Setting up Shop in the Metaverse — Your Business in the Virtual World
Much like at the turn of the millennium, when the world held its breath in anxious anticipation of what 2000 would bring and the uncertain potential of the world wide web, we are now at the brink of a global technological shift. Unlike the late 90’s, there now seems to be a bit more general acceptance of the changes that are to come and the raw fear has been (mostly) replaced by excitement, curiosity and intrigue. More individuals and companies outside of the large tech corporations are clamouring to understand how they, too, can get in on this new wave that is poised to come quickly to shore.
Opportunities for Meta-Businesses
You might be among those thinking, “This could be a great opportunity, but how do I get ahead of it?” As with most things in life, the straight answer is to jump in with both feet and start kicking! but we deal with practicalities here, so let’s get down to it.
The metaverse, while being made up by a conglomeration of alternate realities physically separate from our world, will undoubtedly have ramifications on, and be inspired by, this present reality. The most successful companies to make a stake will be those who are able to find a balance between pushing the boundaries of commerce in a virtual world while using it to draw users back to engage with their real-world counterparts. Here are a few ways that we can see businesses of all types engaging with the metaverse:
- Creation and Sale of Products as NFTs
Non-fungible tokens are the main channel of commerce in the virtual world. Sales within the virtual realm can be expected, at least in the early stages, to be paid for mostly with cryptocurrencies — and we will see lots of businesses launching their own coins and tokens specific to their platform. Given the fact that users are expected to roam the metaverse as digital avatars, essentially living digital lives, you can imagine that virtual versions of all the things we already own and use in the real world will sell in the metaverse. Except maybe food… but who knows?
The metaverse may be an opportunity to make the impossible possible. Imagine a company like Nike being able to create shoes with wings, or designing backpacks with built in jetpacks that get you from a meetup in one metaverse platform right into your next space. We may not have figured out how to make people fly without a plan in real life yet, what with physics and all, but in virtual space? — the possibilities are endless.
- Purchase and Development of Prime Virtual Real Estate
We may not yet know which platforms or locations are going to be most highly regarded in meta-meta-land, but similarly to having a storefront on 5th Avenue, one can imagine that placing your key offerings in a well-trafficked spot, though high in cost, will also bring high returns.
- Advertise, advertise, ADVERTISE
The metaverse, like our web pages, apps and highway billboards today, will undoubtedly be crawling with ad spaces. Right after nabbing that prime virtual location, you’re also going to want to grab all the advertising real estate you can manage. There will be lots of room for experimentation with marketing styles in a virtual space. The world will be rife with subliminal messaging and it’s up to you to find the best outlet.
- Host Brand Events or Social Spaces
What better way to gain new customers or strengthen existing client relations than by getting them to interact with you and each other while sampling new products (advertising!) or bonding over what they love most about your brand? People love an event, and with the selling point of the metaverse being as a new way to engage and interact with others, you’d do well to capitalise on that.
The idea of limitless creation doesn’t only apply to physical products. What about experiences that defy gravity, physical laws or other physical capabilities IRL? Concert producers and other immersive experience creators have already started exploring this.
- Communications
Aside from actual planned and sponsored events, like I said, the metaverse is about engagement and interactions. Platforms that simply allow users to meet with others on their own time in meaningful ways — be it for work, educational or social purposes — will play a big role in this new world.
- MaaS
Metaverse [development] as a Service. No, this isn’t really a thing yet, but we can definitely see it becoming one. Even though nearly every company is starting to consider how they can get into the world of alternate realities, not every company has the resources or the know-how to successfully get it going. Entities that work on developing the necessary skill sets and understanding how to effectively launch a business into the metaverse will be sought out to help others get up to speed. Be sure to check back for my upcoming article that will go into some depth on one type of metaverse service that can be offered.
- Device Development
At the end of the day, in order for any of what we discussed above to be possible, users will need to have convenient access to the metaverse. Since it will all exist in virtual, augmented or mixed reality spaces, the hardware and devices we use to make contact will be of utmost importance. There will undoubtedly be numerous iterations of the VR goggles, glasses, contact lenses or implants that will be used and improved overtime. If you already work in the physical product or hardware development space, this is a pivot you may want to consider.
Don’t Lose Touch With Reality
With all these limitless possibilities within reach, the important thing to keep in mind is that business will remain business. To make it work and maintain profits, you will need to thoroughly understand your market and develop a strong product or service that they are willing to pay for. While the metaverse will certainly allow us to push all the boundaries, finding a way to translate real-world skills into these alternate digital realities is paramount.
If there’s one thing we should have taken away from the internet takeover of the 90’s and the notorious dotcom bust soon after in 2001, it’s that standard operations and common sense are not to be thrown out the door with the hope and promise of a great new frontier. The full strength of the metaverse is still years away, and your best bet to be ready for it is to start developing your products and brands in the here and now. Create a strong network and customer base who will follow you into the great virtual beyond. Develop your skill sets and those of your team members so that you are ready to scale quickly into a new channel at the right time. The metaverse is coming — will you be ready?
