Metaverse: What are my options? The IT Leader’s Guide
Back in 1992, Neal Stephenson coined the term “metaverse” in his Sci-Fi novel, Snow Crash.
And it’s all truly fiction. Because he had no clue how this virtual fantasy world could be brought to life.
Today, it’s been 3 decades since the novel came out. Now we have the technology to make it happen. In fact, we have already started experiencing life in the Metaverse.
We have virtual games like Fortnight and game zones (sort of!) like Roblox where we can play as avatars.
We have seen Ariana Grande, Justin Bieber, and others perform in concerts held in virtual spaces.
And many of us have donned digital avatars and attended immersive virtual meetings using Mesh for Teams by Microsoft.
All that is a piece-by-piece version of the Metaverse. Yet to be unified into one universe. But a good start, for sure. However, the Metaverse is not just for fun and entertainment. Metaverse is where the business will be done tomorrow.
According to a McKinsey report, Metaverse has the potential to create up to $5 trillion in value by 2030. Moreover, Americans are expected to spend at least 4 hours every day in the Metaverse within the next 5 years.
As the IT leader in your organization, it is your job to not let such an opportunity go to waste. And you need to spearhead the transition from physical to digital and now the virtual world.
How?
The pathways to entering the Metaverse are infinite.
There is a lot that we don’t know yet.
And, of course, a lot that we can orchestrate.
So the options are potentially limitless. That’s about the future though.
Let me walk you through 4 simple ways you can enter the Metaverse with your business TODAY.
Before that, if you are living under the rock, and the only information you have about Metaverse is that it is a trendy buzzword, here’s a brief introduction to bring you up to speed.
Metaverse: What, Why, and How?
Metaverse is the idea of a virtual world where you can shop, learn, play, work, and carry out business using digital currency. Just like you do in real life but instead in a digital space using your avatar, which again is a digital version of yourself.
Given that the Metaverse is still in the nascent stage, what it means or what all it can offer can and will change.
However, according to Mark Zuckerberg, one of the key people involved in building the future of the Metaverse, “The defining quality of the metaverse will be a feeling of presence — like you are right there with another person or in another place.”
And many social technologies will have to be leveraged in synergy to make it happen. Some technologies that we are currently using to experience the Metaverse include
● Augmented Reality,
● Virtual Reality,
● Blockchain, and
● Non Fungible Tokens (NFTs).
4 Juicy Metaverse Opportunities, Today
Metaverse isn’t for the 2030s. It’s for today and tomorrow. These four opportunities are irresistible for leaders in the tech space.
1. MetaPlay
Gamification engages audiences. The next frontier in gamification is Metaverse.
The basic idea is simple. Engage your audience by leveraging exciting gameplay opportunities in the Metaverse. You can go with existing games or build one of your own (if you have the budget). And invite people to join you in the Metaverse with their avatars.
How to MetaGamify your business? You need a marketing team that understands gamification, and a tech partner that understands metaverse.
2. Meta BizOps
Businesses using AR to make work more immersive and efficient is a thing of the past. Now businesses today are depending on the Metaverse to make business operations smoother. I like to call it BizOps. Much like DevOps, this is the use of automation technology and system unification where all business processes are put in an assembly line and workers — sitting in different corners of the world — can collaborate effortlessly.
Such a virtual workspace can digitize workspaces. It can make sure data and information are available round the clock. And it allows people to send their digital avatars to meetings instead of going on their own.
The benefit?
- Higher level of collaboration
- Better use of technology for day-to-day operations
- Easy implementation of even the most complex tools and technologies with virtual guidance always available.
3. MetaMeet
Microsoft’s Mesh for Teams is the easiest way you can enter the Metaverse today by letting your WFH employees join meetings as their avatars. This will help build an office-like atmosphere online.
Imagine employees from diverse teams who are based out of two separate corners of the world, meeting at the virtual cafeteria and hitting it off.
It could easily translate to better cooperation and coordination. And of course, a better flow of ideas cutting across geographical boundaries.
4. Met(a)dvertising
Brands using movies to promote their products is a marketing tactic of the past. You can advertise your products/services and enhance visibility in the Metaverse today.
