The Metaverse has been a hot topic lately. But will the Metaverse live up to the hype, or fizzle out?
We spoke to some business and tech experts to get their take. See what they had to say below!
The Metaverse Will Likely Be Adopted by the World
Harrison Hosking from Keak says:
“Strong words I know, but I say this because when you mix our current human behavior with the speed at which this tech is progressing, I can’t see how this won’t be adopted by the world.
As a kid, I remember playing Nintendo 64 and being astounded and immersed in the graphics of these games. Looking back, James Bond in Goldeneye was 1 giant, skin-colored pixel.
Sims, Age of Empires, WoW. Just look at the level of engagement these games command, and tell me players won’t jump at the opportunity to go deeper. Add NFT functionality and demand for this will be revolutionary. And this is just in the gaming world.
The applications of the metaverse for music, experiences, live sport, the workplace, interacting with friends and families with no more geographical barriers…it’s hard not to see this tech taking over and becoming a part of our lives.
In many ways, it already has. We just have to wait for the technology to progress and in the meantime, enjoy hanging out in Minecraft-style servers or watching Live music with poor sound quality. I’m alright with that!”
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The Metaverse Brings New Opportunities
Tommy Welborn from tommyawelborn.com says:
“I think this is definitely a question we’ve all asked ourselves at some point. First, we must know what the metaverse really is. A digital world. That sounds cliche but it is true. What many don’t know are the actual possibilities of this technology.
This isn’t just a VR headset video game that most people think it is. Video games have hype then fizzle out. Introducing a digital world is a different story.
It is different than a video game for a multitude of reasons. Starting with its capabilities. Many will find this shocking but there are already people making a living off of the metaverse. And no, not in a flipping NFT sort of way.
There are games and opportunities in the metaverse where people earn cryptocurrency. Why is this such a big deal? Because it means that people all over the world can create an income out of it from their bedroom.
Especially citizens of relatively poor countries, where this opportunity can grant them financial freedom in their country. There are also other opportunities such as metaverse real estate, owning metaverse casinos, etc. it’s still very early so new opportunities are still developing.
This amazing income aspect is only a part of it. There’s also the digitization of careers, cryptocurrency integration, and web3 integration.
This is what will set the metaverse apart. Very notable companies recognize this, which is why Facebook has taken the biggest leap of its company history by changing its official name to meta. Risking the potentially damaging effects of the naysayers.
Actions like that aren’t taken around just ‘hype.’ Actions like this are taken because it is the future. History has shown we advance into new technologies. Not avoid them. This is no different.”
From where I see, avatars or virtual characters have been increasingly popular in recent years, presenting a variety of commercial options in the retail industry. Many customers now demand a mix of in-store and online shopping experiences, and the metaverse allows users to interact with brands and goods through a customized avatar. The possibilities are unlimited, whether it’s putting on clothes, everyday essentials, test-driving autos, or just upgrading the browsing experience in a webshop. The renowned simulation game today The Sims 4 has already provided us with a glimpse into the metaverse. Consumer companies are working closely with gaming developers to include their products in every area of the game. Consumer companies have introduced item expansion packs for gamers to connect with brands in the virtual environment since its inception in 2014 to build brand awareness and foster brand love.
Frederic Linfjärd, Director of Growth Marketing of Planday says:
“Brands have planned or engaged in interactive activities involving customers in addition to selling products. I believe the virtual world is becoming the new playground, particularly for luxury fashion businesses, with some presenting new collections there and others collaborating with developers to build their unique games.
I foresee more companies breaking the borders between the virtual and real worlds soon to develop more inventive and meaningful connections with customers.”
Businesses Can Expand Using the Metaverse
Sharad Varshney, CEO of OvalEdge explains:
“The metaverse straddles both waves of the future and marketing hype. Businesses can actually dabble in the metaverse now by leveraging the games and social media platforms in the early, straightforward phase of the metaverse.
Most companies out there understand the power of social media advertising. Learning to evolve their advertising strategy to include the metaverse wouldn’t really be anything new, given brands already leverage in-game advertising.
Figuring out how to uniquely leverage the metaverse for business will be a long-game challenge, but well worth the effort and should be pursued.
Up until now, we have seen some unique metaverse examples brought to us by COVID. The pandemic really has pushed virtual work, events, meetings, and other real in-person events to a whole new virtual level.
Team leaders are stuck in potato filters during video gatherings, meetings held in business suits and casual shorts, and we’ve had endless child and pet video bombs in the middle of important business meetings.
On the flip side, there have been virtual events ranging from concerts to mixers, conferences, classes, marathons, and so much more. If embraced properly, companies can easily go from a local to a global marketplace in the metaverse by all of this pandemic conditioning.
Building online branding is already popular so developing a strategy for online advertising in an online 3D world wouldn’t be anything new. Developing technologies that will better leverage virtual and augmented reality are already being built, honed, and implemented.
Thus, the development of the metaverse and technologies that will be used in the metaverse will continue to grow.
