Does the Metaverse Matter? What Does It All Mean?

There is a whole lot of chatter about the metaverse. Still, so many questions exist about it. Does the metaverse matter? What is the metaverse? Questions, questions, and more questions.

It’s difficult to comprehend as, in reality, the finality of the metaverse isn’t here yet. Yes, you could say that terminology is developing to characterize the metaverse as the next version of the internet.

We have put this article together to share our learnings of the metaverse. Like any business, we grow our understanding of the future implications of technology and what it means for our business.

What is the metaverse?

What do you think the metaverse is? Is it a single metaverse? Are there various metaverses? Is the phrase “metaverse” the correct one to use? The metaverse already exists, or is it just beginning?

Some have compared the metaverse to a second or third generation of the internet. We think of it as a developing version of the future internet. It is a work in progress made possible by augmented reality and virtual reality software developments.

The metaverse is essentially an online world incorporating 3D holographic avatars, video, NFTs (non-fungible tokens), AR, and VR components. It’s virtual and not physical. In many ways, the mental stimulation one gets while in the metaverse through advancing tech makes it feel more and more “real.” Those components come together to provide a brand-new ‘world’ where people can work, play, shop and socialize.

The ability for customers to engage with companies through the metaverse makes it intriguing. In addition, the new ways the metaverse creates for individuals to connect with one another will be endless.

What are some basic terms of the metaverse?

What is the meaning of a Digital Twin?

A virtual representation of a procedure, item, or service is called a digital twin. In the digital realm of the metaverse, a digital twin is a virtual replica of a physical thing or system. It employs simulation, machine learning, and reasoning to aid decision-making and is updated from real-time data. To put it simply, building a complicated virtual model is like producing an exact duplicate of a real-world physical thing.

What is this Skeuomorphic Design?

Skeuomorphic Design indicates that virtual items will be created to mimic actual ones closely. The new world need not be an exact replica of the physical world; it may resemble it because it frequently seems bound to its laws and structures.

Remember Avatar?

Your online identity is known as your avatar. We are not referring to the movie Avatar. An avatar computer-generated representation of your looks might be realistic or imaginative.

Have you heard of virtual reality (VR)

Virtual reality (VR) is an immersive experience that allows users to see and interact with a digital environment by donning a headset. Instead of using glasses, VR now immerses the user in a 360° virtual environment that they may move about in—as long as they don’t run into real-world obstacles.

What is Augmented reality (AR)?

A digital overlay that is placed over the physical environment is called augmented reality (AR). Consider Snapchat’s dancing hot dog, Niantic’s Pokemon Go, or even wearables like Google Glass. Google Glass never really took off and was before its time. We could soon be seeing AR-connected spectacles making a comeback.

Is the metaverse already here?

The term metaverse is already being used, and yes, some virtual worlds do already exist. Please remember, though, that these virtual worlds a still singular and not connected in any way.

Participating in a virtual environment has been around for a while. Do you recall Second Life? Second Life is a virtual world that started way back in 2003! Still, there is a long way to go until there is a true metaverse where realistic interactions are feasible. A metaverse where many worlds are virtually and seamlessly connected is not here yet. The majority of people, for instance, don’t have the VR goggles and motion capture gloves to perfectly record their body language, physical expression, and voice quality.

However, for businesses, according to Gates, most virtual meetings will switch from 2D square boxes to the metaverse, a 3D environment in which participants appear as virtual avatars, over the next two to three years. Although Mark Zuckerberg predicts it will happen by the decade’s end, the initial building blocks are already in place, so it may happen much sooner.

What still needs to happen for a unified metaverse?

What we need is computing power. We already have huge amounts of computing power that supports the current internet. Massive crowds in the millions may congregate in virtual reality now. This was the case when more than 12.3 million gamers watched Travis Scott’s Fortnite VR performance. What will happen when the number reaches a billion? Although the infrastructure as it is now is formidable, further development is likely necessary for it to sustain the metaverse as it grows.

Can we peek into the future of the metaverse?

Yes, you sure can! Decentraland is a completely decentralized ecosystem with no central government. It is an excellent illustration of what the metaverse could be. The world is on the Ethereum blockchain, and a decentralized autonomous organization runs it. Through voting and self-organizing, players in Decentraland can influence the rules that govern how the world functions. MANA, the decentralized currency of Decentraland, may be exchanged for other currencies on cryptocurrency exchanges.

