What Is the Metaverse, and How Will Impact Your Business_

What Is the Metaverse, and How Will Impact Your Business?

For the past few days, everyone has been talking about the Metaverse.  

Big tech companies have been spending billions of dollars in building the Metaverse for years. Still, since Mark Zuckerberg announced that Facebook would now be Meta and would focus its efforts on bringing the Metaverse to life, everyone started discussing this Meta thing…

Among all of the buzz that is going around, the real question remains – is the Metaverse the next big thing that is yet to come, or is it another attempt to kickstart the VR/AR reality.

And why are big tech companies so obsessed with Metaverse; what are the implications (if any) for your business? 

Those are questions worth answering, so let’s put on our VR headsets and dive in…

First things first – what’s the Metaverse?

There are a lot of different definitions floating around, but no one has done more work to popularize the Metaverse than Matthew Ball.

He defines the Metaverse as a “quasi-successor state to the mobile internet that brings together hardware, content, payments, networking, and other technologies in a virtual space.”

In simple words, the Metaverse is a virtual reality where you can be present with people in a digital space. You can kind of think about it like an embodied internet that you are inside of rather than just looking at. 

The biggest players in the Metaverse so far

Nowadays, there are two types of platforms in the Metaverse

The first centers around building blockchain-based Metaverse using crypto and NFTs. Those are platforms like the Sandbox and Decentraland that allows users to play, own and build their own environment.

The second platform refers to the Metaverse more generally, where people can meet up for business and entertainment. And this is where Meta (also known as Facebook) is putting their efforts and focus.

Still, all these platforms are far away from the true concept of the Metaverse; they still have one big challenge to resolve – the continuity of identity. Continuity of identity means that the users in the Metaverse won’t need a separate Twitter profile or Fortnite character – they will just be themselves in all channels. 

To allow for true interoperability between platforms, the corporations owning the platforms must surrender some control. And although this process is underway, it’s still in its infancy. Sony, for instance, moved to allow cross-platform play on PlayStation, and we envision other platforms will also follow this pattern.

When will Metaverse come to life?

In order for the Metaverse to truly “happen,” there would be many technological changes first.

Technology has been through a few eras. After companies and big corporations adopted mainframe computers, the personal computing era brought tech into the homes of millions of people.

It wasn’t long before these computers were connected to the internet, which started the dot com era. The last decade has been clearly defined by the mobile phone.

And when did the mobile era begin? Was it when the first mobile phone was created or when the Wireless Application Protocol was created? Or was it a decade later when the iPhone came to the scene?

The truth is that we cannot identify when an era will begin because it’s never a flip.

But it’s not a secret that each era of computing has its big winners and ample opportunities for the first players on the market. And that’s why so many big tech companies are getting involved with the Metaverse (and if you want to cash out on these opportunities, your brand should be too).

Still, there is no single company that can bring a new era alone. Think about the electricity revolution for a second.

Thomas Edison built his electric power station in 1881, but it wasn’t until 40 years later when the power of electricity was utilized in power machines. 

Why did it take 40 years, you might ask…

Because factories weren’t designed around electricity. So, to take advantage of the full value of electricity, new factories were built.

And when we think of electricity, we tend to think about Thomas Edison as the person who discovered and industrialized electricity.

While it’s true that Edison had an enormous contribution, that statement completely ignores the advance in manufacturing hardware, power management, and production that collectively led to the electrification. 

And that’s why Metaverse is not just crypto, NFT, VR, or Decentraland; it’s an idea that ties all these concepts together and tries to explain how they are ALL interconnected.

And that’s why to experience the true potential of the Metaverse; there are a lot of technological changes that should happen.  

Ok, what does it mean for your business?

As you can see, there are massive opportunities that are coming the way along with the Metaverse.

But how can your brand cash out those possibilities?

As we know, the average attention span of your customers is short and is getting shorter with the number of distractions increasing.

The design of your product and website should be so remarkable that the user cannot refuse but engage with your brand. Plus, you need to make sure that your customers are genuinely interested and feel empowered when they interact with your products.

And even if you manage to make your clients purchase again from your brand, your design should also be optimized for your returning clients so that they become raving fans.

Creating such an engaging user journey is not an easy task – it requires a thorough understanding of your brand and customers and their internal motivators, plus you will need an excellent knowledge of design, copywriting, and digital marketing. 

Not an easy task for a business owner that already has a lot on his plate, right?

That’s where we can help.

If you don’t want to miss the huge business opportunity Metaverse is unloading in the coming years, you have to be prepared, and we are here to help you do that. You can get in touch with us here.

References: https://markets.businessinsider.com/news/stocks/matthew-ball-vc-metaverse-apple-facebook-google-crypto-nft-education-2021-9