What is the metaverse?
Maybe you heard the term, seen it flash by in headlines, or heard a cool person mention it?
THE METAVERSE
But what is it really? Let’s investigate!
The very definition of metaverse is ambiguous as this world continues to evolve, but it is somewhere along the lines of a convergence of physical, augmented, and virtual reality in a shared online space. Facebook, a company that is working a lot with the metaverse, describes it as “… a set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you.”. Facebook’s Mark Zuckerberg said in June this year that Facebook would strive towards becoming a maximalist, interconnected set of experiences, where the overarching goal is to help bring the metaverse to life. And Facebook is doing this through their work with their virtual reality social media platform Horizon (currently in beta).
But there sure are a lot of different players out there putting their time and efforts into building the metaverse; Live Maps. Niantic, Magic Leap and Microsoft to name a few. Another example is the American tech company Nvida that, according to Time magazine, is building a “virtual world that is a digital twin of ours”. They envision a world where every city building and factory will have a digital replica, and that the metaverse ultimately will be about fusing these virtual and physical worlds. At the moment Nvida is working together with BMW to create a digital twin of BMW’s factory in Regensburg in Germany. This in order to virtually plan and test a new workflow logistic. Other companies are investing heavily to make sure they will be part of the metaverse. Epic games (creators of Fortnite) announced in april a $1 billion round of funding to build a “long-term vision of the Metaverse”
Forbes reported last year that the development of the metaverse will force companies to transition their marketing strategies from online ad buys to existing in a shared, virtual economy. They also pointed out that a lot of additional market research needs to be done on the customers of the metaverse, as the behaviours and drivers could radically differ from how they would act in the physical world. A brand that already is trying to reach the metaverse customers is the fashion house Balenciaga. They launched their Fall 2021 collection with an interactive 3D gaming experience developed by Epic Games.
Even though the development is rapid, there are obstacles to tackle as well. There are for example question marks around how the virtual spaces are to be governed, and how the content will be moderated. As well as questions around what its existence will do to our shared sense of reality.
So even though the metaverse might still be in its infancy, it is predicted to open up new frontiers and horizons for brands and businesses. It sounds like it’s gonna be a wild ride, and I hope to see you all there! 😎
Sources
https://www.theverge.com/22701104/metaverse-explained-fortnite-roblox-facebook-horizon
https://www.theverge.com/22588022/mark-zuckerberg-facebook-ceo-metaverse-interview
https://www.wundermanthompson.com/insight/building-the-metaverse
