The Metaverse: Break it Down for Me
Think about your favorite online video game for a minute. Whether it’s World of Warcraft, Minecraft, Fortnite, or maybe a forgotten favorite like Runescape or Maple Story, all of these choices had at least one thing in common. They each allowed users to interact, meet, and explore a new virtual world with other players. Since announcing its rebrand in 2021, Meta (formerly known as Facebook) sparked global interest from everyday users in the possibility of a world where people can connect in a similar manner – with the distinction that a metaverse would be more connected to the real world. But what is the Metaverse, really? The KCD PR team helps simplify this concept down below.
What Exactly is the Metaverse?
Simply put, the metaverse is a 3-D interactive virtual space, that will bring together users from around the world together to connect in real-time and is connected to real-world shops, maps, commerce, and more. According to Meta, “You’ll be able to hang out with friends, work, play, learn, shop, create, and more. It’s not necessarily about spending more time online — it’s about making the time you do spend online more meaningful.”
Who’s getting involved?
Despite Meta’s attempt to capture the metaverse market with their name change, this is one project Zuckerberg will not be able to take all of the credit for (looking at you, Winklevoss boys). Several organizations, developers, and creators will have to come together to not only build the metaverse but scale its adoption. Among the companies contributing funding to fuel its development are Epic Games, Niantic, Microsoft, Decentraland, and of course the darling of the big tech world, Apple.
Retail investors are also getting a piece of the action with the hopes of getting a piece of what is being described as the next digital frontier. One option is to invest in publicly traded companies whose business models or profitability are tied to the metaverse. In addition to the ones previously mentioned, companies like Boeing have plans to expand production capabilities in the metaverse – taking another step towards melding the physical and digital worlds. Another option for retail investors is to invest in NFTs and digital real estate. It’s worth noting, however, that digital real estate is still a new concept and is considered to be a high risk for investors who can’t afford to lose.
So, where does this leave us? Should my business start investing in the metaverse today? Eventually, sure – but don’t expect massive returns on digital land anytime soon. Better yet, businesses can best prepare by laying down the groundwork for streamlined digital transactions and customer experiences. By enabling these functions now, businesses will be set up for success when the metaverse reaches a maturity point that warrants mass adoption.