The Metaverse has created quite a lot of buzz in the digital media since Mark Zuckerberg decided to rename the social media giant Facebook, Meta. This change can be seen as a part of Zuckerberg’s vision to usher in the metaverse to impact the digital world in the coming years.
So, what exactly is the metaverse and why is it doing the rounds on social media with many leading companies like Alphabet and Nike coming on board for the new initiative?
The metaverse is hailed as the future of the internet which produces a three-dimensional environment giving the users access to virtual and augmented reality. Just like Snapchat, where users can create their avatars and dress them up, metaverse will allow people to explore the wide spectrum of three-dimensional virtual reality.
What is Metaverse?
In simple terms, the metaverse can be defined as an immersive experience that brings together the virtual and physical world into a three-dimensional space allowing users to explore a different internet experience. It is often referred to as Web 3.0 due to the revolution it brings to the world of the internet.
The term ‘metaverse’ was coined by Neal Stephenson in his 1992 sci-fi novel, Snow Crash, to signify an existence that blends the virtual and physical world. Metaverse in its new form brings together virtual reality, artificial intelligence, augmented reality, cloud computing cryptocurrencies and much more to make the digital media experience more inclusive and accessible for users.
The metaverse will allow people to establish social connections in an easier way, revolutionising the current methods of digital marketing. As quoted by Zuckerberg: “Today I think we look at the internet, but I think in the future you’re going to be in the experiences.” This means that Metaverse will be all about living experiences in a new dimension of virtual reality that makes life and business easier than it is today.
For example, there are many games which provide the user with VR experiences using high-end technologies. Games like Fortnite and The Sandbox allow users to immerse themselves in the virtual world from the comfort of their homes. Second Life is often cited as a precursor of the metaverse where you can create an avatar and explore the possibilities of the virtual world.
How will metaverse transform digital media?
The metaverse is likely to become an upgrade of the current social and digital media platforms. Have you ever considered the possibility of being able to consult a doctor, do online shopping or make real estate purchases through virtual reality? What was once a distant dream will become reality within a few years thanks to the metaverse. You can create your digital avatars who can go shopping for clothes in the virtual world, visit a doctor for any illness, make household purchases and make payments using cryptocurrencies or NFTs (Non-fungible Tokens).
The use of virtual reality will open new marketing opportunities as digital purchases will promote the scope of virtual payments. Even now, people are using their smartphones for virtual dress fittings, makeovers or visualising how certain furniture will fit into their homes.
These three-dimensional fittings will acquire a more immersive shape once the metaverse is fully functioning, allowing people to buy these things instead of being limited to just trying them out. This also increases the possibility of the expansion of virtual marketplaces as the metaverse will increase the connectivity between people and services. The business sectors will become decentralised with no third-party influences, therefore adding to the convenience of the customer.
Metaverse will shape business marketing
Virtual reality also enables organisations to understand consumer behaviour in a better way by analysing the time an avatar spends in a particular virtual shop. This avoids the complexities of deriving patterns from large amounts of unstructured data. The influence of virtual reality in digital media will transform the current marketing strategies, allowing businesses to make the most out of their online presence.
Just like the shift from radio and television to social media, metaverse will be the next big step in the world of digital media, making social connectivity and marketing easier and more inclusive. The metaverse will establish strong social connections through virtual reality, making life convenient and interesting for users.
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19.07.2022 | By Anu Augustine, Edited by: Olly Cox. | Category: Students