Metaverse technology
The metaverse. It’s been heralded and even called transformational by leaders in all industries. That’s pretty amazing, especially considering 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 extent.
Indeed, we know enough to make the metaverse tantalizing. Far from our 2D internet limitations, the metaverse promises a way to interact online in 3D formats. Plus, there’s the hope that along with the burgeoning web 3.0, users will have more control over their data thanks to blockchain technologies.
But the real question for businesses is simple: Where do corporate entities fit in? More specifically, how can companies plan to make their mark and take a stand in an environment still in its early evolutionary stages?
Getting ready for marketing, commerce, and branding in the metaverse
If you’re wrestling with plotting a course that takes your business into the metaverse, you’re not alone. Even the most intrepid marketers and salespeople are trying to iron out all the details around becoming and staying relevant as the fabric of the web changes. One thing’s certain, however: It would be best if you started having discussions about the metaverse sooner rather than later.
Does this mean you must dive right in as Nike and Louis Vuitton have done? Not necessarily. But you should be watching these early adopters and marking their metaverse successes and misses. Learning from others’ trial-and-error strategies is an excellent way to see how the metaverse might work for your company.
As you’re taking notes based on what’s working (and what’s not) over the coming years, you can begin to flesh out your metaverse initiatives. Below are some recommendations to help guide your path.
1. Attempt to quantify your business’s tangible benefits and costs.
Remember the trusty SWOT (strengths, weaknesses, opportunities, threats) analysis? It’s worth dusting off when considering any moves that will push your company into the metaverse. That way, you can maintain financial and operational control of your metaverse exploration.
For instance, let’s say that one of your company’s goals is to improve retention. You might decide the most straightforward way to achieve that objective with a metaverse-leaning angle would be to leverage non-fungible tokens (NFTs). The NFTs could be positioned as rewards for employees who reach different stages of employment, thereby serving not just as badges but as owned badges with real-world value.
Software company Devsu explored the connection between offering workers the chance to own a custom-crafted, corporate-branded NFT to boost engagement. Devsu noted in a breakdown of its low-cost NFT experiment, “The custom backgrounds encouraged a sense of community in our company culture, and they also gave our employees their choice of a branded background for any internal or external meetings.” An added benefit to the program was that it introduced workers to digital wallets and cryptocurrency, both anticipated to be essential within the metaverse.
For best results, be sure to set up KPIs to help you gauge your metaverse approaches. Tracking metrics will allow you to see if your attempts to gain web 3.0 momentum are working. If they’re not, you can adjust based on the trends you’re seeing.
2. Test different metaverse tech applications.
Although NFTs are perhaps the most accessible entry point to having a metaverse presence, they’re far from being the only applications at your fingertips. Depending on your industry and how it’s morphing and changing, 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. Based on her expertise in the field of technology, she sees education and manufacturing as two sectors ripe for metaverse-style immersive learning and digital twins.
“The digital twin is one of the first innovative concepts,” says Tatavarti. “When you use a digital twin, which is immersive, you can create training and learning, do product design, perform manufacturing and testing in an immersive and digital environment to iron out all issues, and finally start production in the physical world.”
In terms of the classroom, Tatavarti sees digital twins and immersive experiences as a change to democratize learning for all.
“Our primary way of learning is 2D, and our go-to method of instruction is often through 2D modeling,” she says. “But when we expand this into an immersive and interactive medium and use the metaverse to expand its scale, this might start a revolution in learning. Suddenly, you’ll have this ‘aha’ moment and realize how it should be done.”
Regardless of the field your company falls into, you can probably gain an advantage by offering 3D, real-time experiences. These could be made available to your customers, prospects, board members, investors, employees, vendors, etc. The point is to take a creative, always-learning approach rather than feeling limited.
3. Check (some of) your risk aversion at the door.
It can be hard to allow your business to lean into risk, particularly now. The economy is in flux, spurred by inflation and changing consumer behaviors. You may have to put some of your natural risk aversion to the side when exploring metaverse possibilities.
The good news is that you’re under no expectation to set up a metaverse moon shot. You have time. By 2026, Gartner predicts that around one-quarter of people will spend an hour daily in the metaverse. If the prediction proves accurate, you can be sure that the percentage will only increase as the years roll by and everyone gets accustomed to a world wide web squarely in its 3.0 iteration.
How much of your budget should you allot to the metaverse? It’s hard to say and entirely up to you and your team. Bloomberg went on record to say the metaverse market could be worth $800 billion by 2024. Though a lot of that anticipated revenue is likely to flow into the coffers of tech, entertainment, and social media companies, your corporation may be able to tap into the revenue stream.
Stride boldly into the metaverse
The point here is that lollygagging and reluctance based on historic risk aversion may end up undoing your competitive edge. While it wouldn’t be wise to put all your eggs into the metaverse basket, you should place only a couple into this one. Sure, some may crack; however, others may mature and set your organization apart as a metaverse innovator.
Right now, envisioning the metaverse is a little like envisioning Mars. We have a general idea of its makeup, but we can’t be sure until we get there and dig in. Fortunately, it’s much simpler for your company to land squarely—and safely—in the metaverse than on a distant planet. Just make certain that you make your launch preparations now.