The ‘Metaverse’ as an Innovation Opportunity

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Since companies are pouring money into 3D digital environments that can be explored with an avatar, the metaverse is a new opportunity to “ Innovate for Impact “.

Today virtual worlds along these lines are formed, populated, and already generating serious money. Household names like Roblox and Fortnite are the most established with more emerging such as DecentralandUplandSandbox, and the soon to launch Victoria VR.  Interestingly, these metaverses are emerging when reality feels dystopian, there is polarization on issues, the effects of a global pandemic, the growing disruptions from climate change, economic uncertainty, and other changes in our daily lives. Between numerous people struggling with these concerns many escape into these online worlds where human interests and creativity can flourish amid crisis.

With the potential of the metaverse to be a significant opportunity, this means brands and marketers now have the ability to create products that exist in multiple realities. The winners will understand that the metaverse is not a copy of the world as we know it  – where we simply paste our products, experiences, and brands into it.  But rather, the metaverse requires a new mindset and new thinking to meaningfully create new value.

For more insights on making innovation more rewarding in a metaverse, see the “ Technology Enabling Innovation “ section and other articles at  www.cail.com/BI

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