If you have not heard of the Metaverse, then you are missing out on one of the most exciting technological developments of the 21st century. Undeniably, it will revolutionize the world of online communications and it will change the way in which we communicate.
On October 28, 2021, Facebook debuts its new company brand, Meta. The term metaverse can be traced back to Neal Stephenson and his dystopian cyberpunk novel Snow Crash. The novel was released in 1992, and it’s considered a canon of the genre, along with William Gibson’s Neuromancer, which describes a virtual reality dataspace called the matrix.
But despite all these changes, how will it affect businesses who uses Facebook as their platform? Is it considered a new opportunity or a threat? Let’s talk about it.
Doing Business in the Metaverse: Opportunity or Threat?
Even as the technology for the metaverse is being built, businesses are gearing up for a radical transformation. Cryptocurrency company and market insights provider, Grayscale, recently pegged the metaverse’s revenue generation potential as $1 trillion.
According to its reports, revenues from virtual gaming worlds could increase from $180 billion in 2020 to $400 billion by 2025, before eventually gaining from the metaverse’s large-scale interoperability within the next decade.
Doing Business in the Metaverse?
The metaverse would be the next iteration of the internet and the social media world, with a few points of difference:
Users can log in via virtual reality (VR); this opens up new brand engagement possibilities, from trying out apparel to exploring a piece of real estate.
Users can be situated anywhere in the world, removing any geographic barriers in e-commerce.
Users will be equipped with a digital wallet in the metaverse, which makes purchase transactions more seamless.
Users will be able to teleport freely around the metaverse so that they can participate in groups and join (and pay for) events.
Meta’s Advice for Business Owners
Now, as it enters a new phase in its evolution, it offers three insights for business owners:
The metaverse will be co-created through a global alliance of creators, policymakers, businesses, etc. Business owners can be assured of a safe operating environment.
The first use case of the metaverse will be to promote business in the physical world. For example, shopping in VR could increase retail sales.
2D apps will act as a bridge between today’s digital reality and the metaverse. Businesses are encouraged to grow their digital presence on Facebook, Instagram, Messenger or WhatsApp to streamline the transition.
