With the announcement of a name change for Facebook’s corporate structure to Meta in October, many people may have looked upon the news as merely a name change and rebranding campaign. However, the name change, in essence, is a signal that the metaverse is quickly approaching, and the implications for the legal world and all businesses will be tremendous.
Right now, virtual platforms that replicate the physical world are being built. Money and other assets will increasingly be moved into cryptocurrency, specifically, non-fungible tokens (NFTs). Buying and selling will frequently happen on open digital platforms, such as OpenSea, which processed transactions of more than $3.3 billion in the month of August alone.
The metaverse is envisioned as a centralized virtual world, where the virtual and physical realms essentially blend together into one space. Virtual reality (VR) headsets may support access to the metaverse. These headsets enable the person wearing them to take part in entertainment, shopping, education, communication, and work in one space.
While VR headsets have their origins in gaming, the evolution of these headsets for business use started with Microsoft’s HoloLens technology in 2016. HoloLens technology, which integrates with Teams and other programs, uses hand gestures as controls instead of keyboards.
Over the next year and a half, Apple Inc. is expected to bring to the market a VR headset that will allow people to interact virtually. Given that many people have been interacting for school, work, and social occasions via teleconferencing applications for much of the ongoing coronavirus pandemic, many may be well-primed for this new way of interacting.
Some law firms are looking to open up offices in the metaverse. This movement of business to the metaverse will soon be commonplace. The metaverse can be compared to how social media was once viewed. Before social media was widespread, many businesses, including law firms, were hesitant to use it for their practices. Now, social media is an integral component of a legal practice.
The goal of every law firm is to provide a high level of service to its clients, and one way to do that is to adapt to advanced customer service practices. Establishing a space in the metaverse will enhance clients’ experiences and ensure that your law firm does not miss out on this innovative communication channel.
Navigating the metaverse will be an important component of law firm marketing. Premier Legal Marketing can help law firms navigate in the virtual space. To learn more, complete an online form or call 856-320-2016 today. We serve law firms nationwide.