Metaverse : Myths, Realities and the Future

These days, there is a lot of buzz about the metaverse. And with good cause. The metaverse is already opening up a plethora of new prospects for merchants and consumer brands by letting users move between two separate realities without any noticeable transition.

The metaverse is the next stage of Internet evolution. It is expected to be a massively engaging and interactive platform for users all over the world.

This is Web 3.0, a much more advanced version of Web 2.0 in which everything is decentralized. This translates into greater personal ownership and control over digital assets and activities.

The Metaverse is powered by cutting-edge technology such as Augmented Reality, Virtual Reality, Artificial Intelligence, Machine Learning, Blockchain, Cryptocurrency, and so on.

It has the potential to be a parallel virtual reality in which users can simulate real-world events and interactions. The metaverse will change how businesses engage with customers, even though commercial applications are still in their initial period.

Some of the most sophisticated brands in the world are trying to rethink their industries in light of this new technology after realizing that their customers are already spending time online.

72% of global retail executives believe that the metaverse would benefit their companies, with 45% of them thinking it will be transformative or a breakthrough.

For instance, Selfridges and Charli Cohne honored the 25th anniversary of Pokémon by building a virtual city where customers can search for exclusive digital and physical merchandise. The Gap recently unveiled its first collection of non-fungible tokens, or NFT.

Think again if this all sounds a little far-fetched or more sci-fi than reality. Certainly, there are pros and cons of metaverse, but to profit from this growing market, you must dispel the following myths of metaverse.

Myth 1: The Metaverse is Only for Gamers

When people discuss the metaverse today, they frequently use gaming platforms such as Roblox, Minecraft, and Animal Crossing as examples.

Because the gaming industry is at the forefront of the metaverse, it is unsurprising that metaverse users today over-index as gamers. Those who are familiar with the metaverse play video games 1.5 hours more per week than those who are unfamiliar with the metaverse.

While gaming remains one of the most popular experiences for consumers as they are increasingly turning to the virtual world for entertainment and shopping. One in every five metaverse users has gone to virtual live events like concerts and film festivals.

Myth 2: It's Hard to Make Money in the Metaverse

It has been challenging to obtain information on the return on investment even though many businesses have tried using the metaverse. While some businesses make investments right once, others are still debating whether they will be viable.

According to our consumer research, there is currently economic value spread across a variety of digital goods and services that firms may make use of.

Each year, consumers spend an average of $219 on digital goods, more than 30% of which are tied to the metaverse. These include in-game purchases, virtual upgrades, real estate, and non fungible tokens (NFTs).

Consumers expect to spend more on digital items related to the metaverse over the next five years, with 11% wanting to do so on in-game purchases which is a great advantage of metaverse for people thinking to invest in it.

Myth 3: Only Beauty, Fashion, and Luxury Brands Can Benefit from Virtual and Augmented Reality

While online avatars may be clothed in branded sneakers, apparel and beauty businesses aren't the only ones having the market opportunity of metaverse.

McDonald's has registered a trademark for a virtual restaurant in the metaverse that will deliver real burgers and fries to your door.

Last Halloween, Chipotle was the first food service brand to open a virtual location on the Roblox platform, with early visitors dressed (virtually) in costume qualifying for a free burrito.

One of the realities of metaverse is that it can transform the way businesses work and operate.

If you are looking for business assistance with anything regarding the metaverse, Growth Jockey’s custom services can help you.

Myth 4: The Metaverse is Only a Fad

Whether the metaverse is a trend or the wave of the future is at the center of many discussions. Some critics think the metaverse will only last a short time, even among those who are proficient in it.

In a recent episode of the Yahoo! Finance podcast, venture capitalist and LinkedIn founder Reid Hoffman said, "I don't see the signs yet that tell me that the metaverse is going to happen."

Bernard Arnault, the CEO of LVMH, also stated that he is wary about the metaverse "bubble."

We inquired once more about what customers believe and do, and this time we discovered that the transition from online to immersive to metaverse is already underway.

To begin, a net majority of more than 20% of people believe they will spend more time working, reading, exercising, and shopping online in the future. People are also becoming more interested in immersive digital activities and experiences.

Indeed, roughly 10% of people have previously engaged in virtual reality or metaverse dating, with the majority preferring it to the real-world alternative.

Along with recent hype and significant medium-term consumer interest, we believe the metaverse is the future, not a fad.

Myth 5: The Metaverse is Unavoidable

The Metaverse is still a work in progress. The major figures in technology are interested in it. However, they face several challenges, one of which is compatibility, which requires users to be able to seamlessly navigate between different worlds.

As a result, businesses must expend significant effort in developing open standards. In the Metaverse, you must be able to work, attend concerts, and play games with ease.

Not so easy, especially given how many businesses may be hesitant to collaborate on open standards and protect their intellectual property. Significant hardware advances will also be required for the Metaverse to grow.

Myth 6: You Require Expensive VR Headsets

VR headsets are necessary for the complete experience with some virtual applications. Not all, though. That's a crucial point to make since headsets might put users in a difficult financial and physical situation.

To fully benefit from metaverse, retailers need to consider the metaverse as a spectrum of immersive experiences and experiment with live-streamed shopping occasions.

Also, digital stores that are only available online, and other experiences can be enjoyed via a smartphone, tablet, or, for those who prefer, a VR headset. In other words, this might be an expansion of e-commerce, allowing for a more engaging shopping experience.

Growth Jockey can help you achieve your company's objectives by assisting you at every step of the way. You can benefit fully from the metaverse with our custom assistance.

Myth 7: Physical Stores Will be Replaced by the Metaverse

The metaverse is an addition to actual stores, not a substitute. More than 50% of customers believe they will spend more time online. Retailers will then have the chance to test out developing closer connections with their customer base.

For instance, provide a VIP experience for your most valuable clients by putting them in touch 'live' with a subject matter expert or brand representative who may offer advice while they meet in a virtual shop or showroom.

The metaverse may resemble the early years of mobile or online commerce in many ways.

Customers will certainly spend more time working, enjoying themselves, and going shopping on immersive platforms. Therefore, metaverse affects marketing by creating an unlimited potential.

What is the Future of Metaverse?

To make networked connections more valuable and relevant than ever before, the Metaverse is bringing together people, processes, data, and things (real and virtual).

It is turning information into actions that result in new capabilities, richer experiences, and unexpected economic opportunities for businesses, individuals, and countries.

The Metaverse is the intelligent interconnectedness of individuals, organizations, systems, and objects.

It portrays a world where billions of items are connected via public or private networks utilizing both open-source and commercial protocols and equipped with sensors to detect, measure, and evaluate their status.

Enterprises will adopt metaverse technologies widely. As a result, there will be an unlimited supply of goods and services sold into numerous vertical and horizontal marketplaces. So, it can be said that the metaverse will influence the future of business positively.

Conclusion

In conclusion, the metaverse won't just be a straightforward concept; like the iPhone, it will be the culmination of hundreds of different technological developments. We will be able to identify Oculus, Fortnite, and Ethereum as genuine multiverse newcomers in a few years.

Although there is still a lot to be done, such as closing the digital divide and boosting Internet connectivity worldwide, the metaverse marks the start of an Internet revolution that will continue unabated

At Growth Jockey, we are fully committed to crafting personalized solutions that effectively address the crucial challenges faced by our clients across diverse industries. Regardless of the size of your company, whether it's a small-scale enterprise or a large corporation, you can now explore the potential of the metaverse. Take the decisive step towards unlocking the next level of growth for your brand by contacting us today!