WTF is the metaverse?
Why is everyone talking about it?
More importantly, what is the B2B business opportunity now?
In 2021, Mark Zuckerberg rebranded his company to Meta, and instantaneously chat of the Metaverse exploded.
But let’s be honest, most of us are still scratching our heads questioning, what on earth is it? And would someone please explain it in English!
Michelle set the scene and explained that at present, the internet is two-dimensional, almost like a magazine or a brochure that you flick through, but the metaverse brings us the opportunity to go inside, walk around and physically experience the internet.
Let’s keep it simple, it’s essentially the next iteration of the internet!
For those of you ready to get your geek on with a more technical description, Gartner explanation is that it is a collective virtual space, created by the convergence of virtually enhanced physical and digital reality. In other words, it is device-independent, not owned by a single vendor and is an independent virtual economy, enabled by digital currencies and nonfungible tokens (NFTs).
If you think this is just for the cool kids, think again…
The Accenture Tech Vision Report predicts that the average adult will spend equal amounts of time in immersive worlds (ie the Metaverse) and the real world by 2034
So, what’s the opportunity for B2B business?
The immersive world will be a key source of B2B revenue in the next ten years.
There are countless organisations using immersive learning experiences, any industry that delivers a learning experience (think universities, sales training, customer service, medical training, flight simulation), is going to benefit from the Metaverse. Saving time, resources, and bucketloads of money in the long run.
People learn four times faster in virtual environments than in a physical classroom (PWC).
Michelle shared an example of her aviation client in the US that uses flight simulator technology to train pilots, which significantly reduces costs and the risk of incidents.
Now bringing it back to something closer to home, let’s think of virtual events. Gaining huge popularity in recent years, the Metaverse provides an opportunity for event organisers to take their events to the next level, with more integrated and interactive opportunities. Sayonara to boring zoom meetings, and hello to the new era of networking and nurturing!
We of course asked Michelle the essential question, is there a first mover advantage to be had?
Her answer, was YES but it’s a small window!
So run, don’t walk, the time is now!
Delve in a little deeper with our full podcast with Michelle here and if you like what you hear, don’t forget to hit subscribe!