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Touching the metaverse

What executives can do to learn more about this emerging technology

By Paolo CuomoPublished about a year ago 4 min read
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Touching the metaverse
Photo by Vinicius "amnx" Amano on Unsplash

I’ve been asked by a few execs recently how they can actually “see” the #metaverse for themselves. I turned to the founder of the onemetaverse.finance information platform, Emanuele Colonnella, for advice.

Here were his thoughts:

📌 Make sure someone in your company is looking at the topic. If appointing a Chief Metaverse officer feels a bit premature at this stage, you may still want to assemble a team of cross-functional “explorers” (people from different business areas willing to take some risks and experiment). Give them some freedom and budget to fail and learn. They will help you understand where the best opportunities for your company are and start defining your #metaverse #strategy and #roadmap.

🥽 Get them to organise a “feel the metaverse” event in the office: some of the immersive technologies underlying the metaverse, such as #AR/ #VR, are hard to demonstrate “offline”, you must experience them first hand to understand opportunities and limitations. This can be done with a modest investment of time and money by partnering with solution providers willing to explore new use cases together.

📄 Spend a couple of hours reading / skimming through some industry reports: McKinsey & Company’s “Value Creation in the Metaverse” is a few months old but still one of the best out there.

🎮 If you have young kids, create your own account and play Roblox or Minecraft with them. This will be eye opening on how these digital worlds feel so real for the new generations (they will love it and this definitely counts as “quality time”).

🦊 Get an #NFT! Create a digital wallet on MetaMask then head to OpenSea to either create or buy your very first NFT. Again, we hear a lot about #Web3, #DeFi, #tokenization and NFTs but is hard to grasp what they actually are, so why wait? Far better to get first-hand experience?

🔍 Keep an eye on what other brands are doing and learn from the experiences of the most active companies (retailers are leading the space) and your competitors: Apple teaches us you can build a great business on being the second (smart) mover.

🔔 If you are in the #financialservices. Subscribe to onemetaverse.finance newsletter to keep up to date with the latest “must know” in the space. Or get directly in touch with Emanuele

But what is it?

If you're still not clear here's a brief explanation:

The metaverse is a term used to describe a collective virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and the internet. It is a space where users can interact with each other and with virtual objects and environments in real-time.

The metaverse is often imagined as a place where people can live, work, and play in a virtual world that is just as real as the physical world. It has the potential to revolutionize the way we interact with each other and the world around us. Businesses are already starting to explore the possibilities of the metaverse for training, marketing, and even selling products and services.

For example, a company could create a virtual storefront in the metaverse where customers can shop and interact with products in a way that is not possible in the physical world. Companies could also use the metaverse for training purposes, allowing employees to practice new skills or participate in simulated scenarios that are too risky or costly to recreate in the real world.

There are also a number of social and cultural implications to the development of the metaverse. It could bring people together from all over the world in a shared virtual space, breaking down traditional barriers of distance and geography. It could also change the way we think about identity and self, as users may be able to create multiple avatars or virtual selves that can interact with each other in the metaverse.

Overall, the metaverse has the potential to be a game-changing technology that could revolutionize the way we live, work, and interact with each other and the world around us. It is an exciting development that businesses should keep an eye on and consider exploring as it continues to evolve.

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About the Creator

Paolo Cuomo

I right to share my insights and what I have learnt from others. This includes practical productivity ideas, especially around working from home for those used to the office.

I also cover technology in particular quantum computing!

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