What In The World Is The Metaverse?
The newest buzzword to come out of 2021 is Metaverse. You’ve likely heard it floating around, whether it’s in articles online, the news, or from your friends. You might have a slight grasp around what it is—or maybe not. It’s one of those things that lives in a gray area, but it is also full of promise, opportunity, money, and the way of the future. So, what does this mean for you, your business, and the way we live life in general? If you’re interested in learning more about the metaverse, keep reading for our complete breakdown.
What Does Metaverse Mean?
First, let’s get the definition out of the way. Facebook is the tech company at the forefront of the metaverse because they have the most significant stake in it. Facebook, which also owns Instagram, WhatsApp, Oculus VR, CTRL Labs, and many more, decided to change its name to better embody the direction the company was going with its umbrella of companies.
Mark Zuckerberg himself explains:
“The defining quality of the metaverse will be a feeling of presence — like you are right there with another person or in another place. Feeling truly present with another person is the ultimate dream of social technology. That is why we are focused on building this.
In the metaverse, you’ll be able to do almost anything you can imagine — get together with friends and family, work, learn, play, shop, create — as well as completely new experiences that don’t really fit how we think about computers or phones today.
In this future, you will be able to teleport instantly as a hologram to be at the office without a commute, at a concert with friends, or in your parents’ living room to catch up. This will open up more opportunities no matter where you live. You’ll be able to spend more time on what matters to you, cut down time in traffic, and reduce your carbon footprint.”
So — an online world filled with holograms? Kind of, but not exactly. Trying to explain the definition of the metaverse is very similar to trying to explain the meaning of the internet in the 1970s. It’s an online world full of possibilities and opportunities, but at the time, we’re just not sure exactly what those are going to be yet. In 1970, nobody could have predicted social media, Zoom meetings, PPC advertising, and the thousands of other uses for the internet that have entirely changed our lives. The exciting part about the metaverse is just that: We don’t quite know what is in store for us yet.
Does The Metaverse Exist?
The metaverse currently exists in several different forms. It is presently primarily being taken advantage of by gamers who engage with each other in virtual realities to buy, sell, socialize, and much more. There are also many other practical examples of the metaverse other than gaming, including NFT’s, cryptocurrency, and social media.
Long before Mark Zuckerberg engraved the word “metaverse” into the billions of brains across the world, the gaming world was already knee-deep in the space. Since the metaverse is essentially an online reality in which you don’t need to physically interact with, gaming is the perfect example to begin with when talking about the metaverse. Some examples of games that are in the metaverse, according to MakeTechEasier, include:
- Decentraland. The virtual world in Decentraland is owned completely by its owners who can buy and sell digital real estate, build, rent, and advertise on it, and do much more. Just like in the real world.
- Axie Infinity. Inspired by Pokemon, players collect, raise, and breed creatures called Axies and take part in PvP (player vs. player) battles with them.
- The Sandbox. Another metaverse game with a play-to-earn format, Sandbox allows users to buy land, build on top of it, then sell it on NFT marketplaces like Open Sea.
- Mines of Dalarnia. Mines of Dalarnia is an action-adventure game that will take you deep into the mines. You will find yourself fighting for resources, items, and gears, all while fighting other players that will help you up your skills and gain a tactical advantage.
- Yield Guild Games. Yield Guild Games or YGG makes it possible for a group of players to participate in blockchain games remotely. The benefit is not being required to be at the same place like in the old days. They can compete for prizes, cash/tokens, and in-game assets.
NFT stands for “non-fungible token”, which means it cannot be traded. According to The Verge, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different. Think of it like art collecting.
Also according to The Verge, at a very high level, most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from, say, an ETH coin. It is worth noting that other blockchains can implement their own versions of NFTs.
Another prime example of the metaverse is cryptocurrency. According to Investopedia, cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
Probably the most relatable example of the metaverse is social media. At this point, there is a 100% chance that either you or someone you know has a social media account. Whether that is Facebook, Instagram, Tik Tok, Pinterest, or any of the other many platforms, social media is definitely part of the metaverse.
