Eight things you need to know about the Metaverse...
Many people may not recognise the phrase ‘the Metaverse’, but for those that do, you may know that it’s predicted to take over the internet for good. The Metaverse will be a cutting edge new virtual space for people to play games, conduct business, socialise with friends and shop. A whole economy will run within the Metaverse where companies can sell digital goods to users. Unlike the constraints of our physical world, it will consist of different ‘worlds’ such as games like Fortnite, Minecraft and Roblox. However, these games are not themselves Metaverses but destinations within the Metaverse. There will be lots of them, all connected. To connect all of these different destinations, we will rely on indexes. Discord and Twitch are examples of an index. They help connect people to destinations and each other. Some of you may be feeling all these tools and tech sound a bit complicated, but what do you really need to know about the Metaverse?
- No one really knows the true potential of the Metaverse.
At the moment, the Metaverse is still being built, and no one really knows how it will look when completed. There is enormous potential for this space and everyone involved. While it’s hard to imagine what it will truly become, we can see glimmers of it in the self-contained gaming platforms that aren’t connected. People predict that you’ll be able to teleport anywhere you want at any given time within the Metaverse, allowing everyday people to explore places they may never be able to in the real world.
- Shopping in the Metaverse is a given.
Online shopping will be a massive part of the Metaverse. We will all be able to digitally try on clothes that we can receive in real life, no annoying queues to wait in and no more inconvenience. We will also be able to design and fashion our own avatar. Avatar ‘skins’ will have their own different price tags attached. Virtual real estate will also have a lot of value in the Metaverse and people will be able to build and create their own dream houses and cars.
- The Metaverse will likely have different stages of class.
Depending on your investment in the Metaverse will gain you different stages of wealth. People who can invest a lot in the Metaverse will have their own businesses, property, cars, etc. They could even gain partnership opportunities with companies that don’t exist in the real world. All of this opens the opportunity for people to live a double life outside our physical world.
4. Fashion will be just as significant.
The fashion of your avatar will be a big part of creating your character. There will be a great opportunity for fashion brands to get involved in the Metaverse, designing avatar skins to be brought at different price points. The Metaverse gives brands a whole new platform to explore with marketing channels and a whole new lease of life.
- Brands will have to adapt to new marketing styles.
Consumer awareness is the starting place in all marketing, getting in front of potential customers and being where they live and play is essential for building this awareness. Brands will have to compete for people’s attention in the Metaverse too but now will have to learn the behaviours of the avatars. People will have friendships and relationships in the Metaverse that will influence their decisions, and brands will have to adapt to potential new behaviours. It will potentially take time and a few mistakes along the way to know how to connect to target markets within the Metaverse, but once a brand has this nailed, the potential of the marketing scale could be huge.
- Everyone can eventually participate in the Metaverse.
Software tools powered by AI will make it much easier for anyone to enter the world of creation. Every day people will be able to build and contribute to the Metaverse, which will be one of the most powerful aspects contributing to its popularity. There will be no restrictions on what people can and can’t do which will give everyone the creative freedom they’ve been waiting for.
- No one person or group will be in control.
No one person or entity will be able to control the whole Metaverse themselves. Everyone can explore, build and have infinite freedom. They can do what they want and go where they want. This aspect can be pretty appealing as it gives a whole different feel from the real world we live in. There are no rules and no limits, but could this potentially call for chaos?
- The Metaverse is at its beginning stages.
What you’ve read so far is all about the Metaverse of the future. It does exist now, but it’s just a load of software, hardware, and disconnected worlds that not everyone has access to. However, companies are working as we speak creating the future of the Metaverse. Games like Fortnite, Minecraft and animal crossing already have massive, detailed worlds with significant user bases. Facebook is also positioning itself in the Metaverse with a virtual reality social media platform they are currently working on. Recently, they announced that they will be changing their name to ‘Meta’.
There has been much debate about whether the evolution of the Metaverse is technically possible or if it is too big of a job to endeavour and whether it will really ever happen. Do we have the level of technology needed for this type of thing? Will it really be as popular as people think? Or maybe it is just a fantasy of the future. If it can be achieved, it will change humanity’s way of living forever.