Decentraland might one day be one of the many decentralized areas that make up a section of the metaverse, with digital assets and currencies moving between them in a similar fashion to how fiat money and tangible products move between countries in the real world.

If you want to understand what the metaverse holds, join Decentraland or Roblox. You can at least get a glimpse of what the future could look like.

What Can You Do In Metaverse?

Just like in the real world, you can do so many things in the metaverse. Users will be able to switch between various experiences and engage with one another in 3D areas, according to Facebook’s concept of the metaverse.

With other users, you might communicate, play games, or share a room with them. In addition to this, you might go to a virtual art gallery, enter a virtual casino, or attend a live performance. In your personal, individualized home base, you may also spend some time by yourself.

With crypto and blockchain, there are even possibilities to purchase and monetize real estate, shop for real and virtual products, and even buy space in a virtual art tower!

Given time and the ongoing development of computing power, we imagine what one can do in the metaverse is endless. What you can do will only be limited by your imagination.

Why does the metaverse matter to business?

It would be crazy to ignore the it. Businesses and marketing professionals must watch the metaverse because it might be the next big thing in internet communication. It may alter how we work, play, or engage with one another, just as how social media changed the digital marketing landscape. While there isn’t already a single, shared metaverse, several significant tech companies are striving to develop one.

Nearly every business is now entering the metaverse. Facebook, for instance, has Horizon, a virtual reality social networking platform. Niantic, Magic Leap, Microsoft, Google, and several more companies are among those that are working on it as well.

Online culture has changed as a result of the epidemic. Family get-togethers on Zoom, nuptials moved to Animal Crossing, graduations on Minecraft, and virtual dressing rooms have all become commonplace. Brands are anticipated to play a large part in the metaverse as online social networks become more prevalent and online video games expand their world-building capabilities. Let’s investigate how.

Numerous well-known brands are also entering this new universe. As an illustration, Nike recently introduced Nikeland, a virtual game environment on the Roblox platform where players may decorate their virtual avatars. The first-ever collection of non-fungible tokens (NFTs) was also auctioned by Dolce & Gabbana for roughly $5.7 million. The collection is solely available for the D&G experiences while being a significant advancement for the long-standing fashion brand.

Brands must adapt to the metaverse’s culture and avatar audiences, much like in the real world. Brands can be significantly impacted by virtual world creation, digital apparel, or marketing. The choices of brands for audiences will explode soon in these new worlds. The question is, will you and your brand be ready?

FAQs

Where do I go to access the metaverse?

You can now access parts of the metaverse. For the time being, Canada and the United States may access Horizon Worlds. The organization, formerly known as Facebook, has changed its name to Meta and made its first project available to all people in the United States and Canada who are at least 18 years old.

Is it free to enter the metaverse?

It may be free to just look around in the metaverse. However, without some token value or currency for you to do things there, you will be poor, just like in the real world.

What distinguishes the metaverse from the multiverse?

A comparable digital universe may exist in the future, according to the intriguing theory of the metaverse. Depending on their needs, users of the metaverse can smoothly transfer between two distinct metaverse regions. The multiverse, on the other hand, offers a detached, diversified ecology of virtual worlds. Additionally, people are unable to transition between digital worlds easily due to the multiverse’s different digital ecosystems.

The metaverse and the internet, are they the same?

No, they are not the same. Although it is possible to use the internet without necessarily connecting with others, the metaverse is built on digital human connection. It’s about individuals coming together to share a virtual world, whether it’s for a job, school, fitness, or just for pleasure.

Final thoughts

The term “Metaverse” was first used in Snow Crash thirty years ago, although it has only recently gained popularity. Over time, answers to the question “What is the metaverse?” will become clear. The recent efforts were only building blocks of what is to come.

Living in a fully animated, realistic 3-D simulation is now more conceivable, even if software engineers are glad for fast internet connections, potent virtual reality headsets, and a vast gaming audience. Although it may be a while before we can truly say that we are “living” in the metaverse, it should be fascinating to see how and when that happens.

When that time comes, it will be a goldmine for those brands and businesses who have already embraced the metaverse. Like in the real world, there will be potential customers to sell to and convert. Imagine making bank from the real and virtual worlds at the same time!

Please check out our service offering if you would like to learn more about marketing for NFTs or the metaverse. We invite you, in any case, to have an obligation-free meeting with one of our consultants today.