Rise of the Metaverse

The term “Metaverse” seems to be the new buzzword in the tech world. There is no wonder to the fact that not very long ago everyone was surrounded with discussions about Bitcoins and NFT but metaverse has surely stolen the spotlight in no time. 

Although many people have dismissed considering it yet another buzzword created by gamers whereas there are several others including Facebook CEO Mark Zuckerberg who see metaverse as the next big phase leading to the development of the internet. 

While we use the term metaverse, there might be several questions coming to your mind related to Metaverse and its accelerated adoption of AR and VR technologies that have gained immense popularity over the last few years. To help you find answers to these questions, we have prepared a comprehensive guide on how the metaverse is going to transform the world in unexpected ways and how brands can delight themselves with benefits by becoming early adopters. 

What is Metaverse?

The famous “metaverse” was coined by the Science Fiction Author “Neal Stephenson” in the 1992 novel Snow Crash. It is predicted that Metaverse is the ultimate successor to the digital world presenting people with a unique opportunity to explore and interact with shared virtual spaces through their digital avatars. 

The 3D immersive world of metaverse will not only be reserved for gaming and entertainment but will also encircle the complete range of diverse social interactions, online courses, work meetings, and conferences. 

Working of Metaverse

The most crucial thing to understand in terms of Metaverse is that it is not same as the virtual reality. It’s similar to saying that the Internet is Google. Rather, both Virtual and Augmented Reality are different forms of extended reality defining different ways to experience the metaverse. 

At the beginning of 2020, Venture Capitalist Mathew Ball wrote a blog highlighting the key attributes of metaverse presenting businesses with a better understanding of the working of the metaverse. 

Ball explained that the metaverse is expected to provide a full-fledged virtual economy involving game-specific digital currencies, cryptocurrencies, and other blockchain technologies. It is also meant to offer unparalleled integration to help people bring their avatars effortlessly followed by teleporting of digital goods from one world to another. 

Another essential point presented by Ball is that Metaverse requires decentralized governance with several organizations working collectively to establish industry wide-standards and create interconnected experiences. 

Are we in the Metaverse yet?

Well, the answer is no for now. 

As the metaverse would require enormous technological developments and extensive regulatory standards to witness its fully-fledged form. Nevertheless, it has stopped tech companies from creating a robust framework and experiencing virtual engagement nor it is stopping renowned brands from embracing the metaverse environment in an attempt to attract potential customers. 

Facebook: From social media Giant to Metaverse Company

In a recent interview with Verge, Mark Zuckerberg outlined his plans to turn Facebook into a Metaverse company. To achieve these goals, Facebook aims to continue investing in VR technology hardware and software to enable people with a stronger sense of shared presence within their digital interactions. 

Horizon Workrooms, which debuted in August this year as part of Facebook’s Metaverse vision, aims to make remote collaboration more engaging while bringing Zuckerberg’s vision of infinite workplace to life using Oculus Quest Headsets. 

Roblox: Interactive games to attract younger generations

Roblox has gained immense popularity among Gen Z and Alpha gamers providing independent developers with free tools and hosting followed by presenting them with exclusive opportunity to market and produce their games. The game comes with its currency named Robux, which is not just used by players to buy game passes and cosmetics for their avatars but can also be used by Roblox to compensate creators for their work. Despite having some of the key characteristics of the metaverse, Roblox lacks interconnection that locks both players and their digital assets within that virtual world. 

Fortnite: Cross-platform game advances to battle royal mode to build the Metaverse

Since the launch of Creative Mode in 2018, Epic games’ free-to-play battle royal game, Fortnite has migrated into the metaverse. It allows players to create up to 4 private islands that can be shared with their friends and supports up to 16 people in multiplayer gaming mode. In 2020, the game had over 350 million registered users due to exemplary virtual experiences including live events with famous artists like Travis Scott and Ariana Grande. 

Many major fashion brands such as Balenciaga have joined metaverse alongside Fortnite this year, styling four favorite characters in items from previous collections. 

However, there is yet much to be seen in terms of how Fortnite evolves beyond its mere gaming goals, especially now that Epic has closed a $1 billion investment round aimed at building the metaverse. 

Final Thoughts

In the evolution of human interaction, there has been a significant shift that is approaching the digital horizon. Although, we are not sure about how metaverse will revolutionize every industry and job in the world to virtual goods, services and experiences. Furthermore, VR and AR will continue to play a critical part in the development of immersive metaverse platforms to alter the interaction between businesses and customers. As a result, it’s essential to adopt a strategic approach and emphasize aligning business strategies with the metaverse future.