The metaverse is expected to have a strong connection to and be an extension of the real economy.
Metaverse is one of the most used words in recent years, among groups of friends, brands and media.
Part of the interest in this new term stems from its exposure to Facebook itself, which is part of the parent company: Meta. However, the term comes from a long time ago.
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What is it?
For Chris Cox, Meta’s Chief Product Officer, the metaverse is the next chapter or evolution of the internet, but it’s “not as equal as it engages the senses, the eyes, the hands, the speech … it’s the it is a shift towards environments. three-dimensional”, he declared at a World Economic Forum (WEF) event.
For his part, Nick Clegg, Meta’s president of global affairs, goes further and says that the big bet of the metaverse is to be able to meet in a virtual world: “They will be holograms of us, feeling how we really are (in real life)”.
For his part, Meta CEO Mark Zuckerberg suggests that much of the metaverse experience will revolve around the ability to teleport from one experience to another.
From a commercial point of view, one of the focuses is to promote electronic commerce and sales in the real world. Something like sending a product in the metaverse and depending on its acceptance, the article will be produced in the real one.
Clegg points out that it will take years to build but progress is expected in the near future, but calls for more discussion on the issue and for rules, restrictions and other points to be established “so that we don’t put them 10 years After that.”
The keys to the metaverse
Today, the Internet is often the primary entry point for millions of people to access information and services, communicate and socialize with each other, sell products, and be entertained.
The metaverse is expected to replicate this value proposition, with the main difference being that it will be much harder to differentiate between being offline and being online.
Stefan Brambilla, Hall Project Leader, Media, Entertainment and Sport, Geneva World Economic Forum; and Cathy LiHead, Shaping the Future of Media, Entertainment and Sport; A member of the ExCom, World Economic Forum
“Businesses and individuals must have the ability to participate in economic activity in the same way they do today. This would mean being able to build, trade and invest in products, goods and services”, they said.
One way to think about this process is how the App Store encouraged companies to digitize their operations so that consumers could experience (and pay for) their products and services from anywhere.
According to the publication’s authors, this legitimized the idea that retail and digital don’t need to be separate, paving the way for a whole set of use cases that wouldn’t have made sense at first.
Characteristics and challenges of the metaverse
So far, it is impossible to predict exactly what it will be.
However, the investor math ball he identifies seven basic characteristics that can help a curious mind imagine how it might land. These include persistence (there is no “on” or “off”), synchronization (it exists in real time) and interoperability, as well as being populated by the content and experiences of both individuals and companies.
The idea of the metaverse may seem promising. For this reason, many of the world’s largest technology companies are investing in its development.
“If it comes to fruition, it can change the behavior of consumers and companies”, stated the authors of the WEF article.
How much is spoken in the metaverse?
Ipsos, a multinational market research and consulting company, – in the second quarter of 2022 – conducted an international survey of 29 countries, with 21,000 respondents on the subject.
The study, called “How the world sees the metaverse and extended reality” shows that there is more knowledge of the subject in developing countries.
Data shows that more than half of the people in the world (52%) are familiar with the concept.