How Can Businesses Enter the Metaverse?

Many individuals feel that the latest paradigm change for the internet is already underway: the metaverse, they claim, is almost here. When a company invests in an area, and the media declares a moment, it's sensible to take a step back and analyze if the reality can live up to the hype. But, if this is the "meta" moment — that is, if it provides something that people genuinely desire — it is reasonable to presume that many businesses are asking what the metaverse is and if they should be a part of it. Even knowing where to begin might be difficult for companies considering entering this new terrain. 

The metaverse's core concept is straightforward. Simply put, the metaverse is any digital experience on the internet that is permanent, immersive, three-dimensional (3D), and virtual, in the sense that it does not occur in the actual world. Metaverse experiences allow us to play, work, connect, and purchase (and make things extra fun, the stuff we buy can be natural or virtual). It can also be a bit misleading to refer to "the metaverse" as if it's a single, linked, or even interoperable reality because it isn't. The economic and technological specifications differ significantly because each company that produces a virtual environment has its own access, membership, monetization rights, and creative expression forms. The term "metaverse" alludes to the notion of these separate worlds and experiences, as well as the recognition that we are approaching a more profound, immersive terrain than ever before.

A few corporations have already begun to shape the environment, with entertainment and gaming giants leading the way. Major console and PC gaming games, such as Epic Games' Fortnite, have normalized playing and interacting with others in virtual environments. Newer gaming systems, such as Roblox allow players to build and play in immersive environments that they have built and frequently monetized. Decentraland is a 3D virtual environment that its users' control, enabling them to build virtual structures ranging from theme parks to galleries and then charge people to visit them, all powered by Ethereum blockchain technology. Other firms, such as MetaVRse and Unity, are developing engines to power brand and game studios and expedite AR and VR content production.

The immersive environment of the metaverse, on the other hand, isn't only a potential for consumer-facing businesses. Several commercial uses range from teaching future surgeons to distributing product demos to shop personnel. Nvidia's leadership, for example, believes that investing in metaverse simulations of things like manufacturing and logistics would decrease waste and speed better business solutions. And Microsoft is positioned its cloud services to be the metaverse's fabric, with its Mesh platform allowing avatars and immersive places to weave into collaborative settings like Teams over time. Many of these more imaginative virtual business experiences will become increasingly more significant to how firms engage with their workers in post-Covid hybrid or remote working situations.

For organizations that are still on the fence, it is critical for each brand to discover its niche and balance the risk-reward equation. Doing so necessitates understanding what is feasible, and organizations that are leaning in quickly may both inspire and serve as test cases. For example, many firms are capitalizing on the metaverse's gaming component by offering branded experiences that are effectively virtual and immersive sponsorships.

While Nike is a well-known brand, it is undoubtedly leading the charge at the aggressive end of the metaverse spectrum, as reported by CNBC, by filing for patents for virtual items and the possibility to develop virtual retail settings to sell those things. They just bought RTFKT, a startup that makes virtual footwear and collectibles for the metaverse.

The economic implications of the metaverse are being boosted even further by new behaviors centered on purchasing items and services directly from social encounters, commonly known as "social commerce." Social commerce is becoming a significant portion of US e-commerce over time, with a predicted $36 billion in 2021 alone, following China's development patterns.

Virtual showrooms, fashion shows, and dressing rooms can move from the fringes of innovation to the mainstream. As a result, the social media landscape is eager to profit from the intersection of where people interact and buy on the traditional internet and in a 3D, immersive metaverse. People aren't only selling tangible products; Sotheby's just unveiled its metaverse exhibition for curated virtual art, which will be hosted in Decentraland. As capabilities expand, new business models for influencers, virtual products — including non-fungible tokens (NFTs), which are one-of-a-kind creations sold and safeguarded on a blockchain — and commerce on real things acquired in virtual worlds will all gain prominence.

Brands should constantly be testing and learning, and the digital world, in particular, necessitates intellectual curiosity. The metaverse has a potential to be the next iteration of how humans utilize the internet to connect, communicate, and trade – staying on the sidelines for too long seems unlikely.

Here are some examples of what can businesses do right now:

Choose your targets.

Consider how much time your target audiences/customers spend in the metaverse and adjust your speed of attack accordingly – companies concentrating on younger demographics, for example, are unlikely to have the ability to sit out the metaverse for long. Who are your target demographics, and what behaviors are currently trending with your actual and potential customers that show how quickly you should move into the metaverse?

Paper cup recycling is an efficient method to become green. By cooperating with makers of these things, the foodservice industry can help to promote this green effort. They could also work with food packaging firms that want to live a greener, cleaner products for their customers.

Take note of the competitors.

Begin by discussing instances where peer firms do things in the metaverse, such as a showcase at a leadership meeting, merely to get the dialogue started across the executive team. Much of the sector may be daunting, especially when seemingly incomprehensible ideas like NFTs or blockchain are involved. Can you appoint someone to advocate for these issues, bringing relatable, practical examples to every meeting?

Seek out applications.

Examine whether the metaverse provides chances for your firm to attempt new things and advance your target or long-term goals, such as sustainability, which is ideally suited to many metaverse applications. Almost every CMO has made, or will soon make, a public commitment to ESGs relating to sustainability, and they will soon be measured. What can you test in the metaverse to see if you can find more sustainable ways to serve your customers?

Prepare your entry.

Request that your agency team begins developing an opinion on how your brand should appear in the metaverse and when it would make sense. Holding businesses and independent agencies are both closely monitoring mass media habits and developing trends, so this is an excellent time to inquire about what they are seeing throughout their client portfolio. What tests might they put in place to allow you to expose your brand to the metaverse comfortably?

Maintain your balance.

If you're already in it, be aware that all new environments bring risk and reward; manage appropriately, recognizing that it may be very unpredictable and lacking in norms. The good news is that the current epidemic has made us all far more adaptable than we have ever been. To express the obvious, there will be failures in experiments. Second Life promised the promise of the metaverse years ago, but the risk for the companies that engaged was neither large nor long term. So, if now is the time, it is critical to determine how to be present.

Most essential, persons in brand marketing or leadership positions should consider releasing their creative and narrative abilities. Suppose the creative palette grows in the metaverse. In that case, we should be delighted to develop experiences at any step in the customer journey, from acquisition through engagement, transaction, and customer service, that has the potential to be both stunning and stickier than before. And, someday, we'll probably want to transition from actual to virtual worlds easily. That is going to be the next frontier.

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