Let’s be real, not everyone’s excited about donning virtual reality goggles. However, it’s clear that the metaverse is more than a trend — it’s an evolving ecosystem with enormous potential. Businesses that strategically position themselves early stand a chance of becoming industry titans.
In 1995, Newsweek predicted the internet would not catch on. Clifford Stoll even went as far as to say, “The truth i[s] no online database will replace your daily newspaper, no CD-ROM can take the place of a competent teacher and no computer network will change the way government works.” He scoffed, “We’re promised instant catalog shopping — just point and click for great deals. We’ll order airline tickets over the network, make restaurant reservations and negotiate sales contracts. Stores will become obsolete. So how come my local mall does more business in an afternoon than the entire Internet handles in a month?” Fast forward to today, and we’re doing all of the above (and more) with a simple swipe, tap, or facial recognition.
While the metaverse is indisputably a game-changing phenomenon, skepticism among business leaders and investors remains prevalent. Perhaps they haven’t fully grasped its potential — yet. In this article, we’ll explore the real concerns that business leaders may have about the metaverse and present an optimistic view on how to address and overcome these challenges.
- Return on Investment (ROI)
Alright, let’s talk money. The metaverse is a goldmine of innovation and growth waiting to be tapped. To optimize ROI, start with small, strategic investments. Pilot projects, proof of concepts, and partnerships can provide valuable insights without committing extensive resources upfront.
Ida Kymmer, Strategic Business Development Manager at JOURNEE, offers advanced, stylized solutions that connect people within virtual spaces in a revolutionary way. JOURNEE collaborates with brands, businesses, and beyond to enable show-stopping and future-proof Metaverses. Discover how brands like BMW, H&M, or Clinique are already embracing the future.
Learn about Ida’s perspective on the Metaverse:
2. Integration Challenges
While integrating metaverse technology might initially seem daunting, it’s more akin to piecing together a complex puzzle. Collaborate with experienced partners who can help bridge the gap between existing systems and the metaverse. A phased approach to integration allows for a smoother transition. Remember, Rome wasn’t built in a day, nor will your metaverse empire.
We spoke with Michael Toner, CMO of Threedium, a company at the forefront of 3D/AR technology specializing in highly engaging and interactive online shopping experiences. Threedium leverages lightweight and ultra-fast formats applicable across various digital channels. Michael shared how Threedium is shaping the backbone of the 3D internet through its proprietary AI technology and advancing intellectual property rights within the metaverse. Michael also revealed what is necessary to move today’s brands to Web3 and how to achieve interoperability between Web3 and Web2.
Listen in for more insights:
3. Employee Productivity
Worried your team will be too engrossed in virtual adventures to focus on work? Think again. The metaverse offers an environment where employee engagement can actually flourish.
Our team recently interviewed Stéphane Boukris, an investor in Metaverse Studio and the President and Founder of Excelsior. He offered a nuanced perspective on the metaverse’s capabilities relative to the real world. While acknowledging that the metaverse isn’t a substitute for physical reality, Boukris argues that it constitutes a significant improvement over existing 2D communication platforms like Zoom. He pointed out that people are already allocating significant time to similar digital spaces, such as Google Meet. Boukris envisions a future where individuals might spend up to 10 hours a day in the metaverse, even though it won’t supplant reality. Additionally, he highlighted the growing value of virtual assets, illustrated by the elevated prices of items like Gucci bags within the metaverse, driven by heightened user engagement.
Gain more insights:
4. Consumer Adoption
Consumer adoption is on the rise. Engage in market research to gauge the metaverse readiness of your target audience. Design compelling, immersive experiences that not only captivate them but also leave them wanting more.
We have interviewed Esther O’Callaghan, Founder of hundo and a multi-award-winning leader who is a fervent advocate for the positive applications of frontier technologies. hundo specializes in virtual work experience programs tailored to complement existing curricula, equipping students with the essential skills, knowledge, and behaviors required to excel in the evolving job market.
Learn more:
5. Competitive Advantage
Being an early adopter isn’t just a trendy move; it’s a strategic power play. Remain at the forefront of innovation, refine your metaverse initiatives, and become the market leader your competitors aspire to emulate. Seek out partnerships with aligned entities to forge a distinctive value proposition.
Faryar Ghazanfari, Co-Founder & CEO of Clipo Labs and Multiverse — IIR and a visionary leader in metaverse development, shared with us insights into the challenges and successes of Clipo Labs’ innovative technology, including its applications in immersive events, virtual theaters, and healthcare. The conversation also explores the decentralization of the Metaverse and the collaborative community effort behind its evolution.
Hear more from our conversation:
In the metaverse, the scope of possibilities is expansive, and history has shown that skepticism frequently precedes transformative change. The metaverse today represents a digital frontier ripe with untapped potential. For business leaders, engaging with it is not merely an opportunity — it’s a fiduciary responsibility to adapt and innovate. We are the navigators of this digital odyssey.
Become part of our dynamic community of forward-thinking pioneers as we explore the boundless opportunities within the digital landscape. Connect, acquire knowledge, and actively participate in shaping the future of the metaverse. Ready to set sail? www.ywhales.com
yWhales Website: https://www.ywhales.com/
Podcast Library: https://www.ywhales.com/podcasts
YouTube: https://links.ywhales.com/YouTube
Vimeo: https://links.ywhales.com/Vimeo
LinkedIn: https://links.ywhales.com/LinkedIn
Twitter: https://links.ywhales.com/Twitter
Medium: https://links.ywhales.com/Medium
