Two weeks ago, in edition #44 we talked about Roblox and I announced the “Mastering Brand Engagement on Roblox - Course by Exclusible and Borgo Academy”.

In the said edition I also shared the LinkedIn Live event on which we’d talk more about that course. I want to start this edition with a huge THANK YOU to everyone who commented, shared, and watched the event. Appreciate the time you invested there.

In case you didn’t watch it, you can find it here.

A few days later, in edition #45, we explored how “Immersive Commerce” can help businesses and brands thrive in this digital-first era, and better engage with younger generations of customers.

So, following up on this idea of diving into new possibilities for businesses in this new environment, it’s time to explore a concept that is probably flying under most people’s radar.

LFG!

The Metaverse:
Hype, Misunderstandings, and Reality

Yeah, I know, I know… For some (many?) people, when they hear "metaverse" the first thing that comes to their mind is a negative image of empty, boring virtual spaces.

The term, popularized by science fiction, has gained mainstream buzz, particularly after Facebook rebranded itself as Meta. Despite this, the metaverse is not a new concept. Coined by author Neal Stephenson in his 1992 novel "Snow Crash", the “metaverse” initially described a virtual reality space where individuals interact through avatars (but the concept itself is even older).

Today, this vision has evolved, encompassing various digital experiences beyond mere virtual reality - and we have explored many of these experiences in past editions.

But back to the public’s perception of the metaverse:

On one hand, there's excitement about the potential for revolutionary experiences in gaming, social interaction, and business. On the other hand, skepticism wins.

Concerns range from privacy issues and “it’s just for gamers” to the feasibility of creating such expansive digital spaces. Additionally, some critics argue that the metaverse, as promoted by tech giants, is more about corporate control than genuine innovation. This duality of hype and doubt shapes the current understanding of the metaverse.

The reality - based on many use cases and my own experience with several brands - is that the metaverse's potential extends far beyond what we are seeing today. The chart below shows some of these different “paths”.

But despite the mixed impressions, it's crucial to recognize that we're still in the early stages of metaverse development. And as the technology matures, balancing optimism with caution we can appreciate its potential while advocating for ethical practices and inclusive innovation.

After all, even conservative scenarios point to it becoming a huge market - one which I’m sure you’ll want to leverage, either as a professional working for a company or as a business owner (or both 😅).

Metaverse and its endless possibilities:
And why it matters for brands

“The Web3 space is constantly evolving”.

You certainly read/heard this MANY times. And well… It’s true.

And the concept of metaverse is at the forefront of these changes.
For brands, projects, and businesses, the metaverse offers a unique platform to engage with customers in innovative and immersive ways.

In an era where digital presence is crucial, the metaverse provides a new dimension for interaction, going beyond traditional social media, gaming, and e-commerce platforms.

It enables brands to create virtual experiences that are both engaging and memorable, fostering deeper connections with their audiences.

In the previous two editions (and in many others before that), we talked about the benefits that the Metaverse can bring to businesses and projects in different industries - so I won’t take long here.

But here’s the thing: For many businesses, just the thought of building a metaverse experience for their customers is already a pain → They might not have the necessary expertise, or perhaps it’s a small team that can’t afford to invest their time (or money) on this.

And that’s where MaaS comes into action.

Metaverse-as-a-Service:
What you need to know

Metaverse as a Service (MaaS) is a somewhat new concept that offers a scalable, customizable, and accessible way for businesses to enter the metaverse.

And before we proceed here → like any other concept or technology, there’s no way to predict whether MaaS will become a “big thing” or not. However, it’s safe to say it does provide an answer to a common obstacle brands face when they are trying to step into this new arena.

At its core, MaaS provides the infrastructure and tools necessary to build and manage virtual environments. This democratizes the creation of metaverse experiences, allowing companies of all sizes to leverage advanced technologies without significant upfront investment.

Essentially, MaaS platforms offer the building blocks for creating immersive virtual spaces tailored to specific business needs.

These platforms provide a range of services, from virtual real estate development to user experience design, ensuring that businesses can deliver engaging and seamless virtual experiences.

In other words, the importance of MaaS lies in its ability to lower the barrier to entry for businesses. By providing a ready-made infrastructure, MaaS allows companies to focus on creativity and content rather than technical complexities.
This is particularly beneficial in an era where digital engagement is crucial. Whether for virtual events, customer interactions, or digital marketplaces, MaaS offers a flexible and cost-effective solution to harness the potential of the metaverse.

By enabling businesses to create and manage their virtual environments, MaaS is driving a new wave of digital transformation. As more companies adopt this model, we can expect to see a proliferation of diverse and dynamic metaverse experiences that cater to a wide range of audiences and use cases.

Here are some sectors that could benefit from MaaS solutions:

🕹️ Gaming: That’s probably the most obvious one. Still, the immersive gaming environment of the metaverse allows for unique experiences and new marketing opportunities.

EY published an article called “Insights on the metaverse and the future of gaming” and according to it, 97% of the gaming executives believe the gaming industry is the center of the metaverse today, and 48% said the metaverse creates opportunities for new business models.

The same article mentions that “On the product side, nearly half of all executives surveyed (49%) say they are prioritizing investments in virtual, augmented or mixed-reality experiences”

🏠️ Real Estate: Virtual real estate applications enable accurate site mapping and project visualization, assisting engineers and contractors. This can reduce costs and enhance project planning and execution.

We have a whole edition dedicated to exploring Web3 in the Real Estate sector. Click here to read our edition #29.

💻️ Remote Work: The metaverse bridges the gap of in-person meetings and team-building activities through virtual office environments, enhancing collaboration and productivity.

Back in edition #11 I shared an interesting use of technology to help create a more “human” environment for conversations/meetings, when Lex Fridman (Research Scientist, MIT) interviewed Mark Zuckerberg (CEO of Meta).

Teams can also use metaverse environments for more engaging discussions - not to mention it can be much easier to share/see/visit projects in a space that’s not limited by real-world physics.

📖 Education: The metaverse extends virtual learning hubs, facilitating long-distance collaboration and engaging learning models.

It opens up a basically unlimited world of possibilities for more interactive, collaborative spaces - imagine visiting a virtual twin of an important place instead of just looking at its picture in a book.

✈️ Tourism: Virtual tours of hotels and destinations in the metaverse enhance travel planning, providing interactive experiences for booking and reservations, thus improving the customer experience.

And yes: Pink Beanie’s archive has an edition about Web3 in Travel & Hospitality (click here to check it out).

And there are of course MANY other possible applications, which means MaaS can be a useful solution for several industries.

Or, if you are on the other side of the table, you may become the one providing a MaaS solution for businesses planning on taking their strategy into the metaverse.

Closing thoughts:

As I said some lines above, it’s very hard to predict whether MaaS will become a “big thing” or not, but considering that younger generations are spending more and more time online, it’s just natural to imagine that better, more immersive experiences will be needed (and expected by the upcoming “waves” of new customers).

But let me here from you: what do YOU think? Is this something that can actually help businesses step into the metaverse?

"Quick question, Diego: how many projects are you working with?”

.

.

.

.

.

“YES”

In case you haven’t seen this - I joined SocialTip as an Executive Advisor!

Social Tip is on a mission to help brands connect more authentically online by rewarding their customers with cash.

They help turn a brand’s customers into their influencers. This is good old-fashioned word-of-mouth marketing but amplified for the digital age and scalable through our innovative technology.

Stay tuned for more on this!

See you soon.

#LFGrow
Diego Borgo