Futurists, innovation leaders, crystal-ball gazers are all giving us their take on the Next Big Thing. The Metaverse is going to be a trillion-dollar economy by 2030. Be there or be left behind.

All this for a technology that has been around for several years in the gaming space but is yet to have a commonly agreed definition. An alphabet soup of techno-babble that is currently more promise than possibility.  Web3 (will evolve but is not necessary to enter this new world). Immersive 3D reality (the devices are currently far too expensive for widespread use). Avatars that will be our alter egos in this new space (currently cartoonish, and photoreal is a while away). Seamlessly move across different platforms (not possible now). NFTs (most charitably these are like any other collectibles, or to according to Bill Gates, a poster child for the “bigger fool theory”).

What should marketers do? Or as they say in my hometown, “So How?”

Wait & Watch could be an acceptable strategy. The technology and the eco-system are evolving, and it is difficult to predict when the critical pieces will all be in place at an acceptable price. It is challenging to make a business plan to justify investments – primarily, how would one define expected results and measure success or failure?

However, this does not mean ignoring all this and being passive until competitors preempt us; or until the Boss wants to know what the plans are. It requires a committed engagement to learn and actively track the innovations and case studies in this space.

Test & Learn with reasonable investments on pilots – especially if target audiences are likely to be pre-disposed to this idea. It is the best learning experience for the team and sends a strong signal that the brand and the organization is forward-looking and innovative. The average developer group in the Metaverse has been in this space for about six months. While the lack of experience has its obvious drawbacks, it allows for brands to get in early, leverage the cost advantage and learn together.

First in Best Dressed: This is a primary reason to quickly take advantage of a perishable opportunity. There is hardly a conversation about the Metaverse that does not reference the pioneers: Gucci Garden and Nike on Roblox. Recently, DBS Bank became the first Singapore company to enter the Metaverse buying land in Sandbox. By the way, it is not an immersive banking experience with virtual branches and relationship managers in the Metaverse. It is part of the company’s ESG initiative that would focus on sustainability. And it is likely to go live only next year. But just look at the newsworthiness of this announcement by searching for “DBS Metaverse”. Apart from the long-term benefit of learning by experimenting, by grabbing this mind space first, it enhances the Bank’s reputation as “one of the most innovative banks across the world for its digital banking initiatives and the use of emerging technologies”.

So is it worth going down this untrodden path right away? Would it give us results in the next year or two? I am far from being a vaticinator. What do you Oracles think?