Metaverse – the next era of the digital age

Metaverse – the next era of the digital age

Staffan Hagberg, Chief Marketing Officer
Staffan Hagberg, Chief Marketing Officer
Metaverse

The Metaverse concept is a 3D platform where you as a user can take part in a virtual world constantly maturing. Metaverse should be seen as a continuation of the development of the internet, and where the user is at the center. On this 3D platform you will be able to meet other people, play games, shop and work.

Facebook's switch to Meta

Facebook’s identity towards the market is to be a platform that allows people to get in touch, Mark Zuckerberg explains in the launch video of Meta. He points out that what makes Meta unique compared to the majority of the large technical companies is that they focus on how the user interacts with the technology, instead of how tech can be thought of for contact. He also believes that Metaverse is a related modernity with the idea of connecting people.

Zuckerberg himself expresses that the ultimate result of the technology is to create togetherness, the opportunity to “teleport” everywhere and thereby create experiences with a deep interface. The co-founder of the giant internet company returns to the fact that today’s devices are optimized for applications, not the user. The result is a more forced and shallower font, where ideas are limited as a result.

He claims that Metaverse can presumably be the solution to these problems, but that cooperation will be required from all of us – this includes both creators as well as developers and companies of various sizes. Metaverse will be a platform where the individual is at the center and the technology revolves around him.

Despite Mark Zuckerberg’s launch video it is still difficult to really grasp what Metaverse is. This is partly due to the fact that it does not currently exist in the form Zuckerberg describes it. Metaverse is not only an independent platform, but will collaborate with other technology segments such as VR, AR, blockchain and crypto currency. Together, it builds what Zuckerberg describes as Metaverse.

Metaverse - a new sales tool?

As interest in AR, and how it can affect e-commerce, grows one can speculate on how this will work in Metaverse. The question companies should ask is: How comfortable is the consumer with online shopping using the help of AR?

The company Invesp conducted a survey regarding this particular topic, to get answers on how positive the current prospects are to use this tool. The following was the result:

  • It turned out that 61% of those who buy on the internet preferred to shop on a website that takes part in AR technology.
  • 63% of customers thought that AR technology enhances the experience of shopping online.
  • 77% of customers stated that the opportunity to preview and design at their own discretion was preferable.
  • 70% of consumers are presumably more loyal to brands that use AR technology as part of their online store.
  • This survey shows that in most cases, the majority of consumers are positive about using the technology for the purpose of e-shopping. AR technology makes it easier to buy, for example, everyday products such as cosmetics, shoes and clothes. The type of products where you usually struggle to find the “perfect” one the first time shopping. More complex configurable products such as cars, machines or lab equipment can also be added here. This is something companies that offer free delivery can save money on, as the accuracy of the customer becomes more accurate.

    Virtual real estate agencies have also been created, where you can buy or rent properties as well as land. Many companies are now jumping on the Metaverse-train and investing millions of dollars to secure land in one of the four largest, most popular areas, Sandbox, Decentraland, Cryptovoxels and Somnium. In 2021 land areas were sold for $ 500 million, and it is estimated to rise to $ 1 billion in 2022.

    Zuckerberg claims that Metaverse will be a bigger and more creative economy than we have ever experienced. Today we can only speculate about how this will work. Questions we should ask ourselves are whether the user receives targeted advertising in the 3D world? Will there be a freemium-premium business idea where the user can pay to not experience advertising, that Spotify and Youtube use? Will we go shopping in digital stores in the 3D world and then have the product sent home to us in real life?

    The roles of Crypto and NFT in Metaverse

    For Metaverse to become something more than the already existing VR communities such as Second Life and VR Chat, then the ownership of digital assets needs to be secured in the form of evidence. A digital proof of ownership is made through a virtual wallet that contains keys. This information can demonstrate the ownership of assets that are part of the blockchain itself.

    In order for your assets to also be digitally identifiable NFTs (Non Fungible Token) are used. This makes it possible to create something that is completely unique and therefore cannot be copied. This will be a vitality of what Metaverse aspires to become.
    A digital currency must also be established, this to enable the economic ecosystem that Mark Zuckerberg aims for Metaverse to become. This will be done through some form of cryptocurrency. An important question to answer is whether the currency that will be used in Metaverse is decentralized or centralized.

    Summary:

    Metaverse should be seen as a long-term project, and where the road will be lined with a few bumps. We still have a lot to learn about what Metaverse will mean for the development of the internet as well as e-commerce. But if Metarverse will become what Mark Zuckerberg and other tech giants predict, then it’s the next big step in digitalization.