Is doing business possible in the Metaverse?
Long story short? Yes. In the Metaverse it is possible to do business, just as in reality. The opportunities arising from the Metaverse are countless, and not seizing them immediately means losing both a great opportunity for experimentation and a chance to gain an effective return of investment. Besides, why chasing others when you can become the point of reference yourself?
The Metaverse is the encounter between the real and digital world and (as you have surely already read) consists in a virtual universe everyone can access to, interacting with it through their avatars. The Metaverse is a channel offering a uniquely immersive experience, revolutionizing social and commercial relationship. It is a new way mean of communication, in which the barriers of space and time are torn down.
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A NEW MARKET
The Metaverse involves technologies, tools, and inevitably many complex business processes. We can say that a new and continuously evolving market has been born, running parallel to the current one. In fact, the current business models we know will continue to exist, but they will also extend their processes into the digital reality of the Metaverse by offering customers a never-before-seen purchase experience. The Metaverse is also paving the way for totally new businesses that will revolutionize the market. It is estimated that a trillion dollars’ worth of revenue opportunities are linked to the fields of advertising, gaming, commerce, digital events, hardware, and software. Such estimations are the reason why many big players (and not only them) are investing in such areas.
For a clearer understanding, the Metaverse can be thought of as a set of interdependent layers, which compose the value chain of the market linked to the Metaverse.
THE 7 LEVELS OF THE METAVERSE
Jon Radoff, author, game designer and entrepreneur, describes the structure of the Metaverse as a set of 7 main layers, each of them corresponding to a different phase of its value chain. The basic level represents the Infrastructure of the Metaverse, around which all the other layers rely on: Human interface, Decentralization, Spatial Computing, Creator Economy, Discovery, and Experiences.
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- Experiences
The main characterizes feature of the Metaverse is precisely the fact that it offers to its users the possibility to live experiences which would be impossible in real life. Would you have ever imagined to addend an event from the front row while comfortably sitting on your sofa at home? Now it is possible.
- Discovery
The metaverse is no doubt a continuous discovery. By it being an evolving environment, people are constantly interested in learning in a direct or indirect way information and experiences that can be done within the Metaverse, thus creating a network of interactions and questions, a set of relationships based on curiosity.
- Creator economy
It is now clear to everyone that the current economy is content-oriented. Companies invest to create a brand identity, and figures such as creators and influencers are now essential actors of every social strategy. In the Metaverse such concept is amplified: the need to create content and the skills to create it increase, and it will be such needs and skills to drive the economy. If before customers could only view contents and with the advent of the Web 2.0 they could realize them in 2D, now in the Metaverse they can also shape them, and the resulting interaction will be even more direct than in reality. For such reason, it is expected that in this phase of exploration of the Metaverse advertising and marketing will occupy a large share of the market.
- Spatial Computing
Spatial calculation involves the combination of all AR and VR solutions making it possible to enter the Metaverse and to manipulate 3D spaces. We are talking about combining hardware and software technologies to digitalize the physical world around us. Each evolution in this field will allow a new, different, simpler, cheaper access... and who knows what else!
- Decentralization
The idea that the Metaverse can remain a single space with one authority is impossible. Precisely for such reason we talk about decentralization through which, thanks to systems such as the blockchain, it will be possible to manage the "ownership" of anything, without regards of a central control reference point. The concept of decentralisation is crucial because, for the first-time, creators will become absolute owners of their content, without having to "ask permissions" like it could happen in a web 2.0 platform.
- Human interface
Getting into the Metaverse means physically picking up hardware devices (like immersive headsets) and wearing them. It is thanks to these technological solutions, which are currently evolving, that you can access the virtual space from anywhere you are. We are now experimenting with different solutions to make this step more and more simple and immediate: both the possibility of having access to this kind of device and the ability to make the Metaverse accessible in multiple modes will be crucial.
- Infrastructure
Technological infrastructure is the key element on which the structure of the Metaverse is based. It includes all the technologies allowing you to enable devices, to connect them to the web and to stream content.
All of this to say that keeping up with change is not easy but, when opportunities for growth and innovation offering such a large market share presents themselves, it is the right time to move: we do not know what the Metaverse will be like in a year, or what businesses could be developed, but we know that entering it means opening up possibilities for experimentation that will not happen again. The prospects for the future of business are many, and they are now.