It's no wonder Facebook CEO Mark Zuckerberg has said that Metaverse is the future of the Internet. After all, the ‘Metaverse’ has been gaining steam for some time now. It's been in the headlines, on social media, gaming platforms—even in memes. And before Zuckerberg talked about it or rebranded Facebook as Meta, the Metaverse was already a popular word among futurists and techies who talk about virtual reality and augmented reality.
Why is there so much chatter about Metaverse (the Internet's virtual world)? Is it really the future of the Internet? Is it actually a big deal or is it just a passing trend?
We’ll answer all of these questions in this blog, but let’s start by first defining the term ‘Metaverse’.
What is Metaverse?
Neal Stephenson, a science fiction writer, came up with the term “metaverse” in his novel Snow Crash. He presented it as a computer-generated universe where people could get together to work, socialize or play games. The word ‘metaverse’ is made up of two words: ‘meta’, which means beyond, and ‘verse’, which is derived from universe.
Newcomers to the Metaverse often describe it as another layer of the Internet. Imagine it as a virtual world where you move around as an avatar and interact with other avatars. You can work, socialize and play with them. In fact, it allows you to meet people without long commutes, polluted air, or physically dressing up.
Watching a movie or going to a party with friends has so many more options in the virtual world when compared to the real world. We can even build virtual worlds where children can understand concepts in their own space. This may sound a little unreal at first, but smartphones were also unreal to people in the 1800s but now are a part of normal life.
Is Metaverse the next big thing?
The popularity of the Internet has grown tremendously over the years, especially after the pandemic. Today, many people shop online by virtually trying on clothes; they meet relatives via video chats; and some have even graduated in Minecraft. With so many things already happening online, the Metaverse could be the next big thing.
For example, modern companies have entire teams dedicated to building, marketing, and selling their products online. A website and social media strategy are a must for every new company. Similarly, in 5, 10 or 15 years these companies might also have a team devoted to marketing in the metaverse—a “virtual showroom” that complements the website.
Another example is the education sector. Online education was the need of the hour during the pandemic. Students felt it saved time, and they could learn anything from anywhere. But watching video lectures may not be the best, or most exciting way to learn. With the Metaverse, universities can create a virtual campus where students from all parts of the world can learn, interact, and socialize from their original location.
These examples surely portray that Metaverse is ‘The Next Big Thing’. Let us see in wider terms what effect the Metaverse will have on the Economy, Culture, Shopping and Entertainment.
Economy – A normal day in the metaverse will resemble a day in the real world. You could go visit shopping malls, head to a movie theatre with friends or go on a coffee date. And like any other world, the virtual world would also need a functional economy. The metaverse economy could also use digital currency stored in the blockchain. We could buy and sell digital assets such as NFTs, virtual cars, furniture, land, and whatever else you can think of in the real world. Moreover, companies will have to move their marketing strategy from online ad buy to metaverse ad buy which will also give boost to metaverse economy.
Culture – Like the real world, there will be a new kind of culture in the metaverse. And the interaction between the real and virtual world will be something exciting to witness. You will obviously not roam around alone in the metaverse. You will be making some new friends in the virtual world (from all over the world) and it will be a whole new experience when compared to present-day social media. There would also be some different work ethics in the metaverse like there are in the real world. Brands and businesses will have to educate themselves and find new ways to interact with potential customers.
Shopping – In the 1980s and 1990s, physical stores and shopping malls were the only places to shop. Moving ahead in the 21st century, online shopping gained traction as it was practical and more convenient. Now, the metaverse will bring a new experience for the retail industry. Metaverse will allow brands to create a virtual replica of their shop. Customers can go inside that virtual world to try or see the quality, performance or fit of the substance you want to buy and get it delivered to your real-world home. Moreover, a metaverse shopping center can naturally fit in with the entertainment and gaming industry making it more fun for shoppers.
Entertainment – The entertainment industry suffered great losses during the pandemic and their revenues from traditional sources continue to dwindle. Numerous events and concerts were postponed. Tourist places and movie theatres were locked. But on the other hand, streaming services have made a lot of money. Metaverse is way ahead of even the streaming services. It allows you to virtually attend concerts, events, visit monuments, watch movies from the comfort of your home. It’s as easy as attending a Zoom call. But with the metaverse, you will be able to get 3D experience which will be far better than today’s 2D Internet world.
Conclusion
We started off the discussion by exploring why there's so much hype around the metaverse, and whether it could be the next big thing. After looking at the possibilities of the metaverse, we know that it could very well be the next big thing. The new world of the metaverse will open up new challenges as well as new opportunities for businesses, brands, and entrepreneurs. Let's keep our eyes open and see what happens!
Author Bio
Shivani Sehta is a marketing enthusiast and content writer at World Fashion Exchange, a leading Fashion ERP Software and PLM software company.
