What is the Metaverse?
The term metaverse is a fascinating one, and its common use in traditional and social media is on the rise. The metaverse doesn’t really refer to any one specific type of technology, but rather a broad shift in how we interact with technology.
What makes up the metaverse?
Technologies that make up the metaverse can include virtual reality — a place where virtual worlds that continue to exist even when you’re not playing — as well as augmented reality that combines aspects of the digital and physical worlds, like if you ever played Pokemon GO. Even Zoom could be deemed part of the Metaverse when you consider you can put a backdrop like swimming in the ocean while you are presenting your annual reports in an office meeting.
When is the metaverse likely to be in full swing?
While it feels like it is getting hyped up in every second news article and conversation, the metaverse is still some time away from being a core part of our lives. It could be years before we truly see all the elements in perfect harmony.
Is digital commerce the key to the metaverse?
There are those who suggest virtual assets are the future, such as virtual property and virtual art. But virtual assets and items is not a new thing. They exist now – Bitcoin for example would be considered by some as a virtual asset. World of Warcraft is a persistent virtual world where players can buy and sell goods. Fortnite has virtual experiences like concerts. But brands and companies are bracing for a future influx of revenues on the back of users and customers buying virtual items like groceries, handbags and watches. A critical component to the metaverse digital economy success will be the ability to take virtual items like clothes or cars from one platform to another, between platforms and games.
Who stands to gain the most from the metaverse?
Rather than competition between tech companies, such as what we see in the current state of the internet, the metaverse is likely to lead to competition between engineers and content producers trying to stake a claim in the metaverse. This could result in virtual goods, like virtual real estate, the emergence of new cryptocurrencies and items like NFTs (Non-Fungible Tokens) being the main way that people and entities seek to gain value from within the metaverse experience. It is also likely that new brands specialising in the metaverse experience come to the forefront.
The McMetaverse could be coming to a virtual world near you
Metaverse users may soon be able to order a Big Mac and chips virtually and have their food delivered in person after McDonalds applied for a trademark to operate a virtual restaurant. But this already happens to a lesser extend on Uber eats so for many adding Metaverse to a strategy or product is just renaming an existing product or feature
The US fast-food giant has become one of the first fast-food chains to attempt to pair real-life transactions with those that occur in the metaverse. Payment for these could include non-fungible tokens like cryptocurrency. The US fast-food giant has become one of the first fast-food chains to attempt to pair real-life transactions with those that occur in the metaverse. Payment for these could include non-fungible tokens like cryptocurrency.
Are our lives likely to be altered by the metaverse?
It is more likely going to be a more subtle shift in how we live and interact with each other. For those already spending hours a day on social media, watching TikToks or playing games on your mobile or PC, the transition is likely to be easier than for those who aren’t as tech dependent.
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