The metaverse is essentially an “otherworldly” atmosphere that exists outside the physical realm – and it’s full of opportunities for business.
The term “metaverse” first appeared in Neal Stephenson's 1992 novel Snowfall . However, it has only been in recent years that the concept has truly entered global consciousness. Although Stephenson used the term to describe a 3D, virtual environment today, the notion of a metaverse has expanded far beyond this relatively humble idea to a completely immersive world that offers complex digital experiences.
Last year, in honor of this phenomenon and the popularity of the idea, Facebook renamed itself Meta. Meanwhile, games like Fortnite, Minecraft and Roblox promise to take players far beyond the physical realm into new and previously unimaginable worlds.
But the concept of the metaverse goes even further, expanding our limits of what is possible.
The Metaverse: An Overview
The metaverse is essentially an “otherworldly” atmosphere that exists outside of a physical realm. It incorporates digital experiences, setting the stage for people to interact, work, connect or simply exist in a virtual landscape.
These individual spheres have unique sets of privileges and ways of functioning. They can incorporate immersive concepts such as augmented reality (AR) or virtual reality (VR). There can be gamified experiences, as emerging cases around us already prove.
Another facet of the metaverse is blockchain. This is the power behind phenomena like cryptocurrency. In recent years, non-fungible tokens (NFTs) have taken hold. These are unique monetary units that hold your data on a blockchain and can be traded for intangible goods such as digital images, audio clips or even concepts like virtual property.
Right now, the metaverse is not a single entity – there are many metaphysical environments where these types of actions can occur. But in the future, we may see worlds that become interconnected.
Business opportunities
Games and Entertainment
The metaverse is already consolidating itself in the world of entertainment, an environment that seems like a perfect fit for immersive virtual experiences. We've already highlighted games like Fortnite, which allow players to effectively build their own worlds and experience different landscapes. Even Pokémon Go, an interactive AR game that debuted in 2016, can be considered an early innovation of the metaverse.
Meanwhile, in 2021, Major League Baseball partnered with Candy Digital to release NFT editions for its 30 teams, allowing them to bid on digital collectibles.
There are more opportunities for the entertainment world to embrace the metaverse, through film and television, music and more.
Marketing and advertising
Pepsi, Nike, Crocs, Disney, Hyundai, Warner Bros., Walmart and many other corporate giants are incorporating the metaverse into their marketing and advertising strategies. From leveraging NFTs to hosting virtual parties and experiences to creating your own digital “artifacts,” the promotion opportunities are endless. This is also an opportunity for companies of all types, across all sectors, to flex their creative muscles.
e-commerce
“Gucci digitally equips Gen Z in foray into the metaverse with Roblox,” in June 2021 The AP headline reads . The luxury fashion brand partnered with Roblox to create a virtual world in which consumers could purchase Gucci accessories in a virtual Gucci Garden, digitally modeled after real-life Gucci Gardens.
The metaverse is changing the very nature of e-commerce, through innovations like NFTs and more. It’s also changing the way we conceive of ownership – what it really means to own a product. Does it have to be a physical entity? This is what the metaverse makes us question.
How to take advantage of the metaverse
1. Make the Metaverse fit you
It's tempting to approach the metaverse as something you must fit your business into. Instead, a better strategy is to look for ways to tweak the metaverse yourself . Think about the different aspects of your brand – its image, its area of activity and, above all, its consumers. Think about how you can leverage the metaverse to better target key demographics and acquire new customers as well as retain existing ones.
2. Start simple
The metaverse is a complex and involved concept. It can feel overwhelming to tackle this space when you're making your initial entry. So instead of trying to start with a big idea like some of the corporate giants we've discussed, start with a simple concept. For example, create an NFT to generate interest in your brand. This isn't too difficult to build, even if you're not tech-savvy, and it can help you get started.
3. Consider partnerships
Many companies and organizations are working with gaming platforms to create immersive virtual experiences, whether they are looking for innovative ways to market their products and services or creating NFTs to exchange digital goods. As you experience this new scenario, think about forming partnerships in the gaming sphere and beyond.
Facebook, for example, is a natural tool to help you transition into the metaverse. In the future, we will likely see the social media giant offer platforms for companies to test the metaverse themselves.
4. Keep an eye on your competitors
Pay attention to what others in your industry are doing with and in the metaverse. Perhaps they are exploring this world in a radical and innovative way – and you too can leverage similar ideas to make the metaverse part of your brand. This is also a way to better understand the concept, as you will see how it can be applied to your area.
The end result
Here's what's pretty clear: companies must pay attention to the metaverse. Although it is still evolving, it is obvious that this virtual world is expanding rapidly and will play a central role in our global consciousness. What happens next with the metaverse remains to be seen.
Source: BairesDev
