As a Cube insider, you'll get access to interesting new trends, what we think about them and how you can benefit.
New Trend: Metaverse Hype with Projected Growth
The metaverse is becoming more common in business conversations, in particular across consumer focused industries and marketing departments. The metaverse hype cannot be ignored because the next generation of consumers grew up with digital devices, immersed in gaming, and engaging with social media communities. The metaverse will align these three components creating a new 3D virtual world with communities and a virtual marketplace for creating, buying and selling digital assets.
According to Prophecy Market Insights, the global metaverse market will grow from US$ 337.23 million in 2020 and is estimated to be US$ 1,003.06 million by 2030 and is anticipated to register a CAGR of 11.50%.
Web3.0 makes metaverse possible which includes a combination of technologies:
NFTs and crypto currencies built on blockchain for transacting digital assets which can be transported across metaverses e.g. your Avatar can wear Gucci no matter which metaverse you are in. NFTs worth USD 2.1 billion have been traded globally, according to Nonfungible.com. Crypto is the bridge between NFT currencies and real-world currencies.
AR/VR/Mixed Reality headsets are growing and capabilities beyond headsets are increasing making new applications possible like improved education and healthcare imaging.
User contributions and decentralization of content intended to be less controlled by large corporations and more personal control over your own experience. Security and PII (Personal Identification Information) will be a concern.
New Insight: Engage with Metaverse Leaders
You might recall the dystopian world in Ready Player One or you may have been drawn into playing Mindcraft. These are examples of metaverse experiences but they are just getting started. Businesses are not yet sure how to respond in defense of their market position or how to capture the opportunity for new economic gains. The opportunities are not clearly understood which is the sign of a substantial innovation coming our way courtesy of technology advancements in the Internet.
When we don’t understand an innovation, we can look to see how companies are acting in the space.
“How are companies like Apple, Snap, Samsung, Roblox, Epic, and others investing in immersive technologies that will profoundly affect the next few years? In this short video, Insider Intelligence vice president Marissa Coslov explains.”
When a technology like metaverse is hyped up, it’s not time to “wait and see”. It is time to engage with the community of companies and technology developers who can help explore use cases, business models and opportunities for growth.
New Action: Pilots and Partners in the Metaverse
Identify customer digital experiences now that can translate to a metaverse with a partner.
Considering your future customers, determine how they might engage with your brand in virtual communities.
Identify the partners at the leading edge that you need to help design, develop and implement a metaverse strategy or program
Start small, with a pilot at lower risk, to gain experience quickly and pivot easily.
If you’re looking for how to learn more or engage in the Metaverse for your company, N³ Innovation can help you! Contact us today!
Want to get the Cube sent directly to your inbox? Sign up HERE
N³ Innovation does not endorse the organizations or products mentioned in this newsletter. If you are interested to learn more, contact us today for a full landscape and targeted solutions.