Don’t believe them when they claim that the metaverse is already there . We do have a bunch of virtual realities, but they are not yet connected. It will be possible to access the metaverse once they are connected.
What exactly does “metaverse” refer to? It’s actually a 30 year-old term, first coined by science fiction author Neal Stephenson is his novel “Snow Crash.” It’s clumsily derived from the Greek, meta being a prefix meaning “beyond.” So beyond the universe? The trouble is, versus means “turn into” which makes perfect sense in the word “universe” — turn into one — but less sense as turn into beyond.
We consulted Tim Parkin, a consultant in marketing who advises his clients about how to prepare for metaverse. The metaverse is not defined and it’s very ambiguous in reality. It’s changing, and that’s the most important thing. It will change from what it is now to what it will be tomorrow. That makes it a moving target.” Nevertheless, Parkin was willing to venture that it’s a whole new layer built on the infrastructure of the internet, opening “a new dimension of potential and possibilities.”
Essentially, the metaverse will take the digital environment many of us have been existing in for at least the last two years and upgrade it to a virtual-reality based imaginary world, creating many opportunities, including for marketers, as well as “some scary realities,” he said.
Anyone who has used a VR headset knows what virtual reality looks. However, the metaverse is far more than that. The internet is made up of many servers, websites, apps and platforms, but they all belong to the same sphere. The metaverse allows us to have this virtual reality experience together. It’s all happening in this giant sphere, this world where we can all co-exist an collaborate and participate in different experiences, adventures and communications.”
This doesn’t rule out hybrid use cases, Parkin explained. Parkin explained that you might also be interfacing through a physical environment. It could be possible to order items online or interact with others in a grocery shop. You don’t just need to be at home with your headset on. You could be in the real world, but connecting it to the metaverse.”
Of course, the metaverse will be very firmly rooted in the reality of hardware. We often forget this. It relies on computers to run simulations and process transactions. These worlds are all connected to the internet. It is not going to escape the internet. This is built on top. And it will never be owned by anyone. Parkin said, “That’s both the beauty and the worst part of it.” How do you manage it if nobody is there? ?”
Web3 is frequently mentioned alongside the metaverse. What is the connection? Web3 is the next level of the internet, which incorporates blockchain technology and decentralization. We can track transactions and have a source for truth about everything that is happening by layering blockchain. The metaverse is separate, but there are opportunities to overlap Web3 and the metaverse.”
Some enterprises are already experimenting with aspects of the metaverse, but Parkin insists that the metaverse itself does not yet exist. He explained that while there are some people who are working on experiences, until consumers can participate, I don’t see it ever being created. “We are still a little ways off of it being highly adopted and people doing anything of useful value inside the metaverse.”
How should marketers prepare for this strange future?
While the metaverse is not yet here, it’s never too late to begin thinking about what it might mean. Parkin stated that there were three major things. Parkin stated, “First, be open-minded. This is changing. It’s a vastly different world if you look back at the internet as it was with email and web pages. It’s an exploratory process. People will find value. It’s an exploratory process.”
Secondly, he said, look at what big brands are doing to prepare. “The Taco Bells and Nikes have the resources and the necessity of being in the metaverse. Most companies don’t have the time or can’t afford to mess around with this, but the big companies that need to be constantly innovating or pushing the envelope, they’re going to be the ones exploring this.”
Finally, he said, go slow. There’s lots of excitement and hype about the new technology, and many people believe that there will be a first-mover advantage. In the next two to three years, maybe five years, this isn’t going to be as revolutionary as people think. This is something I would do very carefully and think about. If you are a big brand, you shouldn’t push this too much. It’s nice to sit on the sidelines and watch, but tread very slowly and see where you can fit in, because this is very volatile and very risky.”
A big win for the gaming industry
In addition to watching what the big brands are doing, Parkin suggests paying attention to the companies that are likely to be supporting the metaverse, above all in the