What should we do in the ‘Metaverse’?
Everyday I hear questions from clients and co-workers about what to do in the Metaverse?
Before answering this question, I would first clarify what the Metaverse is now versus the future (at least my opinion), and answer what is strategically important to consider when ideating and designing for this space.
The Metaverse is not a destination, it’s a perpetual state of being with the merging of virtual and physical worlds seamlessly and without friction.
The metaverse does not exist today - it is a north star vision of where we are going in the next 10 + years; today the term at best merely represents an evolution of the internet from digital to omnichannel to interconnected worlds (physical + digital)
The Metaverse cannot exist in silo – it must be interconnected and interoperable with all media and the content and community needs to be fluid and should permeate everywhere.
The success of the Metaverse is contingent upon its ability to transcend specific places and spaces. (e.g. cryptocurrencies in retail stores, avatars and NFT on traditional websites, AR experiences in physical worlds, gaming mechanics in everyday interactions)
Akin to social media, it’s not limited to a singular facebook page – it’s the fluidity of conversation, ratings/reviews, user generated content that lives in multiple places in physical and digital worlds – websites, etc
The building blocks of the Metaverse - Questions to ask:
Objectives: What are your trying to achieve or solve for with the Metaverse?
Reach new audiences (who?)
Create new revenue streams (what type?)
Shift brand perceptions (from what to what?)
Is there a specific brand or product line focus and purpose?
If we define the Metaverse as the extension and development of the Internet into 3D worlds – what current digital initiatives, programs and experiences are currently deployed that should be considered? (e.g. any immersive experiences, blockchain, NFT or connected initiatives we should be aware of?)
Content: What assets do you have in 3D (versus 2D?) What can come to life in 3D worlds and what needs to be created?
Omnichannel: how are the online and offline worlds currently interacting and which channel/touchpoint is most impactful and reach? (Do you want to send them to new worlds? Or bring elements of your world into theirs? For example, is in-store more opportune with AR experiences than web virtual worlds)
Platforms: are you looking to build/own or partner/rent or buy? (this can help inform investment decisions)
