What is the Metaverse and how it affect us

A metaverse is ‘a 3D, persistent and shared virtual space connected to a perceived virtual universe’. It is used for people to work, play and socialize. Synonyms of metaverse include the mirror world, the AR Cloud, the Magicverse, the Spatial Internet, Live Maps, etc. ‘Metaverse’ is used to describe the future development of the Internet. It contains endless and interconnected virtual communities. Common devices are augmented reality (AR) glasses, smartphone apps and VR headsets.

 

The pandemic has facilitated metaverse and online culture. For example, family reunions, weddings, graduations, social gatherings, video games.

 

How Big Tech companies create the Metaverse

 

Facebook CEO Mark Zuckerburg has announced that he wants to create the meataverse, renaming Facebook as Meta. Facebook has established Horizon, i.e. social reality networking app. It is anticipated that Facebook will expand the business scope of selling personal data to target advertising in the metaverse. However, some Facebook users worry their personal data will be prone to abuse and misinformation in the metaverse.

 

It is important for companies to plan how to fully utilize the metaverse, in order to interact with customers, launch new advertising campaigns and find sponsorships. 

 

How it affect us

 

There are many metaverse opportunities for companies:

 

  1. Shopping / Digital-only Products

 

More digital-only products are developed. Online shopping will be popular in the metaverse, such as virtual fashion and virtual real estate. In terms of consumer brands, there are digital-only accessories, digital tokens, etc.

 

  1. Remote Work

 

Remote work is getting more popular. Metaverse involves co-working spaces, meetings, training, etc. For example, Zoom allows workers to cooperate online in virtual reality (VR) spaces. 

 

  1. Entertainment

 

Concerts and events are sponsored. As more activities are conducted in the metaverse, companies will have great potential for profitable sponsorships. Games are highly correlated with the metaverse, such as VR games. Games such as Animal Crossing, Fortnite and Minecraft, have accumulated big user bases, detailed worlds and user-generated content. 

 

  1. Process Manufacturing

Metaverse applies in process manufacturing. Take brewing as an example. A digital model of breweries and supply chain is created to synchronize with the physical setting. Brewmasters can adjust the brewing process and assure quality.

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