Sometimes, living on the brink of the future can be really exciting and the metaverse is part of the future. The question is, what will that future hold?
One of the most complicated things about discussing the future of the metaverse is that it will undoubtedly include technologies that haven’t been invented yet. Wired explains it best: “To a certain extent, talking about what ‘the metaverse’ means is a bit like having a discussion about what ‘the internet’ means in the 1970s. The building blocks of a new form of communication were in the process of being built, but no one could really know what the reality would look like.”
Here’s what we think based on the metaverse building blocks we see today.
We have good reason to believe that the metaverse will involve virtual worlds where people can gather, play, and spend time and money. Based on current technologies, those digital worlds may include any number of the following
- Virtual real estate
- Digital avatars
- Virtual gathering spaces that function like social media
- Events held in virtual spaces
It seems likely that access to the metaverse will involve virtual reality technology. Whether that includes VR headsets, augmented reality goggles, or some other technologies that companies will develop in the future, the metaverse looks like it will be a virtual extension of real life.
There is a real probability that the metaverse will have a social component. It is not coincidental that Facebook has changed the name of its parent company to Meta. The metaverse will be a place to meet up and be “together.”
If all of this sounds like science fiction, consider the fact that tech companies like Epic Games, Roblox, and others are already making hardware and software that can manage much of what we just described.
The future metaverse concept will include ideas like money, commerce, marketing, and brands. Just like in the real world, users will be able to access stores and spend their money (most likely cryptocurrencies).
Forbes explains, “A new era for commerce may dawn, with stores selling anything from fantastical digital pets to e-pparel. Fortnite has long capitalized on digital skins, and more traditional retailers are following suit. Nike has filed trademarks for virtual gear, shoes, and accessories, and luxury labels Gucci, Balenciaga, and Louis Vuitton are beginning to sell e-clothes and e-bags.”
The best evidence that this will be the case in the future of the metaverse is that it’s already true in the fledgling metaverse today.
On platforms like Roblox, users can spend Robux to feast their virtual reality headsets on concerts, buy virtual clothing, or procure virtual real estate. And as NFTs integrate more thoroughly into the metaverse, the ability to buy and sell items will only expand.
In the metaverse, brands will operate virtual stores that function like their physical stores today, selling both digital wares and those that can be used in the physical world. Imagine browsing in a digital store to buy items that are delivered to your door.
The future of the metaverse is what we make of it. So start making. Book a demo of the Ocavu platform today.