The metaverse has quickly evolved from a buzzword to a real, blossoming ecosystem that is a must for the MICE industry and many others – if they can extract value from it.
To do so, businesses must begin by clearly identifying their goals and developing a value-focused strategy around their strengths. YAOLAND for example, capitalises on the expertise of its founders – China Unicom subsidiary Shanghai Wocheng, Net263 Ltd, and Pico – and has positioned itself as a marketing and NFT platform for brands. It generates revenue by offering a virtual marketing platform, services and NFT launches.
Once in the metaverse, businesses should explore the possibilities through a process of continuous trial-and-error. It is important as well that they understand their target audience through data-driven analytics solutions, and pre-emptively develop the talent and technology necessary to scale their metaverse capabilities.
The most imperative tip is for businesses to begin exploring metaverse strategies now; the sooner they do, the sooner they’ll find their niche.
Lawrence Chia
Chairman, Pico Group
