Metaverse is the new talk in town. From big brands to little kids, the whole world is after the Metaverse. The idea of Metaverse first leaped in 2021, mainly prompted by Facebook's decision to rebrand itself as Meta. 

However, the idea was originally coined by Neal Stephenson in his 1992 Sci-Fi Novel Snow Crash where humans are depicted as avatars that interact in a three-dimensional virtual space.

Now in 2022, Metaverse has become so much more than abstract from a book. It has become a computer-generated network of extended reality that embraces all aspects of augmented reality, mixed reality, and virtual reality. 
Does this sound like your cuppa tea? Well, keep on reading to stay up to the minute on Metaverse technology.

What Really Is It?

Metaverse is the next step of the internet. It is a network of virtual worlds in which we can participate live to engage in different activities like socializing, gaming, business, networking, etc.

Ideally, these virtual worlds may have their economy and currencies native to them, where value can be earnt, spent, lent, borrowed, or invested. These virtual assets will have value in both the physical and virtual worlds.

Why Do We Need One?

We humans always go forward with technology and never backward. In the 1920s when the radio got invented, the world got changed by voice. Then over time, we shifted primarily to text due to the arrival of the Internet. 

Eventually, due to the invention of mobile phones and cameras, the internet became a lot more visual. Over time the network got a lot better and now video is the primary means we share experiences. And the next step is being more immersive and that will eventually be leading to the metaverse.

Metaverse Characteristics

Like the internet, the metaverse has several characteristics that make it special. Here are some characteristics of the metaverse:

1. Metaverse is not tied to any hardware. Especially not VR

Metaverse is not specific to any particular hardware; Look at the internet now. It is independent of any particular piece of hardware. You can access the internet from anywhere. Similarly, you should be able to access the metaverse with your laptop, mobile phone, HMDs, smart glasses, etc.

2. Metaverse is real-time 

Metaverse is a combination of different virtual worlds; And these virtual worlds will be always on, continuous, and in real-time. Anyone can log into the metaverse and participate in an event or an activity together at any time.

3. A functioning economy

Individuals and businesses will be able to create, own, invest and sell digital assets. And these digital assets have value both in virtual and real life. And there may or may not need a government in between. 

4. Open and closed platforms

There will be two types of the metaverse, an open and closed platform. Metaverse is developed and run by centralized companies like Facebook, Microsoft, and NVidia. These companies got complete control over it. 

Metaverse like Decentraland and Cryptovoxels even though they are developed by companies. It is a decentralized autonomous organization, where decisions are taken by the organization members themselves.

5. Interoperability

In an ideal scenario, you as a metaverse user should be able to buy a digital asset and use it in many instances irrespective of the metaverse platforms you are in. You can buy a pair of digital sneakers from the NIKE virtual showroom and use them in the Fortnite gaming tournament. 

6. UGC

A metaverse should allow for population content and experiences by individuals, groups, and organizations at scale. Appstore and Playstore started booming when the developers started creating apps, Youtube became mainstream when users started producing videos. Similarly, the metaverse won't reach its full potential without an incredibly wide range of contributors.

Top Brands Building The Metaverse

Facebook

Meta, earlier known as Facebook is at the forefront of building its metaverse, Horizon investing billions into the development. Meta's Horizon virtual workroom as its name claims is a virtual workspace where people can create avatars and communicate with coworkers in real time. Meta is also developing VR headsets and working with extended realities. 

Microsoft

MeshMesh' to recreate office space and factory floors in the virtual world. What makes Microsoft forefront among the companies is that it is incorporating metaverse concepts into its existing applications and software like Microsoft Team. Along with mesh, Microsoft is also developing a series of applications for the metaverse.

Nvidia

Nvidia, one of the world's leading GPU providers, is working on its metaverse called Omniverse connecting the 3D worlds in a shared virtual universe. Over time, the company has entered several partnerships on sharing content related to the metaverse. 

HTC

HTC is developing Viverse, a metaverse platform connecting people from all walks of life to an open and accessible virtual world where they can work, play, socialize and explore in a safe environment. 

Brands in The Metaverse

These are only just a few of the companies that are building their metaverse. Here are a few other companies that are leaping toward building their own metaverse.

Nike

In November 2021, athletic apparel champion NIKE launched its interactive world, NIKE LAND, where the visitors get to play various games and relinquish in a lifestyle centered on sport and play.

With 6.7 million visitors from 224 countries since November, Nikeland has surpassed both its expected revenue and digital strategy objectives of the company. 

Gucci

In May 2022, the clothing company Gucci built Gucci Town, a small city in the Roblox, where players can purchase a selection of branded merch. The Gucci Town was confirmed to be wildly successful among the fans of the franchise. 

The brand previously collaborated with Roblox to create Gucci Garden, a place open to visitors for two weeks in May 2021. The brand claims more than 20 million players visited the Gucci Garden last year. 

Wendy’s

Wendy’s, the fast food giant has entered the metaverse with Meta’s horizon. The Wendy's metaverse called Wendyverse claims to have reached 52 million people on meta platforms, however, the brand did not reveal how many of those visited the Wendyverse. 

Forecast of Metaverse

According to the latest reports from McKinsey & Company, the Metaverse is anticipated to reach $5 trillion by 2030. So far in 2022, companies, venture capital, and private equity firms have invested more than $120 bn in the Metaverse which is 110% more than last year. Furthermore, the report shows that by 2030 an average internet user to spend up to six hours a day in metaverse experiences.

Nearly 95% of leaders have admitted that they expect the technology to have a positive impact on the industry within 5 - 10 years, while 31% said it will change the way their industry operates. And nearly a quarter of them expect Metaverse to drive more than 15% of their total margin in the next 5 years. 

Final Thoughts on Metaverse

The Metaverse is here to revolutionize the world forever and help brands reach a bigger audience, set their digital footprints, and welcome the potential of revenue growth. The top brand has already leaped to the metaverse and some even built their own metaverse. So when are you gonna create yours?

Put an end to your wait and take the action now!