Technology

Busting Metaverse Myths

The Metaverse has become the marketing industry's most popular buzzword for brands creating bespoke virtual environments, selling digital collectables, and making a statement in the upcoming virtual world. . Yet despite all this activity, advertising and marketing departments continue to be plagued by many common misconceptions about the metaverse. So,…

By Japsimran Kaur
February 24, 2023

The Metaverse has become the marketing industry's most popular buzzword for brands creating bespoke virtual environments, selling digital collectables, and making a statement in the upcoming virtual world. . Yet despite all this activity, advertising and marketing departments continue to be plagued by many common misconceptions about the metaverse. So, let us debunk the myths around the metaverse.

Myth # 1: Metaverse is developed by Meta

The metaverse is not a single virtual space or entity, but a multitude of digital platforms that the creators of the metaverse envision will one day be assembled into a cohesive and interoperable whole. Meta executives have publicly backed the vision, but the company's recent name change didn't help matters. Those actively involved in building the Metaverse understand that Meta's Horizon VR platform is just one piece of the puzzle, but many rookies believe that Metaverse is an entity of Meta alone. Margot Rodde, innovation lead at Mirada Studios, says that Meta is nowhere close to building the Metaverse. It is a combined product of various other companies, like Roblox, Decentraland, NVIDIA, and more.

Myth # 2: Metaverse is the talk of the future

The Metaverse era has already begun. From social gaming platforms to fully immersive virtual reality worlds in VR headsets to augmented reality smartphone experiences, early versions are already here. Experts expect the Metaverse to eventually evolve into a series of shared virtual spaces in which humans can just as easily inhabit the real world. Consumers are now striving to go beyond gaming. About 60% of millennials want to buy physical products in the virtual world. Even among baby boomers, a third of consumers are interested in experiences such as consulting with experts on topics such as health and home improvement in virtual or augmented reality environments. Brands have hopped onto this bandwagon to reimagine their businesses. Global brands such as IKEA, Hyundai, Nike, and more are using virtual reality to provide immersive experiences to their consumers.

Myth # 3: Metaverse means gaming

Gaming is an activity that can be done within the Metaverse, with 3 billion gamers in the world. Today, when people talk about the metaverse, they often cite gaming platforms such as Roblox and Minecraft. Gaming remains one of the primary experiences, but consumers are increasingly turning to virtual worlds for entertainment and shopping. One in five of his Metaverse users has attended his virtual events such as concerts and film festivals. Around 10.7 Mn players watched Marshmello perform live at the Fortnite concert. Metaverse has a potential that reaches much further than just online gaming. From visiting a doctor to purchasing a car, this technology will make a major shift in how we operate our digital lives.

Myth # 4: Metaverse exists only in VR

Meta focusses on virtual reality for its vision of the Metaverse, and the Horizon app is available exclusively on Quest headsets. But to say the Metaverse is virtual reality (VR) is like saying that the Internet is just a smartphone, a way to connect to the Internet. Similarly, you can imagine experiencing the Metaverse through VR, but you can also imagine experiencing it through your laptop or desktop. Platforms such as Roblox, Touchcast, and Decentraland have demonstrated that the metaverse can also be accessed without virtual reality devices.

Myth # 5: Metaverse requires a 3D avatar

Another common theme surrounding metaverse construction is the use of 3D avatars. In settings such as social and gaming, avatars can add another layer of fun to the experience. But for business and commerce, avatars can be distracting and unprofessional. For businesses that sell complex goods like expensive machinery and cars, Metaverse is a huge opportunity to establish a new revenue stream. Adding avatars can make it hard for them to build authentic relationships and trust with customers in the virtual world. While most metaverse digital service providers require users to take the avatar form to enter the virtual world, various businesses are exploring different ways to bridge the gap in human interaction. Touchcast, one of the first metaverse platforms to render a live video feed into the virtual world, offers an avatar-free experience to its users, making it ideal for enterprise use.

Final thought

The Metaverse has the potential to change the way we interact with the world. Just like any other emergent technology, this buzzword also has some myths around it which we have busted. The metaverse promises to be a disruptive technology, but it has myriad benefits when it comes to reducing costs for businesses, promoting accessibility, and creating sustainable distribution channels.