The Metaverse is Here Forever: Here Are Six Reasons Why
The metaverse is new, but it is going to be around for as long as the internet lasts. Some people have compared the metaverse to the internet craze of the late 1990s, and it is important to see that the internet changed how we live. During the dot-com bubble, some of the most important companies today, like Google, traded alongside Pets.com. The same thing will be true about the metaverse, it will change our world.
The tech that drives the metaverse is different, and today we have decentralized systems, and unique digital items like NFTs. All of this development represents the future of the internet, what many already call Web3. Clearly, there are metaverse opportunities for marketers, and no one wants to be left behind.
If you want to know the six basic reasons why the metaverse is here to stay, here you go:
ONE: Metaverse Tech Investment
There are loads of new tech that make the metaverse work. For the moment, pioneering platforms like DecentWorld need to cap the number of participants, but new kinds of Cloud and Edge computing will overcome these limitations over time. With better real-time graphics rendering, people will be able to take full advantage of the fall in VR equipment prices. In addition, major tech names, like Meta, are investing in companies like Oculus, which will help to drive economies of scale. In 2021 Oculus shipped more than 10 million headsets, and sales for other forms of immersive tech are also on the rise.
TWO: Infrastructure Build Out
Meta is leading the charge in metaverse opportunities with a $10 billion buildout, and also by changing its name. Other big names like NVIDIA are also creating metaverse tech, and the metaverse was the hot topic at last year’s Consumer Electronics Show. As more money is spent into the metaverse economy, a development ecosystem will thrive. Many of the current decentralized technologies, like NFTs, are clearly built for the metaverse.
THREE: Growing Use Cases
The obvious frontrunner for metaverse tech is gaming, but there are others coming up as well. As the level of development improves, there are numerous areas, like sports, entertainment, and education that can leverage the tech. On the other hand, enterprise and business are also sleeping giants. With more globalization, and many people working from home, the applications for the metaverse are incredible. In addition, governments are looking into how the metaverse can be used. The Metaverse Seoul Basic Plan is creating a virtual Mayor’s Office as well as Seoul Campus Town over the next five years.
FOUR: eCommerce is Everywhere
eCommerce platforms like Amazon dominate retail sales, and there is a natural synergy between the metaverse and online retail sales. In addition, the virtual-goods economy is growing all the time, and already comprises 40% of gaming revenue around the world. With the use of cryptocurrencies, and a greater movement to decentralized gaming platforms, the use of virtual products is likely to rise. There are also systems in place currently, like Domino Pizza’s virtual-to-physical pizza delivery platform.
FIVE: Shifting Demographics
Gen-Z consumers topout in their mid-20s, and they love to spend on tech like the metaverse. As they grow older, they will just spend more as their earning power ramps up. In addition, they understand virtual worlds, and are comfortable with digital transactions, and cryptos. The younger generation is even more encouraging, as 67% of Roblox’s users are 16 years old or less.
SIX: The New Marketing
Today’s influencer-led marketing is a perfect fit for the metaverse. There has been a massive uptick in influencer marketing over the last five years, with YouTube and Instagram becoming de-facto influencer platforms. The metaverse is perfect for creators who have a following, and can use their reach to impact different groups for brands.