LEARN There are many different WHAT’S YOUR METAVERSE STRATEGY?
YOU’RE HIRED!
interpretations of the metaverse, and various angles to learn about beyond the content here. ASSESS While the metaverse will scale across many industry verticals, evaluate if there are relevant opportunities for your business. CREATE Gain experience through internal development. Take the opportunity to explore creative consumer engagement through new channels, services, experiences, digital goods and assets. CONNECT Start building a network of ecosystem participants. The world is still small, so high-quality partnerships are available at a reasonable level of investment. Connect with a new generation and tap into alternative talent pools. ESTABLISH Get your business out there and position yourself to capture the hearts and minds of tech-forward sub-communities.
VIRTUAL STYLE The pandemic caused a boom in digital fashion
Naturally, developments in the meta-economy are in turn introducing a supply and demand dynamic into the metaverse, necessitating new skills and opportunities. For example, RTFKT – a virtual shoe designer procured by Nike – hopes to create a bridge between digital and physical merchandise. Only to emphasise the value behind its assets, RTFKT trainers sold for up to $10,000 a pair in a recent auction. Then there’s the music industry, which has quite literally been booming in the metaverse. A recent Fortnite concert was seen by 45 million people and grossed $20 million – including merch sales. This also contributes to the idea of added equal opportunity that the metaverse provides – many of those concert-goers may not have had access to such experiences, due to geography or cost.
BUT WHAT ABOUT US?
Most crucially, as the report unveils, it’s not just business-to-consumer environments that benefit, but there are huge opportunities for B2B enterprises. “Take a manufacturer that is buying new parts for its equipment,” explains the report. “Presently, the process involves receiving a physical brochure or emailed PDF with static 2D pictures. In the metaverse, users could test the products in a virtual environment at lower cost. Imagine being able to build a complex digital twin of a factory.” “However, the costs and risks of engaging early and consistently in order to build internal intellectual property and develop hypotheses about future business models are relatively low. The asymmetrical risk of being left behind is worth the incremental investment needed to get started.” Invest now or forever hold your peace.
THE BOTTOM LINE
The study concludes: “Components of the metaverse continue to evolve quickly. It’s hard to base a business strategy on such a dynamic space, characterised by explosive growth and the continuous innovation of new entrants.
Read the full report at jpmorgan.com/content/dam/jpm/treasury-services/documents/opportunities-in-the-metaverse.pdf
Source: Galaxy Digital Research Timeline does not reflect a complete picture of all companies accepting or facilitating cryptocurrency donations.
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