Only a few weeks ago, many had never heard of the metaverse, but since Mark Zuckerberg announced the rebranding of Facebook to Meta at the end of October, the metaverse is all over the news. Yesterday, also Microsoft announced their journey into the metaverse, and in the coming weeks, all Big Tech firms will probably follow in some way or another. The more companies that announce their metaverse presence, the more important this successor of the social internet will be. Welcome to the immersive internet. No article on the metaverse is complete without a reference to its origin. The metaverse is a term coined by novelist Neal Stephenson in his 1992 novel "Snow Crash". The novel defines the metaverse as a place where people use virtual reality headsets to interact in a digital game world.
The metaverse (part of Web3, the third iteration of the Internet) continues to generate eye-popping headlines about the billions of dollars being invested and deployed into securing the ownership of certain assets and virtual land. The metaverse land rush parallels the early 1990s (or Web 1.0), when there was a stampede of investors trying to secure a foothold in the early Internet, and many of these early business models were unsuccessful. Viable business models did emerge through Web 2.0, which have become successful franchises in online media, e-commerce and social media, among others. While the metaverse is still in its infancy, already substantial investments suggest that the virtual world presents a sizable opportunity. In this report, we explore the technologies that drive the metaverse and Web3, and their benefits for retailers. We also present notable examples of brands that are exploring the frontier of the metaverse today.
This article was contributed by Will Hayes, CEO of Lucidworks. Adidas, L'Oreal, and even Martha Stewart have already jumped into the metaverse. Retailers see "metaverse" and flashback to twenty years ago when e-commerce kicked off. They prefer not to be the ones launching their first HTML site while the competition is launching their ecommerce platform. The metaverse introduces a new platform, new currency, new opportunities, and new ways to fail.
Cryptocurrency has had a rough time lately. The elusive digital currency used by investors, gamers, and metaverse early-adopters to purchase NFTs (non-fungible tokens), avatar skins in games like Roblox, and virtual collectible goods has seen a recent downturn from record highs. But while the metaverse's main form of payment and conducting transactions virtually has seen a vast fluctuation in value, many companies are still moving full steam ahead on their plans to plant their stake in the virtual landscape. Everything You Need to Know About Stadium Goods' NYC Block Party Bitcoin, the flagship crypto token, made headlines when its price dropped below $20,000 last month, a value the digital currency hasn't seen since December 2020. This is far lower than its peak in November, when bitcoin prices neared $65,000.
The metaverse is one of the hottest buzzwords in tech, and this far-reaching vision of a next-gen internet will rely upon an entire ecosystem of companies to make it a reality. We cut through the noise to explain what the metaverse is, how it's being built, and who's building it. The business world is obsessed with "the metaverse": the concept of shared worlds driven by virtual products and digital experiences that are highly immersive and interactive. We already have virtual worlds featuring live concerts and online games where players spend hundreds of hours -- but metaverse enthusiasts see a future where entire societies thrive in an online realm inhabited by avatars of real people. While the space is still in early days, the longer-term implications may not be trivial. Some users -- especially younger ones -- may eventually earn, spend, and invest most of their money in digital worlds. The metaverse could represent a $1T market by the end of the decade, according to CB Insights' Industry Analyst Consensus. This dollar potential has caught the attention of players across industries.