Brace yourself - the Metaverse is coming! Just as you got a grasp on social media and online ads, another bit of technology promises to be the new way you connect with potential customers. The Metaverse certainly sounds significant and like the future. But what is it, and should your business be a part of this concept?

The Metaverse in a nutshell

The metaverse is a concept of a persistent, online, 3D universe that combines multiple different virtual spaces. You can think of it as a future iteration of the internet. The metaverse will allow users to work, meet, game, and socialize together in these 3D spaces.

If you want to see this vision in action, the video keynotes from Microsoft and Meta-née-Facebook are comprehensive explanations. Also, check out Vodacom Now's Metaverse Glossary and podcast.

The Metaverse relies on something called Web3. This term represents new systems that could change how the internet works, such as blockchain networks, digital currencies and super-fast mobile broadband. The ingredients for the Metaverse are out there. But will it become a real thing, and should your business prepare for its arrival?

Your business on the Metaverse

In some ways, the Metaverse already exists. There are metaverse communities such as Decentraland, The Sandbox, and locally, Ubuntuland. You can use virtual currencies to buy items and even parcels of land in these places.

Yes, you can own a piece of virtual land that you can develop and invite other metaverse inhabitants to visit. The rapper Snoop Dogg has a metaverse world on The Sandbox called Snoopland. Last year, someone paid $450,000 to buy the virtual plot next to Snoop's virtual house. Since metaverses use blockchain, they can use cryptocurrencies to place real-world value on virtual objects.

This distinction makes the Metaverse different from other virtual worlds. So, there are two big draws for businesses: the Metaverse could be the place where you find future customers, and it offers tangible value for transactions.

Meta is a big proponent for business in the Metaverse, stating, "We believe the Metaverse will be the biggest opportunity for modern business since the creation of the internet. It's the next evolution of digital platforms and the successor to today's mobile internet."

It recommends that if your business is skilled with tools such as mobile applications or social media marketing, those will remain relevent as they build the way to the Metaverse. If your business is not savvy in those areas, you'd probably want to focus there first before wondering about joining the Metaverse.

Hype versus Substance

Businesses that feel comfortable in the mobile world can look at VR headsets (wearable tech that allows you to experience a virtual world from the first person), AR apps, blockchain wallets, and maybe even spend a little on a virtual plot of land. This is the time to experiment and take risks, but not bet on anything you can't afford to lose. As the advisory firm PwC warns:

"The Metaverse is suddenly hot, even though the underlying technology trends have been underway for years. As in the internet's early days, this innovation likely contains pockets of speculation, overvaluation and unwise investment — especially since a true metaverse, as tech visionaries imagine it, is still years away. Not every company needs to become a metaverse leader today."

Many stakeholders really want the Metaverse to happen, though they don't always agree on the same definitions. Some groups see it as the way to fix all the current problems of the internet, such as data privacy. Some believe it will entirely change how we interact with the digital world, largely replacing our laptops and smartphones. And many really want it to be the thing that makes virtual reality as mainstream as televisions.

So there are a lot of hopes and dreams pinned to the Metaverse. But there is also real potential, such as new technology standards and systems that will alter how we use the digital world. The future is in some parts of the Metaverse. The problem is knowing which parts!

Find the best solution for your business

Are you thinking about your Metaverse strategy? Much like everything in business, defining your ambition is the just first step toward developing a strategic stance. The Metaverse is likely to influence many aspects of business including how customers expect to interact with your business, your competitive landscape and your business operations in general:

While early adopters have largely been corporates, it is never too early to get your business Metaverse ready. Experimenting with these new technologies won’t cost you an arm and a leg either. By hosting internal meetings or virtual socials in the Metaverse, or sharing personal experiences of the Metaverse during team huddles to create more awareness, employees will become more familiar (and confident) as the ecosystem continues to evolve. Vodacom Businesses' range of products and solutions has been custom-built to assist you in your digital journey. We are here to assist you in taking your business to it's full potential.