The metaverse and Web 3.0 are poised to significantly change how consumers and companies interact, enabling people to communicate, work, and play better. And there’s room for businesses of all sizes and from all industries.
Prepare now by learning how Web 3.0 and the metaverse will likely impact businesses and consumers. Then, discover how you strategically choose technologies to give your organization a competitive boost.
What Is the Metaverse, and How Does It Affect Business Technology?
The metaverse refers to a digital ecosystem that blends digital and physical realities. Gartner calls it a “collective virtual shared space” and predicts that “25% of people will spend at least one hour a day in a metaverse environment for work, shopping, education, social media, and/or entertainment” by 2026.”
Accenture says the “metaverse is a continuum, a spectrum of digitally enhanced worlds, realities, and business models.” Yet, the definition and possibilities are continually evolving, with visionaries believing part of the metaverse will be persistent, a digital world that endures “even when no one is in it.”
As the metaverse emerges, many enterprises, from J.P. Morgan to Walt Disney Co, have thrown their hats in the ring. The potential of the metaverse has companies reassessing their tech stacks, looking to build a foundation to support new metaverse objectives when the time is right.
The underpinning of these tech stacks and metaverse technologies includes:
- Natural language understanding (NLU)
- Internet of Things (IoT)
- Ultra high-speed internet
- Augmented reality (AR)
- Artificial intelligence (AI)
- Virtual reality (VR)
- Cloud services
Web 3.0: The Impact on Customers and Companies
The metaverse and Web 3.0 are complementary technologies but not the same thing. Web 3.0 is the evolution of the internet, a transition resulting in “more functionality based on privacy, decentralization, machine learning, and security principles,” according to TechTarget.
Blockchain and interoperability are essential to the concept, allowing businesses and consumers more control over their content, identity, and data. Like metaverse, Web 3.0 relies on a constant internet connection through high-speed internet, IoT, mobile networks, and WiFi.
Web 3.0 enables better search engine experiences and more realistic website interactions. Consumers benefit from better control over their identity and increased transparency in transactions. Web 3.0 also helps businesses earn trust and build long-lasting customer relationships. It can improve security and ease supply chain challenges.
Preparing for the Metaverse and Web 3.0
We have the components for the metaverse and Web 3.0, but currently need more interoperability and interchangeability these technologies require. And, although both concepts are years away from fruition, you can take steps now to meet your customers’ and company’s future needs. Your strategy should leverage existing trends, focus on technology partnerships, and modernize your infrastructure.
Explore Strategic Opportunities
According to PwC, companies entering the first stage of the metaverse typically develop use cases with partners. Third-party technology vendors can assist your business in identifying productive, lower risk use cases, business models, and potential benefits of Web 3.0 and the metaverse.
Boston Consulting Group (BCG) advises looking “for opportunities to automate or digitize operations and develop[ing] IoT use cases across verticals that support the current and future business roadmap.”
Consider the possibilities by looking at the following:
- Locational strategy: The metaverse and Web 3.0 support flexible work styles. Consider how virtual and physical spaces could impact your company culture and employees.
- Revenue generation: Explore strategic opportunities to create new products or services, such as digital versions of physical goods.
- Consumer relationships: Increase brand awareness and improve customer connections using VR/AR to create immersive brand storytelling experiences.
Establish the Architecture
While different, metaverse and Web 3.0 still require some of the same architecture and strategies. Indeed, Deloitte recommends considering “investments in the context of broader digital transformation agendas.” Make decisive technology investments that will allow you to achieve greater capabilities in the near future, such as digital twins and edge computing.
Although your plan will depend on your digital maturity, organizations can start by upgrading or adding:
- Cloud infrastructure
- Gigabit or fiber internet
- Business WiFi
- Services and security architecture
- AR/VR devices
- Data and analytics
Staying Ahead of the Curve
The virtual world will change many aspects of today’s business models. To be competitive, you must complete a technology audit, identify gaps, and determine your organization’s readiness. Strategic technology partnerships and investments can help your organization close the gaps and build a foundation ready for the future.
Let Cox Business help guide your business toward a successful digital transformation. Rely on our experience and expertise to ensure your business stays ahead of the curve in this rapidly evolving landscape. Begin to unlock your company’s full potential in the virtual world today.
By: Lisa Majdi, AVP Marketing, Cox Business
