Updated: Nov 1, 2021
Metaverse will become the next generation of transformation just like what social media did about 20 years ago. The internet will become disrupted once again and you need to be ready to jump again as early as possible.
It has been a long time from the last disruption in the digital world.
We all have come a long way and have seen many new technologies and tools that can help us do things better, faster and cheaper.
However, the foundation of doing things is still the same.
After the rise of internet, the user experience was pretty basic. Everything was static catalogs and there was not much interaction between people.
All you had to do was to setup a website and showcase your products and services and an email of phone number.
I still remember those days when you had to connect to a dial up connection and "remember" what website you wanted to go and see.
Mostly well-known brands.
Those businesses who did not see the trend of going online, died.
Then we had the second wave of innovation which was led by search engines, well, let's say Google.
Now, everybody was thinking about how they can optimize for traffic and search keywords.
Those who did not think and see this trend, died.
Imagine having a business and people are not able to find you through search.
Then it came the next disruption; social.
All brands tried to communicate with their target audience through social media and engagement.
Influencers playing a key role in driving traffic and attention to brands and businesses and now, it is impossible to find a business that is nit relying on their social media platforms.
Those businesses that ignored social, died.
Now the next phase of the change is coming.
Each person or business is already a platform.
Bringing everything that has been built in human history together: data analytics, AI, IoT, blockchain and indeed VR / AR.
The social life will be transform into a secondary life.
Or even the first life!
And those who di not pay attention, die!
With this, now we know how important it is to know where we are going and how crucial it is to prepare the businesses to become part of the multiverse.
Gaming industry is already there
It has been for years that games are part of this trend as you can buy different cloth, armors, guns, gems etc. inside games and even trade them on eBay. This is not new at all.
However, Metaverse will take this trend to the whole new level with NFTs and blockchain based games.
Players can play inside Metaverse and trade like they are in the real world in battles, interactions and engagement through crypto and even build their home page with rare collectables and NFTs to flex their capabilities and money making skills in gaming.
Retail will come next
In my personal opinion, retail will be the next natural industry which enter the realm of Metaverse.
Retailers can start targeting Metaverse users with their content and ads natively within the platform and start selling t-shirts, cloths, shoes, home furniture, electronics etc. both in the virtual and real world.
People can buy these items for their virtual home page and decorate their home and also they can make purchase as we are doing now through social media with one day delivery options.
How good is that.
Fintech is coming
Fintech will be one of those early adopted industries as people and businesses must be able to transact within Metaverse.
There will be whole new payment options and payment service providers that specialize in the Metaverse and provide even more flexible payment options for the users.
This is not just money transfer within multiverse, but also payments from and to Metaverse and real world too while customer experience is not sacrificed.
Also, all these transactions must happen securely. So, cybersecurity will be another topic of interest for the industry.
Education is always there
The next natural next step for education is to become part of Metaverse.
Either traditional education institutes like schools and universities will become part of the multiverse to educate people while they are logged in Metaverse.
Also, there will be institutions that are only provide native educational content in the multiverse.
In addition, coaches and mentors will start leverage the platform to educate their target market with the latest and greatest marketing plan and demand gen activities for the businesses.
The pie is big
I personally believe that everybody has a stake in this.
There will be a use case for individuals and businesses and like social media, if you are not part of it, you don't exist.
This means from now on, you as a business owner should plan your next moves to the Metaverse with a meaningful business plan.
Because if you don't, you will die.