Metaverse Technology
The metaphor. It has been heralded and even called transformational by leaders across all industries. That’s pretty amazing, especially when you consider that most people haven’t quite figured out what it is, what it looks like, or how it will work – at least not to any concrete degree.
Indeed, we know enough to make the metaverse tantalizing. Far from our 2D internet limitations, the metaverse promises a way to communicate online in 3D formats. In addition, along with the burgeoning Web 3.0, there is hope that users will have more control over their data thanks to blockchain technologies.
But the real question for companies is simple: where do corporate entities fit in? More specifically, how can companies make their mark and take a stand in an environment that is still in its early stages of evolution?
Ready for marketing, commerce and branding in the metaverse
If you’re struggling to chart a course that will take your business to the metaverse, you’re not alone. Even the most intrepid marketers and sellers are trying to iron out all the details to become and stay relevant as the fabric of the web changes. One thing’s for sure, though, it would be best if you started discussions about the metaverse sooner rather than later.
Does this mean you should dive right in? as Nike and Louis Vuitton have done? Not necessary. But you should keep an eye on these early adopters and mark their metaverse successes and misses. Learning from others’ trial-and-error strategies is a great way to see how the metaverse could work for your business.
As you take notes based on what works (and what doesn’t) in the years to come, you can start fleshing out your reverse initiatives. Below are some recommendations to get you started.
1. Try to quantify the tangible benefits and costs of your business.
Remember the reliable SWOT analysis (Strengths, Weaknesses, Opportunities, Threats)? It’s worth dusting off when considering moves that will push your business into the metaverse. That way you can maintain financial and operational control over your metaverse exploration.
Let’s say one of your company’s goals is to improve retention. You might decide that the easiest way to achieve that goal with a metaverse leaning angle would be to use non-fungible tokens (NFTs). The NFTs can be positioned as rewards for employees who reach different stages of employment, serving not only as badges, but also as property badges with real value.
Software company Devsu explored the link between offering employees the chance to own a bespoke, corporate-branded NFT to boost engagement. Devsu noted in a breakdown of his cheap NFT experiment“The custom backgrounds fostered a sense of community in our corporate culture, and they also gave our employees a choice of branded backgrounds for internal or external meetings.” An added benefit of the program was that it introduced employees to digital wallets and cryptocurrency, both of which are expected to be essential within the metaverse.
For best results, be sure to set KPIs to help you measure your metaverse approaches. Tracking metrics help you see if your efforts to gain web 3.0 momentum are working. If not, you can adjust based on the trends you see.
2. Test different metaverse tech applications.
While NFTs may be the most accessible entry point for a metaverse presence, they are far from the only applications at your fingertips. Depending on your industry and how it changes and changes, you have countless opportunities to expand into the metaverse in potentially relevant ways.
Wipro Limited chief technology officer Subha Tatavarti leads the company’s transformation teams. Drawing on her expertise in technology, she sees education and manufacturing as two industries ripe for reverse-style immersive learning and digital twins.
“The digital twin is one of the first innovative concepts,” says Tatavarti. “Using a digital twin, which is immersive, you can create training and learning, perform product design, manufacturing, and testing in an immersive and digital environment to iron out any issues and finally start production in the physical world.”
When it comes to the classroom, Tatavarti sees digital twins and immersive experiences as a change to democratize learning for all.
“Our primary mode of learning is 2D, and our preferred method of instruction is often through 2D modeling,” she says. “But if we expand this into an immersive and interactive medium and use the metaverse to expand the scale, it could revolutionize learning. Suddenly you have this ‘aha’ moment and you realize how to do it.”
Whatever industry your company is in, you can likely gain an advantage by offering 3D, real-time experiences. These can be made available to your clients, prospects, board members, investors, employees, vendors, etc. It’s about taking a creative, always learning approach rather than feeling limited.
3. Check (part of) your risk aversion at the door.
It can be difficult to get your business to take risks, especially now. The economy is in motion, stimulated by inflation and changing consumer behaviour. You may need to set aside some of your natural risk aversion when exploring metaverse possibilities.
The good news is that you don’t expect to set up a metaverse moonshot. You have time. by 2026, Gartner predicts that about a quarter of people will spend an hour daily in the metaverse. If the prediction is correct, you can be sure that the percentage will only increase as the years go by and everyone gets used to a world wide web in its 3.0 iteration.
How much of your budget should you allocate to the metaverse? It’s hard to say and entirely up to you and your team. Bloomberg went on record to say that the metaverse market could be worth $800 billion by 2024. While much of that projected revenue will likely flow into the coffers of technology, entertainment, and social media companies, your company could potentially benefit from the revenue stream.
Step boldly into the metaverse
The point here is that lollipop gagging and restraint based on historical risk aversion can ultimately wipe out your competitive advantage. While it wouldn’t be wise to put all your eggs in the upturned basket, you should only put a few in this one. Of course some may crack; others, however, can mature and differentiate your organization as a metaverse innovator.
Right now imagining the metaverse is a bit like imagining Mars. We have a general idea of its composition, but we can’t know for sure until we get there and dig into it. Fortunately, it’s much easier for your company to land squarely – and safely – in the metaverse than on a distant planet. Make sure you make your launch preparations now.
