Unless you live under a rock, deep in the ocean, or somehow don’t have access to “Web 1.0,” you’ve likely heard of the Metaverse. The term is credited to Neal Stephenson’s 1992 fiction novel, “Snow Crash.” The Metaverse is probably clearest in my head when I reflect on The Matrix franchise when Morpheus and Neo keep us guessing on what’s real vs. a digital simulation. Recent headlines on Meta (formally known as Facebook, Inc.) doubling down on its plans to become a Metaverse company helped elevate this topic even more mainstream. Maybe it’s my own LinkedIn connections in VR/AR space, but the topic is currently crowding my newsfeed. The largest sentiment? Confusion.
Meta’s dramatic announcement left many searching for clarity for what a metaverse is, what it means, and what to do about it. If you’re looking for those answers in this article, you may need to adjust your expectations. But I am here to affirm that you’re not alone in your confusion. We’ll keep learning about it together! A recent CNBC article does a great job giving the varying names it goes by (e.g. Metaverse, Multiverse, Omniverse, Co-experience) as well as telling a recap of recent earnings calls from top executives on their (often confusing) interpretation and (often lack of) strategy.
So, is the Metaverse here? Is it 5 years out? 10 years out? Like many things, the answer is a bit grey and murky. It depends on your expectation and definition.
The pain point right now for most businesses is how to take an “unrelated business” to the Metaverse. Maybe you’re not quite ready…however it’s never too early to start preparing. Things that could help:
I can’t wait to see what’s next! I need to see a home delivery mash-up (e.g., Uber Eats, DoorDash, Instacart) with fast-caul restaurants (e.g., Darden Restaurants, Yum! Brands, Bloomin Brands) so that I can grab a bite to eat with my friends and family that live 800 miles away in rural Michigan. Or maybe attend the next work conference, that can blend one-way educational presentations with hands-on learning experiences.
Until then, it’s never too early to learn how the Metaverse will impact your business strategy. Get ahead of the curve. Contact us.