It’s been a couple of years since digitalization became the vanguard of not only business but human contemporary life itself; recently, the concept of the metaverse has gained significant attention. We’re talking about a collective digital space that seeks to reduce the distance between the virtual and the real world. Here, people can interact, socialize, work, and play in immersive digital environments. In the future, business meetings, exploration of touristic destinations, and things like shopping will take place in these digital spaces.
Big companies around the world, like Meta in the United States, are betting on the metaverse to become one of the biggest businesses of the future, but is a country like Mexico ready for the metaverse? If you’re looking for business opportunities in Mexico, let’s take a look.
Which businesses can benefit from the metaverse?.
A wide range of businesses can benefit from the metaverse, including entertainment and gaming; education and training; real estate; retail and fashion; healthcare; marketing; and manufacturing, among many others. In manufacturing, for example, contract manufacturing solutions can use the metaverse for product design, prototyping, and collaborative development, reducing costs and improving efficiency.
If you are thinking of opening a business in Mexico as a foreign entity, you should know that there are already many Automotive, Electronics, Medical Devices, Aerospace, and other industries manufacturing high-end goods thanks to its privileged location and normative and infrastructure facilities. Be it manufacturing or other kinds of business, to start considering the metaverse as a market or its tools for the future would be visionary.
Who is betting on the Metaverse in Mexico?
According to TyN, an online magazine specialized in crypto, metaverse, AI and other disruptive technologies, universities around the world are betting on the metaverse. For example, Meta invested $150 million USD in “Meta Immersive Learning”, a program that incorporates universities into its metaverse.
Following this and other examples, the University of Chihuahua (Mexico) launched the project “HYBR1DA”, a digital creation lab with its own metaverse platform. This project seeks to incentivize art, culture, and artistic expression through emerging technologies. It also has a physical space for cultural activities. The school’s president mentioned: “The metaverse is a noble border (to be crossed)… we can’t stay behind”. A project of this nature would allow virtual classes from different places; to carry out procedures remotely; to practice your skills in simulations; among others.
Fertile ground for the pioneers
Nevertheless, according to Bloomberg’s Línea, very few people in Mexico really know about it. Citing a study from ISDI, a school of digital business and technology: “While 13% said they fully understand how it works and how it could be applied to their business, 70% said they do not know much about how this network of virtual words works”.
Other findings show that, from those who understand it, 53% don’t really know how to apply it. Citing Adsmovil (a mobile ad network) CEO and founder Alberto Pardo: “The metaverse will welcome those companies that can read it and get ahead by creating business models that they can scale and replicate. Anyone that gets here and innovates first will surely have a chance to succeed.”
So, is Mexico ready for the metaverse? Maybe no one is ready in the sense of being masters and experienced users of it, because this is an emerging technology that cannot be easily grasped and understood. However, like all new businesses and technologies, those who understand it first will have a great advantage over those who don’t.
If you are looking to start a new business or expand an existing one to Mexico, and you’re looking for experienced and young talent in the areas of engineering and technology, Baja California, Mexico can offer this along with many normative and infrastructure benefits for foreign investment in Mexico. Contact Tijuana EDC for advisory, business consulting, and manufacturing solutions. With over 30 years of experience, our team of experts will definitely show you the way.