It’s hard to resist the vision spun on us by Meta (Previously Facebook) And other virtual world platforms. Digital utopia, where we can change our lives in different ways, such as how we socialize, work, and even stay healthy, is hard to reject.
This is especially true given that these platforms are described as the greatest technological disruption to human life and a trillion-dollar opportunity for businesses. But at least for now, there is skepticism that this is too good to be true.
It lacks the technical architecture that brings this promised immersive experience to life. Let’s take a look at an example of a live performance used in Facebook’s Metaverse video in October. The idea of experiencing these real-world sensations through a headset seems tremendous. Even more incredible is that virtual reality headsets will become a household necessity.
To be able to immerse yourself in these virtual worlds, you may need advanced VR equipment. Still, customers have long been reluctant to buy expensive and bulky VR headsets and other hardware. The first Oculus headset was launched over 5 years ago. You can’t get close to the same mainstream adoption as more compact and convenient hardware like mobile phones and laptops.
No expensive equipment is needed on the basis of the Metaverse. Accessibility is the key to getting users onboarding for innovation.
Pokemon GO is the perfect case study. The augmented reality game took the user to the real world and collected fictional creatures. It was successful not only because of its attractive gameplay, but also because of its accessibility. Anyone with a mobile phone could participate.
Related: More play and less income make a better metaverse game
Use cases and metaverse
The accessible Metaverse platform has been around for some time. Second Life is one of the first products launched in 2003. However, in its 19-year history, it has not reached the onboarding of the number of users expected by Meta.
Decentraland is a new platform that has taken off since the announcement of Meta. By incorporating economic and blockchain elements such as NFTs and their MANA tokens, we are captivating the imagination of our business.
With customers tied to the global COVID-19 pandemic and the decline of physical stores, Decentraland gives brands the opportunity to rejuvenate their audience engagement.
Enterprises are embracing these existing metaverse platforms with creativity in mind, as well as filling virtual baskets. JP Morgan I bought a virtual real estate We have opened our own Metaverse Lounge. Suddenly, it doesn’t seem that far away to be able to create a real bank account in a virtual world.
Related: Metaverse is booming and revolutionizing real estate
There are more subtle tactics to get users to talk about your brand. Take, for example, the pharmaceutical giant Pfizer, who gave vaccinated gamers a blue badge on their avatars.
Marketing teams aren’t the only ones to get their hands dirty in these virtual worlds. There are many opportunities for sales reps to monetize their content and profit from the Metaverse.
Blockchain technology has been waiting for this. NFTs add real-world value to digital products and are fully useful for the Metaverse. Artists can trade virtual paintings, architects can sell digital real estate, and engineers can auction Metaverse-based vehicles.
Related: Blockchain-enabled digital fashion creates a brand new business model
Fashion is currently the industry of greatest interest. When the Metaverse becomes a staple of modern life, users will look better. High fashion brands such as Dolce & Gabbana, Gucci and Louis Vuitton sell NFTs, most of which are sold at premium prices.
E-commerce giants are also jumping at this trend, creating a healthy and competitive space. Nike bought the virtual shoe company RTFKT while trying to build a Metaverse-led brand.
Acquisitions may be essential for large companies to survive in this rapidly changing virtual environment. Having a young, competent and hip team may be the difference between sinking and swimming.
Not without problems
The Metaverse rules have not yet been proposed, but you may agree. Some of the problems that have plagued the Internet have already begun to plague our glorious new reality. The newly released Horizontal Worlds is Meta’s first Metaverse project for the Oculus VR headset.Already on Currency.com report About the sexual harassment that is happening in this Metaverse and the dangers that lie in the corners of other platforms.
Toxicity on social platforms is not new, but in order for it to be a digital utopia, it is important to resolve it with the Metaverse. Enterprises, and more importantly, users will have a hard time buying into a future dominated by hostile virtual reality.
Related: If the glass slippers don’t fit, shatter it: unravel the myth of gender equality in cryptocurrencies
Meta has already implemented a solution in the form of a “safe zone” that can act as a protective bubble where no one can touch or talk to the user. We also try to block others as easily as possible.
Meta shows these general plans for community moderation, but has not yet elaborated on suggestions for cracking down on a full-fledged Metaverse. Regulating hatred, harassment, and freedom of speech can be the biggest obstacles.
Horizon Worlds gives the impression that it is an experiment testing the current functionality of the Metaverse. There is no release time frame for the full Metaverse of Meta or other similar platform releases. Therefore, in theory, it can take years or even decades for the Metaverse to become a part of everyday life.
This does not prevent companies from announcing their Metaverse plans or setting them up on existing platforms, whether JP Morgan, Disney, Adidas, Coca-Cola or Gucci. However, the vague delivery time is reminiscent of a comparison with the long-promised marketing as well as the dot-com bubble. Without delivery, this can also be a bubble, with the associated risk of eventually exploding.
Related: Why are major global brands experimenting with NFTs in the Metaverse?
The dust from Facebook’s rebranding hasn’t been resolved yet, so it’s premature to call it. It’s certainly plausible that there is a Metaverse place in the world, but it remains far from the immersive idyllic vision sold to us by those who want to profit from it.
This article does not contain any investment advice or recommendations. All investment and transaction movements carry risks and readers need to do their own research when making decisions.
The views, ideas and opinions expressed herein are for the author only and do not necessarily reflect or express the views or opinions of Cointelegraph.
Stephen Gregory He is the US CEO of Currency.com and is responsible for developing and managing platform growth strategies in the US and Canada. Currency.com is a fast-growing cryptocurrency exchange that reported 343% growth on a client basis in 2021 and is one of the fastest growing cryptocurrency exchange platforms in Europe.
