Is the Metaverse just a trending topic, or is it going to shape the future of social media marketing? What exactly is the Metaverse? Here's everything you need to know.
If you have to ask what, exactly, the Metaverse is — don’t feel bad.
The Metaverse is hardly a brand-new concept, but the speed with which it recently began making headlines is impressive. Facebook is responsible for setting the Metaverse buzz in motion. Facebook is now Meta, and the company has plans to make significant moves in the Metaverse world in the years to come.
This all begs the question: what even is the Metaverse? It’s social media, the internet, video games, and online shopping all rolled into one.
Keep reading to learn more about the Metaverse and find out if you should get in on the craze.
What is the Metaverse?
The Metaverse is a virtual world in which users, businesses, and digital platforms can exist and interact. It includes everything from virtual social and gaming platforms (e.g. Roblox) to NFTs, a.k.a. non-fungible tokens.
Is the Metaverse the future of social media?
With all of the buzz surrounding recent Metaverse developments you might be wondering if — and how — the concept will shape the future of social media (and social media marketing).
But the answer is still a bit up in the air. This version of the Metaverse is very young. While 2021 may have been a breakout year for it, it’s actually the next few years that will determine its staying power.
What can you do in the Metaverse?
With the high-level definitions out of the way, let’s take a look at some specific actions you can already perform in the Metaverse.
- Network
It seems that Meta’s metaverse is going to be a social platform first and foremost. After all, it wouldn’t be much of a virtual “reality” if users didn’t get the chance to interact in some way or another.
Sure, this applies to crypto exchanges and NFT purchases too, but it also involves socializing in a more classic sense.
A great example of this is Roblox, a digital gaming platform. In 2020, over half of kids under the age of 16 in the United States played it. Roblox is a platform through which users can play through a library of video games – all of which are created by Roblox users. There are currently over 20 million games in its library, many of which can generate revenue for the designers.
Roblox is just one example of networking in the metaverse. Social media has long served as a way for professionals to meet peers and clients alike. The metaverse is a natural extension of that, and it often provides new and exciting ways to do it.
- Invest and do business
Unless you’ve been living under a rock for the last year, you’ve probably heard the terms “NFT” and “cryptocurrency.” Both are important building blocks in the metaverse and great ways for users and businesses to invest in the platform.
Cryptocurrency is a term encompassing a number of digital currency platforms. The most famous of these are Bitcoin and Ethereum. Cryptocurrency is an unregulated digital currency run through a blockchain system. Its value is in a state of somewhat constant flux but longtime platforms have skyrocketed in value since their inception.
One of the big draws of cryptocurrency is the fact that it is not nationalized. As such, its value is the same in America as it is in Japan, Brazil, and any other nation. The metaverse is a global platform. As such, cryptocurrency is the preferred form of currency for many of its users. Investing in it now looks like it will pay off in the long run as its value continues to increase.
Speaking of investing, NFTs have become a cornerstone of the metaverse. The term stands for non-fungible token. This basically means that an NFT is a unique digital signature used as a sort of deed of ownership on digital goods. An NFT can be a piece of art, a photo, a song, or even a piece of digital real estate.
If you’re looking to get into the metaverse for the sake of investing, NFTs are a good place to start. The value of most NFTs right now is likely to keep going up as they grow in popularity.
It’s also a great time to mint some of your own. Almost any piece of digital media can be turned into an NFT. If you or the business you work with has a catalog of music, photography, or art, your potential NFT portfolio may already be bigger than you realize.
- Shop
These days you can use cryptocurrency to buy just about anything in real life.
At the same time, there’s a form of shopping that relates far more directly to the metaverse. Whether you’re building up your inventory of NFTs or building out your avatar’s world on a platform like Roblox, there’s plenty of shopping to do in this new virtual space.
Earlier we talked about “digital real estate.” It’s exactly what it sounds like – pieces of virtual land in online worlds like the one Roblox has built out. Digital real estate is just the first step in building an identity in the metaverse. Platforms like this are going to be big as the space develops. Meta’s plans currently include an endeavor called Horizon Worlds that has been described as “Minecraft meets Roblox.”
Users in spaces like these can shop for all kinds of upgrades for their avatar, from new outfits to sneakers to new ways to style their digital real estate. It’s a way to create an identity for yourself in the world of the metaverse the same way you would in a video game.
If you’re more into the metaverse for the gaming aspects platforms like Roblox provide, there’s still plenty of shopping to do. From buying games to buying upgrades on your library, it’s already a huge part of life in the metaverse.
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