Throughout the past crypto cycle, “metaverse” was a word that was thrown directly onto the radar of nearly every company with an online presence. Ultimately, the term “metaverse” will come to represent a type of multiverse in which many brands, creators, organizations, and individuals launch unique worlds with their own sets of rules and values. Though this digital network of galaxies is where we’re heading, there will be many iterations of the metaverse in its evolution toward maturity, starting with where we are now with Web3.
Web3 in its current form is experimental and segmented. It contains isolated experiences that use unique blockchain networks, which cannot interact with each other. But, given the inevitability of an ultimately interconnected digital future, brands and creators would be wise to develop a “metaverse strategy” for how to onboard their users into their unique “verse” and keep them engaged in the battle for user attention.
First, brands need to understand the metaverse. These are my top three components for shaping the future metaverse.
1. INTEROPERABILITY
The future metaverse will likely be fully interoperable. This will allow users to move their virtual selves and other assets across borders into different worlds. However, this type of interoperability is predicated on Web3’s foundation for user ownership of their identity, data, and value. Web3 is distinguished by Web 2.0’s revolutionary concept of user control.
There can’t be a metaverse that isn’t open to all. An open metaverse has no walls and all assets are interconnected. These conditions can cause real disruption to centralized systems and companies who have managed games and systems in closed environments.
2. EXPERIENCE THAT IS SIMPLE AND SIMPLE FOR THE USER
It is easy to see why Web 2.0 platforms like Instagram, Twitter and Facebook have such large global user bases. You can share an Instagram post to Twitter, or post a TikTok clip to SnapChat. This allows you to easily switch networks.
Web3 should be able to offer seamless ease-of use and intuitive navigation, as well as cross-chain interoperability, which will allow for movement between different blockchain networks. Arcade.inc or the Otherside promise to be a place for multiple communities.
A smooth U/X coupled with cross-chain compatibility should not only be improved for Web3 or the metaverse, but also for the crypto industry. Self-custody comes at a great deal of responsibility. Our interactions should be simpler and more transparent.
3. GAMIFIED EXPERIENCES
In spite of the earnings drop across play-to-earn blockchain games happening in concert with the crypto bear market, I believe the in-game mechanics that gamified a user’s time and actions are here to stay. Ideally, the metaverse will be a place where users taking part in various NFT ecosystems all go and have fun, but that doesn’t necessarily mean playing a game.
Brands and users can engage with each other by monetizing and gamifying everyday actions in the metaverse. Do you have a Sotheby’s-worthy NFT collection? Make a gallery in metaverse to showcase your assets. Even everyday activities like shopping for a new TV in Samsung’s hectic Times Square location can be replaced with a trip to its virtual model in Decentraland. These gamified elements allow brands to create memorable experiences from seemingly mundane tasks such as shopping at the hardware store.
4. DIGITAL CURRENCIES
Since the creation of Bitcoin, cryptocurrencies have taken many forms to serve different purposes. I believe the rise of the metaverse will see the proliferation of cryptocurrencies and in-network utility tokens that endow the holder with certain capabilities or can be used as a means of payment of goods and services, or as a reward for performing tasks that benefit the network—the list goes on. These tokens and rewards can be used to purchase virtual goods, which will be NFTs within the metaverse.
5. DECENTRALIZED AUTONOMOUS ORDGANIZATIONS
Governance is a crucial role in the ecosystem. Most metaverses use a DAO governance system that allows them to vote using their governance tokens. DAOs could eventually become a part of the majority of brands who explore the metaverse. For example, now that Samsung offers users a Web3 experience in Decentraland, Samsung users are now members of the Decentraland DAO and have a voice in the ecosystem’s future.
The community owners and users can decide everything, including transaction fees and future development efforts. To provide the best Web3 experience possible for customers, brands need to know how a DAO works.
6. COMMUNITY
While community building is essential for brand presence on Web 2.0 platforms, I believe that the type and level of engagement will change with the introduction of DAOs or NFTs. Brands may want to shift toward a hybrid DAO model and take advantage of the benefits of letting customers have an amplified voice in the brand’s decisions without changing existing corporate structures. The DAO governance structure will allow community members to make decisions about design components, product updates, and campaign designs. This can help build brand loyalty and possibly enhance the products.
It is important to remember that nobody can predict what the future holds. The possibilities are endless as the technology behind these experiences continues to improve. By now, it’s not a matter of if Web3 and the metaverse become the norm, but when. Brands that understand the technology and strategy required to navigate the metaverse will reap the rewards of creating memorable experiences for their customers and strengthening relationships.
