Should Your Business Invest in the Metaverse?

Meta, the rebranded company that owns Facebook, Instagram and WhatsApp announced they are introducing 3D avatars. So, what’s the big deal about the new 3D Facebook avatars? Is this technology useful for your company? Here is what you need to know as a small to midsize business:

What is the metaverse?

This technology is part of what many tech people predict will be the next technology revolution. It is also known as Web 3.0. It basically allows people to interact with the internet in a virtual 3D world. So, instead of a website, your company might have a 3D store that includes information about your business. And 3D visuals of your products or services.

The tech world is predicting a huge shift.

Just as the social media revolution radically changed the marketing landscape in the early 2000’s, tech companies think the metaverse will be the next big shift in how people interact with each other. Lots of big companies like Disney, Nike and Gucci are beginning to invest heavily in metaverse spaces.

Online commodities are here

Companies are already moving in this direction by selling online commodities, setting up virtual shops and creating interactive virtual experiences. These are referred to as NFTs, or non-fungible tokens. They are digital assets (video, images, gaming items) that hold a value and allow singular ownership. 

Technology is developing fast

Though it is still very new, the technology to create and interact in this 3D world is developing quickly. But it is not here yet.

Here are a few things your small/midsize business can do NOW:

  • Begin brainstorming for how your business could potentially utilize a 3D space. 
  • Stay abreast of metaverse news and developments
  • Begin using video and social media technology that is currently available

Technology develops fast, but don’t panic. We know that online engagement can be difficult for any small/midsize business. Octane can help you navigate this ever-changing world!