METAVERSE RESEARCH:

Fantasy – What is the metaverse?

Apparently the metaverse is the next big thing, so what is it? It’s an internet breaking trend.

There is no agreed definition of the metaverse because technology is yet to be advanced enough to get us there, until then our imagination can run free. Hints of the metaverse are increasingly evident and excitement is building up around the concept. Nobody wants to be left behind with a movement that has significant amounts of untapped potential. In my opinion, the metaverse will be a parallel virtual realm where everyone can log in and live a (second) life in a fantasy world you have full direction over.

Gen-Z – Who wants to explore the metaverse?

Millions of people over the world are joining the metaverse and virtual worlds. Platforms like The Sandbox have already reached 40 million downloads, but who is the consumer?

Gen-Z is the gaming generation. This cohort spends more time socialising and interacting with others online than in real life, they have been brought up to interact with their friends from the comfort of their own homes in a virtual setting. Gaming is dominating the metaverse right now and if Gen-Z continues to behave and interact this way, it will suggest to me that they will embrace the metaverse and be professionals at learning what it entails. It is a way for this generation to make their mark on the world. Whilst tech games seem to win over this generation, I predict that a tech life will gain popularity amongst them. I would be concerned for brands that aren’t willing to explore the metaverse, I believe they would eventually lose interest from the Gen-Z demographic as this will be the most beneficial way to connect to this generation.

Technology – How can we live in the metaverse?

The evolution of technologies will drive the metaverse development and with the rise in popularity, tech companies are beginning to pour funds and efforts into the space. To make the metaverse possible we would require improved capabilities and rely on technology devices like blockchain, cryptocurrency, augmented reality, virtual reality, artificial intelligence, 3D construction, IoT, Edge computing, and 5G. Without this, we couldn’t power the metaverse and make it a reality. Some of these technologies (AI and VR) are already implemented into our lives, 71% of participants from my research confirmed this and said that they interact with these technologies already. This solidifies that we are already familiar with some platforms that will make the whole movement possible.

Luxury – What brands are exploring the metaverse?

Luxury fashion brands and gaming are both fantasy-driven. The similarities between gaming, virtual worlds, and fashion have provided the two industries with opportunities for collaboration and creativity. Luxury fashion brands are turning to the virtual world to boost their marketing efforts and reach a new, younger consumer. Recognisable brands including Ralph Lauren, Gucci, Louis Vuitton, Marc Jacobs, Valentino, Moschino, and Nike are driving a digital buzz with their latest gaming partnerships, I would say luxury brands are ‘shaking hands with the metaverse’. Gaming provides a luxury brand with an opportunity to immerse customers into their world or universe and these brands are leading this space with notable collaborations. The growing alliance between the two industries seems an obvious step and the trend looks set to continue. The metaverse is a goldmine for luxury brands, by collaborating with a product out of their existing product line they are opening themselves up to limitless opportunities.

Escapism – Why will consumers want to explore the metaverse?

In my opinion, consumers will want to explore the metaverse because they can have full control of their (second) life, something which they don’t have control of in the real world. The metaverse is both an escapism and an extension to real life and this is arguably one of the most appealing factors about the metaverse and why everyone will not want to miss out. The results from my primary research confirm that 48% of people wish they could escape reality and alleviate their everyday stress by logging into a virtual version of themself.

Imagination – Who is already imagining the metaverse? My influences:

Second Life is a new world waiting with thousands of virtual experiences and communities, the online platform allows users to create an avatar for themselves and then interact with other users and user-created content within a virtual world. The most ground-breaking aspect of Second Life is that users can replicate almost everything they do in real life: watch a runway show, visit a music club, cinema, café, or museum, and with an entire destination guide users would never run out of places to explore and people to meet. I found it most fascinating that residents usually acquire plots of land and can exchange goods in the marketplace. In my opinion, this separates the metaverse from a generic game.

Sims is another great example of a virtual world where users can explore, experience, and develop stories without limits. Users can create an entire town of Sims with their style, personalities, and dreams. You have complete control of this life and in your accordance can grow a family, fall in love, make enemies, and design homes.

Virtual – How reality is transitioning into virtuality?

The metaverse isn’t supposed to replace physical interactions, it is a second layer that can’t be experienced in a physical environment. The metaverse will mirror real life, every aspect will be replicated in a virtual world and everything you do, see or experience will become possible virtually. This includes being able to build, trade, and invest in products, goods, and services. The metaverse will have the ability for companies and individuals to participate in economic activity in the same way they do today. According to my primary research, 100% of participants have designed their avatar, this is a perfect example of replication in a virtual environment.

Lifestyle – What is life like in the metaverse?

Brands are quickly looking to look beyond just garments and towards creating immersive experiences in the growing network of virtual worlds (the metaverse). Recently, digital worlds are combining different elements of entertainment culture, they are hosting their concerts with A-list celebrities like Ariana Grande, Travis Scott, and Marshmello, in-game initiatives, and brand events. The metaverse could be used for practically anything to your imagination, work, play, or simply just to hang out.

Future – Why is the metaverse going to happen?

I believe the metaverse holds tremendous opportunities for brands and by tapping into this space, businesses and services can transform everything. I predict business leaders will regret not exploring the metaverse if they fail to recognise the opportunities the virtual world offers. Benefits include remote working, immersive entertainment, enhanced customer engagement, improved learning, digital real estate, new revenue streams, and marketing opportunities.

The Sandbox – What is The Sandbox?

The Sandbox is a virtual world where players can build, own, and monetize their gaming experiences, the goal is to disrupt existing game makers like Minecraft and Roblox by providing creators with true ownership of their creations and rewarding them for their participation in the ecosystem. You can purchase a piece of digital real estate in the metaverse. These portions of virtual ‘LAND’ are open to player ownership, you can build experiences and populate them with games and assets. The Sandbox, in my opinion, is giving us a genuine glimpse into the metaverse and has the potential to shine an interest to many brands and designers.