Your Business and the Metaverse
The Metaverse has the potential to change how we access and think about the Internet. It might not be today, but your every-day life is likely to be different in a few years because of it. A reflection on what is going to come next could be a very profitable move for many companies.
What is the Metaverse?
The Metaverse is a virtual digital world where interconnected platforms replicate and improve real life experiences or create new digital and hybrid services.
How would you navigate in this new world? Possibly by voice assistants (rather than URL addresses) and using Virtual Reality headsets or Augmented Reality interfaces (that will superimpose virtual objects on a smartphone screen pointing at the area next to you. In the future, rather than VR headsets people might be able to see holograms in front of them.
So far, the Metaverse refers to the customer experience elements only. But even these are far from being simple to deliver. We do not have a ‘Metaverse’ yet. The idea of the Metaverse is still based on a similar concept of the World Wide Web – it should be a global interactive platform where interoperable worlds are connected.
Currently there are many meta-islands, or meta walled-gardens, smaller communities where you can build a service. The global standard for interconnections is missing. History has not been very kind to digital walled gardens, the Internet model has displaced the non-connected services. The same will apply to the Metaverse. We will not see real global mass take-up of Metaverse services, until there is an interconnected model of the digital world.
The real innovation will arrive when, either a platform will become dominant, or when a global virtual standard will take place. Neither seems to be close.
Caution
Many companies seem to love the potential of the Metaverse and are happy to join in. However, before a hasty move we would suggest taking a moment to reflect. The creation of a new Internet experience is a big step: it allows us an opportunity to look back and see what needs to be adjusted or improved. There is much that needs to be improved in today’s customer experience before we all start jumping into holograms.
Today, cyberspace is a great tool but one that suffers from some big flaws. Customers and businesses do not have a ‘real’ identity on the Internet. A libertarian view would welcome that, and the potential to create secondary or anonymous persona should be supported. However, keeping in mind the history of fraud and crime on digital, society needs to address identity, not as a secondary after-thought, but as a key issue. It is time to take decisions that will positively impact the life and security of many, including the vulnerable and minors.
Navigating the Metaverse today is a traditional experience. To enter Nike’s ‘Metaverse’ experience in Roblox you need to download the Roblox app, search for Nike (by typing) and then clicking on a 2D picture of Nike showing in the results. After that you will be able to play a basketball game against other real players. There are still a lot of old-fashioned web/app interactions in the early Metaverse experiences. New models and interface modes are needed to bring a new fresh experience. Otherwise, the Metaverse will die after a short gimmick-laden life.
Payments were not built for the web, and while credit cards are now commonly used this is another after-thought with shortcomings. The concept of web 3.0 would often include a reference to ‘Crypto Currency’, or more simply digital currencies. In fact, most metaverse platforms have built their own blockchain currency in their system. There is more work to be done there to clarify the legal compliance and security for most of these. The multiple attempts by Facebook to create a global digital currency (Libra/Diem) were crashed by local and global regulations. It takes more than a blockchain solution to create a digital currency: the legal framework for real digital money does not yet exist.
Conclusion
The technology behind the concept is worthy of a deep review. If you run a business this is an important moment to plan and prepare for what is coming next. Let other people squabble about definitions and discussion around the hype of Metaverse. However, you should consider the opportunities that a virtual 3D world provides for your business. It might not be the true Metaverse yet, but today virtual reality or augmented reality can help you build an advantage. Understand where there could be value for you.
ABOUT THE AUTHOR:
Dario Betti is CEO of MEF (Mobile Ecosystem Forum) a global trade body established in 2000 and headquartered in the UK with members across the world. As the voice of the mobile ecosystem, it focuses on cross-industry best practices, anti-fraud and monetisation. The Forum provides its members with global and cross-sector platforms for networking, collaboration and advancing industry solutions.