The Metaverse is not a brand new concept, BUT the speed at which it has recently started making headlines is impressive. And the meaning of "metaverse" seems to expand daily, as more and more recognizable brands and companies begin to incorporate it into their long-term plans.
While everyone from celebrities to global brands like Nike have gotten involved, Facebook is responsible for setting the metaverse in motion. The company, a social media pioneer (in a sense, the first version of the Metaverse itself) recently underwent a major rebrand. Facebook is now Meta, and the company plans to make significant strides into the Metaverse world in the years to come.
All of this begs the question: what even is the metaverse? The answer is both a bit convoluted…and something you already know without even realizing it. It's social media, internet, video games and online shopping all rolled into one.
Keep reading to learn more about the Metaverse and find out if you should join the craze.
What is the Metaverse?
The Metaverse is a virtual world in which users, businesses and digital platforms can exist and interact. It includes everything from virtual social and gaming platforms (e.g. Roblox) to NFTs, i.e. non-fungible tokens (more on those later).
The Metaverse is a longtime sci-fi dream come true. Movies like Tron and Ready Player One have long imagined digital worlds that carry as much weight as real worlds. The Metaverse is just that – a digital world accessible via virtual reality headsets, populated by real people (often using digital avatars) and full of endless possibilities.
It may sound like a new concept, but the idea of a cross-platform digital world has been around for years. We've seen it take shape in everything from video games to social media. From World of Warcraft and Runescape to MySpace, early versions of the Metaverse have been part of our world for quite a while. The 2020s Metaverse simply takes these ideas and takes them to the next level.
Why did Facebook rename Meta?
In October 2021, Mark Zuckerberg announced that social media titan Facebook would be renamed Meta.
To be clear, Facebook (the social platform) remained Facebook. It's parent company (under which Facebook, WhatsApp and Instagram, among others, are operated) changed its name to Meta.
The reason? It's simple. According to Zuckerberg, “We're basically moving from Facebook first as a business to Metaverse first. »
Meta has already invested billions in building the metaverse ($10 billion in 2021 alone). He plans to incorporate every corner of the metaverse into his plans. Oculus (the VR headset business that Meta already owns), NFTs and cryptocurrency are all part of the company's long-term vision. It's way too early to see the fruits of their labor, but with the time and money they're already investing, it won't be long before we do.
Is the metaverse the future of social networks?
With all the buzz surrounding recent developments and investments in the metaverse, you might be wondering if — and how — the concept will shape the future of social media (and social media marketing).
2021 has seen a lot of money and resources poured into the metaverse. With platforms like Meta and companies like Nike (which recently teamed up with sneaker-focused metaverse giant RTFKT Studios) pouring huge amounts of money and resources into the metaverse, there are clearly people and companies that do think this is the future of social media.
But the answer is still a bit up in the air. This version of the metaverse is very young. While 2021 may have been a breakthrough year for him, it's actually the next few years that will determine his lifespan.
What can you do in the metaverse?
With the high-level definitions out of the way, let's look at some specific actions you can already perform in the metaverse.
1. Network
It looks like Meta's metaverse will be primarily a social platform. After all, it wouldn't really be a virtual "reality" if users didn't have the chance to interact in some way.
Of course, this also applies to crypto exchanges and NFT purchases, but it also involves socializing in a more classic sense.
A good example of this is Roblox, a digital gaming platform. In 2020, more than half of children under 16 in the United States have played it. Roblox is a platform through which users can play through a library of video games – all of which are created by Roblox users. There are currently over 20 million games in its library, many of which can generate revenue for developers.
Roblox users can socialize through gameplay as well as an avatar-based platform similar to the early social media phenomenon Habbo Hotel. What it ultimately offers is a network through which budding game designers can test their skills, meet others looking to work in the field, and… party:
Roblox is just one example of networking in the Metaverse. Social media has long been a way for professionals to meet their peers and clients. The Metaverse is a natural extension of that, and it often provides exciting new ways to do this.
2. Invest and do business
Unless you've been living under a rock for a year, you've probably heard the terms "NFT" and "cryptocurrency." Both are important metaverse building blocks and great ways for users and businesses to invest in the platform.
Cryptocurrency is a term encompassing a number of digital currency platforms. The most famous of them are Bitcoin and Ethereum. Cryptocurrency is an unregulated digital currency managed by a blockchain system. Its value is in a somewhat constant state of flux, but long-running platforms (especially those mentioned above) have exploded in value since their inception.
One of the great attractions of cryptocurrency is the fact that it is not nationalized. As such, its value is the same in America as it is in Japan, Brazil, and any other country. The Metaverse is a global platform. As such, cryptocurrency is the preferred form of currency for many of its users. Investing in it now seems to pay off in the long run, as its value continues to rise.
Speaking of investing, NFTs have become the lifeblood of the metaverse. The term means non-fungible token. This basically means that an NFT is a unique digital signature used as a kind of title deed to digital assets. An NFT can be a work of art, a photo, a song, or even digital real estate.
An NFT authenticates ownership of whatever it is attached to and certifies its value (which is unique to the item, hence the “non-fungible” part). It basically lets you buy the bricks that make up the World Wide Web.
Right now, NFTs are a great investment. Like cryptocurrency, the overall value of NFTs increases dramatically. Some have already sold for millions of dollars. Others, like the famous “Bored Ape” series, have been bought and shown by notable celebrities, including Justin Bieber (who recently built the entire NFT portfolio) and Paris Hilton.
If you are looking to enter the Metaverse for investing, NFTs are a good place to start. The value of most NFTs today is likely to continue to rise as they grow in popularity.
This is also the perfect time to make your own. Almost any digital media can be turned into NFT. If you or the company you work with has a catalog of music, photography, or art, your potential NFT portfolio may already be larger than you think.
3. Shop
Nowadays, you can use cryptocurrency to buy just about anything in real life. Heck, New York Mayor Eric Adams even accepted his first Bitcoin and Ethereum paycheck. In this sense, the shopping possibilities of this corner of the metaverse are endless.
At the same time, there is a form of shopping that relates much more directly to the metaverse. Whether you're building your NFT inventory or building your avatar's world on a platform like Roblox, there's plenty of shopping to do in this new virtual space.
Earlier we talked about “digital real estate”. It's exactly what it sounds like – pieces of virtual land in online worlds like the one Roblox has built. Digital real estate is just the first step in building an identity in the metaverse. Platforms like this are going to be big as the space expands. Meta's plans currently include a venture called Horizon Worlds which has been described as "Minecraft meets Roblox".
Users in spaces like these can purchase all sorts of upgrades for their avatar, from new outfits to sneakers to new ways to style their digital real estate. It's a way to create an identity in the world of the metaverse as one would in a video game.
If you're more into the metaverse for gaming aspect platforms like Roblox, there's still plenty of shopping to do. From buying games to buying upgrades on your library, it's already a big part of living in the Metaverse.
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