You have surely come across the word “Metaverse” while using any social media be it Facebook, Twitter, Instagram, Reddit etc. If you haven’t heard the term then, you definitely have heard it when Mark Zuckerberg changed Facebook’s name to “Meta”.
Orlando, being one of the largest names in the space of convention centres in the world, helped so many US firms to arrange virtual trade shows at the time of the pandemic. They have been in virtual space for so many years and engraving Metaverse in their operations. Before we move forward let us have a quick look at what is Metaverse?
What is The Metaverse?
When you Google the term “Metaverse” most probably the search result you will get is “A virtual reality space where users can interact with other users in a different virtual space or a customised computer-generated environment.” The individuals who are experts in video game designing & creating, find their perfect place in this virtual world. That’s why various video game design & development companies have been developing different virtual worlds for more than 30 plus years.
A virtual world has already been in existence since its launch in 2007. Back then many large organizations purchased the virtual property and have built three-dimensional offices and hangouts for consumers to showcase their products and services,” CEO Rey Ortega of Second Life stated. “I see the metaverse as the newer version of the Second Life because you will be immersed in the environment, rather than being a bystander through a computer screen.”
Users, Businesses, and anyone who is interested and wants to jump into this new dynamic Metaverse World will be able to create anything freely by exploring different opportunities on the internet easily. Users can also be able to purchase things instantly along the way just like in Second Life.
How Brands Can Leverage Metaverse
By 2024, the Metaverse industry is expected to be an $800 million market. It virtually provides brands with limitless opportunities to market their products in novel ways. Because it is a virtual platform, the complexities associated with the concepts of time and space do not pose a barrier to marketing. Brands can use this possibility to connect with audiences who were previously out of reach due to geographical boundaries and other differences.
With metaverse, a person in Europe will be able to evaluate and purchase an item from a store in Asia, without leaving his or her home. Fashion companies are now having the scope to enter an entirely new market of digital-first clothing. Some major brands have already launched cool metaverse fashion avatars. A classic example of this is the Pokemon Go avatars which were launched by Gucci and The North Face back in January 2021.
Future Of Metaverse
In the Metaverse, the possibilities are limitless. It is not limited to science fiction anymore. It is entirely dependent on an organization’s or individual’s level of creativity, availability of resources, and risk appetite – how efficiently they can leverage the advantage of the Metaverse. In the upcoming future, corporate meetings will switch from digital platforms to a virtual universe, where people from across the world will be able to join any event and build networks without physically travelling.
Very soon VR headsets will become an integral part of corporate events, and functions. Even social events such as concerts, comedy shows, social evenings, and exhibitions will be held in the metaverse seamlessly. Most importantly, the metaverse is expected to be a major contributor to the expansion of the virtual economy.
Undoubtedly, the metaverse is going to be the next marvellous birth of technology, poised to revolutionize all major industries worldwide. Because of the Covid-19 pandemic, which restricted public movement & gatherings, the revolution has already been accelerated. E-commerce, education, and corporations are just a few of the industries that are already entered the metaverse space.