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Small Businesses and the Metaverse
The term “Metaverse” was coined by Neal Stephenson in his 1992 cyberpunk novel Snow Crash. This novel centered on a simulation of a future society where people escape from reality and merge with a virtual one. It is believed that there is only one Metaverse. The concept of a metaverse has been the subject of several novels and other works since then, with many speculative science fiction books exploring the possibilities.
Founders of The Sandbox and Animoca Brands are early adopters of blockchain technologies. Animoca Brands, a mobile game developer, suffered in the dotcom era with financial issues and regulatory pressure due to dealing in cryptocurrencies. Now, the company has refocused its efforts on cryptocurrencies and blockchain technology by investing in internal product development and foundational technologies, including non-fungible tokens, which are digital assets used to store value and authenticate ownership. Last year, the trading volume of these tokens was as high as $25 billion, with Animoca Brands being one of the early movers.
Despite all the hype surrounding the metaverse, small businesses need to prepare for the changes to come. First of all, they should clarify their niche and determine what technologies are best suited to their business model. Next, they should rebrand their company. This may involve updating their logo and existing images to reflect the new brand identity. Another step is to update their website and other marketing materials. The goal of the metaverse is to connect people and technology in a virtual world.