Metaverse is the latest buzzword in the tech universe and anticipating the passion it has already generated, it wouldn’t be too long before it will join the ranks of fastest-growing digital trends. According to some assumptions by qualified organizations, by themed of this decade, metaverse would experience massive revenue of 800 billion dollars. It might seem to be a far-fetched dream for new or small companies but for the social media giant with a community of almost half of the planet, it isn’t a very difficult feat to achieve. Besides, the virtual world experience that Metaverse would deliver would be a new thing for many of its present users.
While the virtual universe has become a more often used world post the announcement of Met world, it is not a new concept altogether, There are several virtual worlds already in the digital sphere. However, Metaverse differs from them both in volume, investment scale, and technologies. In this post, we will see how the Metaverse would affect society and businesses and what are the actual benefits we can expect from Metaverse.
Metaverse would necessitate the need for AR/VR-enabled IT devices with more sophisticated capabilities. It will bring remarkable development to the present IT gadgets industry by compelling the manufacturers to introduce highly sophisticated devices with advanced AR and VR capabilities. More advanced devices will, in turn, boost the digitization of real-world experiences, interactions, and even assets. Be ready to see the emergence of new industries making and selling clothes, cars, furniture, and even groceries- all virtual!
With people spending more time in the Meta universe, they will develop a “real” sense of belonging to their virtual assets like houses, furniture, outfits, etc. These virtual assets would be seen as a symbol of social status just like in the real world. More passionate people wouldn’t hesitate to spend real dollars for upgrading their virtual lifestyle by buying expensive outfits, high-end houses, and flashy gadgets. It wouldn’t happen overnight or rapidly. The companies would start by offering virtual resources at very low prices with some basic resources for free. Once the people will get more involved in Metaverse and develop an attachment to those assets the vendors would hike the prices.
Metaverse is all about experiencing the virtual environment as closely as real ambiance. For that one needs hardware like AR and VR devices. So, expect a huge uptick in the sale of these devices. Besides, the manufacturers would also respond to the growing demand by increasing the model inventory to fit different needs and budgets. Moreover, the virtual world would be filled with virtual assets- right from properties to vehicles, clothes, gadgets, and whatnot. With AR and VR, people would be able to step into the virtual world and relate to these assets in a similar way as in the real world.
If you think that only the common people would be passionate about metaverse, then think again, Even the corporate entities including brands like Gucci have started investing real money- and we are talking about 8+ figures, for buying virtual assets. For starting an impressive line of products in the Metaverse Nike has acquired a virtual brand called RTFKT that produced sneakers and collectibles- yes, virtual versions! In May 2021, the forerunner in the luxury fashion industry- Gucci launched a virtual exhibition in collaboration with Roblox to sell the Gucci items in limited editions. Many companies are even paying millions to buy digital real estate in the nascent met averse.
Samsung is another big brand name on the list that opened 837X virtual representations of its physical showrooms on decentraland.
Metaverse would transcend the geographic limits- as well as geography-based restrictions. It will enable people and businesses to discover the potential of the singular market economy. It will encourage a significantly high number of investors and will boost the business growth to new levels. Think about immersive online business coaching lessons conducted live by virtual avatars of mentors and coaches. It will add a human touch to the things and help small and home business owners get best benefits through digital strategies. Cryptocurrency would assume the same place as the fiscal currency in the real world. Its backend technology, Blockchain would also have other applications like accurate record-keeping, maintaining transparency, determining ownership and answerabilities automatic remittance distribution on completion of tasks, and avoiding financial frauds.
Just like the real world art would play a vital role in the Metaverse. It will give rise to NFT or Nonfungible token- another fast-growing industry with annual sales upwards of 23 billion dollars! Just like in the real world, plagiarism would be an equally big issue in Metaverse. However, in the form of NFT, the Metaverse artisans would be better equipped to fight this issue. As clear by its definition, Non-Fungible Tokens can’t be forged or stolen. The increasing number of successful NFT projects assures about the potential of this innovative technology.
Generation Z forms the major population of the virtual world making it the most valuable targeted audience for the businesses. The sale of the exclusive NFT collection by Gap- a prominent retail chain attracted an encouraging response from the young popularity. Another leading brand Coca Cola ventured even further by selling NFT collectibles exclusively for decentral and citizens (read virtual avatars) that can be resold to other metaverse avatars. It closely mimics the behavior of the young generation in the real world that sells their old mobiles to their friends and upgrades to a higher version by paying the difference amount.
The heavy population of metaverse would make it a lucrative option for brands to advertise their products. It will not only introduce an innovative avenue to the advertisers but will also take the online shopping experience to new levels. Along with seeing the designs, you would be able to feel the fabric and even try it on your virtual avatar before purchasing it.
Advanced formats like 360-degree videos and VR billboards will make ads more engaging and result in better RoI. The SEO stats for digital advertisements like tracking traffic and demographics would also be changed as advertisers would be interested in knowing the stats about places like decentral and or deciphering the persona of virtual avatars. Also, it will impact the expectations/deliverables in terms of sponsored material and social media promotion. Be ready to see the virtual influencer’s avatars with virtual followers and virtual accomplishments who will charge only in cryptocurrencies.
Metaverse has become one of the most talked about topic in the digital world. It is a revolutionary technology that promises to change the way people interact in the digital sphere. This revolutionary technology will not only transform the way we communicate and interact on the internet but will also bring significant changes in the business and society.
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