This is a look back at how virtual worlds were seen at the time. The shared, fully connected metaverse described here is a vision. It is not a claim that every platform works this way.
As the number of people on digital platforms continues to grow, there is a parallel rise of virtual spaces and virtual worlds.
Virtual reality (VR) may seem beside the point, but it is used more and more. A growing number of industries already use virtual spaces.
If you had the chance to create a new world, how far would you go? What if you could live your dreams in a place that is not our own? Would you take that chance?
Imagine walking through a museum and finding your favorite painting. You can look at it from any angle. You can even walk around it and get a close look. Feel free to study the brush strokes, learn what inspired the artist and keep a list of questions for your next visit.
ICYMI: here’s a short summary of the metaverse
Virtual worlds have been around for a long time, and Second Life is one well-known example. The current interest in these spaces comes from powerful computers and AI tools. Both are now easy to get. As a result, we now see metaverses being built. These are lasting virtual worlds that aim to stay open when each user logs off. They also let avatars, the figures that stand for people in the world, trade with each other.
What is the metaverse about? A metaverse is like planet Earth, but with far more to explore. Think of it as another reality that exists alongside ours. You can dream up many things in a metaverse. But what you can do there depends on the platform, its rules and its tools. You can travel to other planets, meet friends and strangers, or go shopping. You can host virtual events, build experiences, or even start a business there.
A metaverse is like planet Earth, but with far more to explore. Think of it as another reality that exists alongside ours.
The tech industry has many ideas of what a metaverse is. But most share some common traits:
1. You can reach it on many kinds of device. Depending on the platform, these can include desktop computers, phones and tablets. They can also include augmented reality (AR) glasses and VR headsets. AR glasses lay digital images over your view of the real world. VR headsets replace that view with a virtual one.
2. Some virtual worlds run on open-source software, such as OpenSimulator. Its licence lets anyone use, change and share it. Others run on proprietary tools and platforms. Their licences limit those rights. Unity is one such tool, so open source is not a must. Whether worlds share open standards and can work together is a separate question from the licence.
3. The metaverse has many layers. These could include spaces for fun, for information and for meeting people. Everyday news sites and social feeds are not, by default, part of one linked virtual world.
Who’s investing in the metaverse?
Many companies are already building their own metaverses, including Linden Lab (Second Life), Epic Games (Fortnite), Roblox, Decentraland, Facebook Horizon and others. Venture capitalists are also backing metaverse startups. These firms build new tech and apps for this space.
The metaverse is a new universe that will be built on the internet, or on a decentralized version of it. It’s an online hub where people meet, have fun, and buy and sell. Think of it as a mashup of all the digital worlds we have today. It is like Instagram, YouTube, TikTok, Snapchat, Twitch and Fortnite rolled into one.
At first glance, it might seem that we already use social media to meet friends and colleagues in places that aren’t real. Or that we use apps like Google Maps to walk around our own city streets. We can see what’s around us through AR glasses or goggles. But no matter how much you enjoy them, there are still limits. You can only go where the developer wants you to go.
One vision for the metaverse is a shared, lasting space. In it, people can meet each other and handle virtual objects on any device that supports it. That level of access is a design goal, not something every platform has today. How people meet and talk can differ on a smartphone, a console or a VR headset.
One vision for the metaverse is a shared, lasting space. In it, people can meet each other and handle virtual objects on any device that supports it. That level of access is a design goal, not something every platform has today.
The metaverse is still in its infancy today. But many tech companies are working to make it real. If they succeed, businesses could gain a great deal. That includes new ways to reach people and to make money.
What’s on the horizon?
I may be a little bit biased, but I believe the metaverse will change the way we shop, work and connect with other people. It will reinvent the way we deal with each other and with brands.
VR is the step that opened a door to the Metaverse. New VR startups are already changing our world and the way people live.
The metaverse also brings big chances for businesses. It will be a place where you can meet your customers and add value to your business. For example, you could offer support, hold virtual events, or sell products in new ways. The idea has been around for decades, but it is now taking shape. Advances in tech such as VR/AR and 5G internet are driving it.
