How you can be part of the Metaverse

January 17, 2022 | Retail

The metaverse is here to change our world. It brings with it a new way of interacting with each other and our surroundings - it’s a new category of human experience. And as with every new way of thinking, it will take time for us to understand and learn how to harness its potential. This article will tell you how your brand can take advantage the ways that the metaverse is already changing the world around us.

The technological advancements made in the last 10 years, coupled with the mobile revolution, have only just begun to positively impact our lives. Devices such as smartwatches, smart glasses, artificial intelligence, augmented reality, and robotics, all of which are part of the modern digital universe, have the ability to completely change the way we work, play, and interact with each other.

The interesting thing is that this explosion of technology has happened been pioneered by people from all different backgrounds and walks of life. We have seen collaboration between visionaries, designers, and developers, artists, photographers, musicians, business owners, independent coders, to name a few. When we look at the innovations of some of the most prominent leaders in the space today, it’s easy to see that we’re moving towards a world in which we’re defining the rules that will define the metaverse.

Understanding the Metaverse

The term “metaverse” means, in part, “a comprehensive internet-based 3-dimensional virtual world.” From the very beginning, when concepts of social and virtual interaction were a mere fantasy, people have striven to create, shape, and evolve this new area. What’s exciting about the metaverse is that it’s still in the early stages of development.

Considered a “digital universe,” the metaverse allows people to fully explore and experience their innermost desires without being encumbered by reality. It’s a place where people can be anyone and do anything, right from the comfort of their homes. The metaverse, like the real world, will be defined by an aesthetics of interaction, collaboration, and new dimensions of communication. It’s through interaction and collaboration with one another that people can achieve an unparalleled degree of expression and authenticity.

Reach new audiences and revitalize brand perceptions

Now, how does this tie into the development of your business? Well, think about this: the way that the internet connects people, cultures, and businesses - and the way that the metaverse creates a fully immersive virtual world - both have the potential to boost the amount of attention an individual, a brand, or an entire industry receives.

There is so much to be excited about, and it’s clear that many of these trends, technologies, and ideas are on the horizon. So, if you’re passionate about pursuing game-changing opportunities, what can you do right now to build the knowledge and understanding needed to excel in the future? For those who want to build the foundation for success in the business world, take the first step by having an open discussion and dialogue about how you plan to incorporate and grow along these growing trends. For example, if you’re an investor, what is your investment strategy in a world where most large companies are partnering with tech giants? And, if you’re an entrepreneur, what do you know about the metaverse that will help you win?

Create long-lasting relationships and build community

Imagine that your product is constantly being approached by individuals on the fly who are learning more about your brand through different ways. Now, imagine that the majority of these people are motivated by the feeling of happiness and camaraderie, similar to what is typically associated with social networks, or communities.

In a metaverse-enabled world, what if you could tap into that same feeling of a real-life community, but with virtual avatars from all around the world. What if people in the world could approach a virtual experience with a common goal, but in a totally new, interactive and unique way? What if you could collaborate with a local community of people who are passionate about a cause you care about, but in an entirely new way? All of these possibilities are on the table, as both the internet and virtual reality continue to grow, become more diverse, and expand our world. The possibilities for the metaverse are almost endless.

Create narratives that build distinctiveness

In a metaverse-enabled world, it will be important for creators and companies to create and publish their own stories in a way that stands out from the crowd. The metaverse will develop stories and narratives around local and global events that are relevant and inspiring. For example, in a world where a diverse population of people can engage with one another virtually, it will be important to help these stories reach wider audiences and remain relevant.

As both the internet and virtual reality have the power to make the world a more interconnected place, it will be essential for individuals, brands, and business to create narratives that build distinction and meaning within the environment. In the world of the metaverse, it will be important for each of us to recognize our shared humanity, and for those with whom we interact to feel connected.

Collectables and NFTs

One of the benefits of the metaverse is that it has the potential to become a truly global marketplace where physical and digital collectables can be bought and sold. In a true, metaverse-enabled world, anything, from artwork to real estate can be bought and sold. It’s the age of the mega-collectible.

As a marketplace, the metaverse will also have the unique ability to gather and represent goods in a virtual environment. As with physical collectables, the more that you contribute to the collective wealth, the more likely you are to be recognized and celebrated. And, in a virtual marketplace, everything is in real time; information is always being updated.

When and how to enter the Metaverse

The idea of a VR-enabled metaverse – where you can visit and explore any location on the planet, through a virtual avatar – may still seem like science fiction. But it has already started to become reality, at least in select localities, including Saudi Arabia, which has announced plans for a new mega-city called NEOM (Saudi's multibillion dollar futuristic city). In a recent conference at the Future Investment Initiative (FII) in Riyadh, it was announced that NEOM’s digital counterpart will be developed as a “metaverse”, which would allow users to digitally experience the city before it is even built.

The metaverse has already started to change the Middle East and will continue to do so in the future. It’s going to improve the education system throughout the Middle East, but it will also help boost businesses and entrepreneurship.

The exact time frame of when we can expect the metaverse to take off mainstream is still somewhat in question. Currently, the technology that enables the creation of the metaverse is mostly in the hands of major corporations. For example, Facebook, Microsoft, and others are investing heavily in virtual reality devices and platform development. However, if these new technologies are not supported by consumer adoption, these titans could be relegated to the dustbin of history.

Technology Consulting Services

At Ollen Group, our strategy consultancy services are up to date with consumer shifts in the Middle East, and the necessary steps needed to find success in the future - including the development of different aspects to be part of the metaverse and cope with the demand for digital progression. Ollen Group technology consultancy services and retail consultancy services offer turnkey solutions from strategy to execution, as well as design, development, and deployment.

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