Most people’s understanding of the metaverse probably involves VR headsets and the ground-breaking speculative fiction novels Ready Player One and Snowcrash, and, yes, that is part of the puzzle. But it’s a lot more than that and it’s still evolving.
Spatial has been immersed in research for XR (extended reality) devices and experiences for several years, including dozens of studies with Meta (Facebook) for Quest devices and experiences. We’re in a unique position to view how this revolutionary technology is evolving and unfolding and want to share our take in a series of articles for those who are getting to know the metaverse.
First, just what is the metaverse?
You’ve probably heard the term metaverse in the media, but if you’re new the space you might not have a clear understanding of what it all entails.
The metaverse is a fully realized digital world that exists beyond the analog one in which we live, where people are enabled to interact as embodied beings through avatars, best experienced with an XR device.
Participants in metaverse worlds are able to create and experience objects, spaces and interactions within that world through an XR device. It has an adjunct economy where creators can sell objects, content and access to other members of the metaverse.
For the big tech players, the metaverse is the next big computing revolution, and will include devices, content and audience monetization.
Google, Amazon and Microsoft are investing billions into the space in both the hardware and software to build it from the ground up.
The metaverse is here.
The full vision of the metaverse is decades away, but pieces of it have been emerging for many years now. Particularly in gaming, where the metaverse has first been realized.
Second Life, Roblox and Fortnite are all mature gaming platforms in the metaverse where participants interact, create and play using avatars. Kids have been mining in the metaverse of Minecraft for many years – and entire communities and economies are born out of it. My kid is currently building their own game in the metaverse, thanks to the incredibly accessible tools that Roblox has enabled for creators.
Experiences like Meta’s Horizon Worlds, VRChat, Fortnite and Roblox are blurring the lines between entertainment, life and gaming and if these companies have a say it’s only a matter of time before it becomes an essential tool for interacting at work and beyond.
Living up to the hype
Similar to the early days of the mobile ecosystem development – the metaverse platforms rely on creators and communities to build thriving and energetic spaces where people will want to spend their time and contribute to its ongoing life and success.
Platforms, creators and brands are monetizing these spaces through the sales of digital objects and upgrades in exchange for virtual currencies – including some blockchain currencies and NFTs. Right now, there is enormous potential for creators and brands to earn significant amounts of money. Gucci recently sold a digital handbag for $4,100 USD, more than the physical bag retails for. And it’s a certainty that the big gaming developers are going to be players in this space, small players will also have a shot at success too. It provides a new medium for creators to monetize wares and audiences.
While the gaming and entertainment aspects of the metaverse have gained audience traction and product maturity, other parts of the experience have not yet begun to deliver on the promise of the “fully realized digital word that exists beyond the analog one”.
Let’s just say today’s experience in the metaverse has a few kinks to work out. Headsets are expensive, clunky and difficult to wear for long periods of time and Lord help you if you’re myopic. Much hay has been made about the half-torsos flying around space and whether they have the ‘legs’ (sorry can’t help myself) to survive post-pandemic when people will be itching to go to a concert or to meet, live and in person. At work do I really want to interact with a vague replica of my colleague in childlike cartoon format – that sorta-kinda looks like them, but really actually doesn’t? Do I want this kind of game-like experience?
Creating value for digital consumerism
Gaming, virtual events and experiences, and social and community scenarios will grow and be the backbone of compelling metaverse experiences for the foreseeable future with other new and novel experiences branching out from them.
Ecommerce is beginning its forays and we see big brands building up experiences for customers, such as Carrefour a large French retail brand that has set up shop in in the metaverse to “understand the evolutions of retail and consumption that will come.”
Get comfortable with your tech-bro lingo, because you can’t talk about the metaverse without talking about blockchain and crypto. There is an enormous amount of hype associated with cryptocurrencies and potential for NFT schemes – which seems like a lot of noise to the smartest people talking about the metaverse, but may yet end up being a draw for those with less nuanced understanding.
Can we learn from the past to get beyond the hype?
My sense is the long game of the metaverse will align somewhat to the mobile maturity curve, with gaming, social and ecommerce driving the long-term success of it.
The bigger question marks are how the metaverse and the device experiences evolve and how mainstream its use becomes. Will it be next mobile phone or a niche digital accessory?
As this new generation of computing unfolds, there is the potential for these spaces to replicate the many myriad of issues that gaming and social networks have enabled, such as harassment, financial scams, misinformation and societal discord. In fact, there’s already much evidence of these issues arising. We’ll explore this topic in our next post exploring the metaverse.
Getting to know the metaverse?
Here are some background articles to get you started.
Eric Ravenscraft, What is the Metaverse Exactly?, Wired Magazine
Satya Nidella, Twitter
Matthew Ball, Forward to the Metaverse Primer
Ceclia D'Anastasio, Video Games Already Do What the Metaverse Just Promises, Wired Magazine
Adam Killeck, If We Build the Metaverse will Anybody Come?, CBC Spark
