Creating worlds based on AR and VR technologies has been a trend for quite some time. Indeed, these technologies aren’t as new as they may seem. Moreover, the gaming industry has explored the idea of interacting with others through a digital avatar for many years.

However, in late 2021, Mark Zuckerberg announced Facebook’s rebrand to Meta and its plans to create a metaverse. This turned the world on its head. Since then, the metaverse has been a hot topic across the internet and throughout the business world. Companies are already discussing how they could incorporate their own activities in this new virtual space. But, what exactly is the metaverse? What opportunities or challenges does it present? We uncover that and more in our new infographic:

What is the metaverse?

The question has been on everyone’s mind since many people still don’t understand what exactly the metaverse is. Indeed, surveys have shown that many haven’t heard of the metaverse or have a flawed understanding of what it really is. This has brought some to question how successful the endeavour will be. However, as is often the case, the metaverse will clearly have different adoption rates across generations. Younger generations like Gen Z are more likely to have high adoption rates, as they’ve already been engaging with virtual reality activities.

In its essence, the metaverse is a 3D virtual world based on VR and AR technologies, in which users can interact with each other. Beyond social interactions, it will also be a place for shopping, events, education, and more. You can think of it as a virtual duplicate of the real world or a spatial rendition of the internet. The metaverse is a world in which users will exist as avatar versions of themselves. They can then engage in daily activities such as meeting up with friends, buying groceries and attending a work event.

How can companies get involved?

A lot is still unclear about how exactly the metaverse will work, and when it will be here. However, businesses across the world are already trying to figure out how they can get involved.

The retail and e-commerce sectors have a clear-cut path. They can create virtual stores in which users will be able to browse products and purchase them directly. Advertising on virtual real estate will also be a potential opportunity for brands in all sectors. So, in future, users walking through the metaverse might come across virtual ads and billboards on the side of buildings.

This also means the construction and real estate sector could have a role in the metaverse. Purchasing plots of land and building properties to be rented or sold could be a promising opportunity for these industries.

Events are another means by which companies in any sector can leverage the metaverse. Whether it be hosting a launch party for a product, a teambuilding activity or sponsoring one of the metaverse’s big concerts, businesses will be able to increase brand visibility through the metaverse.

These are just a few of the many ways in which companies worldwide are expecting to experience the metaverse. If your company is looking to conduct market research on the metaverse and the opportunities it presents for your industry, get in touch to get Early Metrics latest research on the matter.

What role do startups play?

Startups are emerging across the globe with their own metaverses. The Sandbox, Decentraland, Somnium Space, and Upland are among the many names coming up in discussions today. Furthermore, NFTs have also been a hot topic for many months now and the prospect of combining NFTs and metaverse solutions holds great potential. Numerous startups have been launching platforms in which users can create, mint and sell their own NFTs. These platforms are also working with brands and businesses who want to enter the NFT space.

Beyond creating their own metaverses, startups also develop technology to help build or support metaverses. In this sense, they play a tech enabler role. For example, they can provide businesses with the tools to create their own immersive 3D environments in the metaverse, with high quality visuals and optimal user experience. They can provide companies with the tools to launch solutions to host their meetings in the metaverse or to advertise their products at virtual events. Such tools include 3D development, virtual reality, artificial intelligence, etc.

As questions and concerns arise around user safety, regulating the metaverse and other legal matters, businesses will likely need to implement cybersecurity and compliance solutions. Startups, which are already leading in these areas for sectors like insurance, will emerge as key providers to ensure compliance with future regulations and security best practices.

To learn more about key trends in the metaverse today, have a look at our infographic below: