30 Nov 2021 Three Insights On the Business Opportunity for the Metaverse
Last month, Meta hosted Connect 2021, which gave viewers a front-row seat to the future and shared the infinite possibilities of augmented and virtual reality. We are approaching the shift to the “metaverse” with excitement as it will provide an incredible opportunity for businesses big and small.
We’re sharing key insights to help ground you in the opportunity today while you prepare for the exciting journey ahead:
1. Focusing on 2D Apps Today is Tomorrow’s Bridge to the Metaverse
The primary way people will experience the metaverse in the short-term will be through 2D apps. This means it’s critical to stay focused on the skills you’re using today to help grow your business on Facebook, Instagram, Messenger or WhatsApp, as these will be foundational to help grow your business in the metaverse in the future.
Here are a few ways to imagine how 2D apps will make way for a more immersive experience in the future:
- Commerce: the metaverse will unlock new opportunities for buyers and sellers to connect in a new way. You could imagine your shop on Instagram becoming more immersive, with the option to buy physical or digital products.
- Entertainment: Today you can host a paid online event on Facebook, but imagine if you could make this a mixed-reality experience where people could join in person or buy a ticket for the virtual experience
2. The Metaverse Will Enhance Physical-World Experiences
From video calls to messaging, we are more connected than ever. However, the metaverse aims to simplify these with less friction and by enhancing physical-world experiences.
Current use cases of augmented reality, including Spark AR, are great examples of how the metaverse will meet the physical world. We’ve already seen businesses use AR to allow customers to virtually drop furniture in their home to see how it would fit, or use AR to let people try on makeup or glasses right from their Facebook feed. Regardless of sector, there will be use cases for businesses that seek to leverage mixed reality and physical-world experiences.
3. The Metaverse Will Be Co-Created and Built Responsibly
No one company will build the metaverse alone. This will be a global partnership with businesses, creators, policymakers, entrepreneurs and more.
So, what can I do as a business right now? First and foremost, while the metaverse is the future, don’t stop focusing on today.
As it was true with the mobile internet, the business opportunity will follow consumer behavior. That’s why it’s important to continue building your business for today’s opportunities by:
- Innovating, experimenting and growing your audience, whether on Facebook, Instagram, Messenger or WhatsApp
- Evolve and stay relevant by understanding your customers’ changing needs.
- Take steps in the metaverse by building new commerce channels via Facebook Shop and Instagram Shop or by creating a filter with Spark AR.
- Try building augmented reality ads that help customers get a sense for your products from their home.