Three Insights On the Business Opportunity for the Metaverse

Last month, Meta hosted Connect 2021, which gave viewers a front-row seat to the future and shared the infinite possibilities of augmented and virtual reality. One of the main takeaways is that the metaverse is coming within the next ten years, not immediately, and will provide an incredible opportunity for businesses big and small. We are approaching the shift to the metaverse with the same excitement as the pivot from desktop to mobile. The mobile internet has shown that when we level the playing field, we see increased economic opportunity for everyone.

Today, we’re sharing key insights to help ground you in the opportunity today while you prepare for the exciting journey ahead. We hope that by sharing these insights, you will be able to start developing, thinking and conceptualizing the future with us.

1 Focusing on 2D Apps Today is Tomorrow’s Bridge to the Metaverse

We believe the metaverse will be the biggest opportunity for modern business since the creation of the internet. It’s the next evolution of digital platforms and the successor to today’s mobile internet. But while we’re already seeing some glimmers of this future, we know that the primary way people will experience the metaverse in the short-term will be through 2D apps. This means it’s critical to stay focused on the skills you’re using today to help grow your business on Facebook, Instagram, Messenger or WhatsApp, as these will be foundational to help grow your business in the metaverse in the future.

During Connect, Meta spotlighted many potential use cases for how Meta technologies will play a role in the metaverse. Here are a few ways to imagine how 2D apps will make way for a more immersive experience in the future:

Commerce: With the rise of digital commerce, the metaverse will unlock new opportunities for buyers and sellers to connect in a new way. You could imagine your shop on Instagram becoming more immersive, with the option to buy physical or digital products as we saw in Jackie Aina’s space during Connect.

Entertainment: Today you can host a paid online event on Facebook, but imagine if you could make this a mixed-reality experience where people could join in person or buy a ticket for the virtual experience. We saw this during Connect when two friends were able to enjoy the same concert, one in person and the other joining in the metaverse.

2The Metaverse Will Enhance Physical-World Experiences

We have all been living in a hybrid world of online and offline, especially over the last year plus, with the ongoing pandemic. From video calls to messaging, we are more connected than ever. However, the metaverse aims to simplify these with less friction and by enhancing physical-world experiences.

Current use cases of augmented reality, including Spark AR, are great examples of how the metaverse will meet the physical world. We’ve already seen businesses use AR to allow customers to virtually drop furniture in their home to see how it would fit, or use AR to let people try on makeup or glasses right from their Facebook feed. Regardless of sector, there will be use cases for businesses that seek to leverage mixed reality and physical-world experiences.

3The Metaverse Will Be Co-Created and Built Responsibly

No one company will build the metaverse alone. This will be a global partnership with businesses, creators, policymakers, entrepreneurs and more.

From its inception, the metaverse will be built with the framework and foundation of creating a space where people can be, and feel, safe. Integrity, safety and privacy will be woven into the fabric, and we’ll work with experts in government, industry and academia to think through issues and opportunities in the metaverse.

So, what can I do as a business right now? First and foremost, while the metaverse is the future, don’t stop focusing on today.

The mobile internet enabled a new way to personalize experiences to meet people's growing expectations for how they want to engage with businesses. We believe the metaverse will enhance this trend, and Meta technologies will play an important role.

But as was true with the mobile internet, the business opportunity will follow consumer behavior. That’s why it’s important to continue building your business for today’s opportunities by innovating, experimenting and growing your audience, whether on Facebook, Instagram, Messenger or WhatsApp — because the connections that you're building on these platforms now will still apply in the metaverse. The most successful brands in the history of business have evolved and stayed relevant by understanding their customers' changing needs. You can take steps in the metaverse by building new commerce channels via Facebook Shop and Instagram Shop or by creating a filter with Spark AR. You can try building augmented reality ads that help customers get a sense for your products from their home.

Finally, if you haven’t had a chance to watch the entire Connect 2021 event, you can view a recording here.