How can we define the Metaverse, and what kind of impact will it have on the business world? The term “Metaverse” refers to a digitally created world that aims to mimic reality using digital technology. This shared and collaborative virtual environment merges aspects of “virtual reality,” “augmented reality,” and the “internet.”

The Metaverse possesses several key traits: persistence, reactiveness, interoperability, creativity, and social interaction. This means it’s a constantly existing space that necessitates quick responses, deep engagement, and a high level of social interaction.

Social media has already accustomed us to interacting in this way, within a fast-paced, curated version of reality. If you thought this concept was limited to science fiction, you might want to reconsider. Entrepreneurs, especially, will need a deep understanding of this evolving world, as it presents a wealth of possibilities for new businesses to integrate into the existing economic landscape.

Exploring the Metaverse: What Happens There?

To better grasp the Metaverse’s workings, let’s delve into some of its various types and explore the potential opportunities for you and your brand within each. Before we proceed, let’s clarify some key terms (with helpful links from HubSpot’s blog and The Hustle’s partners for further context):

Essential Metaverse Terminology

• NFT: Currently experiencing a surge in popularity, non-fungible tokens are distinctive digital tokens signifying ownership or the right to participate in something, such as digital art, avatars, VR objects, etc. Embedded within their blockchain-based code is a certificate confirming ownership of the item. (This is a simplified explanation; the concept is far more intricate.)
• NFT Real Estate: This term denotes a one-of-a-kind digital dwelling or piece of land within the Metaverse, available for investment, sale, or rent. Buyers receive a digital deed or proof of ownership for their virtual property.
• Blockchain: A digital ledger that securely records transactions, certifications, and contracts.
• Cryptocurrency: Digital money used for online transactions, including purchases within the Metaverse. Its value fluctuates depending on the specific digital coin. Bitcoin, Ethereum, and Dogecoin are well-known examples.
• Open Source: This refers to platforms accessible for modification by any user, typically not controlled by a single company. Open-source Metaverses might be developed and maintained by a global network of developers, but this lack of central ownership may mean limited customer support in case of issues. Often, users enjoy greater freedom within these environments.

With these definitions in mind, let’s explore some of the most widely discussed Metaverses currently in existence.

Spotlight on 3 Popular Metaverses (and How to Engage with Each)

While numerous Metaverses exist, this post will focus on three that are generating significant buzz. Since many Metaverses offer similar opportunities for brands, we’ll categorize and exemplify these opportunities in the next section.

Meta Horizon Worlds

You can enter Meta’s virtual realm using Meta headsets (previously known as Oculus headsets). Although currently accessed primarily through headsets, Mark Zuckerberg has indicated plans to expand access methods to include contact lenses and even holographic projections in the future.

While newer than some other prominent metaverses, Horizon Worlds is likely the most recognizable to those new to the Metaverse, particularly marketers.

Within Horizon Worlds, users can engage in various activities, mirroring experiences found in earlier metaverses:

• Avatar Creation: Design your digital representation.
• Social Interaction: Connect and converse with other users within the Meta Horizons world.
• Gaming: Participate in interactive games with fellow Meta Horizons users.
• Support: Seek assistance from Meta representatives (also present within the Metaverse).
• Exploration: “Teleport” to different locations and immerse yourself in various experiences within the virtual universe.
• Digital Commerce: Purchase virtual goods, like clothing, from the Horizons Marketplace.

Two key distinctions set Horizon Worlds apart from other major Metaverses:

Centralization: Horizon Worlds has a defined owner, terms of use, and community guidelines that users must adhere to. Participating in this Metaverse implies consent to these terms, with potential consequences for violations.

Other, decentralized metaverses, on the other hand, typically operate with minimal rules, governance, and policies. While they may have initial creators or developers, these entities largely step back, granting greater autonomy to the customers.

The Inevitable Evolution: Metaverse, Not Future, But Present

Just as your old Nokia with Snake and the BlackBerry with BBM evolved into today’s smartphones with advanced features and high-resolution cameras, the internet, as we know it, will transform into a more immersive experience with limitless possibilities.

