You've probably heard more and more about the Metaverse lately, one of the main reasons being the interest of tech giants like Meta (Facebook), Microsoft, Intel, and more, who are constantly working on its expansion. Technology can often come as a surprise, but the biggest developments are anticipated decades ago - this is also the case with Metaverse. It can be quite difficult to understand what the Metaverse is, especially because it practically does not exist at the moment, and for the future, no one can predict exactly what it will be. However, we can try to define, but also analyze the concept, which is far from new. Given that the Metaverse is constantly evolving, there is a good chance that it will become much bigger than we can imagine now, so it will help you to find out more about it.
What does the Metaverse mean?
The Metaverse refers to a simulation of a virtual environment, which uses virtual reality (VR), augmented reality (AR), and blockchain, together with various concepts from social media, to create spaces for the user interaction, reflecting the real world. These spaces are common and always available, they will not disappear when you do not use them. However, the term is not new, having its origins in Neal Stephenson's novel "Snow Crash", which was released in 1992. The Metaverse in "Snow Crash" is presented as the ultimate evolution of the Internet, imagined as a 3D virtual reality space, which can be accessed via personal terminals and VR glasses and which can have a direct impact on the real world. The common thread between Stephenson's novel and the present is that, in both cases, the Metaverse refers to a virtual reality in which, depending on the progress of the age, people will be able to perform the activities they perform in real life.
What will power the Metaverse and how will it be?
We expect the Metaverse to be driven by various forms of technology such as software tools and platforms, hardware, applications, and user-generated content. In addition to the technical aspects, it will also include user experiences, including games, entertainment, education, research, interaction, and E-commerce. Its emergence will revolutionize the field of digital marketing, but also the approach to E-commerce, due to the multiple opportunities to adapt the communication style according to the changes identified within the target audience. As consumer behavior changes, these changes may be related to new channel preferences, preferred content type, and more. Thus, this adaptation will be a challenge for most digital marketers.
In the Metaverse, you will be able to have your avatar, which you will be able to design and customize according to your preferences. You will also be able to hold digital assets, the titles of which will most likely be registered on a blockchain. You can already buy digital land, built real estate in the online environment where you can meet the avatars of your friends. Some supporters even believe that you will be able to buy digital land, build real estate online, where you can later meet your friends' avatars. A good example might be PwC. According to reports, PwC purchased digital land for more than $ 10,000 using The Sandbox SAND cryptocurrency. The platform incorporates a community-based monetization system that allows individuals or companies to participate in e-commerce purchases with NFTs or cryptocurrencies. PwC's acquisition came shortly after American artist Snoop Dogg partnered with The Sandbox to open sales of 122 virtual lands and 67 premium virtual lands.
About the future of the Metaverse
The Metaverse will likely become as real and common as the internet, but it will take some time before we get there. Mark Zuckerberg estimates that it could take up to five to ten years for the Metaverse features to become mainstream and commonplace. The Internet infrastructure already allows a significant number of users to gather in one place, and the hardware component offers the ability to render 3D avatars and realistic virtual environments. In addition, the innovative technologies that have enabled the emergence of the Bitcoin network can support the continuity of data in the Metaverse. In this regard, NFTs are a good example of how blockchain technology can be used to verify ownership of certain digital assets. However, all of this will need to be further developed to support the Metaverse vision.
As mentioned earlier, technology giants have already started investing in creating and supporting the Metaverse. Meta has already made significant investments in virtual reality, investments in which we can include the acquisition of Oculus. Microsoft uses holograms and develops applications with its Microsoft Mesh platform, which combines the real world with virtual reality and augmented reality. They are also working on the development of interconnected 3D virtual spaces, which will be explorable for retail, but also jobs. These investments can give us some valuable insights into what the future holds.
Although a Metaverse itself does not yet exist, it seems increasingly clear that it will emerge and become a dominant element for the whole world. It remains to be seen how it will have an impact on various areas, such as digital marketing, but its emergence will be truly revolutionary. Until then, we must prepare ourselves by experimenting with similar projects, but also by integrating blockchain technology into our daily lives. If you want to know more about the integration of the Metaverse in marketing, respectively about its potential, do not hesitate to turn to a digital marketing agency with projects in the blockchain, IT & tech area, which will be able to offer you the necessary help for any bold project!
