By Damir Yalalov, Editor/SEO/Product Lead at mpost.io
The Metaverse universe provides access to worlds using virtual reality. All business sectors are concerned with a vast economic, societal, commercial, and technological challenge. It is a new way of having fun, communicating with others, training, or working.
Metaverse: a real economy in a virtual universe
Metaverse also relies on technology, which would make it possible to offer augmented reality experiences that affect billions of people. For example, Meta is launching its AR Experience Gallery. Gallery for AR creators worldwide to submit effects for Instagram and Facebook. For brands in metaverse development, this is an opportunity to offer experiences to users and increase their visibility.
Even more, the Metaverse wishes to rely on wearable technologies, such as smart glasses, to open possibilities to the whole environment. Currently, the features are limited since they consist more to less of taking photos and videos. But, on the other hand, the possibilities for the Metaverse are endless.
Even if this technology makes it possible to attend more realistic meetings, it is far from being limited to the professional world. In the longer term, it will be possible for you to achieve everything in these connected universes. For example, you can attend live concerts, shop, pay for it in cryptocurrency, or even admire dematerialized objects and acquire them using NFTs.
Many companies such as Google, Microsoft, and Apple have already invested colossal sums in this up-and-coming segment. But they are not the only ones. Indie developers and blockchain start-ups are also on board.
Virtual reality is also proving its usefulness in developing new tools in the medical sector. As far as the aeronautics sector is concerned, virtual reality headsets are an excellent way to train the pilots of tomorrow. Same observation in the space field so astronauts can prepare for their mission.
Expand the range of possibilities with the establishment of new markets
Great upheaval for the marketing and communication sector. The Metaverse is still a very young platform that offers real opportunities to be seized in many sectors. Indeed, it is an excellent lever that allows you to engage your community. A company can transmit a fully immersive and worthy-of-the-name experience to its customers through the Metaverse. The Metaverse is totally in line with what is nowadays called WEB 3.0.
Brands allow their customers to acquire virtual possessions
Many brands have already entered the digital asset race, often in the form of purchasing NFTs. And for a good reason, the avatar that represents us through these virtual universes can be personalized. As surprising as it may seem, many people give time and importance to choosing clothes for the latter. They even go so far as to buy them a car or apartment! Daily habits are thus projected into the digital world. And, just like physical objects, virtual possession allows you to express your personality and social status.
Gucci has understood this well by offering a virtual store with a collection of luxury clothing and accessories to dress the avatars of its users. In addition, the brand goes even further by providing virtual locations where users can collect and store limited-edition virtual items available exclusively on the Metaverse.
It is a real source of income for these companies. For example, in 2021, RTFKT, in collaboration with artist Fewocious, generated $3.1 million by selling 600 pairs of virtual sneakers in just 7 minutes!
To retake the example of Gucci: the latter sold a bag via the virtual gaming platform Roblox for the sum of $4,000, well beyond its real price, for the same physical bag.
Consumers can participate in 100% virtual events
The real benefit of the meta-universe is that brands can go beyond simple display ads. Thus, the Lil Nas X concert has been viewed more than 33 million times through the Roblox platform. Other artists have already been able to test this new concert format: Ariana Grande, Travis Scott, and DJ Marshmallow. In addition, sports brands, such as Nike, are offering ever more immersive virtual sports gaming experiences.
Last year, Epic Games’ popular video game Fortnite launched Party Worlds, a virtual space where users meet to play mini-games. Thanks to the Metaverse, there is a massive field of possibilities in terms of innovation.
The Metaverse: when the virtual mixes with the physical
The Metaverse is also an e-commerce opportunity and is even a digital trend for 2022. With the COVID-19 crisis, e-commerce has taken a decisive turn. The millennial generation prefers to shop online and is, therefore, the perfect target for the evolution of the meta-universe in our shopping habits. Owing to this technology, in the future, for example, we will be able to try on a pair of sneakers in a dematerialized way at home before placing an order in person. It is a potential additional sales channel for this generation, with plenty of stock.
What evolution for the metaverse market from 2022 to 2030?
According to estimates by analysts at Grand View Research, this market will experience phenomenal growth. It is expected to grow at an average annual growth rate of 39.4% from 2022 to 2030.
Average annual growth of 39.4% from 2022 to 2030
Estimated at 34 billion euros in 2021, this market should therefore experience phenomenal growth according to estimates by analysts at Grand View Research. It is anticipated to inflate at a CAGR (compound annual growth rate) of 39.4% from 2022 to 2030. This study commiserates with the significant factors driving the market’s growth: the adoption of mixed, virtual, and augmented reality, possible new pandemics, or possible crossovers between the virtual and real worlds.
With the development of new technologies and the evolution of uses, the Metaverse could occupy a central place in our lives in just a few years. The researchers who worked on this research work are convinced that the metaverse market will reveal its potential in the years to come. This concept, the definition of which still needs to be more specific, has already attracted many users and several brands.
Grand View Research believes that the Metaverse will become a significant source of entertainment in the future. Researchers point to early drafts like Fortnite, Roblox, Minecraft, or decentralized projects like The Sandbox or Decentraland, which can pave the way for other virtual worlds and a metaverse model. But, for the moment, the big winner by far is Fortnite, with its 350 million daily users.
The number of active users per month on a selection of immersive games.
Illustration: Grand View Research.
The researchers add that one of the most promising prospects for the Metaverse is that it dramatically increases consumer market access in emerging economies. In addition, if the Internet has already opened access to goods and services previously inaccessible to specific consumers, the Metaverse could make it possible to go even further. Finally, they add that “virtual reality environments will help improve educational options, as they are an inexpensive and efficient way to learn.” In short, the metaverse model certainly has a bright future.
To conclude, the metaverse is a universe with everything to discover. Marketers need to realize that this may not just be a passing trend but the future of the Internet. Through this connected world, brands can experiment with new practices, discover how to communicate, and make the most of this technology to find best practices that can be applied in the future. A real playground for brands with our metaverse development services.