It has been a long time since we first heard about Web 3.0 and how it will be the blockchain project that will revolutionize the internet. But, so far, little has changed; we still do not use cryptos to make online purchases, and we rarely use decentralized applications daily.
This is mainly because we are currently in the Web 2.0 stage. The problem with Web 2.0 is that, for example, if you have an Instagram account, all the content you create on Meta is their property. Moreover, they have the right to terminate your account.
This is intended to change with Web 3.0. As the Internet enters a new era, users will have more control and autonomy over their online creations, identities, and digital content thanks to the NFTs. This means they can make money from the content they create and ultimately promote even more creativity.
It’s only a matter of time before Web 3.0 joins the Metaverse, which is what we’ll be discussing here. We’ll look at what the Metaverse is, how it came to be, how it can change the Internet, and how businesses will be involved.
What is the Metaverse
There may be numerous definitions of the term “metaverse” if you Google it, but here is the one you need to know. It is a virtual world in which people can interact, socialize, conduct business, and have fun.
It would be a digital world powered by the Internet, as well as physical and augmented reality (AR). The term “metaverse” is a combination of the words “meta” (beyond) and “universe,” which is the term used to describe the Internet’s future version. All of this forms part of a bigger whole, the Omniverse..
In practice, the metaverse will create brand new experiences that people want. It will also create new marketplaces for commerce and digital asset ownership that is used in the world you interact with.
Layers of the Metaverse
The metaverse is made up of many components, far more than you might think. Fortunately, there is an informative slide deck available on the metaverse. The seven layers of the metaverse are highlighted in it:
The hardware, software, and materials that comprise the metaverse’s infrastructure. WiFi, Cloud storage, 5G (or even 6G), and so on.
In the metaverse, many people will enter and interact. This could be accomplished through mobile, tablet, or desktop technology, as well as wearable technology such as a VR headset or smart glasses. Voice input and gesture tracking could be added as well.
A network of interconnected, independent, and privately owned computers will collaborate to provide private and secure access to the metaverse.
This is where things get a little technical. Geospatial mapping, 3D engines, VR, AR, user interfaces, and other technologies will be developed in collaboration with technology experts.
Many companies are currently working to contribute to this layer. They will develop tools and marketing assets for use by other businesses (such as advertisers).
This is the layer through which users gain access to the metaverse. It could be via a browser, media platform, app store, ad network, or other means.
The layer that internet users will enjoy is experience. The metaverse is accessed via games, social media, content demand (such as theater and video), online shopping, advertising, and so on.
How the Metaverse World Builders Will Change the Internet
When it comes to NFTs, we’ve seen a surge in popularity. People appreciate art and culture. People want to own digital assets as well. It combines the best of both worlds. The metaverse is the intersection of real life, virtual reality, art, and experiences. Then, include monetization capabilities.
It has always emphasized gamers’ potential and purchasing power. Skins (digital clothing) and accessories for virtual avatars in games like Fortnite cost billions of dollars.
According to Statista, global consumer spending on in-game purchases will reach $74.4 billion by 2025. It represents a massive monetization opportunity for brands.
The metaverse concept is similar to the Internet in the 1990s, with blockchains brewing. It will break down barriers and blend into our everyday lives. The metaverse is something to be shared, not something to be fought over (much like how Facebook currently can be).
Opportunities for Businesses in the Metaverse
The metaverse is more than just 3D or 2D. It is about the relentless digitalization of physical space, distance, and objects. It isn’t limited to gaming, but many gaming designs will influence how it works. For example, the flywheel model of live games could be translated to the metaverse:
- Monetization: Convert community attention into virtual item purchases optimizing the economics.
- Content train: Retain and re-engage the community through frequent content updates.
- Live events: Boost community engagement by delivering scarce, real-time activities.
This needs to be a feedback cycle, continuous and smooth. This way metaverse users will keep always engaged and ready to spend some money. The metaverse will nourish its community by offering a variety of activities, stories to share, and events centered on cooperation and competition.
It will naturally create a repeated cycle of user interaction, social interaction, and monetization.
A good example is the clothing company American Eagle (AE), which was an early adopter of the metaverse.
AE is thinking creatively about how to connect with their target audience, the tech-savvy Generation Z. They created a virtual “AE Members Always Club” on Roblox, where players can join and dress their in-game avatars in AE’s latest spring styles. Their digital strategy entails the following:
- Collaboration with Snapchat (branded augmented reality).
- Offering NFTs as well as establishing a virtual store within NBA2K.
According to Digiday, American Eagle’s augmented reality and gaming strategies generated $5 million in profit in apparel sales in 2021. Of which $2 million came from a Snapchat AR holiday pop-up.
The metaverse offers limitless opportunities for branding, engagement, and sales. You should start looking for immersive user experiences that improve how customers interact with your brand. Always try to think outside the box. The innovation of the metaverse allows your imagination to roam free.
The Meta Market
This is where the Metaverse comes in; by creating an entire virtual ecosystem in which people can meet, talk, and enjoy together in VR. People will give real value to NFTs, and not just 2D images; in the Metaverse, you can own pretty much everything:
- 3D Objects.
- Visual Effects.
- A lot more things, the sky’s the limit.
This means a whole new market for designers, 3D modelers, programmers, and anyone else who wants to make something in this new world. For the first time, the items you make will belong to you and be valued accordingly. This way, the future of the internet will be in the hands of the metaverse builders.
The Future of the Internet
It’s critical to understand that the metaverse is still in its infancy. It is not yet expanding on a larger scale, but all eyes will be on it, and many businesses are working hard to make it a reality. These are some of the possible developments in the metaverse for the future:
- To achieve full-scale adaptation, the metaverse requires “allies”. It appears that an Augmented Reality app for iOS is also in the works. Furthermore, there are rumors that Apple is working on their own VR headset-like device, labeled “Apple Glasses“.
If the big three tech companies, Apple, Meta (Oculus Quest 2), and Google (Glass), invest heavily in the metaverse, other tech companies are more likely to join in and accelerate development.
- technology experts will create algorithms that track your ocular movement on desktop and mobile devices.
It will be possible to determine how users perceive your company brand by tracking their eye movements and online actions by studying how people communicate with content virtually (like ads).
This implies the possibility of tracking “true views” data, which provides marketers with a deeper layer of user metrics. This way it will be easy to make adjustments to better optimize your ad.
- There’s no doubt that once the metaverse is more developed and has a consistent user base. You may see ad placements in Display or Video formats all through the virtual world. Because it is in a virtual environment, ad blockers and skip the ad functions will not be present.
Being an early Metaverse adopter can help you build audiences before they become oversaturated. It is a worthwhile investment to make as soon as possible that will pay off for decades.
It will become increasingly difficult to expand the platform once it has been established. Furthermore, in Web 3.0, paying to grow a ‘community’ will be impossible because people will simply pass your ads if they feel like it. This is why having a community already in place to support you is a good idea.
Hiring a team of Metaverse builders to get ready your business for the future now could be the best investment right now. A company with years of experience in the field of digital architecture like Exolve can make all your dreams come true and boost your business to the future.