The metaverse – we hear about it all the time on social media, but what exactly is it? And is it as life-changing as people make it out to be?
The metaverse is a type of virtual reality that mimics the physical world and all that it entails. From socializing to buying your groceries or going on a walk, almost everything that can be done in the physical world can be done in the metaverse. The main focus in the metaverse is the idea of feeling present, “ feeling like you’re really there, and feeling like other people are really there with you, too.” To help users feel present in the metaverse, they will be able to purchase avatars that they can customize and have full control over.
The current hype surrounding the metaverse can be accredited to the rebranding of Facebook, as ‘Meta’. The goal for Meta is to “bring the metaverse to life and help people connect, find communities and grow businesses.” Meta describes the metaverse as a space for people to come together, connect, build communities, and accomplish things that they are not able to in the physical world.
Now that we’ve talked a bit about what exactly the metaverse is, the real question is if the metaverse will ever be fully developed and is it just a fad?
Based on Meta and other companies, such as Adidas and their use of the metaverse and incorporation of avatars into their marketing strategy, it looks like the metaverse is going to be around for a while. Brands and consumers are fascinated by the idea of virtual reality and an escape from the physical world.
Consumers are willing to spend large amounts of money to gain access to the metaverse and fully immerse themselves in it. Research conducted by Precedence revealed that by 2030, the global metaverse market is expected to be valued at $1607.12 billion USD with an annual growth rate of 50.74% from 2022 to 2030.
While we cannot be certain if the metaverse will still be as popular in years to come as it is now, it is clear that the metaverse is not going anywhere any time soon. With the continuous creation of new features and trends, who knows what the metaverse will look like in the future!