However, brands should use caution. Privacy is going to become a big issue in the metaverse. Currently, Non-fungible tokens which are similar to digital currency are tied to digital files, photos, videos, and audio and are actively being sold in NFT marketplaces.
A person’s avatar will become a part of their digital identity in the metaverse, and any digital identity depending on its uniqueness or who owns that avatar may become a point of interest for someone that may want to impersonate or steal that identity.
There is already NFT fraud going on right now with people taking memes, gifs, videos, etc., and trying to sell fakes in NFT marketplaces without the permission of the creator.
A great way to think of the regulations that will go into effect is how GDPR has drastically changed how organizations handle data.
You must take great care with PII to ensure that you as the organization don’t take more than you need and have a reliable way to destroy it, recover it, and manage it without accidentally divulging it or crossing the boundaries of misuse.
Many of the digital privacy and security restrictions will be expanded to cover metaverse-related information. Of course, the change will come slowly but the wheels of progress in regulation will come much slower than how quickly the technology is developed.
So as long as brands go in with a privacy-meets-innovation mindset, they’ll likely realize a competitive benefit by getting into the metaverse early.”
Daniel Foley, the SEO Specialist at UNAGI Scooters, explains:
“I genuinely think that the metaverse and automobiles will evolve in tandem. In addition to automotive and manufacturing, new perceptive technologies like touch and taste might be connected, with the possibility of building a unique transaction mechanism for the automobile sector via blockchain in the metaverse.
A virtual automobile, for example, is created in the metaverse and plotted to a real car, and vice versa. Driving habits, technological updates, corresponding data created, and customization preferences, may be communicated across the two dimensions for a smooth experience, whether the driver is utilizing the automobile in the actual or virtual environment.”
The Metaverse is Ideal for Creators
Joseph Harisson, Co-Founder of IT Companies, explains:
“Yes, from what I am seeing, I believe that the hype about the metaverse will be all worth it because everything in the metaverse can be exchanged, creators have a big chance to come up with something unique and carve out a place for themselves.
You may rent your property for events, design wearables that others can buy and wear in the Metaverse, set up billboards, and develop games. It’s entirely up to you to use your imagination.”
VR and the Metaverse
Sergio Diaz from Keynote Speakers tells us:
“At many of the youth conferences our experts speak at all of the teens are obsessed with VR and the Metaverse. It will take some time to catch up just like the Internet, but eventually, it will take root and be just as big.”
Metaverse Technology is Already Expanding
Oleg Kotliarov, CEO of Attarius Network explains:
“The metaverse is still in its early stages, with many companies iterating on it. Many criticize the metaverse concept as over-hyped, based on existing technology such as augmented reality (AR) and virtual reality (VR).
Even the term “metaverse” is not new, having originated in a science fiction novel from the 1990s. Since then, the term “metaverse” has frequently been used as a marketing buzzword to exaggerate development progress for various related technologies and projects.
The current state of the metaverse is represented by gaming and cryptocurrency applications. Perhaps this is why people don’t take the metaverse seriously.
It is worth mentioning that gamified scenarios are not limited to the gaming space; they can also be applied in complex economic areas to solve a variety of serious problems.
Gamified scenarios, when combined with Web3.0, the new generation of the decentralized internet infrastructure, significantly increase the metaverse’s future potential.
It can create new opportunities for learning, acquiring new skills, selling, advertising, and opening up new revenue streams for many users who will be involved in the meta-economy.
Future use cases include hardware and software sales, as well as sales of physical goods and services that are linked to the virtual ecosystem. There are also numerous opportunities for businesses to place branding in virtual worlds and provide audiences with immersive ad experiences.
Immersive learning, a methodology that uses VR to simulate real-world scenarios and train users in a safe and engaging environment, is the most intriguing aspect of the future meta-economy.”
The Metaverse Will Continue to Grow
Jameson Carr, CEO of Choice Wineries, says:
“The metaverse has the potential to become a multi-trillion-dollar element of the global economy in the coming decades, available to all companies throughout the world as equals.
The growing popularity of the metaverse can provide a lot of chances for technology businesses to build interoperable metaverses.
In a more idealistic vision of the metaverse, this will allow companies to create digital assets and sell them in the virtual world, in addition to allowing users to create avatars and interact with one another. It’ll be like the metaverse’s ‘Inception.’
In today’s world, most metaverse platforms provide virtual identities, avatars, and items that are attached to a particular platform. In a futuristic scenario, however, the metaverse can allow you to establish an identity that you can carry about with you and connect to various platforms.
Several metaverses might potentially be linked, similar to how various social media sites are now linked.”
Will the Metaverse Live Up to the Hype or Fizzle Out: Final Words
It looks to be the consensus among those we spoke with that the Metaverse is here to stay. These business professionals all see the Metaverse as a new opportunity for businesses across various industries, not just those related to tech.
Whether the hype lasts or fizzles out is yet to be seen. But for now, the Metaverse is certainly garnering some major excitement.