Even though it’s the word on everyone’s lips at the moment, the metaverse is – still – an area populated by more speculation and possibilities than actual concrete realities. Still, the technology sector is moving in different directions all the time, and it’s safe to assume the metaverse will be part of our lives, in a fully normalised way, sooner rather than later. In fact, a recent Gartner study claimed that, by 2026, 25% of us will spend at least an hour a day in the metaverse, whether that’s for entertainment, shopping, work, education or socialising.

The conclusion we can draw from data like this is that, with more or less difficulty and while sticking more or less faithfully to predictions, the metaverse is a reality that will end up establishing itself at some point in the not too distant future. And that’s something that companies will have to take into account. Firstly, because they simply must have a presence in the metaverse if they want to stay competitive; and, secondly, because this virtual environment offers a lot of new business opportunities that are simply not possible in the ‘physical world’ today.

Understanding what the metaverse is in order to adapt to it

The first thing companies and brands need to do is understand – conceptually and technically – what the metaverse really is and how it works: which technical challenges currently exist and which can be expected? What technology and devices will be needed to participate as a user? What average investment will organisations need to put in to make the leap into the metaverse? What will be the cost of minimum viable products in the metaverse to validate a specific business model? And so on.

At the same time, the corporate world will need to carefully analyse its position in the technological transition process. Are companies becoming digitalised properly? Which of their business processes are still not fully automated, and which could be? Are staff being sufficiently trained in the technological issues involved in the metaverse, both now and in the future? And what about executive boards? Do the brand’s activities make sense in the metaverse, can they add value?

In short, it’s all about testing the waters and reviewing your swimming technique before jumping headfirst into the pool. And also about knowing if your skills and resources are enough to let you compete, or whether they’ll barely keep your head above water…

Business opportunities in the metaverse and new ways of working

The potential anxieties that the previous questions may provoke will surely dissipate when companies start to appreciate the vast ‘fisheries’ of business models and opportunities that the metaverse brings. If a company wants it – and is properly prepared for it – they’ll be able to make the leap to the metaverse in a vast range of areas.

• Perhaps as a technology consultant for those companies that want to make the shift towards the metaverse, but will need technical support and advice.
• As a provider of digital goods, whether that’s tokens, NFTs or any other variants. And working with users or other companies – purchasing ‘land’ in the metaverse, as well as its subsequent rental and sale, is already something being contemplated today. Just to provide some context, in 2021 alone, $100 billion were spent in the ​​digital entertainment and video games sectors. This is not small fry and will only continue to grow.

Organisations will also have to modify their concept of work and relationships with their employees, suppliers and customers. If there is currently any kind of resistance to remote working, companies are going to have to move beyond that. And fast.

It’s not that staff won’t be working in physical offices, it’s that everyone will also be in the metaverse. And companies will have to establish business relationships there, holding meetings, providing training, selling, setting up exhibitions and conferences, organising events and constantly seeking new sources of income. The metaverse will act as a kind of springboard towards innovation and, when you’re in that kind of environment, frankly, the only way not to sink is to keep moving.