What Does Facebook's Metaverse Mean For Your Business?
Last week, Facebook announced a change of its parent company’s name to Meta, signifying a shift to building the metaverse. That had a lot of people asking, what is a metaverse? Don’t worry, I am going to break it down for you, and what it means for your business.
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The metaverse is defined as “a virtual environment that allows people to be present with each other in digital spaces.” So aren’t we already doing this with things like Zoom? Kind of, but not exactly. The metaverse takes it further than traditional video chat, and physically puts people in a room together using virtual reality. So think of being in the office, around your coworkers, immersed in the work environment, but then you take your virtual reality goggles off and you are in your living room. Essentially, the metaverse creates a digital world that allows people to interact as you would in real life digitally.
What does the Metaverse mean for my business?
The short answer here is we have little to no information on the metaverse and its impact on businesses throughout the world. There are a few things that we do know, however. There is a high chance that if proven, the concept of the metaverse will replace a traditional workplace. It allows a compromise between working from home and being in the office, which will make it possible to hire talent from all over the world. Also, there will be money to be made in the metaverse. The metaverse will allow users to go to virtual concerts, take trips, and buy clothing with real money. Think of it this way, we all buy clothes to wear to work and events. If our identity becomes our avatar, we will be forced to make digital investments to keep up our image as we do with our physical person.
The different aspects of the metaverse will also create an opportunity for advertising on a large scale if you are an online-based business. Things like product placement will be prevalent. If you are a home service-based business, this doesn’t really apply to you (until we can start purchasing homes in the metaverse) but brands like Nike, New Balance, and Adidas have already started advertising in a metaverse type situation via video games like NBA 2k22 where they have giant billboards in the game’s City, which is a very scaled-down version of the metaverse.