The Metaverse is coming, even if it sounds like science fiction. When Facebook was renamed as Meta in October 2021, announcing plans for a $10 billion virtual reality social network, the world took notice of an idea that had previously been dismissed as a little too “out there” and extravagant. An interconnected network of virtual worlds, which we can all experience simultaneously and within which we can interact with each other in the same manner we do in our in-person lives, is looming on our doorsteps.
The Metaverse is essentially the internet but in a 3D and completely immersive form. As a result, the Metaverse gives a whole new — literally — dimension to consider for those of us who manage our own enterprises. Hence, we have compiled a list of key things to note to succeed in the Metaverse for SMBs.
Market Expansion will determine the Future of SMBs
Are you worried that the Metaverse may infiltrate your industry? Reconsider your position. Morgan Stanley estimates that NFTs in the Metaverse or gaming worlds might represent 10% of the luxury market by 2030, adding $10 to $20 billion to the entire addressable market.
As a business owner, you need to think about how you can keep your company viable and competitive in a changing market. Getting ahead of the game in a new digital market will provide an opportunity for some of you to compete against larger companies. We’ve already seen this in the fashion business, where companies like Rtfkt and Sapphire have effectively competed in the digital domain against more well-known brands.
Metaverse Companies Need to Differentiate between their Digital and Physical Assets
Fashion brands, on the whole, are already ahead of the game in the business Metaverse. They demonstrate the importance of considering how we may develop both digital and physical products for our customers. This has resulted in 3D computer representations of apparel designs in the fashion industry. These are already being sold as NFTs for large quantities of real-world money. I believe we’ll see more well-known businesses enter the internet realm, capitalising on their brand’s celebrity to tap into a growing digital market. In addition, there will be more competition from digital-only brands.
Crypto Will Help Drive Profit
Crypto will naturally aid the digital transformation of businesses. This is an inevitable situation when the Metaverse goes mainstream. As a result, if you have a business that is already compatible with crypto, then you will have an undeniable advantage over your competitors.
Online Digital Businesses Will Win
I’m getting ready as a business owner. Companies must begin to plan to become both an online digital firm and one that services clients in person. Consumer awareness is still in its infancy, and technology isn’t in place for the Metaverse to truly take off. Will it simply be a hyped-up tech bubble that bursts before further development? Maybe.
However, big tech has already poured billions of dollars into the Metaverse. In addition, leading businesses such as Gucci have demonstrated that there is actual money to be made. And, as the next generation prepares to enter the workforce — internet natives who have grown up in a digital world – virtual business potential become more tangible.