What’s in store for business in the metaverse?

Since Mark Zuckerberg, CEO and co-founder of Facebook, spoke of the metaverse, many organizations have wanted to join the change. Currently, more and more industries and companies worldwide have wanted to venture into this concept that promises to be one of the most technologically revolutionary spaces and that would transform the business world in the future.

According to a report by Bloomberg Intelligence, the metaverse represents a business opportunity of 500,000 million dollars, a figure that will rise to 800,000 million in 2024. This opens up an ideal scenario for those who want to bet on something new, taking advantage of the accelerated development of ICT today.

However, Colombia has not yet made major progress on the issue. According to experts such as Juan Pablo Ordóñez, metaverse and interactive narrative advisor at The Core Entertainment Science School, ignorance of the market and lack of access to new technologies are two fundamental aspects that influence this to be the case.

The metaverse has a great scope to make brands, products, services, advertising visiblecarry out campaigns marketing and even gives the possibility of organizing events and shows interactively and adapted to the environment. It is quite an experience for the user, which allows an exponential growth of business in the medium and long-term future”, explained Ordóñez.

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Despite the fact that there are currently spaces such as the webinar “Metaverse: the new opportunity for business”, by Planeta Formacion and Universities, there are few people who are currently interested in learning about the subject, which is why this expert insists that a first step should be to promote people’s curiosity.

For its part, Juan Pablo Mejía, Chief Executive at Inn Solution SAS and Offcorss expertmentioned that the metaverse is a business opportunity, especially for the fashion sector because it gives the user the ability, for example, for their avatar to wear the clothes and buy them.

“If someone wants to buy something in the metaverse, they will also want it in physical form. Furthermore, economic transactions in the metaverse are likely to work through tokens that would be the equivalent of real money,” added Mejía.

Although the experts assure that it is still too early to know all the possibilities, challenges and the magnitude of the metaverse. They ventured to mention some disadvantages that this virtual world would bring to those who do business in it.

For Dr. José Martí, vice-rector for research at the International University of Valencia, one of the most important challenges is to know whether the metaverse will become a monopoly or a more open code will be generated where users can be the owners of their virtual reality. While for Juan Pablo Mejía, a fundamental challenge is to evaluate how to make these worlds increasingly realistic and allow the user to live an experience similar to physically going shopping.

Challenges such as inequality in access must be taken into account, because not all people could have access to the technology to enter the metaverse. There is also privacy, considering that this system will collect information and personal data, as well as physical information of users such as fingerprints and you have to deal with the hackers who want to take advantage of this,” said José Martí.

To date, global companies such as Apple and Sony have joined investments in the metaverse and Ecopetrol has tried it in Colombia, demonstrating that these emerging virtual worlds can be a great business opportunity. However, everything will depend on good ideas and a good product or service to offer.

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