What You Need to Know about Metaverse? Top FAQs
The Metaverse is quickly becoming one of the most talked-about topics in tech and with good reason.
It's actually not a new concept. Early versions already exist, mainly within the gaming industry.
With the latest paradigm shift of the internet, businesses, brands, and consumers have many questions about what it is, how it works, and most importantly: does it matter? And why?
In the post, we’ll address your burning questions about the Metaverse.
#1 What is the Metaverse really?
Here’s the definition of the Metaverse by Lai Ann, CEO of Consortium 21…
“Metaverse is a Massive and Interconnected network of 3D Virtual Worlds that you can keep going in Repeatedly through various Devices like VR, and potentially meet with Unlimited Number of other people in the Same Place at Real Time. It’s a space where you feel like you’re really there. You can play, interact, dance, trade, network, exercise, and learn in the Metaverse. It’s the BIG NEW THING!”
So, this clears the understanding that the Metaverse is NOT a product of Facebook, Microsoft, or Google. It is a term derived from the 1992 cyberpunk novel “Snow Crash,” which implied a world in which people could interact with each other using their avatars.
The Metaverse allows a seamless convergence of our physical and digital lives, creating a unified, shared, virtual community where we can work, play, relax, shop and socialize – regardless of where we are.
Imagine in Metaverse, you can visit a friend’s virtual home and hang out using a VR headset; attend digital concerts with wearables like AR glasses; host your party; participate in a meeting via your avatar; and, at the same time, manage your crypto portfolio and your finances — all inside the Metaverse.
The essential promise of the Metaverse is to be an extension of the real world.
#2 Has the Metaverse already existed?
The confusion around whether the Metaverse exists is understandable because it both exists and doesn’t.
Inklings of the Metaverse exist in online game universes such as Fortnite, Minecraft, and Roblox.
We see businesses are already investing in platforms and technology for the Metaverse.
Mark Zuckerberg announced Meta’s plans for entering the Metaverse alongside the disclaimer that the Metaverse may take several years to arrive.
Others include Meta (Facebook), Microsoft, Apple, Nvidia, and more.
For Consortium 21, we are in the beta testing stage of C21 Metaverse Cities -- where we are inviting 30 of our premium pass holders to participate as beta testers.
#3 Who owns the Metaverse?
No one owns the Metaverse.
Mr.Zuckerberg may be one of the most significant contributors to Metaverse, but he's certainly not its only contributor or owner.
Besides Consortium 21, some other prominent investors and developers are creating platforms in the Metaverse such as:
· Epic Games
· The Sandbox
The Metaverse is like the internet and exists for people to tap into using their technology and brands to access using their platforms.
#4 What can you do with Metaverse?
There are endless possibilities of what you can do with this digital universe called the Metaverse.
Let’s look at the usage from various aspects:
Gaming: Playing games and having fun.
Business: Meetings, networking events, virtual workspaces, branding, products/services promotion, real estate renting/investment, virtual tourism.
Education: Classes, seminars, conferences.
Entertainment/Leisure: Concerts, travel the world/space, shopping.
Social: Social events (parties, clubbing), dating, friendship.
Others: Purchase NFTs and other digital assets, trade or sell virtual assets.
#5 What devices do you need for the Metaverse?
With the Metaverse not being a physical place, you can't get into it. However, there are ways to access this virtual world through technology designed for its unique and immersive experience.
Some devices may be required depending on what type of platform one uses.
Below are the devices you can use to enter the Metaverse:
a. Virtual Reality Headset (VR)
VR headsets completely take over your vision to give you the impression that you're somewhere else. The VR headsets sit over your eyes like a pair of high-tech goggles. Each of your eyes is presented with its digital display of the Metaverse VR. The headset also keeps track of head positioning, so your view changes in the virtual world when you look around, just as it would in the real world.
Meta (Facebook) offers Oculus Quest 2 headset.
