HOW NOT TO ENTER THE METAVERSE
Dr. Shweta Singh
Economic Times Most Inspiring Women Leader 2023-24 | Times40Under40 | IP Attorney | Entrepreneur, Speaker & Author | Founder of Ennoble IP | Championing Innovation & Intellectual Property Across Sectors
The metaverse at?the time of writing is at the center of everybody's attention, and people are continuing to look ahead to the next rendition of the Web. This is an example of an emerging trend wherein businesses have been striving to establish inclusion across the metaverse. Even the regional and global market value characterizes a consistent image of economic expansion, with corporate entities splurging over $120 billion on user refined?Web3 experiences throughout Q2 of 2022.
Whatever attempts have been made so far in this venture, one thing seems to have become evident: a sizable amount of businesses are attempting to point blindly into the metaverse, awaiting their arrow to connect. Business executives postulate how their actions will alter the ecosystem through and through, but then every result creates additional concerns.
As a pioneer in the web3 domain, SHEREAL also encounters and addresses a variety of concerns and preconceptions about the metaverse as a company that provides Web3/Metaverse empowerment experiences for women all over the world. Undertaking observations of varying degrees of attainment, here are a few common blunders to avoid as you chart your course into the unavoidable future.
Web3 is the future, a decentralized ecosystem based on blockchain technology that will allow innovations like AI, VR, and AR to collaborate to develop an unbridled, three-dimensional, highly engaging simulated environment in which people can go about their daily lives. A novel concept like this, which we have only seen in science fiction, cannot be run completely on current?Web2 philosophies.
This implies that established organizations that have had achievements in a Web2 environment cannot expect the same results in a Web3 environment if they continue to use the old campaign strategies. It doesn't matter if your current market price is in millions or billions; it won't help your company in the metaverse. Because Web3 was created with consumers in mind, the goal is to create compelling experiences which add value as well as reach your target market no matter where they are.
Consider Meta's most recent blunder in revealing the "Horizon Worlds": Meta spent nearly two years and more than $10 billion dollars developing their version of the Metaverse, a virtual reality fantasy world in which users can participate. However, all of the excitement was short-lived because it was not designed with customers in mind, with horrific graphics, software bugs, node failures, and a complete lack of a significant community interaction framework, to name a few flaws, leaving us all wondering whether we are ready for the metaverse or not.
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The final aim should be to?construct your metaverse while considering who your customers will be and what they truly desire. Once you've determined the answer, create a beautiful eco-system that is truly easy to use and allows the user to dive into it rather than forcing them to do so and suffocating them in the process.
One of the most visible examples of this is Nike's collaboration with RTFKT for their expertise in virtual footwear sets, which provides NIKE with a pre-built framework and guidelines for Metaverse inclusion of their own Cryptokicks collections.
We will all be delving into our new fully reinvented world created within the metaverse very soon, and the sooner we fully comprehend how to traverse through it, the better we will perform in the long run, so take note of what we discussed and reevaluate and modify your strategy based on your needs rather than hoping for divine intervention. Maintain your motivation, focus, and learning; the rest will follow naturally.