When I first read Neil Stevenson’s book, I was fascinated by the concept of the metaverse. snow crash In the 90’s. At the time, I was the CEO of The Imagination Network, the premier online social gaming company, with an amazing team who were inspired by this book to build Metaverse, one of his first 3D virtual worlds. rice field. cyber park.
CyberPark included most of the components currently on the market: a fun environment with avatars, currency, and merchandise. In my latest Web3/Meta keynote he has a slide comparing what we built decades ago with what Facebook, Roblox and many other companies are prototyping now. Whether it’s a public meeting or a large internal event, audiences look at slides then and now and say, “Visually, I don’t see much of a difference.” Even an industry leader who can tell the difference will admit that the road to building his 3D virtual world for the mass market has been long, slow, and still made up of lucrative niches.
That’s all about to change as we experience a complete storm of enabling technologies and platforms being adopted and enhanced by the next generation of people and Web3 organizations. It’s taking longer than most predict, doesn’t look like a promotional reel, and will go through multiple stages of development over the next decade. For organizations large and small, knowing when to invest is just as important as where to invest. The question I get asked most often is what should my company do now? Let’s call this the NOWverse to-do list.
what is the metaverse
People are excited about new technologies that are often overhyped in advance but not ready for mass market consumption. Meta + Verse (from Universe) = Metaverse is one of:
A Google search will pop up hundreds of definitions, most of which are confusing or point to an unattainable perfect world. There are many misconceptions about what it takes to have a proper experience, such as VR/AR headsets and giant screens. It should be device independent.
As an insider, I like Matthew Ball’s definition. Because he delves into the key components needed for his Web3+ metaverse. of users with their individual presence and continuity of data such as identities, histories, entitlements, objects, communications and payments. ”
too long? Try This: This is the next evolution of the Internet. immersion.
Who is Web3?
you. Let’s look at how the Internet evolves to understand the fundamentals that make the metaverse possible.
web 1.0, the first iteration of the Internet that remains the foundation of what we use today. It was mostly read-only static content and used old media business models.At launch, it was coined as Information superhighway. What I said then about the first iteration of the Internet can also be used to describe Web3 – the Metaverse.
“Future vision of what technology will be possible feasible Scale, scope and promise continue to change. viable Functions based on human needs emerge, desire.’
Web 2.0 Consolidated power with a centralized landlord and business model that monetizes the masses with more social sharing, creating and enabling platforms.
Web 3.0 It promises to bring us to the democratized creator/owner stage of the internet. There, power shifts from the giant technological oligopoly to the individual. Users have full authority, governance and control over their assets, allowing them to become participants, owners and shareholders using peer-to-peer transactions rather than using the platform in exchange for data is needed.
The functionality and timing of the Web3 world is as uncertain as it was in the early days of the Wild West, with thousands of companies making developments that enable them to be part of a multi-layered ecosystem. From big tech Web2 players like Google and Apple who don’t want to lose control in the move to Web3, to innovators like coto by Eve and dentity, the enabling platform market is changing rapidly.
Planning: Six P’s
When leaders ask me if I should hire a Chief Metaverse Officer, I usually say no. However, depending on the industry and company, most companies can be better served by hiring them as core to the Chief Marketing Officer or Digital Officer function and hiring and investing accordingly.
Before jumping on the Metaverse wagon, organizations from McDonald’s and Starbucks to CVS and Unilever are taking a step back and planning what’s best to do now, but brands like Nike will soon be out of the category with 200 million dollars. Earn more than a dollar. We advocate it as a more important part of future business model optimization.
To help your organization prepare, take a look of NOWverse 6P This can help plan and invest in a more robust Web3 digital strategy and metaverse evolution.
beginning, Preparation Develop long-tail contextual plans for next-generation platforms and partnerships to understand an array of different business models.you should also consider protection your assets, data and information. The Metaverse creates new scenarios to anticipate and mitigate the risks around us. Not only is it secure, but it aggressively expands its patents, trademarks, IP, services, products, and ventures.
organization can Generating an IDTwhat I call (Iconic Digital Twins) or NTF’s, are working towards brand enhancements to existing and future products and services. positioning, Offers OBEs – (on-brand experiences) for in-person, online, and virtual environments. Don’t use a one-size-fits-all approach. Keep your experiences relevant, real, and authentic, in line with your brand promise. When considering going to market, you should: promotion Synchronize your intentional branding experience with Metaphase, Personal, leverage technology;
Personalization: The 5 E’s
With all Web2 solutions available, it matters whether you offer your customers personalization online or IRL. 5E start. Companies have deployed some of these across both old and new media, but now they must be at the core of any digital transformation strategy.
Traditional and new media advertising (and e-commerce) business models need a reboot. Beyond just selling something, there are smarter opportunities to connect with Web2 and Web3 consumers. entertain When educate, Offer simple and fun gamification to watch, play and try.Helps build brand credibility and loyalty when offering attractive Brand experiences and conversions that engage customers Excite they By providing helpful, actionable assets that are unique to your brand. At the end, e-comm. Providing a personalized and meaningful experience at each stage of the customer journey helps convince consumers to make a purchase. This often facilitates transactions and subsequent loyalty development.
Running Web3-3D in a Web2-2D world
Wise organizations are separating the hype from their roadmaps and basing their plans on the fact that the mass market will live in a Web2-2D world for some time. As a user and teacher of technology transformation and trends at Northwestern University’s Kellogg School of Management, I love the way Gartner reveals evolution in his 10-year roadmap, but there are other predictions. I guess. Additionally, Revieve has published his Metaverse Playbook. It details what businesses can consider doing now and next. Available here.
As organizations move to the Web3 while operating in the Web2 world, testing the platforms and technologies that are part of the consumer’s journey to the metaverse, they find mass, and often niche, audiences along the way. Learn to meet your audience.