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Investing in the Metaverse
A digital world that exists when a person is not logged into the internet, Metaverse features avatars and non-fungible tokens (NFTs) to establish ownership of virtual objects. NFTs, backed by blockchain technology, can represent any type of digital asset such as a piece of art or a virtual game piece.
It can be accessed through a VR headset or, less expensively, with a computer screen and web browser. Video games such as Roblox, Minecraft and Fortnite showcase a type of Metaverse experience where players can create, interact with and share content in a virtual world.
Some companies are already developing Metaverse applications, although it’s still early in the development cycle. Investing in a Metaverse company is risky as it’s difficult to predict how these products will be received by customers and business partners.
A better approach is to focus on the technology that will make a metaverse viable, including edge computing and hardware devices that merge the physical and virtual worlds. Then look for ways to use this technology within your business. One no-regrets move is to tap into employees who draw for a living — think graphic designers and marketers. They can create compelling avatars that can be used in an immersive environment. Another is to conduct an internal metaverse exploration project. This is a great way to determine whether the metaverse provides value to your organization and where you should focus future efforts.