People and firms will be able to have virtual meetings, attend conferences, shop at virtual stores, and even create their own virtual worlds. It will be a shared space where people can deal with each other, and with digital objects, in real time. The vision is a set of linked virtual worlds that last when you log off. Today’s worlds do not all link to one another.
Companies and other groups are trying to copy the online experience. Along the way, they are finding ways to use VR inside their own walls. The gaming industry sees it as a good place to sell in the near future.
How gaming is influencing the metaverse.
We have seen video games rise over the last two decades. They have become popular with all kinds of people. Some games, such as Fortnite, have become cultural icons. Games such as Fortnite also sell digital items. That gives developers a ready-made model for virtual goods. How big that trade is depends on the game, the market and the period you measure.
Games already offer a market for digital content.
Tilt Brush, Google’s VR drawing app released in 2016, is a tool for making art. It is not proof of a built-in marketplace. Google released its source code in 2021. Artists could look for ways to sell work made with it. But that needs its own platform and business model. You may not think about making money from your art through an Oculus Quest or HTC Vive. But when you are immersed in a whole new world, anything becomes possible.
I believe this is just the start of a revolution. More and more people will take up VR and AR. That will change how we live and work.
There’s more to it than gaming though.
VR is a technology that recreates a place, real or imagined. It makes users feel that they are physically there, and lets them act in that world. It creates the illusion of being able to “be there”.
The metaverse will be a place where you can meet up with friends. It will also be a place where you can hang out as a brand. You could offer small experiences that people can step into. Brands will be there too, and new business models are expected to emerge.
When I meet people who are interested in the metaverse, they often ask me how to make money there. They assume there is a simple answer, and that it is obvious. There isn’t one simple answer, but many harder ones. To make it harder still, the answers differ for content creators and tech developers.
Content creators could sell virtual land. They could sell branded virtual products (like Apple iPods). Or they could sell branded virtual services (like an insurer that covers you against theft).
Tech developers could supply the basic systems and tools that others build services on (as Second Life’s Linden Lab does). Or they could run social platforms where people meet others in the metaverse (like Facebook).
More opportunities for monetization.
There are two more ways to make money from content in VR. One is advertising. The other is micro-transactions, which are small payments made inside the world.
At the time, VR ads came in several forms. There were full screen ads and interstitial ads. Interstitial ads appear between pieces of content or activities, such as between scenes. There were also mid-air banner ads, floating HUD ads that sit in the user’s view, and static billboards.
Ads in VR share some goals with those on websites or in mobile apps. But VR sets different limits on design. How immersed people are, how comfortable they feel, how they interact and where ads sit all matter. Most advertisers will want to use every touchpoint in VR. They want to get their brand seen as much as they can.
Although this model is “immersive”, one problem is that it doesn’t really let people interact or draw them in at all. Marketers will need to find new ways to advertise in the metaverse. These should lead to more meaningful contact with customers.
Read more about some of the challenges for marketers in the metaverse.
The second way to make money is micro-transactions. This model lets people interact more, and draws them in more.
Wrapping up.
The metaverse is one of the most disruptive technologies, set to lead the tech headlines in the near future. Sellers should look at the chances that exist in this virtual world. Those chances can help their businesses grow.
The metaverse is one of the most disruptive technologies, set to lead the tech headlines in the near future.
If a business wanted to get involved in this kind of venture, it should follow these three rules:
1. Ask whether being an early mover meets a real customer need
2. Offer something tangible and useful that people want
3. Build your brand before you launch into the virtual world
Because the metaverse is still being built, it’s easy to be skeptical. But look at how many big players are working on it, and how much they are investing. Then it’s clear that this is a real opportunity.
The metaverse is the next big thing for creative developers. If you’re building a social app now, you need to think about how you’ll support it in the metaverse. It’s not just about games. It’s about commerce, communication and creativity, too. And that’s just what we can imagine now.
Virtual worlds have existed for over 30 years. Gaming as we know it has been around for decades. But now we have new tech that can bring them all together into one experience. This will be a big shift in how we use computers and phones. I can’t wait to see what people do with it.
It is still early days for the metaverse. So it’s important to keep trying new things and learning from them, and I hope you’ll explore it with us.
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