Metaverse is a 3D virtual world designed to look exactly like our real life. We can play, work, and socialise in it. Imagine that you’re jogging in a virtual space. As you jog, your brain sends a signal that you are thirsty and you want to buy a bottle of water. Immediately, a convenience store appears right beside you. Sounds ridiculous? But, that’s exactly how a Metaverse world works.
While you are able to purchase a bottle of water in the Metaverse world, you wouldn’t be able to quench your thirst in real life. This brings us to the possible future where the real world and Metaverse would set to serve two different needs. The real world will be a place for people to fulfill their physical needs and the Metaverse world as a place for people to fulfill their spiritual needs.
The concept of Metaverse could be difficult to grasp for some people. One could say the foundation of Metaverse is somewhat similar to what we experience in the world of games like Minecraft and Fortnite. In the game, you are playing in a world of your own. You can smell and touch things inside the game. You may have a job, have friends, and own assets.
With all these elements, does it mean that you have another life in the gaming world? That question, we’ll leave that for you to answer.
What Does This Mean for Businesses?
It’s important to understand that Metaverse technology could be somehow more complicated than a gaming world. It grows beyond being immersed in a virtual world represented by digital avatars, growing and evolving along the decisions and activities of the society that inhabits it. Blending augmented and virtual reality technologies, Metaverse will eventually enable users to interact with virtual elements within a real location.
Over time, the emergence of Metaverse may change the way brands interact with their users and transform the economic prospects holistically. Organisations will need to conduct new market surveys for consumers’ behaviour may be different in a Metaverse space. There could be a potential shift from online advertisements to Metaverse spaces creating a whole new shared, virtual economy.
Big tech companies like Facebook and Microsoft are already on the head start to build the “Metaverse.” You might think that Metaverse sounds too futuristic and uncertain. But there’s one thing for sure – it’s already evolving and it will be a big thing. When the time comes where it booms in popularity, will you be prepared to ride on the trend together or will you be the one to be left behind?