6 ways to start preparing for the metaverse era
Since no true metaverse exists yet, but many of its concepts are already business-relevant, many companies would benefit from taking six measured actions. The first three focus on opportunities and use cases available today. The next three will help build the capabilities that will help support metaverse success tomorrow.
Get up to speed. Most companies — even many technology companies — lack institutional familiarity with the metaverse’s concepts, which are evolving quickly. Many may also lack the skills and processes to truly understand and trust their digital transactions and investments. Assign at least one resource or source of knowledge (such as a group) to understand key concepts such as cryptocurrencies and decentralized autonomous organizations and their relevance to your company, and to follow the metaverse as it evolves.
Develop a strategy. Identify gaps to close and long-term opportunities to build from the metaverse and its key concepts, then work on foundational measures. Many companies, for example, will likely benefit from recruiting digital native employees already at home with the metaverse’s key concepts, as well as technical measures such making services extensible, developing plans for security and identity, and publishing application programming interfaces (APIs) to core systems so others can connect.
Test the waters. Select a few opportunities available within the metaverse’s underlying trends today. Lower-risk use cases include selling digital versions of physical goods, offering virtual tours of virtual products or facilities, and launching NFTs to enhance brand awareness and connections to customers. Companies may also wish to consider buying or leasing digital real estate for sales, advertising and customer support. Digital real estate is likely a higher-risk option, since no individual digital worlds have yet proved that they will have lasting relevance, but it may be a reasonable choice for some companies to consider.