This CEO Explains What Corporate America Will Look Like In the Metaverse
Dorian Banks explains what Looking Glass Labs really does and how it will affect the future of corporate America
Dorian Banks, CEO of Looking Glass Labs, shared his forward-thinking views on business in the metaverse in an exclusive Q&A session. Banks explained, through answering the following questions, what Looking Glass Labs really does and how it will affect the future of corporate America.
For a businessperson that is interested in the metaverse, but unfamiliar with Looking Glass Labs (LGL) and House of Kibaa (HoK), how can you summarize what LGL does?
Banks: We produce NFTs (Non-fungible Tokens) for ourselves and for third parties like famous celebrities, musicians, and brands. We're also producing our own metaverse, under the code name Project Origin, which will be a hyper-realistic metaverse.
The CEO continued to explain that LGL is aiming to be a sophisticated counterparty in the development of NFTs, as well as proprietors of their own NFT collections and metaverse as these become part of daily life.
What will corporate America look like in the metaverse in the next few years?
Banks: Most large B2C (business to consumer) brands will establish a marketing presence in the metaverse where they will engage customers in new ways. Some brands, like Adidas and Nike, are already partnering or acquiring NFT brands and are making early moves for when the metaverse gains widespread adoption. I anticipate other companies making similar moves in the near term.
The metaverse will be another marketing silo where brands can attract customers through the metaverse into the real world. This means establishing marketing units that can build a new virtual presence, sharing digital ads, engaging influencers, and generating brand loyalty among consumers.
Other companies will open headquarters or office spaces in the metaverse, creating high-tech virtual operations that will be staffed full time. This could happen as early as 2022, as the pandemic has escalated trends towards remote-first work.
Facebook's announcement to change their name to Meta and build their own metaverse has also helped the advancement of the metaverse by bringing it to the forefront of public attention. This will also strengthen the level of trust corporations have in the future of the metaverse.
What services can Looking Glass Labs offer to a corporation?
Banks: We are building a metaverse that will offer a wide range of opportunities for companies that want to participate. For example, we can build out custom virtual office spaces, event spaces or even large scale custom designed metaverse land for development. We can also provide NFT production, assist with sales and announcements of NFTs to customers and fans, and offer onboarding and other professional services to corporations.
In addition, one of the things that differentiate us from many competitors is that our metaverse will be hyper-realistic, compared with the pixelated and low resolution versions currently being built.
How can business leaders prepare for the changes the metaverse will bring? Is there anything they should be cautious about?
Banks: There is no doubt that big changes are coming as the metaverse concept evolves. Business leaders should be looking for metaverse companies to partner with right now. There's a short window for forward-thinking brands to kickstart their way into the metaverse. The best way into the new digital arena is to have a company, like Looking Glass Labs, shepherd them in.
As for things to watch out for, there are sensibilities in the NFT, metaverse, and tech communities that must be navigated cautiously. The community is sensitive to celebrities, corporations, or others exploiting them for a perceived "cash-grab.' Having a partner to guide a corporation into the NFT and metaverse communities will help make the journey successful.Disclaimer: The author was compensated to provide his independent analysis of the company. The author owns no shares nor plans to do so in the near future. The stock market is volatile and investors are advised to do their own research prior to making a decision.