For many executives, the metaverse is still a bit of a mystery even as more and more companies dive into this extraordinary realm of the digital world.

The news is everywhere. Microsoft announces plans to buy Activision Blizzard for $70 billion, a move widely seen as doubling down on the tech company's long-term position in the metaverse.

In these hectic times, many business leaders are asking the question: what is the Metaverse, anyway?

Despite all the attention paid to the metaverse, an online world that combines social media, online games, augmented reality and virtual reality to allow users to interact virtually, many companies still don't understand just how far the metaverse goes - so much so that when asked how proficient companies are at handling metaverse matters, experts just smile. 

Catching up is increasingly difficult because metaverse strategy isn't just about acquiring virtual real estate; it's also about data protection tactics and managing large-scale data streams and operational details that can be complex. Executives are not yet READY to take the necessary steps. The situation, some say, resembles the transition companies faced 25 years ago with the World Wide Web. 

Right now, the metaverse is in its land-grab phase. Remember how people and companies were buying up URLs by the dozens in the late 1990s and early 1980s? The same thing is happening now with the metaverse, which will evolve into a three-dimensional, multi-layered Internet. 

Most companies will outsource matters of metaverse. In the past, corporate technical departments handled matters internally. Today, a good strategy is to create an internal position to lead metaverse strategy and otherwise outsource most components and transactions. 

Think about what role you want your company to play in the metaverse. You know how some corporate websites have only four pages of light information, while others have seven figures. The same is true for the metaverse. A good question to ask yourself is whether your company should be a presence, an experience, or even more. The further you go along that spectrum, the greater the investment required in talent and in areas such as blockchain and virtual architecture.

Just buy the land.
Buying digital land is pretty much always a good strategy, experts say. Once you own metaverse land, you can become anything. If you don't, you're stuck renting, and that's never a good strategy.


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