You’ve heard the term, but you’re not quite sure what it means. Don’t worry, you’re not alone. That’s why we’ve put together this short article to give you the basics and the opportunity to learn more.
What is the Metaverse?
The term “metaverse” was coined by author Neal Stephenson in his 1992 science fiction novel Snow Crash. Stephenson’s fictional metaverse resembles what we now would call a massively multiplayer online game (MMO), complete with virtual reality headsets, avatar representation, and a virtual currency.
Today, the meaning of metaverse depends on who you ask. It includes and ranges from cryptocurrencies like Bitcoin, non-fungible tokens, gaming, virtual reality and augmented reality, and even the world as presented in the movie The Matrix.
What all these things share—and what becomes the basis of the metaverse—is the concept of immersing yourself from the real world into the digital world, in which you interact and share experiences with others in real time.
What’s the potential of the metaverse? For many, it’s the next evolutionary step for today’s internet. And like the early days of the internet, the current metaverse is going from early adopters to the mainstream. So, if more and more people are going to be spending time immersed in metaverse experiences, then savvy businesses will look for ways to make money there.
Where is the Metaverse?
Today, there are a number of companies that provide a metaverse experience. Some of the current top provider platforms include:
Decentraland
“Create, explore and trade in the first-ever virtual world owned by its users… Buy and sell LAND, Estates, Avatar wearables and names in the Decentraland Marketplace: stocking the very best digital goods and paraphernalia backed by the Ethereum blockchain.”
Horizon Worlds
“…is a free app that can be experienced on your Meta Quest headset. It is an ever-expanding social universe where you can hang with friends, meet new people, play games, attend cool events, and explore over 10,000 worlds and experiences.”
The Sandbox
“…a decentralized, community-driven gaming ecosystem where creators can share and monetize voxel assets and gaming experiences on the Ethereum blockchain…”
Roblox
“…builds the tools and platforms that empower people to create their own immersive experiences, so that any world they can imagine can be brought to life.”
Axie Infinity
“Axies are fierce creatures that love to battle, build, and hunt for treasure!… Axie Infinity uses cutting-edge technology called Blockchain to reward players for their engagement.”
Monetizing the Metaverse
What are some ways companies are looking to have a monetized presence in the metaverse?
Let’s take the example of a Prolifics client that is taking its first steps into the metaverse—a large global retail clothing company. Their goal is simple: increase revenue through additional sales.
Another Prolifics client, a large American healthcare company, is looking to expand its pharmacy reach and increase revenue with digital, self-service kiosks.
In the alistdaily.com article “These Brands Are Betting Big on The Metaverse” (February 22, 2022), writer Nina Aghadjanian notes the following examples:
Benetton
In the Italian fashion brand’s metaverse retail store, digital shoppers won’t buy clothes but instead participate in gaming experiences with the opportunity to accumulate QR codes to use in physical stores.
Gucci
Debuted the Gucci Garden inside Roblox—a two-week art installation aimed at raising brand awareness among young customers.
JPMorgan Chase and Decentraland
The largest bank in the US launched The Onyx Lounge in Decentraland to establish a presence in the virtual world—stating the risk of “being left behind” is greater than the cost of early investment.
How to Get Started in the Metaverse
There are at least three sets of technologies that are critical to becoming part of the metaverse:
1. Data and Analytics
Even in the real world, organizations that come up with a “360-degree view” of their clients do a better job of selling to them. The metaverse extends this concept, providing a new source of valuable behavioral data.
2. Blockchain
While not all metaverse experiences require blockchain, it’s widely seen as foundational for decentralization, transactional integrity, and asset tracking (NFTs, cryptocurrency, etc.).
3. Metaverse Technology
This includes 3D modeling platforms, VR/AR tech, headsets, UX design, and IoT integration. Collaborating with experts in these areas helps reduce risk and accelerate time-to-market.
The Future of the Metaverse
Although the metaverse is in its infancy, its potential is undeniable. Radio, television, and the internet all came before with their world-changing effects. The metaverse is next in that line of technological advancements that businesses will adopt to achieve their goals.
Learn more!
Join Prolifics’ CTO Greg Hodgkinson and Crewasis Founder and metaverse expert Sharon Joseph, for a special edition of Prolifics’ “Innovation Sandbox” live stream on Prolifics TV.
Greg and Sharon will guide you through the metaverse to experience property, events, branding and healthcare, highlighting the advantages these could have on your organization. Sharon will also discuss how her clients are currently using the metaverse to excel in their business objectives.
