Development of metaverse strategy; Recommendations of JP Morgan experts for businesses in this field

Experts from JP Morgan, the giant of the US banking industry, believe that the metaverse needs businesses that have business models appropriate to this area and provide new services. Of course, this does not mean that existing businesses should stop exploring the metaverse. These experts also have recommendations for companies that are eager to participate in this path.

According to Cryptonews, JP Morgan announced in his new report that although some of the current services and business models that we are familiar with will also be present in Metaverse, the digital age will open new ways of interaction so that new and unique business models and services will also enter this arena.

The report of this company states:

Being in Metaverse is not suitable for every company; But it doesn’t cost anything to explore the Metaverse to find the right entry opportunities.

In the continuation of this bank’s report, a five-step road map to enter the Metaverse is provided.

JP Morgan experts believe that businesses should first learn about the different parts of the metaverse. There are different interpretations and definitions of metaverse and its application can be viewed from different angles.

Companies should then evaluate their potential business opportunities in the metaverse. The report adds:

While the metaverse is affecting different aspects of different industries, you should carefully identify the opportunities relevant to your business.

In the third step, companies must have an active presence in Metaverse. Companies should creatively engage their customers through communication channels, services, experiences, digital goods and new assets in this field while using the opportunities of this field. Companies’ actions at this stage should be limited but quick and up-to-date.

It is very important that your company has the ability to create and develop a network of participants of the Metaverse ecosystem, so that the members of this network can increase the speed of their progress while synergizing.

JP Morgan’s report states:

This world is still small; So there is a lot of opportunity for effective collaboration and partnership. Connect with the new generation and benefit from the communities of talent in this field.

The last step will be to create a business in Metaverse. The report recommends:

Launch your Metaverse business in a way that captures the hearts and minds of the tech-forward communities.

Also read: 11 Metaverse projects and income-generating games in 2022 that you should keep an eye on

Following this report is a list of key questions to consider before starting a business.

• If virtual world interactions increase, how will your business model be affected? Will this increase affect your company at all?
• If your business and brand were in Metaverse, what value would be created for society? Will your presence in Metaverse be as a participant or as a service provider?
• What experiences and services does your organization have that make sense by being in a virtual ecosystem?
• If your customers are end consumers, is there an opportunity to create new marketing channels through the unique experience of this space, digital goods, financing and virtual real estate presence?
• Is there an advantage in your business that will propel you into the Metaverse world? Does your team feel a passion for the world of video games or digital currencies that you can use as a lever to expand training in your organization?
• If you intend to provide your services by being in Metaverse, do you have the necessary skills?
• Given that the priority is still to be present in the real world, and also because your business’s time and economic resources are limited, what advantage or value is there in it that you can take advantage of as a driver for your entry into the metaverse, which is an emerging world?
• To what extent are you targeting the young generation audience and people leading the way in technology, and how important will they be to your business?
• Are your competitors present in Metaverse?

In the continuation of the report, explanations are given regarding the recent action of JP Morgan Bank, i.e. the launch of the bank’s blockchain-based virtual store in Decentraland.

It is noteworthy that recently a wide trend has started in various industries to join Metaverse. Big companies are trying to be more present in the world of metaverse by creating and transferring their applications or commercial brands.

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’s, have registered their non-currency tokens (NFT) and trademark associated with Metaverse.