Metaverse is an emerging immersive virtual environment, offering people the opportunity to collaborate, work, relax, transact, create and socialise. Still early in its evolution, many brands and companies are excited because the opportunities presented by interactive, digital worlds seem limitless. The word was first coined 30 years ago by author Neal Stephenson in his 1992 science-fiction novel “Snow Crash,” which envisions a virtual reality-based successor to the internet. Online video games were the first to create the early metaverses about 20 years ago with titles like World of Warcraft which was based on the concept of open game world, said video games and blockchain strategist Roland Ong. Released in 2005, the game allowed players to have their own avatars, determine their own paths to win or complete the game, or to buy weapons using in-game currency. Fast forward to 2022 and the metaverse concept has evolved. They have appeared as virtual workspaces and classrooms or virtual concert arenas and high end boutiques. While no definition of metaverse exists, research reports from Citi, JP Morgan, Forbes and other industry observers estimate the market opportunity in the next few years at anywhere between US$1 trillion and US$13 trillion in yearly revenues. Two factors are driving this explosive growth, namely a gigantic group of tech-savvy customers and the promise of a richer customer experience, said Ong who managed the World of Warcraft business in China in 2000s The growing and thriving online games market in 2022 reached three billion people or about 33 percent of the world’s population. They are familiar with virtual worlds and in-game transactions, and will make the transition to metaverse much easier. Fortnite alone, pointed Ong, has a lifetime of 350 million gamers, all of whom are potential customers for metaverse-based businesses,” he added. Immersive 3D shopping offered by the metaverse, will draw customers in. They can virtually try and buy new blouses and shoes and show them off when they attend virtual concerts. They can also get tattoos and buy new dance moves from their favourite singers, activities which are not possible in the physical world. Businesses considering getting into the metaverse, should identify their target audience and decide what metaverse platform they want to use, said Ong. For businesses who want to test the waters, they can consider joining an existing metaverse platform like Sandbox or Decentraland where they can buy virtual land or store to offer their goods and services. There is another concept which Ong described as phygital, which is the combination of physical and digital worlds for enhanced experiences. He cited Element X, a shopping mall in Malacca which is being reconfigured into a large-scale integrated esports experiential hub and metaverse gateway. The hub will include a themed hotel, an esports arena and pro-esports facilities, interactive sports experiences and esports themed hotel. Element X will also exist in the metaverse. Owned by Singapore listed Hatten Land, potential customers can toggle between in-store and online shopping, said Ong. “Unlike metaverse platforms, the Element X looks similar to the physical building as in the virtual world. Many shops will be similar but there will also be new stores in the metaverse. This way customers will get a comfort level that the virtual world is not too far-fetched,” Ong added. He is a consultant to Hatten Land for this project. Hatten’s target audience includes shoppers and tourists. Its hotel group, Double 3 has four hotels which have 1.6 million guests annually and who can also shop online. Through its shopping complex in Malacca called Dataran Pahlawan, it boasts a footfall of 12 million consumers. The unique user experience stems from the esports competitions as well as other marketing initiatives. Shoppers and hotel guests in the real world can receive virtual vouchers for shopping in the metaverse, and for each purchase online, loyalty points can be given which can be redeemed in a real world Starbucks store in Element X mall. Grace Chng is Director of Verticus Consultants and Technology Writer and Author