You can do just about anything on social media: chat with friends, go shopping, travel to Europe, host a party, learn to cook, advertise your business, sell your products—the possibilities are truly endless. The best part about all of this is you never even need to leave your house, and everything is done right in the palm of your hands. This is prime metaverse.
Why Does The Metaverse Matter?
Simply put, the metaverse matters because it is the future. As such, there are endless marketing opportunities to discover as well as a new way to live life. Before the metaverse, our location dictated how we lived our lives. In recent years, especially during the pandemic, the metaverse has shown us that we do not need to physically be somewhere in order to interact with others or go somewhere.
It’s The Future
We are well aware that the metaverse is the future, but exactly what it has in store for us is the mystery we have yet to uncover. You can host a birthday party in the metaverse, try on clothing in the metaverse by using a realistic avatar, watch your favorite band play a live concert, go to an escape room with your friends, go to class, attend a work meeting, and much more. The possibilities are endless, and new innovations are happening every day.
A New Life
Hate your job and want to find a new one? Don’t want to work in an office anymore? Want a new group of friends? Sick of your real-world life and want to escape to something else? You can have an entirely new and different life on the metaverse. Just because you live in California doesn’t mean you aren’t able to get hired at your dream firm in New York City. If you’re sick of your 9-5, you can invest in NFTs or cryptocurrency to start making some money. If you’re looking for more friends who share the same interests and hobbies as you, you are not confined to your geographical location. You can have an entire life in the metaverse, and we have only scratched the surface of the possibilities.
Endless Marketing Opportunities
When it comes to the metaverse and marketing, there are now endless opportunities. Chances are, you are already (or have in the past) investing in online ads. Whether they’re Google PPC ads, social media ads, or email marketing, you are already spending your money in the metaverse and don’t even know it. As the metaverse grows, so will the opportunity for marketing and business advertising. Staying at the forefront with a digital marketing agency like ours will ensure that you are at the front of the line.
Understanding Web 3.0
According to Yahoo! Finance, Web 3.0 is the third version of the Internet, which is an improvement over the current Web 2.0 Internet.
Under Web 2.0, the Internet has become more social. Under this stage, Internet users have been encouraged to connect with each other through social networking services and blogs, which has been leading to the creation of massive volumes of data and content.
However, these data and contents are largely controlled by a small group of tech giants, including Amazon, Apple, Meta, Microsoft, and Google in the current Web 2.0 stage. This is creating privacy issues, and users may think that they have lost their freedom over their personal, business, or financial data as one has to accept all the terms and conditions to use the Internet services offered by these companies.
Metaverse VS The Internet
So, what is the difference between the metaverse and the internet? You might be thinking that the internet already allows you to interact with your friends, go shopping, and work online. However, there is one key differentiator.
The internet is a global network of computers linked together by physical cables. Whether they are copper telephone wires, fiber optic cables, television cables, WiFi connections, or 5G, we rely on physical cables to get on the internet. Alternatively, the metaverse is a digital space filled with digital people, digital places, and digital things. It is a combination of many different types of technology, including the internet, where users can engage in a virtual reality.
Finding Your Place in the Metaverse with Navazon Digital
As a cutting-edge marketing agency, Navazon Digital is at the forefront of the metaverse and all that it has to offer. While we take advantage of all new and emerging trends, we also incorporate proven, time-tested methodologies and detailed analytics for proven success. At Navazon, we do not believe in “one size fits all.” Every part of the marketing plan is customized to address your unique niche and positioning strategy.
It is an approach that’s proven effective for companies of all sizes, from start-ups and medium-sized businesses to large firms with an international presence. We are content creators who listen to our clients so that we can formulate ideas and strategies based on your unique goals and philosophies. Thinking through those goals with our analytics-based approach, we study not only your tendencies but those of your competition and the market as a whole.
To learn more about Navazon Digital, the metaverse, and the variety of services we offer to secure your place, visit our website at navazondigital.com.