clash of Clans, have conducted in-game adverts. The emergence of metaverse companies and the creation of similar marketing methods are likely to occur, but visitors have their VR headsets on.
3. Research how to buy and rent virtual real estate
You can own virtual property in the metaverse in addition to offering virtual adverts. Buyers can free use this space in any way they see fit. For example, you could set up a business, a game, or even rent out the space to make money passively. The options are limitless. However, you should be aware that prime real estate can be costly.
The lowest patch of land in The Sandbox, among the most famous metaverse worlds, costs more than $14,000 as of 2022. But, of course, prices may rise, so you should be aware that owning a piece of the metaverse may require some financial investment.
4. Learn about NFTs
Don’t be put off by non-fungible tokens (NFTs) until you learn more about them and form your own opinion. They aren’t for everyone, and the same can be said about many other investments.
An NFT is a one-of-a-kind object that exists on the blockchain. The blockchain is a public, encrypted spreadsheet that keeps track of who owns what. So what does this mean for your business, and how does it connect to the metaverse?
You can make your own NFTs and sell them in the metaverse as prerequisites for doing certain activities. For example, in the metaverse, you may sell an NFT as a “ticket” to gain access to a pre-launch, a concert, or a special event you’re hosting. This ticket is valuable because it can’t be duplicated once it’s on the blockchain.
5. Get ready to explore new data sets
The outstanding data collecting and data processing requirements posed by metaverse scenarios will put scalability to the test. As a result, integration and data consumption will likely be redefined on a massive scale, with AI becoming the global standard to connect it.
If these problems aren’t resolved quickly, the usual suspects (data silos, data discrepancies, disconnects between data models and business processes, and so on) will inevitably become insurmountable barriers.
Furthermore, with a high level of uncertainty resulting from expected but non-existent safety, privacy, and security rules on user identification and personal data shared in the metaverse, businesses recognize immediate difficulties that must be addressed.
The future of the internet may be in the form of metaverse, just as the future of cell phones was the smartphone. So don’t let the term frighten you.
Although it is still in its beginnings, metaverse has proven to be, at minimum, a term that makes people stop in their tracks and wonder what it is.
Knowledge truly is power. If you educate yourself on the businesses already building worlds and the technologies that enable them, you’ll be another step closer to being future-ready.