The Metaverse It’s the convergence of the physical Augmented and Virtual realities in a shared online space. It is a mirror world, a virtual reality space in which users can interact with a computer-generated environment with other users.
It’s the future version of the internet and exists independently of whether you are logged in or not. It’s a persistent place where you can access change, live and return. It will be accessible across all our different computing platforms, VR, AR, PC, mobile devices, and game consoles.
Its ecosystem considers user-centric elements, including an avatar, content creation, virtual economy, social acceptability, security and privacy, Trust, and accountability. The Metaverse could be defined as a multi-user real-time virtual space where individuals worldwide can connect via a network, co-exist, socialize and exchange value.
What sets apart the Metaverse from a traditional multiplayer experience is the ability for players to create and share content to shape the world around them in more or less persistent settings. World of Warcraft has functioned with virtual and digital Metaverse in a digital and virtual economy for decades.
Now, why do you need the Metaverse?
Marketing and communication professionals need to pay attention to the Metaverse because it’s the next frontier for online interaction, just like social media revolutionizes the online marketing landscape.
It unlocks possibilities for business ideas limited in our current reality. Activities like Video conferencing, Cryptocurrencies, Email, Virtual reality, Social media, Live streaming, Artificial intelligence, Blockchain, Computer vision, etc., are all part of the Metaverse. People can interact, play, do business and communicate with others, and so much more.
Metaverse will bring enormous opportunities to individual creators and artists. It provides help to individuals who want to work and own homes far away from today’s urban centers and people who live in places where opportunities for education or recreation are more limited.
People will be able to enter the Metaverse entirely virtual via virtual reality or interact with parts of their physical space with the help of augmented and mixed reality. Imagine doing your business meetings and interviews in a virtual office, not by a zoom or webcam.
Imagine trying clothes on from the comfort of your own home while shopping—the next big thing to work in teleportation devices and the Metanomics.
Ever since Facebook rebranded itself to meta platforms, the Metaverse has become the hottest topic in tech. Metaverse cryptocurrencies have been exploding lately, and this isn’t just some temporary thing. We’ve been on the metaverse journey for years, just that Facebook’s highly publicized pivot has shown the spotlight on this trend.
The Metaverse isn’t just some augmented, mixed reality marketplace for virtual goods and nfts. That’s a tiny part of the big picture. It is the next evolution of the internet and will transform our lifestyles, including how we communicate.
How The Metaverse Replace Traditional Techs
Let’s look at how the Metaverse replaces traditional forms of tech. It will help give some context to the market opportunities that we are going to discuss. I think many people, including investors, expect augmented and virtual reality to replace current modalities overnight completely. Phones will disappear suddenly, and everyone will be in a headset, but historically this doesn’t happen.
At first, new technology is additive, and then over time, it replaces those traditional forms. We saw this with audio. Originally you could only listen to a radio show on a physical radio, but pretty early in the history of the internet, you could listen to radio broadcasts online. It was still the same radio show that you would hear over the AM or FM channels, and it was just added onto the internet as a way to consume it.
Then over time, we started getting radio shows that were only available online. This turned into podcasts, and now we have an entire generation that only consumes long-form audio content via podcasts. It is a big shift, and it happened in little stages. It didn’t happen overnight.
Another current example of this is the Travis Scott concert in Fortnite and the little Nas x concert in Roblox. These artists aren’t replacing traditional concerts. They’re just adding these to connect with their fans and a way for their fans to consume their music.
Many of the habits we have today will transition little by little into virtual spaces. As I mentioned before, it’s not an all-one shift, and it happens in little gradual steps.
Market opportunity – According to Bloomberg, the market opportunity for the Metaverse is 800 billion dollars by 2024. So, see the value and opportunity in the Metaverse.
Various Business Models in Metaverse
NFT sales – Galleries are now Metaverse’s most popular business model, which may derive from the internal relationship between NFT and art. Many of the original Metaverse members were painters or worked in the art sector. In the Korean community, CryptoVoxels’ works include Liu Jiaying’s “Pure Gold Gallery,” Song Ting’s “Panda Gallery,” BCA Gallery, and the Doge Sound Club. This is Metaverse’s first and most popular business model.
Vox sales – The Metaverse, unlike the actual world, is made up of different materials. For example, all structures and wearable devices in CryptoVoxels are made entirely of voxels, digital values on a three-dimensional grid. As a result, the use of vox is required in CryptoVoxels, and it acts as an architectural ornament or personal display. Many vox stores have popped up on the scene to accommodate this need, with voxWalk serving as the most prominent example of the business concept.
Your company may need to purchase virtual billboards in the future, engage with fans on platforms like Discord, and cooperate with firms like Jadu or The Fabricant to produce virtual assets. They’ll serve as a link between physical businesses and augmented and virtual reality. Metaverse will create sophisticated and innovative advertising campaigns that blur the lines between the physical and virtual worlds.
Construction – Some landowners have many plots but lack the time and energy to build them. Other landowners use expert teams to construct their plots to develop their brand. As a result of this demand, Metaverse has seen the growth of third-party construction services such as MetaEstate and Voxel Architects. The top four structures with the most cumulative number of visitors on CryptoVoxels’ main island, Origin City—SpaceAge, StoneAge, GlassAge, and Welcome—were all created by Voxel Architects.
MetaEstate also constructed well-known and beautiful structures, such as the MetaChi headquarters and the Creation Fashion Hub.
Digital parcel leasing – Digital packages, like real estate in the actual world, can be leased and acquired. Many landowners, according to CV Analytics’ findings, own numerous plots. Most landowners do not intend to build their plots, instead opting for long-term investments. As a result, a natural land lease market has developed, allowing landowners to lease their unused property to others who require it for development or operation.
Immersive experience – People who are overly concentrated on designing the atmosphere and forgetting about reality are immersed. When Harry Potter raises the moving chair, hops atop the tower with Transformers, and the minion Fiddle around together at Universal Studios Beijing, the ostensibly tangible experience is a kind of spiritual immersion. As a result, Metaverse is a natural environment built on professional architectural design and an immersive 3D experience.
Games are easy to integrate into the Metaverse due to their virtual nature. The Sandbox is a community-driven blockchain game platform that allows designers to convert voxel assets and in-game gadgets into NFTs. Games can, of course, also be integrated into other Metaverse platforms. Players can have fun while investing in NFT by participating in on-chain games.
Data is all around us, and the Metaverse is no exception. For example, the platform requires visitor data for each package, potential buyers require historical data on the package sold, and potential sellers require market data to calculate their asking price. Each of the aforementioned requires data assistance, and a skilled data analysis provider might become a lucrative business.
Without a doubt, the Metaverse will have far-reaching consequences for our society. It will change how we communicate, advertise ourselves, and brand ourselves. Furthermore, this cutting-edge technology will bring new opportunities as well as challenges. The metaverse has the ability to unleash massive amounts of creativity while also broadening our economic, entertainment, and cultural horizons.