Ready or not, the metaverse is here. Companies across all industries around the world have been scaling into the metaverse over the last year, from Google to Microsoft and everyone in between. Increasingly, businesses around the world are recognizing this same truth about the metaverse and are making the jump with both feet in. But, what does this mean for the future of the business world? And what can we do to be best prepared for this social paradigm shift?
What is the metaverse?
The metaverse is the next stage in the evolution of virtual and existing humanistic technology experience. It blurs the lines between the physical and digital world – a true meta-technology that enables new business models, forms of commerce, entertainment, communities, and experiences. The metaverse will fundamentally change and improve the way digital communication works. This also applies to how brands communicate with their customers, how celebrities connect with their fans, and how knowledge content is shared. Through the metaverse, a multitude of new business models will be developed, the true scope of which we only see hints of today – just like social media did ten years ago.
The metaverse is an open world where its users are able to interact with the environment and each other. Why is the ability for human interaction significant? Because no matter how interesting a storyline is, by definition it is finite with a specific goal and ending. Users don’t always want to follow a set path. It’s human nature to want to explore spaces while connecting with others – it’s why open-world, highly customizable games such as Fortnite are so successful. Unlike virtual experiences up to this point, the metaverse allows for social and cultural exchange and can be organically integrated into our daily lives.
Impact on business
The metaverse brings with it a plethora of marketing opportunities. We believe that eventually the metaverse will impact the world similar to social media. It will become another platform for businesses to engage with their target audience and consumers on a much more personal level. Our consumers of the future will be the likes that grew up with Fortnite and ARVR technology – such as those found on TikTok – and this will become the norm for them and the future of spending. Businesses that adopt the metaverse will ensure themselves a larger stake in the pie. The metaverse will also bring with it a heap of new professions, skill sets, and new technologies to manage. Just as social media made the wave ten years ago, it’s now time for the metaverse tsunami.
Already the industry has its influencers, strong believers in the metaverse, who have been investing in new solutions dedicated to this new virtual reality. These personalities are important to the industry, as they help spread the word and explain this new concept, which is sometimes too dense for the mainstream.
All in all, the metaverse is not just a visual or technological experience, but a human one. The social capabilities provided mean the technology will become prevalent and have staying power, much like social media continues to do. But the metaverse will also allow people to do things that they’ve never been able to do on the web – the same is true for businesses. These are the reasons why businesses after businesses are investing in the metaverse, much like they did a decade ago in social media, recognizing its potential to make life just a little bit easier and better.
By Thomas Johann Lorenz
Thomas Johann Lorenz is the Co-founder and Managing Partner of Journee, and also serves as the Managing Partner of Journee’s parent company, Waltz Binaire. Thomas studied at the Berlin University of Technology, where he earned a degree in Business Administration and Economics.
Thomas founded his first company twenty years ago at age 18 and since then has been on a mission of identifying and leveraging innovation potential. Thomas is eager to promote the innovation potential in Europe. His focus with Journee is to leverage technology that will create sustainable shifts for organizations and society.