What must businesses do to survive in the metaverse?

The last development in the business world was disruptive technology, they said. With this “disruption”, travellers no longer require travel agencies as the best flight and hotel deals are just a click away. Similarly, newspapers and print media have given way to news websites and social media.

Speaking on “Why Businesses Need the Metaverse”, Kantana Group’s executive chair Sasikorn Chanset and J Ventures’ CTO Woraphot Tharasiriskul said the next wave that businesses will have to look out for is the metaverse. 

Metaverse is a new virtual reality that users can enter via a browser or headset to get a real-time experience.

So, how can businesses keep up with this new reality? And do businesses need the metaverse to survive?

Sasikorn said her company has passed through many stages of technology over the past 71 years. 

Kantana Group, which started off in 1951, graduated from producing radio dramas, films and television series, to interactive reality TV with shows like “Big Brother Thailand” where viewers voted for contestants through text messages. Then came the age of Facebook and Twitter.

But now, with metaverse at our doorstep, Sasikorn reckons that more easily understandable and accessible content is the key connector. She said each person’s understanding of the “metaverse” is different, so the challenge will be to build a community that is unique but globally friendly.

For instance, she said, Thai companies will have to find a way to showcase their “Thainess” in a way that is coherent on a global front. 

To achieve this, she said, companies can start off by creating unique NFTs (non-fungible tokens), as there are no limits to creativity in the metaverse. 

Woraphot, meanwhile, believes NFTs help link the current world to the future. 

“We should be getting ready to step into the metaverse because it offers every type of technology in one place,” he said. “Everyone is learning and developing to get there.”

He pointed out that now people are getting a better understanding of cryptocurrency and blockchain technology through the world of NFTs. Hence, he said, it is important for businesses to be ready. 

“We can’t just sit around and wait for it to happen, because then we will fall far behind,” he warned. 

Also, he said, consumers usually choose businesses that are prepared and the first easy step for businesses is to cash in on NFTs – collectables that are converted from physical objects to virtual ones. 

He said NFTs created by businesses will win fans, and in the future customers will start demanding these virtual objects. However, if you don’t keep up, he said, customers will simply take their business elsewhere.

#ThailandMetaverseExpo2022
#ThailandMetaverseExpo
#TheNation

#TME
#NFTThailand
#Thailand #Metaverse