The Metaverse: What is it and what does it mean for business?

Metaverse

You may have heard the news that Facebook has changed its name to ‘Meta’, after CEO of Facebook, Mark Zuckerberg, announced his plans to create a ‘Metaverse’. Building a whole new online world that will be accessed through virtual reality headsets is something that Zuckerberg has already started investing in, as 10,000 new jobs have been created to begin the process (Meta, 2021).  

What does this mean for business? Ultimately, businesses will have to adapt to yet another medium of the virtual world in a huge digital transformation. We may see millions of jobs created in the Metaverse, helping companies expand their brands and embrace what it has to offer. ITV are already ahead of the game, hiring for a Metaverse Creative who will deliver creative strategy and execution for brands entering the Metaverse.

Luckily, we have already seen transformations online that have become the norm, which could ease the transition for businesses and their customers. For example, Snapchat introduced augmented reality filters for brands, so users can virtually try on the latest Balenciaga trainers or a new shade of lipstick. This could develop into customers wandering the Metaverse, exploring virtual shops and experience a brand-new reality without the limitations presented by the real world. For the finance team, this could mean managing new currency. It is predicted that cryptocurrency will be dominant in the Metaverse and will rely on new technologies to deliver high-speed, secure exchanges, meaning finance teams will need to adapt to new processes.

With this potentially multi-trillion economy on the horizon, businesses may not be far from having to explore what they can offer in the new digital transformation and how they will keep up with competitors. Could a virtual Zahara mean throwing paper(less) aeroplanes of purchase orders to your approvers desk? Taking Zahara AutoPilot to a whole new level. What are your thoughts on Facebook’s new branding and the concept of the Metaverse? Let us know.

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