There has been a lot of talk surrounding the Metaverse in recent times, as big-league tech giants are looking to capitalize on new markets and potential revenue streams. For what it’s worth, the Metaverse was quite an under-the-radar term, until late last year when Facebook announced a rebrand to Meta (NASDAQ:FB), with an estimated $10 billion investment deal for the development and expansion of the Metaverse.
But the Metaverse is more than just an augmented or virtual reality, offering businesses and users an untapped world of 3-Dimensional opportunities. The Metaverse, according to Bloomberg is “a convergence of the physical and digital realms in the next evolution of the internet and social networks using real-time 3-D software.”
The transformative shift in the real world, from Web 2.0 to Web 3.0 has already seen the introduction of technologies such as Non Fungible Tokens, cryptocurrencies, and blockchain-based tools, creating a billion-dollar industry, ripe with innovative opportunities.
On the one hand, we see big league names including Google parent company, Alphabet (NASDAQ:GOOGL), Adobe (NASDAQ:ADBE), Roblox (NYSE:RBLX), Microsoft (NASDAQ:MSFT), and Softech Inc. (OTCMKTS:SOFT), among others who have already heavily invested in the Metaverse. From big-tech giants to high-end fashion brands and celebrities - everyone is after their claim in the Metaverse, from virtual real estate, hosting events to even selling Metaverse-only NFTs.
On the other hand, there’s now a lucrative market of opportunities that’s opened a new door of possibilities for those companies who can bridge the gap between traditional and contemporary.
I recently spoke to Head of Communications at Metafluence, Nazrin Musayeva, an “influencer-centric Metaverse for everyone” on the potential of influencer marketing and ‘Metapreneurs’ that’s creating momentum in the Metaverse.
According to Nazrin, “The Metaverse simply means endless possibilities. No boundaries with no physical obstacles. Financially hamstrung businesses can significantly reduce their fixed costs while enriching their customer base and strengthening their marketing strategies. Indeed, Web 3.0 eases the boundaries between businesses and their customers bringing them even closer.”
From small-scale businesses to large multinational corporations, the Metaverse is now an open playing field of communication and social efforts. For the last couple of years, companies have turned social media into an ecosystem of advertising and marketing, reaching a global consumer base, and influencing the way consumers think about the products and services they purchase.
- The Future Of Business And Web 3.0
The Metaverse has in recent months gained traction, with tech giants racing to adapt. From small-scale projects, to major investment that sees companies solely creating marketing campaigns that will target audiences within the Metaverse.
Alongside the Metaverse, there’s the growing understanding of Web 3.0 technologies, the next generation of the internet that could offer an immense amount of opportunities for businesses of all shape and size.
With Web 3.0, businesses will be able to adapt blockchain-based technology, enabling them to decentralize their business strategies, and focus on next-generation user experience.
The development of Web 3.0 has been rapidly gaining momentum, and it’s hard to predict how the upcoming years will look like in terms of digitization. The evolution of the creative economy lies within the capabilities of Web 3.0 and what it has to offer. It will become a place where everyone can access the information they need, and where businesses can effectively communicate with target audiences through advanced tech content.
But widespread adoption is a bit more complex than what it sounds. Web 3.0 does not only house the opportunity of blockchain and decentralization, but is also the focus of Non Fungible Tokens (NFTs) and cryptocurrencies alike, a concept which the world still needs to get comfortable with.
- The Metaverse Can Addresses Business-Related Challenges For Entrepreneurs
Letting go of the traditional challenges we’re currently faced with in the world of business, from effective communication efforts, to run-of-the-mill operations - the Metaverse could soon change how we resolve recurring issues.
As we move into a slightly more advanced and digital economy, fueled by an increased consumer demand, and a change in consumer behavior stemming from the last few years of the pandemic, we see how the Metaverse with the aid of Web 3.0 technologies tears away any existing physical boundaries.
It’s now possible for entrepreneurs to have better control over employment and management operations, hosting virtual events and shows within the Metaverse, or creating digital marketplaces.
While there are those that share a sentiment that it would still take a couple of years, perhaps even decades before we’re able to reach full scale adoption - the Metaverse already creates a profound distinction between traditional and modern business.
- How Does The Metaverse Address Traditional Issues In Business?
For starters we see how organizations won’t need to spend an abundance of financial resources on creating a physical space where they can collaborate with consumers. Instead, it’s possible for them to still offer their target audience a unique experience, virtually.
In light of how this will transform the current state of social media and influencer marketing, there’s a chance that the Metaverse can convert current influencers into Metapreneurs, as influence-to-earn platforms come to life.
“I would say, social media itself will be moving to the Metaverse. In fact, we already see tech giants such as Facebook transitioning into the virtual world. The 3D ecosystem will completely change the usual pace of social media platforms by providing an exceptional user experience. I firmly believe that social media will soon become an integral part of the Metaverse, as is the case for the real world,” says Nazrin.
Latest estimates by Bloomberg have found that the Metaverse is projected to be worth more than $420 billion by as early as 2027. Current market valuation is sitting at $61.8 billion for 2022.
There’s already so much the Metaverse has to offer, and it’s still in its infancy. From the way we work, to the way we market our brands and talk to consumers - Web 3.0 eliminates the traditional challenges, to create a borderless experience that’s available for a global audience.
Influencers will now be able to better engage and communicate with their audiences and brands through the tools offered by the Metaverse and Web 3.0. Both entities, brands and influencers will benefit from the sophisticated Metaverse advertising space. For entrepreneurs, this creates an opportunity where they can direct messaging towards a targeted audience more effectively.
“Different organizations have already been looking for ways to implement the Metaverse components in their businesses. One of the latest examples is how Facebook was rebranded to “Meta” and allocated $10 billion in 2021 alone to build its own Metaverse,” says Nazrin.
She goes on to say that, “companies entering the Metaverse are looking for a next-generation experience with the integration of the latest technologies into the 3D world. In general, buying virtual land or constructing homes, having a showroom for the display of NFTs, purchasing outfits for 3D avatars, interacting with digital humans, etc., are only a few of the endless opportunities for businesses.”
- The Metaverse Is The Unsung Future For Influencers
If we consider how social media has turned influencer marketing into a billion dollar industry within a couple of years, it’s not hard to imagine what the virtual world could add to this growing industry.
With a limitless amount of opportunities, the Metaverse could become a place where influencers, and their associated brands can purchase virtual land, homes, or digital assets. They’ll be able to monetize their influence, hosting virtual events, selling NFTs, and establishing a marketplace for digital and real-world products.
For those influencers who are able to take advantage of the Metaverse and Web 3.0 capabilities, it’s now more possible to collaborate with brands through sponsorship through virtual channels and advanced digital platforms .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.