Is the Metaverse Really the Next Big Thing?
The metaverse is a concept being discussed by many technology companies, marketers, and analysts as the next big thing. It attracts the attention and investments of the world’s largest technology companies, which aspire to create a universal virtual world that integrates all available technologies and devices. It sounds like a scene from a novel, but is it that fictitious?
The concept of the metaverse appeared and gained traction long before Facebook was renamed “Meta,” and the company’s CEO, Mark Zuckerberg, spoke in detail about his plans. You can’t get away from the fact that the metaverse is already here, and will become part of your life.
What exactly is a metaverse? Is it a serious thing, or is it just another idea that will fade away soon?
What is Metaverse?
At first glance, the metaverse may appear to be an improved version of virtual reality (VR), but some believe it may be the future of the Internet. In a metaverse, instead of a computer, a user can access a virtual world that connects various digital environments by wearing a headset.
In contrast to current virtual reality, which is primarily used for gaming, this virtual environment can be used for almost anything, including work, games, concerts, going to the movies, relaxation, conducting research, and doing different types of written work. However, this could change soon.
Many people believe they will have a three-dimensional avatar (a general image of themselves) in this world. Nonetheless, the metaverse is not there yet, but it has the potential to become something equally exciting.
Instead of writing tedious essays about events that occurred many centuries ago, you will be able to travel back in time and see everything with your own eyes.
How M etaverse is different from virtual reality?
Virtual reality (VR) and augmented reality (AR) are technologies that are closely related to the metaverse, but they are not the same. It is not necessary to consider these concepts as different manifestations of the same technology. They are individual components that complement one another in the world of alternative reality.
VR and AR devices allow you to immerse yourself in a virtual world. The first, whether a game or a film, creates a completely new environment in which the user must interact. AR, on the other hand, simply adds layers to the real world. That is, people can still interact with their physical surroundings while receiving additional information from their devices or applications.
The primary function is what distinguishes these technologies. You can play a VR or AR game at any time without interacting with other people, whereas the metaverse, as envisioned by Meta and other companies, primarily facilitates human contact.
Why are metaverses so popular?
While metaverses offer an eternal holiday, real reality, unfortunately, increasingly resembles the world after the apocalypse. The pandemic, economic and climate problems, and societal tensions are all concerning and perplexing. People want to escape reality by entering virtual worlds.
As a result, virtual worlds, video games, and P2E games proved to be a place to start over. Some people use alternative worlds for inspiration, while others earn money, play games, or just spend money on unreal objects to advance their status in the game.
The metaverse and its capabilities have the potential to change not only how people work, spend money, and entertain. It offers an opportunity to drastically alter the entire economy.
The metaverse is where NFTs become a critical connection. They establish ownership, allowing users to be the legal owners of virtual items in virtual worlds, such as virtual real estate worth millions of dollars.
What will the metaverse be like?
Under ideal circumstances, the metaverse should connect each user to each other. A public server will allow you to interact with anyone who is connected to the metaverse at the time. However, anything is possible.
This problem may be solved in the future, but the metaverse is currently fragmented. Not to mention that people use various platforms and select the metaverse based on their personal preferences.
As one mentioned earlier, each company has its perspective on the metaverse. Facebook is working on Horizon Worlds, Nvidia is working on Omniverse, and there are still a lot of small players in a big market. Even the cryptocurrency world has a metaverse of its own.
Currently, all metaverses are not connected to one another. They operate on different platforms, and serve no common purpose. This implies that the concept of a single large metaverse is impossible (at least now). To handle such large volumes of data, one should create a server that will be able to process unimaginable data loads on the same platform.
Until it becomes possible, the metaverse will remain fragmented, with users forced to select a separate platform before connecting to the virtual space.
Living In The Metaverse
Without a doubt, the metaverse has a global impact on users around the world. For example, some adventurous brands have already realized what the point is and are developing a new type of marketing.
Advertising with a focus not on a person but rather their avatar in the metaverse world. Here are some of the best examples, illustrating the point:
- Balenciaga will sell a virtual collection of Fortnite avatars;
- Coca-Cola introduced avatar-specific lines in Decentraland;
- Gucci on Roblox sold a virtual bag that was more expensive than the real thing;
- Nike has opened a virtual office in Fortnite;
- Sotheby’s has opened an art gallery where your avatar can take a walk in his spare time.
Marketing in metaverses will narrowly target user and will function within their communities. Moreover, the brands will be well-aware of their target audience and its specific needs.
Metaverses will accelerate the development of nearly all business sectors. For example, take the real estate industry. It is always exciting to examine a new house or a flat, feel its character, and take a look into each corner.
Nonetheless, with metaverses, you can do the same things without leaving your house. Moreover, you can check whether there is enough space for your favourite sofa, whether rooms are conveniently located, how your belongings will look here, and how you will wake up in a new place.
Working In the Metaverse
Working meetings in metaverses, in theory, will also become much more productive. People will be able to vividly visualize any projects in this space, accelerate testing and launch, and find the right partners or investors in a matter of just a few hours.
When it comes to art and creativity, they have already moved into metaverses in a big way. Music groups arrange performances there, while celebrities release and sell one-of-a-kind NFT collections.
“What are we doing about personal data and its protection?” or “How secure and welcoming will this environment be?” In any case, the metaverse’s engine will be blockchain technology, WEB 3, and, of course, creative people who understand how to promote new ideas for social development.
So far, these are only rough ideas of what a metaverse might look like. There will be many problems ahead that will need solving. For example, how will different countries’ laws interact if one metaverse wishes to unite all humanity?
Rossana Yoder is a communications consultant, content strategist, and professional content writer. She started her writing career while in high school and continued through university as an editor, and is now one of the best writers online. Her years of experience enable her to consistently create compelling, results driven strategies and content.