The hype around the metaverse is met with equal measures of cynicism— with many asking pertinent questions such as: Is the metaverse truly the next frontier for social interaction on the internet, or is it simply marketing? Is it being designed for the purposes and profits of (monopolistic) global companies? What’s the infrastructure, who is figuring it out, and what are the rules of governance? In other words, could this be all fantasy and no real play?
As the metaverse continues to grow however, there is an expectation for high-value, real-world commercial opportunities. In October 2021, the Web 2.0 metaverse was valued at $14.8 trillion.
In addition to branding and in-game advertising, with multiple cross-chain possibilities, the virtual economy is believed to become as important as the physical economy.
In fact, it’s estimated that by 2024, the market could be worth $783.3 billion – nearly triple the size of the gaming software and services sector today, and not far off from becoming a trillion-dollar industry. If it were a country, it would be one of the largest economies in the world.
From buying, renting, and even refurbishing property, for B2B and B2C entreprises the metaverse provides large-scale potential opportunities and growth via the meta-economy: one that by-passes physical constraints and traditional processes and expands access to the marketplace for consumers from emerging and frontier economies.
From a business perspective, just as it became crucially important to adopt and adapt to the social nature of Web 2.0, it appears that in order to survive and thrive in the new era of Web 3.0, entering the metaverse becomes not an if but a when — owing to its reach, its importance, its opportunities, and its relevance.
Reasons why brands should consider entering the universe include: incremental reach, especially amongst younger audiences in a high attention environment, brand immersion, through creating a 360 brand experience woven into the fabric of a world, additional sales channels, and new revenue streams, through the launch of virtual products.