Ecommerce, Metaverse, and NFTs – and what it means for business
Will the Metaverse actually happen?
Yes, it will. And it will occur in more forms than we can imagine now.
The Metaverse has started taking shape because now we have an emerging community, and the emerging tools to experience and create this alternate reality.
Compare it to the situation Just two decades ago.
The Internet was still in its infancy. Besides other Internet applications, Ecommerce had started taking roots on the internet.
As time passed, internet tools and customers matured, and ECommerce became a serious contender to the brick and mortar commercial world. Now it is a fact of life, an unquestionable established reality.
Also important to note that, those who complemented their brick and mortars with ecommerce early on reaped large benefits.
It’s the same with the Metaverse today.
It seems a bit confusing and abstract right now, but the writing is on the wall.
It is now time for businesses to understand what lies ahead and take advantage, or at least, be aware and ready.
So What do I and my business need to know ?
Lets break the new metaverse business into parts.
Think of the metaverse not just an alternate reality, but as a social Environment that will be driven by eCommerce and Social interactions.
It will have massive social interaction, as well as personalization at the same time.
It will have anonymity as well as large followerships or fan followings and communities.
It will have large public spaces and displays and privacy spaces.
It will have real products, digital products and virtual products.
The Products and Media
It is important point to understand that – not just digital products but every product, media, or service – be it art, books, music, games, education, entertainment, shopping, communications, business services,etc., can be digitized or have a digital component.
Every such product or component needs to have proof of ownership for it’s existence, and to be sold, traded, produced and consumed.
In the metaverse, the NFT is one such important concept which can be used both as unique proof and as a product.
Transactions and Finance
The usage of cryptocurrency and tokens is also imminent, which will also complement the existing financial system and future financial products.
New financial products, systems , exchanges, currencies will come up as often as a cakes from a bakery
Your business synergy
A good understanding of all the above will help you define what you need to do for the future.
In most cases, it is advisable to not run off into unknown directions,
but to use your existing business experience, customers and facilities for further affects.
A few examples:
- If you are selling products in your store or ecommerce, it’s time to learn how to add an ecommerce store in the metaverse to grab new customers.
Besides the obvious names like Facebook Meta and Microsoft, many large companies like Samsung, Nike, Gucci, Disney,Hyundai, Coca Cola, Warner Bros, etc., have already taken the first steps. There is no reason that smaller companies cannot do the same.
- If you are an architect, then you can complement your existing facilities to create 3D environments in the metaverse.
- If you are an educator or school or do webinars and videos, then you need to open a metaverse school or class. You may also do courses for your existing students on usage of the new reality.
- If you are an artist or musician, its time to do your virtual galleries and shows.
- If you are a legal consultant, you have a large avenue for consultation for NFT advisory, deeds and documents hashing and storage, infringements, crypto taxes, security and ownership issues etc.
- Realty companies can offer new ways of selling as well, as fractional ownerships, and many other options. See Propy, for instance
- Banks and Financial institutions can add a large number of new financiial services.
We are not covering software professionals, developers and content creators here, they have just too many options. Some will be discussed in other blogs.
Drop us a line and let us know what you started.
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