Name: How companies are preparing for life in the Metaverse
Uploaded: 2021-12-16
Duration: 5 min 40 s
Description: Chief Metaverse Officer at Futures Intelligence Group Cathy Hackl explains.

Chief Metaverse Officer at Futures Intelligence Group Cathy Hackl explains.

How companies are preparing for life in the Metaverse

Tech

All right. Perfect. Hey, Mark. Hey, what's going on? The motorist is pretty much the future of the Internet. It's what comes after the mobile Internet. So you almost have to think about where we've been and where we're heading. So in what? One point now that connected information and you've got the Internet. That changed a lot of things, of course, in a Web two point. Oh, you got e commerce and the sharing economy. And you have social media. That obviously changed a lot of things and obviously created some of the tech juggernauts of today. And where the evolution of this Web two point oh, going into Web two point out and what you point out the next people, places and things. And sometimes these people, places and assets can be in a fully virtual environment like we are, but they don't only have to be like that. They can also be in the physical world with some level of augmentation. Kind of what we're doing with our phones when we're on Snapchat or Instagram and we're using filters or we're trying on virtual classes. That is part of the future of the Internet, and I think one of the overall goals is to unleash human creativity and the way we've never seen before. Right when you start to think about Web two point oh, and creators and community and authenticity, you're starting to see kind of a new evolution on how we're using technology to express ourselves. There's this whole opportunities happening around Metaverse economy, metaverse Commerce. They're going to change the way we interact. The current projections put the metaverse market opportunity at 800 billion to a trillion by 2025. Fashion and beauty are definitely, you know, some of the ones leading the way in this space they've been doing, You know, whether it's a virtual world inside roadblocks, like a Ralph Lauren or advanced ID or Chipotle, or whether it's doing something in fortnite like a brand like Balenciaga or Montclair. You've got brands doing lots of different things in the space, trying to engage with communities in new ways. You've got, for example, Nike, uh, purchasing and acquiring Artifacts Studios, which is a metaverse foreign brand. They're known for their cyber sneakers, sneakers that only exist in a virtual space, Uh, so that acquisition, to me is a watershed moment as to where business is heading. Another use case. I would say it's also for entertainment. Many of us probably attended our first concert inside a stadium, right. We're physically they're seeing the artist. But for some younger generations, including my son, their first concert was little, not sex and robots. And just because they lived in in a virtual space in the gaming platform, in this case didn't make it less real for him. He was very much present there and his avatar form seeing the artists perform, and he lived it as you know, authentic and real to him. So most of the companies that are joining the Metaverse we're starting to do things in the Metaverse are because they understand that this is where the Internet is heading and everyone's entering at a different pace. Not everyone's jumping in and creating world. They might be trying on, you know, trying different pilots and things here and there. But I think most of the companies are starting to realize that there are going to need a metaverse strategy. They are going to need teams That understand some of these gaming and virtual spaces and augmented reality and Cryptocurrency um so there will be an acceleration there on the needs of what? You know the team support gonna are gonna need just like, you know, people never thought they would potentially need a chief digital officer back in Web one point or before that, this is going to give rise to new roles, and there will be new needs for businesses. Yeah, business in the metaverse is going to be changing and evolving in some ways. So for many years, many of us have been doing what's called physical to physical commerce. Right. We go to the store, we purchase an item. We'll take that item with us during Web 2.0. Because of that connection with people and e commerce, you would be able to go to a website, look for an item, pay using your credit card. What's happening in some of these spaces is unlocking certain things. You've got the virtual virtual so the you know, the gamer that buys the outfit further avatar or the sword for Minecraft and, you know, playing paying robots or be bucks. So parents are listening. You know, they're probably spending a lot of that money that digital currency inside these games to buy an avatar skin or a sword, right? So that virtual to virtual it's also what I'm really interested also has been thinking about physical to virtual. So a physical item that I buy that unlocks something for me in a virtual space, like a virtual experience or a pop up or certain park, and also thinking about the virtual to physical. So if I buy something inside a virtual space, how does it get delivered to my house physically? So there are many people buying real estate in the metaverse, right and too many people That seems a little silly or frivolous and sorts, but you almost have to view it as new ownership of digital assets. Right before, for example, with brands they had to build on borrowed land, they had to, you know, engage on Twitter on Facebook or in different platforms, right and communicate with their audiences there. What you're starting to see is that because they're able to own virtual land in some of these virtual worlds, you know, usually on the blocking, uh, they're able to engage with communities in a different way, and they have true ownership, right? It's about property ownership in these spaces. I think, you know, in the long run, because this is the future of the Internet. This is a multi trillion dollar opportunity. So, you know, lots of sectors. Lots of companies are going to be impacted by this. Um, so, yeah, I think it's gonna be a great opportunity for wealth creation for opportunities for new investment vehicles. And definitely early adopters will probably be the ones that will read a lot of benefits.