Will you be heading to the metaverse in 2023?
According to McKinsey, the metaverse’s value could reach US$5 trillion by 2030, with US$120 billion already invested in 2022, double that of the previous year. [1] But what is it and what does it really mean? Over to Multilaw’s Caroline Kerr-Martin.
Will you be heading to the metaverse in 2023?
According to McKinsey, the metaverse’s value could reach US$5 trillion by 2030, with US$120 billion already invested in 2022, double that of the previous year. [1] But what is it and what does it really mean? Over to Multilaw’s Caroline Kerr-Martin.
What is the metaverse?
A digital universe where users can work, shop, live and socialise in virtual worlds. This technology is predicted to impact almost all sectors of the business world from product development, education and training, sales and marketing, and customer and employee engagement.
In its report, Value creation in the metaverse, McKinsey explains: “It is a gaming platform, a virtual retail destination, a training tool, an advertising channel, a digital classroom and a new gateway to digital experiences. The metaverse seems to be whatever people’s imaginations dream it to be. The consensus view is that the metaverse is the next iteration of the internet, where it becomes something we’re immersed in rather than something we just view.”
Three ways to capitalise on the metaverse
1. A new way of engaging with clients? 3D better than 2D
The metaverse can offer a much more immersive environment than a typical video conferencing platform which only gives a two-dimensional experience. In contrast, the metaverse allows users to fully engage themselves in that environment through virtual reality (VR) headsets and helps create a deeper connection between people than a standard Zoom or Microsoft Teams meeting – and there is no option to just turn your video off.
You’re not just sat on a call, you are able to look around a virtual space and you can change the layout from a board table to a theatre style layout depending on your meeting type in a click, whilst looking at lake, mountain, or city views outside the windows. You can walk around, write on a whiteboard for all to see, interact with others by shaking hands, or you can interact with content in a 3D environment.
It can also be fun, acting as a natural icebreaker when you are getting used to how your avatar’s gestures mirror your real-life movements. If you don’t have a VR headset, you can also join platforms like Meta’s Horizon Workplace via Zoom and Microsoft Teams which opens-up the experience to those who don’t have access to one.
For marketers, the ability to engage with content within the metaverse is particularly attractive, and something you can’t replicate on a webinar platform. Professional services firms are already starting to experiment with the technology for activities such as client training sessions, roundtables, and networking events.
2. A new revenue stream
One thing is for sure, clients are already starting to invest in the metaverse and there has been a surge in IP and trademark applications as companies aim to get a foothold in this new world. As it is a complex borderless world which is currently ungoverned, there is a real need for professional services advice and this revenue stream is likely to grow as the metaverse becomes more established. Professional services firms should be getting up to speed with the metaverse now to be able to advise their clients, some of whom may already be exploring it.
3. Making hybrid working more collaborative
The client potential is clear, but it may also offer immersive and enjoyable ways to share experiences for staff in a hybrid working environment.
Some firms are already using it for collaborative remote ideation sessions (which is particularly useful for marketing teams working remotely or across different geographic locations), more dynamic meetings, new social activities such as attending virtual concerts together or even for group meditation and relaxation. The metaverse also has the potential to be an engaging platform for recruiting and onboarding new starters.
Accenture, for example, has designed its own metaverse campus, Accenture Nth Floor. Employees and visitors are represented by avatars in an environment complete with exact replicas of physical offices. Nth Floor also has expansive meeting areas, a virtual café, a Digital Twin lab, and even a next-gen bank. They have used the space for training, meetings, social gatherings, and onboarding 150,000 employees during the pandemic.
“Clients are already investing in the metaverse and there has been a surge in IP and trademark applications as companies aim to get a foothold. As it is a complex borderless world which is currently ungoverned, there is a real need for professional services advice and this revenue stream is likely to grow as the metaverse becomes more established.”
“Clients are already investing in the metaverse and there has been a surge in IP and trademark applications as companies aim to get a foothold. As it is a complex borderless world which is currently ungoverned, there is a real need for professional services advice and this revenue stream is likely to grow as the metaverse becomes more established.”
Where can professional services marketers start with this new technology?
Your marketing and business development teams could start familiarising themselves with the metaverse and its potential by taking a quick look around Decentraland simply on your web browser or Meta’s Horizon Worlds via a VR headset, spending a few minutes walking around to get a feel for it. Starting small and scaling up is a good approach. It’s all about experimenting and innovating to find the best use of the technology for the needs of your organisation.
At Multilaw, the marketing team opened-up the metaverse to our global network by creating a webinar for our Annual Global Conference called “The Wild West of the metaverse” which focused on the opportunities and the legal implications of the metaverse covering areas such as IP, Data Protection, M&A, NFTs and Employment.
We created it in the metaverse using Meta’s Horizon Workplace platform. With the assistance of our marketing agency Digital Radish, our legal experts donned VR headsets and appeared as their avatars in a Multilaw branded meeting space, and we recorded the session to share with our lawyers and their clients.
The feedback from this was very positive because, not only did the audience gain knowledge on the emerging topics being discussed, it also gave viewers a real sense of what the metaverse is really like and turned something that is largely conceptual for many, into a more tangible proposition.
Who’s already leading the way
While the metaverse is still in its infancy, that hasn’t stopped the bigger players from exploring the commercial possibilities it has to offer. The Big Four and other consulting firms have already invested in the metaverse. Some are using it for in-house training and on-boarding of staff and also for consulting clients on how they can utilise the metaverse to enhance their businesses.
Many law firms are also now producing content for clients on the legal aspects of entering the metaverse and giving advice on the myriad of legal issues lurking on the horizon.
A few firms have taken the leap and purchased their own virtual real estate in the metaverse. Early adopters such as PwC, ArentFox Schiff, and Gleiss Lutz have all secured land plots in readiness to serve their clients in the virtual world in the future.
What are the challenges?
There are some technical hurdles yet to be ironed out when it comes to the metaverse. Whilst you can access the metaverse through the web, to get the best experience you need VR headsets or goggles, and this can be impractical and costly if you are running an international event with a large number of participants.
From a technology limitation standpoint, it requires significant bandwidth and headsets have limited battery life, although these limitations will likely be improved as the technology advances.
If you are looking to create a metaverse branded environment to show clients around your virtual head office, then you are going to need a marketing agency that has expertise in the metaverse. Whilst this does mean an initial outlay, once your space is created, it’s yours and you can essentially use it for whatever purpose you desire.
Finally, the VR experience is not necessarily for everyone, especially new users, some may not feel comfortable wearing a headset for long periods of time and it can be difficult to achieve adoption across all age groups. That said, as the technology develops and people become more accustomed to virtual reality generally, these issues are likely to be less of a problem in the future.
What next?
It might be a while before we see large numbers of professional service firms setting up their offices in a high street on Sandbox or Decentraland, but there are still plenty of opportunities to be explored now and these will only grow if it takes off in the way it is predicted.
Despite being a few years away from the mass adoption of the metaverse for business, it is an exciting prospect for forward-thinking firms and certainly something for marketing and BD professionals to consider now as a potential differentiator in a tough, competitive market.
Multilaw is a global network of law firms; you can find more information here: www.multilaw.com