Big brands are going metaverse – your small business should too | Genetic marks

The metaverse. Have you heard of it. You have read about it. But do you really understand it? Unfortunately, most small business owners I know don’t. They should.

The metaverse is virtual. But it is also real. It’s an online world that could generate its own economy. So far, it has been primarily created and championed by Mark Zuckerberg, who literally changed the name of one of the world’s best-known brands to match its future promise – Meta. But the big brands are getting started… and in a big way.

Microsoft is positioning its products for better business collaboration in the metaverse. Google is building a friendlier, less cringe-worthy version of its failed Google Glass so people can use a new wearable device to access the metaverse without looking like a complete jerk. Other companies like Magic Leap are building similar devices. Gaming company Epic Games has raised $1 billion to support its “vision” for the metaverse.

Walmart has filed “several new trademarks” which apparently indicate that it will create its own cryptocurrency and a collection of NFTs (non-fungible tokens, the unique identifiers that are attached to digital art and products to identify them as unique in their kind and origin).

McDonald’s recently filed 10 trademark applications, including one for a virtual restaurant that would deliver to homes. Samsung recently launched a new smartphone on the metaverse – not without some issues. Even the traditional and serious accounting firm PricewaterhouseCoopers has purchased virtual property on Sandbox, a metaverse platform.

How big is the metaverse? When you add it all up, billions have already been invested, with some analysts saying it could be a $30 billion market in 10 to 15 years. By comparison, the entire US economy in 2021 was around $25 billion.

For people over 30, the Metaverse seems strange, alien… and even a little sad and scary. But for the next generation – especially Gen Z types born after 1995 and kids currently in elementary school – the metaverse will be commonplace. They will be accustomed to living in both a virtual and real world. Just as we are used to living online. In fact, the average American spends 24 hours a week surfing the Internet. The average gamer is immersed in the worlds of Halo, Minecraft, and Call of Duty for almost 800 hours a year. These are all the very first virtual worlds. The Metaverse will take this to the next level. At the moment, it is the big brands – as always – who are taking the first steps. But once a path is cleared, the doors will be opened for a flood of new businesses to take advantage of. How? ‘Or’ What?

If you run a small business, you’ll soon ditch Zoom and Teams and come across a hologram or avatar of a customer, partner, vendor, or employee in a virtual conference room, chatting and reviewing together. documents and virtual items. If you’re a real estate agent, you’ll take virtual home rendering tours with your clients. If you are under construction, you will do the same with properties under development. Your conferences will be virtual affairs. Your sales pitches will be in virtual locations. You will have a virtual version of yourself. Don’t worry – none of this will replace real human contact. He will complete it. This will make your interactions more enjoyable and personal as opposed to the detached online meetings we currently have.

All of this will have a cost. You will need to purchase real estate to hold your meetings. You will need to equip these rooms with artwork and furniture. You will need to get the tools to make your presentations. But again, a lot of smart entrepreneurs will sell this stuff, provide the infrastructure, and offer real estate and products that everyone wants, so there’s going to be a lot of money to be made as well.

How will this affect your small business in 2022? This will not be the case. But what about in 2027? Or 2032? It will be. A decade has passed since the birth of the iPad, Instagram, Lyft, Square and Slack. In 2022, Amazon’s Echo, Apple Watch and AirPods and 4G didn’t exist or barely existed. Now it does and all have had huge impacts on the way we run our businesses.

A lot can change in a decade. Much will change over the next decade. This change will be the metaverse. And the smartest business owners I know are keeping tabs on how to profit from it.

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