Business leaders told to prepare for the metaverse

Business leaders in East Anglia were asked an important question this week. Are you ready for Web3 and the metaverse?

Guest speaker at the Larking Gowen Spring Business Breakfast, at Milsoms in Kesgrave was Alison Alexander from Metacampus.ai, a Web3 education and investment start-up. Alison told the audience that, by 2030, many businesses will be fully or partly engaged with Web3.

In all aspects of life, from shopping to leisure to business, websites could be superseded by metaverses; transactions could take place in crypto currencies, using crypto wallets; and non-fungible tokens (NFTs) could become commonplace for storing assets and investments.

Web3 has been called the fourth industrial revolution, where virtual spaces are powered by blockchain technology, linking computers in a peer-to-peer network which guarantees security and gives users power over the use of their data.

“The metaverse is where we’re going to play, work, and entertain, and has grown by 64% in the last two years. It’s estimated that it will be a $5 trillion-dollar business by 2030. It means we’re going to live differently, and businesses are going to engage differently,” said Alison.

“Why are we adopting this technology? Basically, people like it. You only have to see what your kids are doing to understand where things are going. For businesses, blockchain technology gives security, and allows you to track your services and supplies,” she continued.

Crypto currency, of which Bitcoin and Ether (from Ethereum) are two of the most popular, is being accepted by some airlines and fast-food outlets. The metaverse has been embraced by companies including Sotherby’s auction house, McDonalds, Zara and Adidas.

Alison said, “The first step is for businesses to think in terms of short, medium and long-term business plans. How have they factored in growth? Will customers be able to pay in crypto, and what sort of presence you might want in the metaverse.

“Have they looked at how their customers are going to pay them differently? They won’t all want to, but what are you going to do if they do?”

Alison explained that, although some businesses may not want to embrace Web3, they should be aware of what their competitors are doing in this space. They must also act quickly if they want to secure domain names for their brands.

Larking Gowen Partner, Ian Fitch, said, “This was a fascinating talk by Alison, and also something of a wake-up call for businesses to future proof against all these changes that are rapidly coming upon us.”

While the terminology and concepts behind Web3 may seem complicated, there are many learning aids available, including podcasts and films. Metacampus offers training and advice for getting your business ready for Web3.