Metaverse Definition and Related Terms
What is the Metaverse?
The metaverse can be defined as a simulated digital environment that uses augmented reality (AR), virtual reality (VR), and blockchain, along with concepts from social media, to create spaces for rich user interaction mimicking the real world.
Most people refer to the “metaverse” as a new kind of internet experience, one built around a number of unique technologies.
To go a little deeper, the metaverse offers a future where we can enjoy a stronger overlap between our physical and digital lives.
- What is the Metaverse and Where is it Heading?
Source: XR Today
- The Metaverse: What It Is, Where to Find it, and Who Will Build It
Source: Matthew Ball
How Could the Metaverse Look?
Metaverse Related Terms and Definitions
Augmented Reality (AR) = Augmented reality is an interactive experience of a real-world environment where the objects that reside in the real world are enhanced by computer-generated perceptual information, sometimes across multiple sensory modalities, including visual, auditory, haptic, somatosensory and olfactory. (Wikipedia)
Virtual Reality (VR) = Virtual reality is a simulated experience that can be similar to or completely different from the real world. Applications of virtual reality include entertainment, education and business. (Wikipedia)
Non-Fungible Tokens (NFTs) = A non-fungible token is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded. Types of NFT data units may be associated with digital files such as photos, videos, and audio and can be used to represent real-world items like artwork and real estate. (Wikipedia)
Article: What Are NFTs? Everything You Should Know about Non-Fungible Tokens
Cryptocurrency = A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. (Wikipedia)
Article: What is Cryptocurrency and How Does it Work?
Metawork = If the concept of working in the metaverse becomes a reality, it opens the door for the future of “Metawork”. Most experts agree that the metaverse will eventually redefine the way people work, particularly now that remote and hybrid working is growing more common. (Wikipedia)
Article: Metawork: Working the 9-5 in the Metaverse
Source: XR Today
Ex. Horizon Workrooms (beta) is the VR space for teams to connect, collaborate and develop ideas, together. Meet teammates across the table, even if you’re across the world.
Metaverse Consumer Awareness
- Over half (54%) of consumers have heard about the metaverse, with 21% having heard a lot. Source: Hub Entertainment Research
- While most consumers have heard of the metaverse, only 15% say they feel very confident in describing it. Source: Hub Entertainment Research
- While those with a strong opinion of the metaverse are more likely to hate the idea (32%) than love it (19%), half of consumers are currently neutral about the idea (49%). Source: Hub Entertainment Research
- Mass Adoption is far away – awareness is high but the value proposition or why one would participate is lower.
- Young men are closest to adoption with understanding and interest much higher among this group.
- Interest may grow fast, as ownership of VR sets that will enable the metaverse grows as well as NFTs which speak to “collecting”.
Source: Hub Entertainment Research
Metaverse Players, Gamers and Stats
- The metaverse on the travel industry is a scenario where people can replace physical travel to destinations and experience them in a virtual reality.
- With the metaverse, customers could gain essential information about their room booking, such as the room size, price and features, as they do now. But travelers could also experience virtual 3D hotel tours, turning into digital avatars and virtually walk through the hotel property or resort before the check-in.
The Future of Cultural Experiences: UNESCO World Heritage Site Changdeock Palace (South Korea)
An augmented reality tour of the Changdeokgung Palace, a UNESCO Heritage site in South Korea. Guided by an enigmatic mythical creature, Haechi, visitors can discover 12 interactive activities and select their own route around the palace by choosing from an interactive map within the app. Haechi then plots the route from any spot in the palace. Visitors can also practice archery with the Joseon Prince, learn an ancient dynastic dance, discover the role of the Sinmungo Drum and explore secret portals to unlock hidden histories, which posing with the King and Queen for photos to save and share instantly.
- Bringing a 615-year-old South Korean palace to life: how SK Telecom harnessed the power of 5G
Source: The Drum
- Will the Metaverse Transform the Tourism Industry?
- Metaverse Tourism: All You Need to Know
- YouTube Video Panel: The Metaverse: A glimpse into the future of work
- The gaming environment is still considered the “starting point” of the metaverse by most experts. There are already a number of games with worldwide scale, as gaming becomes more mainstream:
- Two-thirds (67%) of all American adults and over three-quarter (76%) of children (under 18) consider themselves gamers. Source: ESA, Entertainment Software Association
Participation in the metaverse is already growing at a phenomenal pace within the gaming landscape. Source: Wall Street Journal Tech Live / Activate Consulting
Roblox / Epic Games
Online gaming companies Roblox and Epic Games top the list for those leading the way in the metaverse. Both have already built virtual worlds, where millions of people socialize, play and take part in a digital economy.
Article: How Roblox Got a Head Start on Potential $800B Metaverse
- 65% of people have engaged in a media experience like watching an in-game TV show, movie, or premier on a gaming platform or participating in a live concert.
- 69% of people have taken part in social activities, like socializing, meeting new people, or travelling to digital environments in a gaming environment.
