Mark Zuckerberg is thrusting his way towards the creation of a virtual world, and he’s probably not the only one on the race. In fact, the multinational technology corporation Microsoft has been on the move too.
Metaverse is an increasing trend that will surely soft-soap every avenue of entertainment, marketing, and even culture.
This would probably be the next paradigm shift of the internet. And perhaps, this is the reason why any marketer or business owner who is doing business online should engross themselves in what’s happening on this invisible planet.
The Future Ahead: What is Metaverse?
Metaverse is a new term that sounds complicated to understand, but its basic idea isn’t truly complicated at all. Even if you haven’t noticed, most businesses have already taken their first step towards metaverse— businesses have had started to build their digital presence.
Traditional marketing has evolved into the digital space when Covid-19 hit the world. Marketers hollered all over the internet, asking businesses to shift to digital. Almost everyone joins the digital revolution, and Facebook, Instagram, and other social media sites have become the salvation of many businesses.
If you’re not too blind to notice, kids these days are also so absorbed in spending their time playing in the pixelated virtual world, doing real-world activities online, and learning skills that we are yet to master.
Metaverse first emerged in the science fiction novel Snow Crash in 1992. Metaverse got derived from two words: meta and verse. The prefix name of meta means more comprehensive, and verse is the short term for universe. However, the idea of metaverse wasn’t seriously discussed as the next degree of the internet back then.
Now, what exactly is metaverse?
Putting things simply, metaverse incorporates any digital experience that offers us the opportunity to play, connect, buy, and work. It is a full-scale 3D universe that uses a virtual reality device as a point of entry.
Similar to those breathtaking science fiction movies, you’ll be transported into a whole new dimension that resembles the real world. Yet, despite its immersive, persistent, and three-dimensional nature, the things happening within that invisible world is not actually happening in real-time.
Rebranding Facebook to Meta shows how massive the metaverse concept is getting. Aside from Facebook, a great number of businesses are also shaping the virtual world landscape with gaming companies and entertainment piloting the way.
The healthcare industry is also gearing in making virtual world-inspired applications that doctors can use to interact with patients without physical content.
The best thing that metaverse can offer is the ability to interact like never before in real life. This was made possible by augmented reality and virtual reality.
Augmented reality (AR) adds digital parts to the physical environment, influencing the virtual universe’s vision, sounds, and other physical components. On the other hand, virtual reality (VR) is the employment of technology to establish a simulated environment.
Large corporations are putting hard efforts into building a world that is indistinguishable from the real world. Metaverse is still at its outset, but the potential of the technology behind it has a high-water mark.
If you want to be one of the pioneers in the industry, here are the steps you should follow to transition business to the metaverse.
Boost presence with existing online platforms
If you have heard of the famous quote, “You have to learn how to walk before you learn how to run.” If your business still doesn’t have an online presence by now, then you are missing a lot.
Before diving deep into the metaverse, it would help if you had a strong online presence. You need to learn the current online market basics before going into this new universe since the same old rules will be applied.
Consider today’s online platforms as a training ground for a gigantic arena you will be entering.
For instance, if you take fancy in creating a virtual reality (VR) business, you need to create a high-quality website for your company and put marketing efforts into growing your social media presence.
You must learn how to raise increase traffic flow to your website and be comfortable and exploratory with popular online media outlets like Amazon, eBay, Shopify, Facebook, Instagram, Twitter, and the likes.
Taking some time to learn the fundamentals of the latterly mentioned online platform can take you far in the early days of your metaverse journey.
Master 2D models
Oculus Quest Virtual Reality headset is basically an Android that is fastened on the head. Hence, creating virtual reality applications is greatly similar to developing an application for Android.
You need to master two-dimensional models because this is the genesis of this new commerce. There’s a big chance that the early days of metaverse will rely on 2D before reaching its maximal potential.
The current software development tactics will still be the perfect springboards to plunge into the metaverse. Two-dimensional app development isn’t going away anytime soon, so get innovative with it.
Level up your current skills to upscale your online business.
Focus on your target audience
Who are the target demographics of your business, and what behaviors are trending with your prospective customers?
Famous tech giant, Microsoft, has targeted professionals since its launch in the 80s. However, today’s businesses owners have been venturing into various demographics without specified targets.
Keep in mind that your product or service can get lost in a multitude of products, no matter how great they are. You need to break through established brands and make yourself known.
Do not dig into different avenues and try to get the attention of everyone in the digital universe. Instead, choose one specific outlet, comprehend the needs and desires of your chosen targets, and aim your marketing efforts at them.
For instance, if you are thinking of a blood pressure monitoring solution as a metaverse business, aim your focus and marketing efforts on older people who are vulnerable to blood pressure abnormality.
Focus on the experience
In 2003, an online virtual world called Second Life was released in the market, allowing companies to hawk their services within an online space. Companies tried their luck within the online universe and built their businesses in the online land by putting logos and product placements.
Many companies have off tracked in Second Life and have stopped their business in the platform in this day and age. However, this old project has left the digital world with a lesson— focus on the experience.
Rather than just plainly feeding the eyes of the internet users, you should let them experience the “real thing.”
To give an instance, let’s say you want to enter the game metaverse business. Then it would be best if you let the controls stimulate real-life actions. Or, if you plan to establish a metaverse store, begin dimensioning your item in more than two dimensions.
Identify the feeling your target customers are seeking when they enter the space. This way, you can aim your strategy in creating an emotion funnel that will drive them towards that emotion.
The user experience makes a customer loyal, and you should strive for that.
Get comfortable with cryptocurrencies
If you have invested in cryptocurrencies before the pandemic, you might have made insane profits that will take you a lifetime to earn in your 9-5 job. But no more regrets for what has passed; the future is more important— cryptocurrencies are the future.
Obviously, a virtual world would stand in need of a virtual currency. Hence, the union between the two is sure to happen. To do business in the virtual universe, you need to comprehend and adapt them yourself.
At the time of writing, the global value of metaverse is $47.69 billion and is expected to increase by $800 billion in the coming years. The metaverse universe is still a decade away from its full growth. Nevertheless, laying out plans to shift your business into the virtual world ahead of time is a good way to go.
