Navigating the Metaverse

Chapter 3Building a Business Case for the Metaverse

Now that you know more about the metaverse and metaverse economy, it's time to explore why it's a must for brands to get involved. We covered how people are building intrinsic and extrinsic value systems inside the metaverse and how those reward loops give the metaverse utility you won't find elsewhere. We also covered how the decentralized, user-controlled nature of the metaverse economy can't be ignored.

Is that enough for brands to build projects in the metaverse? Maybe. But we don't want to leave any doubt. In this chapter we help identify the business challenges, key value propositions, data, and trends businesses can use to build a business case for a metaverse project. After all, pivoting to develop NFTs and a cross-channel, interactive experience across the metaverse and physical world isn't easy. It takes time, budget, keen strategy, and organizational alignment. None of that happens without buy-in.

Business Challenges

When you build a company or introduce innovation to an existing business, the process starts with an assumption of a problem you're solving. Then you seek evidence to confirm that gap in an industry or marketplace – because where there's a problem, there's opportunity to fill it with products or services. These assumptions are eventually molded into a vision, which brings together the problem, a response to that problem, and how the market will respond.

The metaverse economy offers many possibilities ...