6 Essential Metaverse Strategy Tips & 15 Interesting Metaverse Facts
Your Guide to the Metaverse
Get ready to get into the Metaverse with Frost & Sullivan
The Metaverse is an interconnected network of persistent 3D worlds and simulations where end-users are enabled with a sense of social presence and spatial awareness and can participate in an extensive virtual economy.
Dive into the Metaverse and discover how it would impact our society
Due to the latest technological advances, it became possible to create a digital parallel reality. In this sense, the Metaverse could be a copy of the physical world around us or simulations of imaginary words.
Alaa Saayed, our Senior ICT Program Director of Digital Content Services, explains why Metaverse is important along with the latest trends.
6 Essential Metaverse Strategy Tips
The Metaverse is expected to visibly disrupt existing business models for several markets and use cases, including media, entertainment, shopping, industrial and manufacturing, health and wellness, tourism, workforce communications and collaboration, etc.
It’s essential that your brands start shaping a Metaverse strategy today. You don’t want to wait, but you also can’t afford to get it wrong.
Take a sneak peek of 6 ways to build a sustainable, successful Metaverse strategy.
Tip #1:
Define your objectives before entering the Metaverse. Clearly state what your company is trying to achieve, in terms of objectives and value proposal when entering the Metaverse. How will it impact:
- monetization with new revenue streams
- improvement of customer service
- implementation of new channels to reach new customers
- collection of customer usage data
- the need to boost marketing
- the introduction of new communications and collaboration methods among employees, etc.
Tip #2:
Shape the immersive potential of the Metaverse to your advantage. Consider how creating new 3D experiences and virtual assets can improve the products or services you already provide. Since the Metaverse is still in its infancy, it is essential to gain your client’s trust by demonstrating how you can use it to enhance the value of your brand’s offering.
Tip #3:
Metaverse strategy for brands will need to go beyond technologies. As a brand, you need to build your Metaverse action plan as a new dimension of your marketing mix. Most brands will build Metaverse strategies to improve customer engagement and loyalty programs.
Tip #4:
A company should treat its move to the Metaverse as a journey, not a single destination. Deploying a single-use case of AR or VR does not make the Metaverse work. The vision for an interconnected network of virtual spaces, assets, and identities remains in the future, but planning for it in the present will enable your organization to make the most out of current and future capabilities. Decision-makers should look past the hype and consider how they will scale up and upgrade deployments, deal with the lack of standardized content and formats, and continue creating dynamic experiences.
Tip #5:
Companies should consider providing Metaverse-based solutions for customers and partners, using the Metaverse to support internal digital transformation efforts, and leveraging the ecosystem without reinventing the wheel. Technologies such as virtual currencies, NFTs, smart contracts/blockchain, distributed computing and storage, and decentralized operations present immense opportunities. In addition, it is essential to identify priority areas to leverage the Metaverse for enhancing brand value and driving business to core products and services.
Tip #6:
Metaverse developments will provide opportunities for business leaders to create new markets and economic models for consumer engagement. Enterprises will be required to align their physical and digital strategies to deliver more holistic experiences with potentially better outcomes, as the route-to-market becomes increasingly digital. This also means a rethink of existing monetization approaches and revenue streams. Enterprises will have to explore novel monetization models such as token-based models to usage or data-based monetization approaches, in addition to existing revenue models. Also, enterprises will have to ensure they don’t limit their focus on near-term economic potential but target long-term uses.
15 Interesting Metaverse Facts
- There are 200+ companies building Metaverses.
- Hundreds of millions of active users already conduct activities within the Metaverse, including gaming, socializing, shopping, attending events and so much more.
- 78% of organizations believe the Metaverse has significant or some potential value for their organization.
- The Extended Reality (XR) market earned revenue of $14.55 billion in 2021, an increase of 41.1% compared to 2020.
- NFTs sales were estimated at $40 billion in 2021.
- The cloud gaming market is expected to grow at a CAGR of 69% from 2021 to 2026.
- People are consuming digital content services as never before; global internet bandwidth spiked 25% in 2021.
- Now more than ever, daily routines, habits, hobbies, and obsessions will take place in 3D worlds, expanding the confines of digital realities.
- Telecommunications operators have invested billions into 5G deployments, with many ready to spur Metaverse-related digital content service applications that will create consumer demand.
- PAK’s NFT artwork “The Merge” sold for $91.8 million.
- In the US alone, more kids are playing Fortnite than football and basketball combined.
- The Sandbox reports a $4.3 million land sale to Republic Realm, making it the most expensive digital land sold.
- More than 700 companies and 200,000 people are reportedly using Nvidia’s Omniverse now.
- Meta (Facebook) will create around 10,000 jobs in Europe to develop Metaverse over the next five years.
- A virtual handbag was sold by luxury brand Gucci for more than $4000 in Roblox last year.
