What is the Metaverse and how to use it ?

Let’s begin by understanding what is the Metaverse. While there is no definition, it is best understood by Facebook’s description

“The ‘metaverse’ is a set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you.”

Some in the gaming community have expanded on the description to break it down into three distinct groups “online world,” “multiverse,” and “metaverse.”

Online world are digital spaces, from rich 3D environments to text-based ones which are around a shared theme.

Multiverse are multiple different worlds connected in a network, which do not have a shared theme or ruleset.

Metaverse is a “multiverse which interoperates more with the real world,” incorporating things like augmented reality overlays, VR dressing rooms for real stores, and even apps like Google Maps.

One can imagine that the Metaverse as an expanded social network where users could join friends to play a multiplayer games one moment and watch a movie via Netflix and shop on Amazon the next. If you’re imagining a place where you can watch videos, play games with friends, and buy things, it’s going to end up looking a lot like the internet.

Thus the metaverse isn’t a single product one company can build alone, a universe independent products, applications and virtual zones which are interconnected. New technologies that facilitate the less centralised virtual world, like cryptocurrency and non-fungible tokens or NFTs have integrated into the metaverse world effectively. These metaverse visions overlap with the concept of Web3, a term covering decentralised internet services where users retain more personal control over the data they put online

The history

The term ‘’Metaverse’’ was first coined in Neal Stephenson’s 1992 sci-fi novel Snow Crash, where humans, as avatars, interact with each other and software agents, in a three-dimensional virtual space that uses the metaphor of the real world. This is where it first envisioned the blending of digital and physical experience.

Since “Snow Crash” a number of other Sci-fi novels and movies have talked about environments similar to the Metaverse, such as

“Matrix” (depicting a future in which humanity is unknowingly trapped inside a virtual world),

“Ready Player One” - depicts a 2045 a world gripped by an energy crisis and global warming, causing widespread social problems and economic stagnation. The primary escape for most people is a metaverse called the OASIS, which is accessed with a VR headset and wired gloves.

The Business Implications

Mercedes launched a 360-degree video of its new SL model to experience Merc's new sports car and take a test drive. All one needed was a smartphone, the internet, and a cardboard device. The experience is based on virtual reality (VR) and offers high degree of engagement.

In the Indian scenario, the NFT cricket memorabilia was created immortalising Dinesh Karthik’s winning moment of March 2018 into an animated film ‘Six for the win’ that features the last ball when India needed six runs to win, Karthik hits six, and the celebration that followed. The clip was auctioned and the expectations are that its value will appreciate over time

Many other advertisers such as MTV, Coke and Dell, have created metaverse advertising campaigns with deep embedding of VR components, Non-fungible tokens (NFTs) and virtual concerts.

Which Business are focusing on the Metaverse :

We are seeing a lot of activity around Gaming, Social Networks & e-Com

Gaming :

Video game platform like Roblox & Omniverse platform and many more aims to give users and developers ways to create digital worlds. These technologies are the is the "plumbing" on which metaverses could be built. This will enable gaming integration with shopping and the virtual economy powered by NFT and crypto currency.

Chinese tech giant Tencent has investments in major game studios like Epic Games and Activision Blizzard. Tencent the has registered many metaverse related trademarks for its social site QQ, reports South China Morning Post.

Social Networks

Facebook, with its rebranding as “Meta” has announced its desire to transform into a metaverse company rather than a social media one. With its 3 billion users, it has been investing heavily in augmented and virtual reality and has been building out its VR environment Horizon, accessed through its Quest headsets.

Snap Inc has long been building custom avatars and augmented reality filters to overlay digital features on the real world. This year it unveiled its first true augmented reality glasses, available for developers to experiment with creating experiences for the spectacles.

e-Commerce

Ecommerce giant Amazon.com Inc, which is the world's largest cloud services vendor and has multiple media offerings, is also seen as a potential player in the metaverse.

Our Take

While their promise on this technology, how this translates as an advertising and marketing platform it will have to evolve yet. Measurement of outcomes is one areas that has not be addressed yet which will need more focus. A lot of work is happening in this area we hope to see them fructifying soon.