Without a doubt, ever-evolving technology is constantly on the rise. The latest and hottest word searched on the web as of October last year is Metaverse. So, what exactly is the Metaverse? What should you expect from it?
What Exactly is the ‘Metaverse’?
On the 28th of October, Facebook announced that they would be changing their corporate name to Meta. Along with their presentation, they announced their development and investment into the ‘Metaverse’. In simple terms, the Metaverse is a collection and collaboration of many web applications and technology to develop a socially connected digital world. Facebook even announced that they strive to develop the hardware and technology to make this accessible to the general public. As the world’s largest social media platform, Facebook wants to invest in the research and development of these technologies.
A Digital Social World?
Yeap, that’s exactly where we are moving towards in 5 years time. I mean, we are already in a digital age where we are all connected socially via apps and online platforms. However, the Metaverse is the next stage of evolution in technology for us. Currently, going virtual on Zoom, Microsoft Teams, Google Meet, and more is ever-present. But, there is still a level of social barrier with the use of these virtual conference technologies.
Meta’s CEO, Mark Zuckerberg, envisions a world where everyone can gather and interact with each other in a virtual environment. Imagine yourself entering a meeting into a virtual room with several other parties. You will actually see the reactions on their faces. What’s more, you can even visualize how they are physically moving during the meeting in real-time. Albeit, you’ll be seeing them as an avatar created to represent their physical appearance.
A Digital World in Real-Time
Think about the recent blockbuster movie in 2018, Ready Player One. In this movie, we get to see a glimpse of what our future might look like. And here at Kode, we believe that this is the eventual direction of how we would use technology in the future. The movie depicts gamers who use VR goggles, suits, and technology to immerse themselves in the digital world fully. Another word often used to represent this digital world is Cyberspace. The Metaverse and Cyberspace can be used interchangeably. Don’t believe me? Try it. Change it in any sentence where you would use Cyberspace with Metaverse. The majority of the time, you’ll see that the sentence’s meaning doesn’t change.
How Does the Metaverse Impact Businesses?
To understand the potential effects on business and everyday lives, we must first understand the evolution of the internet. To read this article right now, you are using a version of the web technologist called Web 2.0. Web 1.0 is the first version of the internet created in 1989. It is the year when the first online document was published for the world to access. Back then, it was a read-only file meaning you could only study the information on the file.
Web 2.0 came in the millennium age and infamously brought the .com bubble. Back then, the only thing that anyone could own on the internet was a domain name, the URL destination for your website. It was simply because the internet is a free-to-use connected platform, and no one person owns any part of the internet. However, with recent technologies like Blockchain, we can now own digital assets other than domain names.
Can Anyone Own Anything on the Internet?
Previously, no one person could claim anything on the internet. This is mainly due to a shortage of ways to trace and source the ownership until the kickoff of blockchain. Blockchain is a system of records that can track and trace the source of the file/document. It is useful when it comes to creating Cryptocurrencies like Bitcoin, Etherium, etc. However, the technology itself could be applied to other aspects of the internet. In fact, many companies have taken advantage of this technology.
Fast forward to this day. Multiple companies are passionate about creating digital environments, games and arts that are purchasable based on the underlying technology that is BlockChain. Companies like Roblox started an online game where millions of people gather to create and share experiences in a digital environment. BlockChain gave rise to NFTs (Non-Fungible Token), essentially digital art pieces that can be traded online on any participating platform. There are even companies selling digital land on Earth.
You May be Asking How are All These Related to You and Your Business?
Here’s the era where the rise of digital ownership of digital assets happens so very swiftly. We would expect brands to follow suit in capitalizing on the market share. Big brands like Louis Vuitton, Channel, and Gucci could potentially capitalize on the opportunities to sell their brand on digital assets. It’s not a far stretch seeing that due to the pandemic and adjusting to the new norm, we’ve even had virtual concerts in games like Fortnite.
Check out the video of Travis Scott’s Fortnite concert below. Understand that regardless of the social restrictions we have in place, people are still finding ways to connect and enjoy the things they want.
I mean, entertainment artists are already finding alternative ways to connect to their fans. Providing an alternative experience through digital platforms will attract demographically diverse crowds. This is just one creative way that people capitalize on to ensure they can distribute their art and services in a digital age. The Metaverse is essentially an immersive platform that can connect people worldwide without space being a limiting factor.
So How Can You Capitalize on the Metaverse for Your Business?
So, how you should position yourself in this era where everything is advancing in the virtual direction? For starters, you need to think about how your business can create virtual assets or even market on virtual spaces. As Metaverse slowly becomes a norm in how we interact, opportunities to start marketing yourself in Cyberspace may also become a norm.
The first thing to contemplate would be to understand your target audience and their preferred digital platforms. For example, are you targeting young tech-savvy audiences that spend a lot of their time on digital gaming platforms like Fortnite and Roblox? Then, how can you start creating digital art and content to start selling them online? Or, at the very least, displayed in a digital space to get noticed?
Here at Kode, we are also evolving our services to match the digital trends. We’re even starting to offer 3D digital rendering services to help clients create digital environments and art pieces. It is your time to take the next step into marketing yourself in the Metaverse. So whether you’re looking for strategies, ideas, design or even development work, you can get in touch with our award-winning team to stay ahead of the game, pun intended.