Despite the fact the metaverse is omnipresent within the world of technology – and has been the hot topic on everyone’s lips for two years now – some sectors still have their doubts. What is the metaverse? Is it worth investing? Is it the right time to embrace this paradigm shift? Companies are facing an important moment in their digital transition. But there are enough arguments for the metaverse to form part of their strategy.

The metaverse is a new space, with new rules

Without doubt, the metaverse is the world of user experiences. The entire virtual reality ecosystem is focussing its efforts on providing a fluid and satisfying experience, either when interacting with other users and their avatars, or when seeking out enjoyable events and experiences in a digital setting. And also when looking to acquire products and services. It’s true that the assets that dominate the metaverse are all based on blockchain, such as NFTs, for example, but there are companies out there seeking to make “digital” versions of their existing products available to the public, or make them interchangeable with their physical counterparts.

Companies in the technology sector that can play a role in improving the user experience are also looking to the metaverse as a new field in which to invest and grow, improving connectivity, developing the devices and peripherals we need to improve “immersion” in the metaverse, giving users customisable avatars that can be used in a number of different metaverses at the same time, and even designing customised virtual spaces for different users… but there are many more possibilities. In fact, they’re almost infinite.

Being a strategic partner is another option in the metaverse

Despite all this potential, most companies still need help understanding just what is the metaverse and how they can take advantage of it in their particular circumstances. In turn, this is an opportunity for other companies to partner up with them as “technology advisors” on topics related to the metaverse, including analysing how well a company has been digitalised, evaluating its business model and adaptability to the metaverse, supporting and advising them as they alter their processes, training their technology departments, etc.

Before making the leap into the metaverse, it’s vital that any company is clear about some key aspects they need to pay close attention to, areas where a strategic partner can prove very helpful indeed:

• Is your business model right for the metaverse?
• Can you sell products and services designed for virtual reality “from scratch”?
• Are there any security protocols to consider for your data and your users’ data?
• Do you understand blockchain, how it works and how it’s applied?
• Can you create, organise and sponsor events in the metaverse?
• Do you need your own corporate space in the metaverse, like a virtual shop?

Whether or not businesses are up-to-date on the latest technology, connectivity and the metaverse, the virtual world is the future. Approaching it with a proactive attitude and the best intentions to make the most of a window of opportunity is an absolute must. Just as some companies let the internet slip by them as “a passing fad” twenty-five years ago, ignoring the potential of the metaverse for businesses could prove very costly again. In 2023, we will start to see more aggressive shifts in terms of private capital. According to data from Statista, the global value of the metaverse could reach $800 billion by 2025, and surpass $2.5 trillion by 2030. If there’s ever a good time to bet on the metaverse, it’s now.