Although life in a virtual reality evokes mixed feelings in many people, for the younger generations, it is a natural change and a consequence of the world's technological development. Will the metaverse become our main meeting place soon? What might be the benefits, and what we might be the concerns about? We will answer these questions later in the article.

What is the metaverse? A realistic experience of virtual reality

The metaverse concept may bring to mind a literary vision created by science fiction writers. Video conferencing seemed an abstraction, just 20 years ago. Today they are in common use. The term metaverse was first described in 1992 by Neal Stephenson in his book "Snow Crash," where people escape to a virtual world to live an alternative life in the forms of avatars, fleeing a dystopian reality where the mafia and corporations rule the world. This book was the first to describe a vision of the metaverse - an augmented virtual reality. In addition to entertainment, this world offers a wide range of possibilities for the professional use, e.g. virtual meetings, video conferencing, and communication with people from all over the world in specially created rooms. It also provides the opportunity to lead an alternative, anonymous life in the avatar form.

Let's clarify what virtual reality is and what possibilities it offers. It is common to deny what we do not understand. Discussions about the metaverse are very similar to the discussions about the Internet in the 1980s. Although it is hard to imagine today, the world once existed only in analog form. When the Internet came into existence, some people reacted with a lack of trust, seeing the dangers that could come from it. At the time, it was hard to imagine how much web services would transform our lives. The situation is similar regarding the metaverse. Some people fear that transferring everyday life to virtual space will have a negative effect on interpersonal relationships. However, the question is, does every generation have the same attitude to it?

Generation Z - Digital Nomads

People born after 1995, or post Millennials, have not known life without the Internet, messengers, or social media. The phone is almost an extension of their hand for them, and life is very much lived online. A study by The Center for Generational Kinetics found that "31% feel uncomfortable if they don't have their phone with them for 30 minutes or less." Exactly like for Millennials, new apps and technologies are a daily occurrence for Gen Z. Their communication culture is very different from the analog generations. For them, contact in the digital space is something natural, known since childhood. Reality is seen through the prism of influencers and Instagram filters. What may be of concern in older generations is natural for them. Considering the digital habits they have built, the transition to the virtual world of avatars is not such a big step for them. 

Will the metaverse be the promised land for e-commerce?

The metaverse is growing rapidly. Its value is estimated at $8 billion by 2030, with annual value growth of nearly 50%. 

What does this mean for e-commerce? As users spend more and more time in virtual reality, they will expect their favorite brands to also appear there with their products and services. Companies will have the opportunity to interact with their consumers, promote themselves, sell their goods, and get feedback.

Mark Zuckerberg stated:

"If you're in the metaverse every day, you're going to need digital clothes, digital tools, and different experiences".

It opens up a new market for the gaming and entertainment sector, as well as the sale of virtual items for both big brands and smaller companies that want to establish an online presence with their products or services. The undoubted advantage of the metaverse is virtual advertising. Marketing in this alternate reality will have a different dimension - from billboards on buildings and in-game spaces in VR games to avatars encouraging purchases or demonstrating the operation of a particular device. Online visibility will influence the brand's popularity in the real world.

According to McKinsey & Company, a global consulting firm, as much as 95% of executives believe that the metaverse will positively impact their industry. The success of an alternate reality may come from the fact that people will transfer the habits of everyday life to the virtual world, where they can largely remain anonymous and feel comfortable hiding their identity in the persona of an avatar. 

Conclusion - how is the metaverse changing the world?

The metaverse offers tremendous opportunities for business, educational development, and communication. Many companies have already decided to bring their products and services into the metaverse. If you are also considering starting to advertise yourself there, the We Make It marketing agency will help you implement your vision and ideas into virtual life. Take advantage of the enormous potential of the metaverse to make a presence in the virtual space with your brand, increasing sales and achieving your goals!