If the last few years have taught us anything, it’s that hype matters – even for businesses. Whether it’s the disastrous Fyre Festival, cryptocurrencies, or limited trainers, thanks to social media, hype can have a big impact on a business.
The latest hot topic for businesses big and small is the metaverse. Understandably, businesses are scrambling to see whether they should be moving into the metaverse, considering new positions, and simply trying to understand exactly what this new technology is.
If you’re wondering whether your business should get involved in the metaverse or not, you’ve come to the right place. Read on for your guide on business and the multiverse.
What is the metaverse?
If you’ve seen the recent film Ready Player One and any of the Matrix movies, you’re already familiar with the metaverse – whether you know it or not.
The easiest way to describe the metaverse is that it’s ‘our’ world replicated on the internet. Think of it like the internet in 3D, and like a video game that you’re a part of. This means a lot of possibilities to create virtual environments for people to interact with. To access the metaverse today, you will need a VR headset. Given that it’s digital, it won’t face some of the limitations that we face in the real world.
Although the metaverse has only become a popular point of discussion recently, the concept has been around for some time. One important thing to note is that the metaverse isn’t one place – in the same way, that the internet isn’t a single website. Instead, it is a collection of online words that will grow over time – if current predictions are anything to go by.
How much do we know about the metaverse?
The technology is still new, so there are still things being figured out. This means that you can’t buy a headset and explore a never-ending virtual universe this weekend. What it does mean, however, is that you don’t need to rush into anything for the fear of missing out. You have the time to consider the metaverse on its merits and watch its early development.
The most important thing that we know at the moment is that it is a very exciting piece of technology that can open a world of possibilities.
What opportunities are there for business in the metaverse?
When a new technology emerges, this is often the first question in the minds of business owners. Here are some of the possibilities for businesses in the metaverse:
Real estate: Just like in the real world, land will be in demand in the metaverse. People may be looking for houses, shop fronts, castles – effectively anything they can get their hands on in the digital landscape. Creating these assets or managing them for others could offer some possibilities for your business.
Events: The metaverse offers a world of possibilities for events and entertainment. Imagine, for example, a tradeshow that people can attend from their homes. Instead of organising stands, shipping countless items, and running a large-scale event, you could host a majority of this in the metaverse. Virtual stands that people can interact with, product demonstrations that can be watched from anywhere in the world – the possibilities are very exciting. These are ideas that can be applied to any number of events and live entertainment options.
Products: Digital products present a huge opportunity for business in the metaverse, particularly in the retail sector. People will want to wear their favourite brands in the digital world just as they do in the real world. This means that creating virtual shirts, jeans, and other branded products could equate to some great returns for your business.
This isn’t limited to clothes, however. People will want to decorate their homes, carry items, and display NFTs in their digital homes.
Gamification: This has become a popular trend in marketing that will no doubt be present in the metaverse as well. The metaverse can be sued to create unique interactions with your brand and offer more to your customers.
What can I do to prepare for the metaverse?
Firstly, you need to study the metaverse as much as you can. If you don’t want to do this entirely yourself, choose a trusted person within your business whom you can assign this to. It is important to have a decent level of understanding of yourself.
Next, keep the metaverse in mind during any future planning or projects that you may look to undertake in the future. This will help to be better prepared and not get taken by surprise.
Another key step is to speak to your customers. Are they present in the metaverse? Do they have a desire for your business and its products to be present there too? Are you able to offer any value within this space? As exciting as this new technology is, it’s important not to fall into the trap of presence for the sake of it.
If you do, you’ll be expending valuable time and resources in an effort that won’t be getting you the results that you desire.
As we touched on, the metaverse is still in its early days. If you want to capitalize on this opportunity, keep your eyes on the horizon and focus on value rather than hype. Excitement is great, but the harm will come back to bite you tenfold if you can’t deliver on the hype.
Perhaps we’ll see you in the metaverse someday?