What is the Metaverse? How can my business benefit from it?

What is the Metaverse?

To be clear, the Metaverse is a concept that represents more than just a virtual world, and it has become popular again recently when Meta (formally known as Facebook) announced their intention to move towards building their own “Metaverse” – a digital world and online economy that can be accessed through Oculus VR headsets.

The general idea is to present the “internet” in a massive 3D virtual way. Imagine a large open-world video game where businesses and organizations can have their own virtual spaces that are specifically developed to promote products and services. A bit like a large 3D virtual trade show. People can explore this digital geography, visit 3D spaces, and be in an “otherworldly” environment that is not bound by the laws of the physical world, can teleport, and create all kinds of wacky architecture. However, although this is happening now, it has not actually arrived yet and has not yet become mainstream or officially launched.

This is a cool idea because the innovation and creativity with this concept is limitless. Technological advances in software development, network performance, combined with advances in hardware, have created a very promising digital experience for the masses.

Many of the biggest players (almost all of them related to the video game industry or social media) are currently gearing up and investing billions of dollars in this idea. Companies like Meta (Facebook), Microsoft X-Box, which recently acquired Blizzard/Activision for $68.7 billion, Unity, Epic Games and Roblox are all very active on this topic and starting to get ready.

How Businesses Can Use the Concept of the Metaverse to Their Advantage?

So now, as a business owner, you may be wondering “Should my company rent space in the Metaverse?” or “How will the Metaverse impact my marketing strategy?” “Is the Metaverse just a trend or a phase?” Just like websites decades ago and social media more recently, we can’t ignore the tools available to promote our products or services. Especially with tools as powerful and creative as the Metaverse concept that promises to work in this new digital virtual age where being present in person can be challenging. Eventually, these concepts become the norm and marketers and businesses must figure out how to use these tools and stand out from the crowd.

It is entirely possible to develop your own virtual space, virtual showroom, virtual tour of a factory or office (the options are endless), without being limited by the concept of a “metaverse platform”, and add it to your own website, which is, after all, already a virtual network. If done correctly, these virtual tools will play an important role in supporting the end user in their interaction with your brand. Not taking away their experience, but enhancing it.

Then, you can still take advantage of all the benefits that come with the concept of a virtual “metaverse” while operating on your own turf. Immersive virtual tools offer users the opportunity to experience your brand, product or service from a distance, creating a more personalized experience, allowing you to reach a wider audience and setting you apart from your average competitor.

The tools are also very versatile. We have designed virtual environments for clients to use as sales demonstration spaces, customer education spaces, and employee training environments because it is a very convenient way to showcase your processes or collection of products or services in a very compelling way. You can also easily use existing tools to drive traffic to these platforms, and like any virtual space, the potential for innovation and concepts is endless.

What can we expect from the future of the Metaverse?

Of course, no one can be sure, but we suspect there will be a number of platforms claiming to be a “Metaverse” rather than just “the only Metaverse”. Each platform will be led by one of the corporate giants and may target a different audience. A bit like we currently have several different social media platforms like LinkedIn, Meta (Facebook), Instagram, Tik Tok, etc. Or different streaming services like Netflix, Amazon Prime or Disney+. You can bet there will be a battle between them to push their own Metaverse platform to their end users. No one can own the concept of social media or TV streaming and dominate, just like no one can claim to own the only “Metaverse”.

While the platforms may present different features, I think all platforms will have some form of advertising, based on views/visits or paid placement or even subscriptions, etc. You can expect the rules to change frequently based on exposure and what works in their (the developer’s) favor, not your business. While the platforms will become virtual, it may cost extra to enter certain areas or promote next to large companies with large audiences. Even though we are dealing with a virtual reality concept that is not bound by the laws of physics, you can be sure that it will not be easy to get your digital presence insights beyond the likes of YouTube or Amazon, creating a very strange real estate economy.

There will undoubtedly be a handful of contenders when the dust settles, a process that will likely take at least a few years, and we’ll likely have a dominant platform that attracts the majority of players, just as Google did in search engines or Meta did in social media (like Facebook and Instagram).

But remember, you don’t have to wait for giants like Meta or Microsoft to dictate your experience or move into the virtual world. There are many ways you can leverage, deploy, and use virtual tools today for your sales team or as part of your overall marketing strategy.

I invite you to explore all the tools available to you and research how you and your business can expand your impact by creating your own virtual experiences. This is a great way to take your user experience to the next level and get ahead of the curve!

When you decide to explore this idea for your company, remember that you need to have a targeted, goal-oriented strategy to maximize your investment.

A digital studio like ours, SKYE Studio can work with you to develop your own avatar, help you integrate your promotional marketing strategy, and even collect data.

By Dominic Lehoux – January 2022