Experts even predict the eventual replacement of smartphones with interactive glasses and even more affordable and accessible technology, surpassing even the latest iPhone. This constant evolution necessitates adaptation, and many industries, as we know them, will need to undergo significant transformations.

The Metaverse Today: Big Brands Are Already Onboard

Coca-Cola has ventured into the Metaverse by selling a virtual refrigerator for use in a digital home, while luxury brands like Gucci are outfitting avatars with their creations for virtual events. Even retail giant Walmart is investing in metaverse experiences within platforms like Roblox to connect with the younger, digitally-native generation.

The brand promoted several activations within the virtual reality game Avakin Life, becoming a pioneer in the cosmetics industry to embrace this new frontier. Similarly, Accenture has created a virtual office called the “Nth floor” to host its global workforce within this digital space.

Expanding Horizons: Opportunities for Buyers and Sellers

One significant implication of the Metaverse is the creation of new avenues for buyers and sellers to expand digital commerce in innovative ways. Imagine an Instagram shop transformed into a more engaging experience, seamlessly merging the tangible and digital realms.

Another example: While paid online events are currently possible on platforms like Facebook, envision a hybrid experience where attendees can choose between physical and virtual participation.

The Metaverse’s Impact on Business

How will the Metaverse reshape the business landscape? This paradigm shift will extend to how work is conducted. Gartner predicts that organizations will leverage virtual offices within immersive workspaces to foster better employee engagement, collaboration, and connection.

The Metaverse’s existing infrastructure eliminates the need for companies to build their own. Additionally, virtual events, which have surged in popularity over the past 18 months, provide ample opportunities and workshops for collaborative and immersive networking.

The Metaverse empowers companies to expand and refine their business models in unprecedented ways, bridging the gap between digital and virtual realms. By 2026, it’s estimated that 30% of companies worldwide will have products and services tailored for this new reality.

While the adoption of Metaverse technology in business is still in its early stages, Gartner advises organizations to approach these investments strategically, integrating them into their overall business plans.

It’s still premature to determine which long-term investments will yield the highest returns, but product managers should prioritize learning, research, and preparation to effectively leverage the Metaverse’s potential and maintain a competitive edge.

Work Reimagined: The Future of Professions

The Metaverse promises to reshape the future of work, and experts worldwide are speculating about the professions, jobs, and industries that will emerge. Some predictions include:

1. Metaverse Research Scientist: Data analysis and research are already complex; now imagine navigating these fields within the Metaverse.
2. Metaverse Planner: While ideas are plentiful, execution requires careful planning. The ability to effectively plan and implement functional solutions within a virtualized world will be crucial for organizations operating within the Metaverse.
3. Ecosystem Developers: The Metaverse will not exist in isolation, contrary to what some may envision. It will require a robust ecosystem encompassing software, hardware, and intricate systems. Ecosystem developers will be responsible for coordinating with partners and governments to ensure seamless integration and scalability of various features.
4. Metaverse Security Manager: The internet’s security vulnerabilities are well-documented, and these challenges will only amplify within the Metaverse. Dedicated professionals will be crucial for mitigating risks and ensuring a secure environment.
5. Avatar Fashion Designer: The Metaverse allows for unlimited self-expression, and with that comes the desire for unique appearances. Avatar fashion designers will cater to this demand, creating clothing and accessories for digital personas.

Just as e-commerce hasn’t replaced physical stores, the Metaverse will augment, rather than eliminate, traditional business practices and interactions. The trend points toward a convergence of physical and digital environments, blurring the lines between channels and creating a more fluid customer experience. This evolving landscape will demand increasingly sophisticated strategies to meet evolving market demands.

This paradigm shift presents a fertile ground for brands to experiment with products and services, testing them in a virtual setting before introducing them to the real world. Nike is already ahead of the curve, offering exclusive virtual products for avatars, demonstrating the vast potential of this new frontier.