What Should a CTO Consider Before Leading a Metaverse Project?

In the evolving landscape of technology, a new frontier is emerging – the Metaverse. A virtual world created by the convergence of Virtual Reality (VR), Augmented Reality (AR), and the internet, this new technological marvel is transforming how we experience life.  In general, this digital space will help you connect with people when you aren’t physically in the same place and get you even closer to that feeling of being together in person.

The Metaverse is not just a new tool; it’s a shift in social connection, bringing forth unprecedented opportunities for collaboration, innovation, and efficiency. The future of the business landscape lies in the ability to navigate this digital frontier, which will unlock new opportunities and possibilities. However, this journey into the Metaverse is not without challenges. By harnessing the potential of this digital realm, CTOs can craft a brighter future for the business and the entire organization altogether.

Considerations before building a metaverse project

If you are interested in joining or working on a metaverse project, consider the process of learning, experimenting, acquiring expertise, and iterating. It will help you get up-to-speed and stay plugged into the metaverse in gradual steps.

Start with a SWOT analysis

Since the metaverse is still relatively new, you may not find an abundance of guidelines to help you evaluate projects.  However, one method you may find helpful is the SWOT analysis – a framework for identifying and analyzing the organization’s strengths, weaknesses, opportunities, and threats. It will help you prioritize and set goals based on urgency, importance, and feasibility.

Take a random test

You don’t need to jump into the development of the metaverse right away. Just keep in mind that there are plenty of opportunities to test before building an actual project. For instance, consider joining an existing virtual world as a guest. All you need to do is log into the system and create an avatar. This will help you better understand how virtual worlds work and what they’re all about.

Be user-centric

While building a metaverse project always remember to put customers at the center of the design. You need to create solutions based on how users think, interact, and perceive the problem. Technology is just a means to deliver it to them.

In the beginning itself, ask these questions. Is your audience/user in the metaverse? What are they expecting from this space? Will they be happy or disappointed with this process? etc.

Get feedback and advice from your Gen-Z staff

Once you get a better understanding of how your project will work in the larger metaverse landscape, consult with your Genz and Gen Alpha staff or team members. Organize a focus group team meeting and ask them questions like: What do they like most about this metaverse project? Where is there room for improvement? Is there any glitch or loophole that needs to be addressed? Does it serve the business goal or objective?

Remember, they are the best resource to get firsthand insights into how customers will react to metaverse experiences.

Develop skills and build expertise

Metaverse uses many more new technologies, which requires more time to learn and practice. Moreover, it’s difficult to find tech team members who are skilled in the latest technology. Hence, consider upskilling the existing team for some time before they are good enough to work. In short, you need to plan your resource pool, the technologies you lack, and how you plan to procure them.

Evaluate the project success at each stage

As the metaverse continues to evolve and expand, you need to evaluate the project at each stage. Analyzing the project outcomes, identifying areas for improvement, and implementing iterative changes will ensure that project strategies remain relevant and effective in the dynamic metaverse landscape. During this step, make sure everything is secure and of high quality. Once you are pleased, release a beta version to test the market.

Determine the metaverse development cost

The metaverse development cost depends on various factors, such as the project’s complexity, the features incorporated, the platform used, and the cost of developers. The average metaverse development cost varies between $30,000 and $3,00,000, depending on business requirements. However, as a CTO, you can determine your budget based on your objectives and business needs.

Market dynamics of Metaverse

In 2024, this dynamic market globally is all set to soar to a staggering value of US$74.4 billion. The United States takes the lead in this electrifying race and is expected to generate a whopping US$23.0 billion in 2024 alone.

It gets even more exhilarating further! By 2030, experts predict a global user base of 2,633.0 million users, with user penetration skyrocketing from 14.6 percent in 2024 to a mind-boggling 39.7 percent by the end of the decade.

In short, from virtual realities to immersive experiences, the Metaverse promises a boundless future. So, gear up for the new age.  The Metaverse is coming, and it’s going to change everything. It’s time to embark on a new adventure!

In brief

The metaverse trend will only get bigger in the coming years, so the sooner you jump in, the better it will be. Though it is still in its early stages, advancements in technology will contribute to its rapid development. By leveraging new tools and technologies, building effective teams, and upskilling, organizations can capitalize on its limitless potential to achieve business success.