It's Jamie here from the Line Zero team and I've been getting a lot of questions lately around the Metaverse, specifically if this is the next big thing. The usual questions that follow are “how can this tie into a business initiative?” and “how can I apply this to my business?”. I think that for the most part, the use cases for the Metaverse haven’t truly been uncovered yet.
If we rewind the clock, and think about when electricity was invented, no one would have thought that something like a microwave oven would be one of the downstream benefits. I don’t mean to connect electricity to the Metaverse but it was the invention of electricity and the application of electricity that eventually led us to the microwave.
We’re in this kind of state now with the Metaverse. It’s still too early to see what some of the killer use cases are going to look like and how businesses are going to apply it. People are still trying to figure out what it will mean for their business.
What I can say is, the Metaverse may lead to an evolution or a revolution in terms of how we interact with other organizations or how we represent our brand to the market. I don’t think it will be anything less than an evolution but I’m not quite convinced yet that it will be a revolution.
Along those lines, is it going to be as significant a change as Web3 will be from Web 1.0 and Web 2.0? We’re currently experiencing Web 2.0 where mainly user-created content is uploaded on the web. Web 1.0 refers to the early phase of the world wide web where most sites consisted of static pages. Web3, or Web 3.0 as some call it, is the concept of a decentralized platform incorporating block chain technologies that will empower ordinary people. Web3 will likely be a significant departure from Web 2.0.
It's still too early to tell about the Metaverse. The market hasn’t matured yet in terms of devices, in terms of business-to-business use, and in how the space will interact. I do think it will completely transform how we engage with technology, with businesses and brands, with our friends and our colleagues. The tech and the use cases will eventually match up and when we see early indicators of that happening, it will be the time to figure out an investment strategy and how you can apply this to your business.
That’s not to say that you can’t start exploring the early thinking to know what it is and keep abreast of the technology. You can start thinking about how to apply it and understand the concepts so that during your day-to-day, when something pops up, you can relate it back to the concept. You may be able to identify a really good application for it, or how it may help to solve a problem. These are good things to do. Think about how you can get early exposure so that you are ready to consider how it may apply to your business.
In summary, it’s pretty clear there’s lots of investment in the Metaverse and things are shifting. Anytime we see a technology that enriches your experiences with digital items, the shift tends to be rather large.
The actual impact is usually trailing but, in hindsight, we will think this was so obvious and why didn’t we understand this?
That's where we are right now. The Metaverse is real. It's legit but it’s probably too early to bet the farm. As the technology evolves, it will become clearer and clearer how it will apply to our business and how we will be able to leverage the technology.
Edited by Betty Quon
Corporate Metaverse Starts with the Right Communication Platform Developed by Meta
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