- 72% of people have taken part in metaverse economic activity, like purchasing in-game items, investing in in-game currency, shopping at virtual marketplaces, or trading with other players in the gaming landscape.
Source: XR Today
Brands in the Metaverse
- IKEA – The Swedish furniture brand offers a mobile app that features augmented reality (AR). It allows shoppers to see how pieces of décor would look in their homes. You could even change its color and move it around your place, allowing for an immersive online shopping experience.
- Nike – The fitness brand launched its 3D space in Roblox called Nikeland. It features an apparel store where players could purchase real-life Nike products as in-game items. As a result, Nike goodies become useful in the game and real life.
- Music/Live Concerts in Virtual Worlds
Pepsi’s Super Bowl Half Time Show
Pepsi incorporated cameras into the Super Bowl Half Time Show performance to allow viewers to watch performers as they move through the show, catching every moment and story on the stage.
Lil Nas X Roblox Concert
Lil Nas X performing a virtual concert experience entirely within Roblox, a first-of-its-kind achievement, attracting more than 30 million visits.
Travis Scott Fortnite Concert
Astronomical is an other-worldly experience by Travis Scott and Cactus Jack’s creations, built from the ground up in Fortnite.
How Your Brand Should Use NFTs (Harvard Business Review)
Suddenly, NFTs are everywhere. For brands, wading into a new space can be daunting, but there’s also risk in not engaging at all. Discover how to tip your toe into the Metaverse space and connect your NFT project to your brand in an effective and unique way.
The Metaverse Economy
- With a $1 trillion revenue opportunity in less than a decade, businesses must start preparing for a metaverse-dominated future. Source: XR Today
- 5 billion people are interacting through their phones, consoles, laptops, desktops, and VR headsets all in virtual environments, living and trading money online. Source: AR Insider
- 72% of people have taken part in metaverse economic activity, like purchasing in-game items, investing in in-game currency, shopping at virtual marketplaces, or trading with other players in the gaming landscape. Source: XR Today
- The NFT market volume is told to be trading over $700 million. Source: AR Insider
- It was announced that that the metaverse would be the “next big investment theme”. Source: Morgan Stanley
- How Will the Metaverse Economy Materialize?
Source: AR Insider
- Metaverse 2030: Play Economy, Marketplace or Monopoly?
Source: NAB Show
- The metaverse is the next big investment theme and some stock sectors are already benefitting, Morgan Stanley says.
Source: Business Insider
- Next for the metaverse: convincing you it’s not just for kids
- How Will Businesses Trade in the Metaverse?
Source: XR Today
- In addition to two-dimensional digital spaces, users will now have an immersive reality that they can occasionally inhabit.
- Content creators and designers (especially 3D modelling and VR world-building experts) can expect new opportunities on the road ahead.
- The metaverse opens up a new economy where wealth can be created, traded, and enhanced using a currency distinct from but related to the real world.
- The metaverse necessitates the evolution of new technologies for its execution. For example, you need a “Digital me” or the digital twin of a person to simulate real-world presence.
- There are concerns around data privacy, security, diversity, and ethical behavior – problems of the real world that may take on a new dimension in a virtual one.
Source: XR Today
Article: Experts Predict Living in the Metaverse by 2030
Source: New York Post
Webcasts, Reports and Podcasts
Building for the Metaverse Today
Getting Started in the Metaverse
Join Meta’s Nada Stirratt, VP North America and IAB’s Zoe Soon, VP Experience Center to discuss how businesses can get started in the Metaverse.
Source: IAB – International Advertising Bureau
Metaverse NFT Mini-Report (HUB Entertainment Research)
Many predict that Web3 or the metaverse will change behavior and commerce in a fundamental way. While Web3 is still years away, and consumers are being exposed to the first building blocks today. There’s reason to believe that entertainment (via NFTs) will be among the first categories where Web3 bears fruit.
Podcast: Episode 1 – Matthew Ball, “The Metaverse Guy”
It’s hard to talk about gaming in 2021 and not come across references to the Metaverse. Fortnite, Roblox and Minecraft can all lay claim to be building it (in their own way) with many others trying to get in on the action. Who will be the first to successfully build The Metaverse is a question ripe for discussion and few have spent more time thinking about it than Matthew Ball.
Podcast Series: Future of the Metaverse with Cathy Hackl
Whether you’re a techie or traditionalist, get ready to see the future! Cathy has been to the far frontiers of tech and with this podcast will present the possibilities of the tomorrows that are actually happening today by discussing the latest news from the world of the metaverse(s), emerging tech and bringing you the insiders who are making it happen.
“The Metaverse Primer”
A nine-part series on the Metaverse with Matthew Ball, what it is, how much of it is already here, what it needs to thrive, and more
Cathy Hackl’s “Future Glimpse” Linkedin Newsletter
A newsletter about the future and helping brands ender the Metaverse via strategy and branding.