TOP MYTHS AND FACTS OF THE METAVERSE ( TOPMETA GUIDE)
The Metaverse like many innovations is shrouded in mysticism and skepticism. Proponents believe that the metaverse will be revolutionary and fully transform the way we work, shop, socialize, and play. Others are more skeptical and see a hype-fueled fad that appeals to gamers and celebrities.
Now that companies like Meta (formerly known as Facebook) have tried their hand at colonizing the virtual universe.
It’s not surprising that the idea of the metaverse is generating such a massive buzz, but many people may still be confused about the concept of it.
Here at TOPMETA, we will be looking at some of the trending myths and facts on the metaverse.
- The metaverse is for gamers :
Today, when people talk about the metaverse, they often describe gaming platforms like Roblox, Minecraft, and Animal Crossing as examples. The gaming industry is at the forefront of the metaverse, so it is no surprise that metaverse users today do overindex as gamers. Those familiar with the metaverse spend 1.5 more hours per week playing video games compared with those who are unfamiliar with the metaverse.
While gaming remains one of the leading experiences, consumers are increasingly looking for entertainment and shopping in the virtual world. One in five metaverse users has attended virtual live events such as concerts and film festivals.
But upon an multiple research, other popular interest on the metaverse include immersive shopping, booking, learning, traveling, and socializing. Our analysis also shows that approximately one in four consumers will be metaverse “superusers” who leverage virtual worlds for a variety of purposes.
- You can’t make money in the metaverse:
Although many brands have experimented with the metaverse, it has been challenging to get data on the return on investment. Some companies are diving in, and many are still debating whether there is a payoff in investing in the metaverse.
Our consumer research suggests that commercial value is already scattered across different digital products and services for companies to capture. Consumers, on average, spend $219 annually on digital assets, of which more than 30 percent is on metaverse-related assets such as in-game purchases, virtual enhancements and real estate, and nonfungible tokens (NFTs). Consumers expect their spend on metaverse-related digital assets to increase in the next five years, with 11 percent looking to spend more on in-game purchases.
- The speed of technology will set the pace for adoption :
Many people believe that the broad adoption of the metaverse is hindered because technology is not keeping pace. There remains low penetration of immersive devices among consumers, and there are infrastructure barriers in the way of a truly scaled, immersive metaverse future.
It’s true that devices with 3-D immersive experiences have low penetration today. VR is the most accessible technology at just 20 percent penetration, yet the adoption curve to date follows the trajectory of other technologies that became widely available over time. Penetration for recent breakthroughs such as smartphones, tablets, and social media grew from 20 percent to 50 percent in only a handful of years. Lower cost, increasing content, and improved usability are driving adoption. The average price of a VR headset dropped from $500 in 2016 to $300 in 2021. Oculus Quest 2 supports more than 200 games today, doubling the number from five years ago.
Such growing consumer demand is motivating further investment by technology companies. Apple bought VR company NextVR in 2020 and plans to launch its first VR/AR headset in 2022. Consumers are asking for better usability and are inspiring tech companies to innovate and create a race between device and platform companies to level up the metaverse.
- The metaverse is geared to Gen Z:
Generation Z is enthusiastic about the metaverse; one example is that two-thirds of Roblox’s 50 million daily users are under the age of 16. What we see is that Gen Z is not the only generation that wants to take advantage of the metaverse. Our research shows broad awareness and interest in the metaverse across a wide age range. In fact, millennials showed the greatest awareness of the metaverse, with two-thirds saying they had previously heard of it and half expressing excitement about it. Gen Z and Gen X trail closely behind, and surprisingly, nearly half of baby boomers are aware of the metaverse.
- Anyone is able to join the metaverse :
The metaverse is a virtual and interoperable world. Interoperability is a core component of the metaverse, which means that information is exchanged between different systems seamlessly. Entering the metaverse is easier than you might think. Just as anyone may have access to the internet, the metaverse is also as easily accessible. You will need to download the right applications in order to access the metaverse though, such as the game The Sandbox one of the decentralized metaverse games. It allows users to create, build, and monetize from the virtual worlds they’re creating within the digital world.
- You can own and sell land in the metaverse :
Many people are considering purchasing digital property as an asset that will appreciate.
Metaverse coins have amassed large growth. As a result, owning property within metaverse games could be lucrative for the potential return on investment.
Also know, Decentraland broke yet another metaverse record after a virtual estate sold for $2.4 million.
- The metaverse isn’t owned by anyone:
The metaverse isn’t owned by a corporation or a single platform, but by all of its users, who can also take control over their private data.
Money-wise, the metaverse is secure because blockchain technology ensures that all transactions within a virtual world are public, easily tracked and safe at all times.
As for cybersecurity, the metaverse will increase the number of places that can be attacked. Although the underlying systems will remain the targets for stealing data, this could change as the platforms become more popular.
- The metaverse isn’t here just yet :
A fully-fledged metaverse might be years, if not at least a whole decade away.
There are still plenty of technical hurdles to overcome, starting with the fact that the world doesn’t have an online infrastructure that could sustain millions (or even billions) of people using the metaverse at the same time.
Uninterrupted and reliable internet connection is a key building block of the metaverse, because a glitchy virtual world scenario is not exactly what the metaverse is supposed to look like.
Technology like 5G and edge computing is still under development, and currently unable to meet the demands of a complex infrastructure like a metaverse.
It is clear that we are only at the beginning of the metaverse as we know it today. As experimentation broadens, there will be an explosion of creative, commercially viable ideas that will transform the way we work, play, connect, and engage. Brands will need to define their metaverse strategyand the decision on which path to take will depend on what they believe about adoption, opportunity, and investment required.
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