Why does The Metaverse matter?
Business leaders face a dizzying array of emerging technologies, from blockchain and cryptocurrency to non-fungible tokens, Web3, and endless applications for artificial intelligence. Each holds potential for commercial application, with volatile investment risk. The Metaverse stands above these—not an application on the internet—rather it IS the next manifestation of the internet—the future immersive web in 3D—the ecosystem in which all these other technologies may play a part. Gartner forecasts that each of us will consume at least an hour per day in The Metaverse by 2026. Leaders preparing for this reality include games like Secondlife, Minecraft and Fortnite, and retailers like Walmart Land, and Nike Land built on Roblox gaming platform.
Just as the original web transformed what the internet was in the mid-1990s, and as social media and mobile brought connected internet content and experiences to everyone everywhere, the shift from 2D to immersive 3D represents a dramatic change for just about every aspect of your business over the near future, the coming 3-5 years. As such, your executive team—particularly Marketing, Operations, and Technology leaders—should craft a common vision for how you will participate or even lead in The Metaverse. PwC’s US Metaverse Survey this year indicates that 66% of executives surveyed are already formulating or acting on a Metaverse strategy.
Learn from Leaders
Ampersand partner Near Futurist Neil Redding, seen here on the mainstage and Augmented World Expo, describes how designing for the Metaverse starts by mapping your ecosystem.
How do you get started?
Like any strategy, start with a goal. What are you trying to achieve?
- Do you set an external objective, to build, elevate or extend your brand? Or create a sales channel? Do you aspire to design a platform for new digital offerings? Or will you engage with customers, prospects, and partners to co-create new offerings?
- Or do you pursue an internal goal, to improve operations, promote connection, empathy, and understanding, manage change, or reduce risk? Does it offer a new distributed, low-cost mechanism for onboarding, training, and collaboration?
Build for the future
Once you’ve set your vision and goals you are ready to develop your Metaverse strategy. For new participants in this realm, we recommend that you start with indoctrination into the potential and timing for The Metaverse. Conduct one or more simple, inexpensive experiments to test assumptions and reveal any flaws or latent risks. Then you’re ready to answer the two basic questions of any strategy—where to play, and how to win.