Microsoft HoloLens 2 offers solutions using mixed reality and allows people to work with holograms in the real world. However, it is very costly but also the most robust.
Companies such as HaptX have also developed ‘VR gloves’ that offer haptic feedback when interacting with objects in the Metaverse. The gloves offer full body mobility and add a new layer of realism to the VR Metaverse experience.
b. Augmented Reality (AR) Gear
Augmented reality gear is similar to VR gear because both add digital images to our worldview. The main difference is VR replaces our worldview with a digital landscape.
Augmented reality (AR) is an enhanced version of the real physical world that is achieved through the use of digital visual elements, sound, or other sensory stimuli and delivered via technology.
AR and VR will play a significant role in the Metaverse and accessing experiences or data. Even though they are vital components, they aren’t the only way to access the Metaverse.
You will need to wait to see how the Metaverse develops to see what it will look like in the future.
Many people can now access the Metaverse experiences on devices like desktops and smartphones. While smartphones and most computers can be used to access it. But they don’t have enough processing power to provide you with optimum performance.
Now, let’s move on to some of the pressing questions you may have -- as a brand or business owner.
#6 Is the Metaverse just a fad or has real potential for investors and brands?
The Metaverse is undoubtedly not a fad, but its prosperity will take time.
The internet's inevitable evolution will enable richer, more immersive online experiences with the expectation of high-value, real-world commercial opportunities. In October 2021, the Web 3.0 Metaverse was valued at $14.8 trillion.
And, it’s estimated that by 2024, the market could be worth $783.3 billion – nearly triple the size of the gaming software and services sector today, and not far off from becoming a trillion-dollar industry.
The Metaverse provides an unrivaled platform for businesses that want to grow and thrive. The meta-economy bypasses physical constraints, traditional processes, expanding access in the marketplace while also providing consumers from emerging economies with opportunities they never had before!
#7 How do brands enter the Metaverse?
The Metaverse has become an increasingly popular place for brands to expand their reach.
Here are the ways you can enter the Metaverse:
- create your own Metaverse experience
- collaborate with a current Metaverse platform or with an influencer
- sell digital assets or replicas of physical items
- buy virtual property
- host virtual events
If you’re interested to find out how you can enter our C21 Metaverse, please contact Ms. Kate via WhatsApp here.
#8 How will the Metaverse affect marketing?
The Metaverse offers you an opportunity to expand your reach since people from all over the world can visit virtual stores and events. This creates additional sales channels and new revenue streams.
The Metaverse will transform marketing into a highly personal experience. Through VR and AR, consumers can discover products for themselves with 360 interactive brand experience -- instead of relying on celebrities or detailed ads about their benefits.
Consumers can access information about your business and its values by being more transparent through the Metaverse. You can also have loyalty programs. This provides you with an opportunity to increase customer loyalty.
#9 How do you prepare for the Metaverse?
We may not be able to predict the future of Metaverse, but we can foresee how it will impact businesses and marketers in a few ways.
It’s important for your brand to survive in this evolving digital space by adopting an innovative strategy while balancing risks against rewards. Also, consider your own business practices when adapting accordingly or risk being left behind.
Here are a few questions to ask:
· Imagine if your business were in the Metaverse, what value and experiences could you create for your customers?
· Are there opportunities for new marketing channels through experiences, digital goods, and collaborations/sponsorships deals?
· Do you have the in-house talent to help you build and navigate the Metaverse? If not, should you build a team, and what would such a team look like?
The Metaverse is still in its infancy and it's essential to develop the strategies you have now. Investing your time into building awareness for this new platform will help make the transition from social media/marketing efforts easier when we finally get there.
What if one day you wake up and find that the Metaverse has arrived?
With technological advancements such as AR/VR alongside efforts from tech giants like Facebook, Microsoft, etc., it's only a matter of time before this becomes an everyday occurrence for us all!
So start exploring the Metaverse today - before it’s too late!
Contact us at firstname.lastname@example.org if you want to explore our C21 Metaverse Cities further.