Here’s how Wendy did it.
Fortnite had a virtual gaming fight in 2018 where players had to fight to defend their favourite digital restaurant. Wendy entered the war online by creating an avatar resembling their mascot.
But they weren’t killing other players in the game. Instead, they were destroying the digital burger joint’s freezers and promoting their own rule of “never using frozen beef.”
This fresh idea and the tagline — Keeping Fortnite Fresh — won millions of hearts, just like their fresh burgers do. It ultimately resulted in a 119% increase in social brand mentions for Wendys.
Some other brands that have used the Metaverse include Gucci selling virtual bags on Roblox and Louis Vuitton launching Louis The Game where people explore fashion houses in the Metaverse and collect NFTs.
Don’t let these examples stop you from experimenting or exploring though. This is just the beginning. And in the Metaverse, whatever you can imagine can become true. So let your creativity run really wild.
Playbook to enter the Metaverse — Go pro with digital
The Metaverse is not a far-fetched tech dream that you don’t have to think about now. It is the future of the world that we are currently seeing unfold in front of our eyes.
You can either be a silent spectator and watch the show or you can become the show master and make things happen.
If you choose the latter, here’s… the first step you need to take. Bolster your digital presence. You cannot directly transition from a brick-and-mortar store on high street to a business thriving in the Metaverse. You need to have a solid digital presence first.
A strong website, digital presence, brand awareness, and maybe a mobile app — ensure you have all that.
Once that is done, then you can think about entering the talent war, onboarding technologists who have the skills to power your vision, and meeting your customers in the Metaverse.
A 10-point playbook to guide you through.
1. Ignore the skeptics
Look around you. There are hundreds of technological innovations around you. A majority of them were called “pointless” a few years ago. But these technologies are now driving our world.
I see a lot of people say that about Web 3.0 today. One phrase that often pops up is “Wb 3.0 is solving problems that don’t even exist.” Don’t let that get to you and stop you from adapting to new technologies.
2. Test and learn
Remember that not all technologies will be the right for your choice. So test-try technologies that can potentially be used in the Metaverse. And finalize technologies to invest in by learning from your experiences. Trial and error is the way to go. There are no shortcuts.
3. Contribute to the Metaverse
Data security and financial safety are still going to be relevant in the Metaverse too. Building secure databases and safe processes should be your priority. Make sure you don’t compromise data privacy and security in a bid to rush towards the Metaverse.
4. Engage your audience from the get-go
Users won’t sit down and read blocks of texts in the Metaverse. They’d want something more upfront and personal. Something more engaging and truly immersive. Start doing that today. Gamification and AR/VR are good places to start that
5. Earmark KPIs for today and tomorrow
Your efforts (and investments) are worth only when you have tangible data to show for it. Without results, nothing matters. Make sure you find out and decide on the right KPI to be measured today and in the future.
6. Think long-term when judging ROIs
Technology investments can be heavy in your business purses. Results might not be visible immediately. So cut the ROI some slack and factor in future returns on investments.
7. Capture data
Data will be the key to opening the Metaverse for you. So don’t leave any chance to capture data about customer preferences and what they want.
8. Build tech capabilities
Investing in AI, Blockchain, Crypto, and other Meta-worthy technologies is costly. Not to mention, they take time in deployment. So start building the tech capabilities you need tomorrow, today itself.
9. Build a brand
Just your logo and tagline won’t do in the Metaverse. You need to create digital experiences. And you need to build digital assets. Device/platform interoperability of these assets is also necessary to make sure you don’t have to wait to leverage the opportunities that arise tomorrow.
10. Map the transition from the web to the Metaverse
You cannot one day just decide to shift into the Metaverse. Plan what resources will be needed. Decide how you will transfer assets from the web to the Metaverse. Strategize how you will attract and build an audience there. And more.
Though opportunities in the Metaverse are many, you don’t want it to be a meta-worse for your business.
Preparation is necessary. And as IT leaders, you are the one who needs to set down the ground rules. Customize the Metaverse readiness playbook I shared above and take your organization to the Metaverse.
