US-based banking giant JPMorgan finds that the metaverse will bring the need for new services and business models tailor-made for that digital era. It argues that this does not mean businesses should abstain from exploring the metaverse – and for companies interested in going down this path, JPMorgan has some advice.
In a new report, the bank said that "some of the existing services and business models we are familiar with will continue to exist" in the metaverse, but the digital era would also open "a whole new realm of ways to engage which we expect will lead to uniquely new services and business models."
JPMorgan noted that, "Not everything in the metaverse will be relevant for every business. However, there is little downside to taking the opportunity to explore."
The bank went on to provide a five-step roadmap.
In the first place, the bank finds that businesses should learn about the various segments of the metaverse. "There are many different interpretations of the metaverse, and various angles to learn about beyond the content here," the bank said.
Next, JPMorgan encouraged businesses to assess potential opportunities for their business in the metaverse. "While the metaverse will scale across many industry verticals, evaluate if there are relevant opportunities for your business," it said.
In the third step, the bank suggested that businesses actively get involved in the metaverse. It asked companies to take the opportunity to "explore creative consumer engagement through new channels, services, experiences, digital goods, and assets," guiding businesses to start small but strive to move fast.
Subsequently, the bank opined that it is important to build and develop a network of metaverse ecosystem participants, who would collaborate with each other and further increase their progress pace.
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