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Metaverse is the next evolution of social technology

Authored by Novus Insights 30/11/2021

Every decade is shaped by a new wave in the world of technology that is consistently transforming how we perceive the world and how we indulge in virtual experiences. Facebook's Mark Zuckerberg has, needless to say, shown his immense interest in transforming his company into a Metaverse company in five years. They have already announced the development of a team that will exclusively work on Zuckerberg's vision of the metaverse. As a leading market research firm worldwide, we know that many brilliant minds working in the technology industry have predicted that metaverse will be the talk of the town soon in the realm of social media technology, but the real question is what exactly is metaverse?

Metaverse, as a term, was coined by Neal Stephenson in his novel, called Snow Crash, in 1992, in which people interact in a virtual, game-like simulation through VR headsets. Today, it is not just a science fiction term used to describe something magical. The fundamental definition of metaverse has to revolve around blending the physical world with the digital world. It is a technological revolution in which many tech companies have already expressed their immense faith in by investing millions of dollars.

So, imagine yourself in a virtual office space at a beach where you feel like you are sitting in an actual office space, or imagine yourself in a virtual room where you are interacting with your friend who is actually far away from you, or in a big digital concert venue where you are watching your favourite artist perform. The vision of the metaverse extends beyond just perceiving information available to us in digital settings. It is more about transporting a real person into a digital setting that feels fully real. With this idea in mind, even people who are working from home can be brought together in virtual rooms.

Metaverse has a wide array of applications that any brand can use to enhance customer experience and interaction. With this technological evolution, you can give your customers an experience that's more immersive and interactive, which is definitely entertainment for many, especially tech enthusiasts. It is estimated to be groundbreaking as a technological tool because it's associated with creating value in digital settings, which means the world is digital but the value attached to it is as real as it can get. 

Even virtual experiences can deliver value if they are seamless and interactive. Fortnite, a very popular video game, recently had 12.3 million people signing in just to watch Travis Scott perform, and on Roblox, a digital version of a Gucci bag was sold for more than the actual bag. So, it all depends on how valuable and worthwhile that experience is for you. 

Cathy Hackl, a renowned tech consultant, said that my first concert was in a stadium, and my son's first concert was on Lil Nas X on Roblox, but she focused her attention on the fact that the experience she had was as real as the experience her son had. 

We, as a reliable research firm worldwide, believe even the way we experience things that we are fond of, like concerts and nightclubs, will change drastically with Metaverse. We will be able to truly witness what it means to experience a high-end digital setting where everything feels real. If your brand is a tech brand and you have not started working on Metaverse or understanding it and leveraging it as a technological tool, you are more likely to lag behind because Metaverse is the talk of the town among tech companies. It can enhance the way your audience interacts with your brands and products and make it more interesting and interactive, thereby leading to higher and more effective customer engagement.

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