For brands thinking about how to navigate the metaverse, knowing where to start can also be a challenge. With the technology so new, some experts wonder if brands are moving too fast as consumer acceptance remains low. Part of the rush to join the metaverse may be the result of brands not wanting to repeat the mistakes of the past by staying on the sidelines for too long as rapidly advancing digital technologies emerged.
Skeptics say the metaverse will never be of interest to anyone other than gamers who are already spending hundreds of millions of dollars a year on VR content. It remains to be seen whether society will accept virtual reality and the metaverse in the long term.
According to Mark Zuckerberg himself, the concept of a metaverse will also offer a new technological experience that is not in line with our current understanding of how we currently use computers or phones. The media has called the metaverse a new dimension of social media, a futuristic retelling of social media through which digital technologies will create a three-dimensional space in which people can interact. Metaverse generally refers to the idea of a shared virtual platform that people can access through different devices and where their people can navigate in a digital environment. Through the Metaverse, users can participate in virtual events such as games, virtual concerts, or live sports.
Simply put, the metaverse includes any persistent, immersive, three-dimensional (3D) and virtual digital experience on the Internet as if it were not taking place in the physical world. Currently, the term Metaverse refers more specifically to a set of digital worlds in which users can create content and interact with others as avatars or digital versions of themselves. Metaverse, commonly known as the next-generation Internet, generally refers to the virtual world where people interact through 3D avatars that can be controlled using virtual reality headsets such as the Oculus. The buzzword “metaverse” is all the rage right now, and everyone, including brands, is starting to describe what their experience in the brave new world of virtual reality might be like.
At this point, when people refer to the metaverse, they’re actually talking about a series of virtual reality spaces you’d typically experience with a VR headset (though laptops work to some extent, too). However, immersive environments in virtual worlds are not just a consumer-facing business opportunity. Faith is the driving force behind many companies creating the virtual environment upon which they depend. It doesn’t really support the argument that the metaverse will create a new digital economy different from the one we know today.
The Metaverse will almost certainly offer an e-commerce experience that can only be found in a 3D digital world. Experience instead of technology will play a huge role in how we understand the metaverse and what business models can be created in it. Leaving aside safe engineering and the actual creation of the metaverse landscape, there will be much more user data collected and processed to shape the experience in the virtual world.
The Metaverse experience gives us the ability to play, work, socialize, or buy (and to make things even more fun, the things we buy can be real or virtual). Through a series of numerous technological innovations that work in harmony with each other, the metaverse can enable brands to offer consumers an unparalleled online shopping experience. Video game, fashion, music and travel companies all agree that the concept of a metaverse will open up new, hitherto unexplored economic and cultural opportunities.
For evangelists of the virtual world, the belief that the virtual world will become a vital part of the global economy, transforming business and social life to a level comparable to the Internet, will only be vindicated by the multitude of companies seeking to be part of the hype. strengthen. The existing development of game virtual worlds by brands and artists such as Travis Scott, and the willingness of major brands to co-exist in these worlds, illustrate the power and possibilities of virtual worlds. Enthusiasts hope that one day the metaverse will exist as a decentralized internet where we can live, shop, work and communicate in public or private digital spaces. Considering the rest, one has to wonder to what extent the concept of the metaverse will provide unparalleled opportunities for innovation and exciting new digital experiences, or if it is simply an opportunity for companies to seek greater market power as they industrialize data abuse. and invasion of privacy.
Overall, while the metaverse represents new and exciting possibilities for the future, it is important to remember that the creation and development of such a virtual environment will entail serious legal, ethical and security issues that will inevitably grow as more people interact. with platform. Questions about how to prevent fraud, eliminate copyright infringement, and ensure the integrity of digital environments remain to be answered in detail, as there will be debate on how to make the metaverse a safe place with developed human rights in mind. and imposed to varying degrees in the real world. The basic questions about how to protect the metaverse from hate speech and harassment and how to protect people’s data still need to be answered to be safe.
For brands with an established connection to youth culture, consumers may be oblivious to the challenges of the metaverse. For example, a Nike fanbase might want to use the Metaverse to interact with theirs, but a newer company trying to use the Metaverse to establish itself may face a lukewarm response. Creating an avatar takes too long, and for many brands, the novelty of the metaverse alone may not be enough to get users to participate. In the end, the ability to provide more relevant advertising seems far less dangerous than the potential increase in reality in the metaverse.