What is the Metaverse?
The Metaverse looms and with it, a new way of reaching out to your audience, but what is it and why is it the time to invest?
A natural companion to Web 3.0 and the decentralization that it promises, the Metaverse could soon be a concept as familiar as social media, streaming or AI. Pair this with support from Meta’s Mark Zuckerberg and Apple’s Tim Cook and it’s clear that we’re sat at the edge of its transformative implementation.
It’s a concept that’s yet to truly enter the collective unconscious. For those not invested in the technological news cycle, the Metaverse may have emerged at an almost alarming pace. For others, a multiplicity of meaning has obscured the facts, preventing them from understanding the practical applications of the technology. Ahead of the promised mass adoption then, it’s essential that we ask, just what is the Metaverse?
Defining the Metaverse
As with any burgeoning technology, the definitions surrounding the Metaverse tend to be vague and vary dramatically. For example, Wired argue that the term is interchangeable. They suggest that you can, “mentally replace the phrase ‘the Metaverse’ in a sentence with ‘cyberspace’”. And add that “90% of the time, the meaning won’t substantially change.” Though this isn’t untrue, this definition doesn’t speak to the immersive potential that sits at the core of the Metaverse.
For venture capitalist and essayist Matthew Ball, the Metaverse is best surmised as “a quasi-successor state to the mobile internet”. He adds that it “will not fundamentally replace the internet, but instead build upon and iteratively transform it”. In essence, the Metaverse will emerge over time, evolving into many different products, services, and capabilities. What then, is the Metaverse today?
The Metaverse is a simulated digital environment which pairs the core principles of social media with AR, VR and Blockchain. Through these technologies we will then deliver 3D spaces which mimic the real world. These digital spaces will cultivate communities, connect with friends and family despite geography and even provide virtual learning spaces.
The History of the Metaverse
If this all sounds familiar, it ought to. Up until now, these spaces and experiences have been delivered via videogames like Second Life, PlayStation Home and even Fortnite. This is to say that though the Metaverse has become synonymous with contemporary innovation, its history is far broader than the conventional narrative suggests, as can be seen below.
The History of Metaverse: CNBCTV18
Ultimately, it’s difficult to navigate today’s digital world without running into some mention of the Metaverse. As we can see though, it’s far from a modern phenomenon. The first working model is almost 20 years old, and the namesake turns 30 this year. Why then, has it taken so long for the Metaverse to enter the mainstream? As with so much technological innovation in 2022, it’s due in great part to the lasting social and financial implications of Covid-19. Namely, due to the social restrictions faced by many.
Following a year of isolation and social distancing it’s no coincidence that two of the world’s leading tech conglomerates announced their plans to invest in the Metaverse. Community, both on an international and interpersonal level was dealt a considerable blow in 2020 and, as such, more and more organizations will join the fray in the coming years.
Metaverse Use Cases
With the above in mind, here are just some of the current frontrunners in the Metaverse and how they plan to use the technology to bolster the experiences that they provide.
- Meta: One of the most highly reported players in the space, Meta and its CEO Mark Zuckerberg see the Metaverse as a “successor to the mobile internet.” In the company’s own words “the metaverse is the next evolution of social connection.” It’s through the creation of 3D spaces for collaboration, socialization, and learning, that they’re looking to deliver on it.
- Microsoft: If Meta’s raison d’être is centred around its history in social media, Microsoft draw from a history in computational collaboration. They will do this via ‘Mesh’, their new product plans to make workplace collaboration more personal and fun. According to Corporate VP, Jeff Teper, Mesh can help any individual or business to create virtual spaces to communicate, collaborate and share with personal virtual presence on any device.
- Epic Games: Despite investment from world-leading organizations, the video game industry is still keen to compete in the metaverse. As the publishers of the battle royal behemoth – Fortnite, Epic Games formally announced its ongoing Metaverse investment plans during April 2021. With a funding round of $1 billion, Epic are significantly expanding the digital experiences available to players. This includes concerts, tournaments and new game modes.
Advantages
There is great promise in the Metaverse and it’s for this reason that world-leading businesses are starting to invest. What though, are its core advantages?
- A Connected World: Many barriers to interaction do not exist in a digital world.
- New Business & Marketing Prospects: With a new channel for outreach, we can revitalize our relationships with customers.
- Affordability of Experiences: Decentralized events cut down on costs previously enforced by travel and physical real estate. Experience is no longer predicated on financial status.
Disadvantages
It’s easy to get swept up in the promise of the Metaverse however it does come with some substantial caveats.
- Security: Privacy violations are of particular concern considering the recency of the technology and an uncertainty to how threat actors could behave in these spaces.
- Investment Cost: As we saw above with Epic, smaller organizations could see themselves closed out of this space due to a lack of disposable income.
- Mental Health: Like social media, without the restrictions of social convention, cyberbullying could well run rife across these platforms.
Though these problems are substantial, efforts are already being made to circumvent them. What is clear is that the Metaverse isn’t going anywhere anytime soon. For the organizations of today, this poses an important question, is now the time for us to take the virtual plunge?
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