The metaverse is deemed a new iteration of the Internet and according to the reputable Statista, over 74% of adults are considering joining a virtual world. You don’t have to be the Oracle from Omaha, Warren Buffett, to understand that has massive implications for businesses.
Where people are so should be the services they use.
Currently, there are only 50,000 people in web 3.0 virtual spaces, however, the market cap of Web 2.0 metaverse participating companies is over 14 trillion dollars.
There’s always a land shift moment where early innovators gain the benefits of being there first. ProxyEmpire is a data solutions company, and it is our goal with this article to introduce you to the metaverse and show in what way we will all play a role.
Social purchasing behaviors are trending from the East to the Western Hemisphere. Social experience buying was always common in China and Japan, but it is now making a shift to Western countries. Social commerce is when people buy products and services because of the experiences they have. A mall in Asia for example has not suffered the same fate as Western countries because it focuses on entertainment with shopping instead of shopping with entertainment.
It can also intertwine into influence marketing where the experiences of other people have directly impacted the purchase decisions of those who follow along.
It is estimated that social commerce will account for over $36 billion in commerce spending and the metaverse is going to accelerate this growth. Within web 3.0 you will be able to encourage social interactions that can lead to purchases of your commercial goods.
Of course, data analysis will be the first step in understanding how to do that.
In this section, we’re going to lay out a step-by-step vision for you as a brand to enter the metaverse in an intelligent way that is not going to use up too much of your resources. It’s important to note that web 3.0 is young and the return may be minuscule compared to what will happen later.
There’s a certain amount of risk in investing in a volatile new space that is largely deregulated, but with that risk comes substantial rewarding opportunities to expand.
Let’s break down three steps for entering the metaverse.
The first thing you must do before entering the metaverse is build upon your customer profile. This can be accomplished by knowing who your current and previous customers are and by creating a demographic that you can analyze.
If you cater to a younger audience, then entering the metaverse now makes perfect sense but if your vertical is primarily for seniors, you will gain less reward for the risk. Generational passing also happens in platforms like this where young people will inform their parents of the things they like. In this way, you have cross-generational recommendations that can grow your business.
knowing who your customer is and their internal data is the first step so that you do not invest poorly.
What does your organization do and how can you implement that through the metaverse? It’s the valid next question before entering the space. For example, if you are an eCommerce brand you could consider buying real estate within one of the worlds where you could display your merchandise.
With the right team, you could even have it where individuals could try your product in the metaverse before purchasing it and you would ship the goods to their residence.
However, other business models like consulting could use virtual reality to train and connect to businesses in a personalized way without actually being there in person. This is exceptionally handy for companies who have been stifled by border closures.
When you think of the metaverse it sounds like one world, but that is not entirely true. The metaverse is made up of different virtual worlds. You need to choose one that has respect and agency before investing in it. For example, Snoop Dogg bought real estate in a world called “The Sandbox”.
Choose your world carefully because you do not want to invest money in a virtual environment that is not stable or well respected.
Some companies like Gucci are investing in multiple metaverse worlds to increase their presence.
Data transference is going to become one of the most popular forms of understanding the metaverse for business. It’s the act of taking data from Web 2.0 sources and shifting it to the metaverse where it can be implemented in such a way as to bring attention to your brand.
This data can be derived from internal and external sources.
For example, you could use data from LinkedIn which is a Web 2.0 platform to build connections in the metaverse professionally. ProxyEmpire is facilitating that as a utility by empowering web scraping activities that gather data that can be structured and implemented with ease.
Web 2.0 platforms will still be in use just like Zoom did not replace email. This means that the data on these legacy platforms will become valuable as society becomes comfortable with virtual reality.
ProxyEmpire Is proud to be a forward thanking data solutions company that provides residential and mobile proxies to empower brands through the acquisition of accurate data. The metaverse may seem new but the concept of data stays the same even if its application is different.
Now is the time to leverage the data you already have or can acquire to assist in entering the metaverse before the cost of doing so goes up astronomically.
Think of it in the terms of domain names with Web 2.0. A 3-letter domain name would cost you almost nothing in the early 90s, but fast forward to today’s times, and that same domain name can be worth over $100,000. The same situation is going to occur within the metaverse.
Feel free to reach out to us in the live chat if you have any questions regarding the metaverse.