The metaverse is a seamless convergence of our physical and digital lives, creating a unified, virtual community where we can work, play, relax, transact and socialize.
The elements of a new digital age are converging at scale. The metaverse is the driving force bringing these elements together in a unified, immersive experience.
We are not here to suggest the metaverse, as we know it today, will take over all human interactions, but rather, to explore the many exciting opportunities it presents for consumers and brands alike. Whether it’s large tech players such as Microsoft planning to create realistic workspaces, or Ariana Grande holding a concert in Fortnite, the opportunities presented by interactive, digital worlds seem limitless. The metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues.
As a result, we see companies of all shapes and sizes entering the metaverse
in different ways, including household names like Walmart, Nike, Gap, Verizon, Hulu, PWC, Adidas, Atari and others.7 Business leaders and boardrooms around the world are now asking themselves, “What is my metaverse strategy? What am I supposed to be doing in the metaverse? What is the metaverse anyway?”
The metaverse is a seamless convergence of our physical and digital lives, creating a unified, virtual community where we can work, play, relax, transact and socialize. The metaverse is still early in its evolution, and there is no singular, all-encompassing definition to which people can turn. Themes of what the metaverse is and could be, however, are emerging. A key point is that there is no one virtual world but many worlds, which are taking shape to enable people to deepen and extend social interactions digitally. This is done by adding an immersive, three-dimensional layer to the web, creating more authentic and natural experiences.
The metaverse even has the promise of facilitating accessibility from the comfort of the home, breaking down boundaries and democratizing access to key goods, services and experiences. Before diving deeper into the metaverse, it’s important to lay the foundation between features of today’s metaverse—Web 2.0 characteristics, and the emerging Web 3.0 characteristics. Check out our next article: Features of Today’s Metaverse for more.