“A virtual environment where you can be present with people in digital spaces” – as it was firstly described by Neal Stephenson in his 1992 Sci-Fi novel Snow Crash.
Augmented reality vs virtual reality
Often there is confusion over these 2 technologies and while both are capable of extending the boundaries of our reality, they do so in very different ways. Augmented reality layers additional visuals over the existing environment, whereas in virtual reality you transport yourself to a totally new and different environment. Both technologies are being developed and used for entering and enjoying the Metaverse.
Gaming and Social:
In the Metaverse, Avatars become virtual representations of ourselves and can be customized to express and portray us in virtual spaces.
Many game companies and designers developing the Metaverse are focused on extending reality with realistic virtual world building technology that create a rich and immersive experience. Notable gaming companies at the forefront of developing the Metaverse include Fortnite, Roblox and Pokémon.
Games are becoming more social with more interaction among users with gamers often wanting to stay connected even after the game is over.
Ecommerce & Business:
Big brands like Coca-Cola, Gucci and Louis Vuitton are also embracing the Metaverse, buying up virtual real-estate in the new emerging ecommerce avenue.
There is massive shopping in the Metaverse, but surprisingly a lot of the goods are virtual and meant for your avatar. IMVU, the online world hosted a virtual fashion show in collaboration with real world designers. Virtual economies like this exist with thousands of creators there’s little you can’t buy. The idea behind this new consumer trend is just as you want to dress to impress in real life you also want to the same in the Metaverse. With clubs and other exciting virtual locations to meet up with others it motivates users to spend real money to look their best.
Businesses could also see the usage of these Avatars to connect and conduct their meetings in virtual reality spaces.
Consumer Awareness and Acceptability:
In a recent study we conducted at Insightzclub we discovered that not many people were aware of the new metaverse and among those who had heard about it, there was a mixed understanding of what it really was. Between a virtual reality, gaming platform and ecommerce platform, people were often confused at the multiplexity of the metaverse.
While the majority (90%) agreed the metaverse would revolutionise the internet with a divide among users over how they would use the metaverse; just under half saying that they would use it for gaming/social and the other half for business/work.
Consumer confidence to spend in the metaverse seems hesitant as a majority of respondents (60%) had their reservations and only 20% were either likely or very likely to be onboard with spending. Moreover, the amount that respondents were willing to spend varied with 50% saying they would only be willing to spend less than $10, while only 10% were willing to spend over a $1000.
To learn more about consumer behaviour and trends reach out to us.