Here’s JPMorgan’s advice on the “metaverse strategy” for businesses
American banking giant JP Morgan finds that the metaverse will bring the need for new services and business models suitable for this digital age. He argues that doesn’t mean companies should refrain from exploring the metaverse — and for companies interested in taking this route, JPMorgan has some advice.
In a new report, the bank said “some of the existing services and business models we know will continue to exist” in the metaverse, but the digital age will also open up “a whole new realm of ways to engage that we expect will lead to unique new services and business models.”
JPMorgan noted that,
“Not everything in the metaverse will be relevant to every business. However, there are few downsides to taking the opportunity to explore.”
The bank then provided a five-step roadmap.
First, the bank believes that companies should learn about the different segments of the metaverse. “There are many different interpretations of the metaverse and different angles to discover beyond the content here,” the bank said.
Next, JPMorgan encouraged companies to assess potential opportunities for their business in the metaverse. “As the metaverse will span many industry verticals, assess whether there are opportunities relevant to your business,” he said.
In the third step, the bank suggested that companies actively engage in the metaverse. He called on companies to seize the opportunity “to explore creative consumer engagement through new channels, services, experiences, digital goods and assets”, guiding companies to start small but strive to move forward. quickly.
Subsequently, the bank felt it was important to build and grow a network of participants in the metaverse ecosystem, who would collaborate with each other and further increase their rate of progress.
“The world is still small, so high-quality collaborations and partnerships are still available at a reasonable level of investment. Connect with a new generation and tap into alternative talent pools,” JPMorgan said.
Finally, the last step would be to set up a presence in the metaverse. “Launch your business and position yourself to win the hearts and minds of tech-savvy sub-communities,” the bank said.
Additionally, the bank has a list of “a few key questions to consider”:
- How would your business model and/or your overall organization be impacted if there was more time spent interacting,
transact and socialize in virtual worlds? Would there be any impact?
- If your business and brand were in the metaverse, what value could you create for the community? Would you be a participant or a service provider?
- What are my organization’s authentic experiences and services that make sense in a virtual ecosystem?
- If you are a consumer-facing brand, is there an opportunity to create new marketing channels through experiences, digital products, sponsorships, and branded real estate presence?
- Do you have the internal talent to help you navigate the metaverse? Is there a gaming and/or crypto enthusiast on the team that you can spotlight and position to help educate the entire organization?
- If you want to be present or create an experience in the metaverse, do you have the in-house skills to do it yourself?
- Real-world business remains the priority. If your business is limited in time and economic resources, what is the extent
the accumulated value of being seen as a pioneer in an emerging sector?
- How important is it for your business to target younger audiences and tech-savvy sub-communities?
- Are your competitors present in the metaverse?
Meanwhile, the report follows the bank’s recent decision in the Metaverse to set up a store at Decentralizeda blockchain-based digital world where users can create virtual spaces.
Notably, there seems to be a broader trend within the industry where big companies are trying to get their share of the future digital world by filing metaverse-related trademark applications.
So far in February, the New York Stock Exchange (NYSE), the world’s largest stock exchange, as well as the American fast food giant McDonald’shave filed NFT and metaverse trademark applications.
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