What are the real opportunities in a metaverse and more immersive digital environment, and more specifically for marketers, how will it change the way people shop, engage with brands, and advertise?
That’s a focus New white paper from Analysis GroupPartnering with Meta, which seeks to provide a realistic view of where things are going with the Metavers shift – which may or may not become a real, valuable reality for another decade.
But it is, at least according to Meta, coming, and it will open up new opportunities.
First, the White Paper seeks to define, exactly, what Metaverse is – an important factor considering the amount of profitable business cropped up with their ‘Metaverse Ready’ solutions.
According to Paper:
“One way to think about metavers is a set of interconnected digital spaces, with immersive XR experiences that combine digital and physical sounds, allowing individuals to easily navigate between different spaces and experiences, as well as interact and collaborate with other people on the same physical. Not in place. “
I mean, it seems pretty straightforward, and is consistent with a broader definition of the Metaverse experience, as shown in our various promotional mock-ups at Juke & Co.
But its practicality is also important – how do we actually get there, and more importantly, how far is the next level of connection?
The answer is that it will take time – and the analysis group warns that this could never happen:
“It is possible that, like so many other” hyped “technological innovations in the past, Metavers will never be as effective as it is now envisioned.”
But to be the platform of the future, it needs to be widely adopted, which means a wide take-up of VR headsets, AR glasses roll out and other technologies.
“As with the Internet and other technologies, the form and shape of the metavers will first be gradually implemented, and only after gaining a critical mass of acceptance, will its full potential begin to take on a more concrete shape.”
So it’s not here yet, and it’s not coming for some time. So you don’t have to ‘all in’ your metavers strategy, and you don’t feel compelled to jump on the NFT train right now.
It will take time, which means you have time, which, as Matt Nick Clegg made the extra noteThis means that regulators have the time and space to establish new rules and structures for evolving space.
“As has been the case throughout the development of the Internet, interchangeable standards and protocols will be developed over time by different individuals and organizations and will often be handled by organizations such as the US-based National Institute of Standards and Technology or international multi-stakeholder organizations. Internet Engineering Task Force or World Wide Web Consortium.“
In her EssaysClegg created the analysis group’s white paper with a call for governments to work together to build a regulatory framework for evolutionary space.
“A metaverse that is open and interconnected is not only the right thing for users – and something that involves both technical and policy work from industry and regulators – it is something that can differentiate a metaverse that the world still has from metavers built in other parts of the world. Believes in the open internet where a closed internet has been created in recent years.“
Clegg notes that working together to create Metaverse space will require a ‘technology, platform and product star’ and will probably require some level of external supervision – because Meta would like to own Metaverse for itself, it also knows from experience. It doesn’t want to set rules in new places.
Now acting, Clegg says, is important to make sure we are ready for the next shift. Because again, according to the details in the AG report, we are still developing the next level building blocks.
“The way mobile technology has integrated existing technologies such as phones, internet, cameras and mp3 players and evolved to change how we use the internet is reminiscent of the path that Metaverse seems ready to follow. Combining existing technologies such as phones, internet, cameras and mp3 players into a single mobile device fundamentally changes how we transcend geographical boundaries and connect to the Internet. Existing technologies such as AR / VR, video conferencing, multi-player gaming and a combination of digital currencies and metaboros have the same taste in existing concepts of Metaverse. “
This is important to note, because as people jump into new trends like NFTs, looking to the future, the reality is that we don’t know what role such elements will play in the upcoming metavers shift.
It is also difficult to take certain from the AG report on the potential cost – because it notes, it is not in a position to predict whether Metaverse will be successful, it is simply mapping its feasibility based on past technological advances. But with this comparison in mind, if Metaverse grows in the same way as the development of mobile technology, it could become a $ 3.01 trillion industry by 2031.
There’s a lot to factor in here, and a lot that needs to go right. For example, the AG report states that different platforms need to work together in order for Metavers to work.
“For example, to access social media apps like Twitter or TicTac, a user needs to have a separate account and to access a gaming console like Xbox or PlayStation. But Metaverse will give a user the ability to receive digital products and services seamlessly. Andrew Chao of Time Magazine supports this view and writes, “Instead of having a separate Facebook and Twitter account owned by the corporation wherever you post, you can own your digital personality and all your ideas and digital stuff wherever you go.” “For example, a person may purchase a digital apparel or accessory from one platform and” wear “it when they move to another platform, as opposed to having limited digital items for use within the platform from which the person originally purchased it.”
This would be an astonishing progress, and it is possible, but the meta essentially called on regulators to establish new rules and regulations now to make it easier to exist. This is because the platforms themselves will have little incentive to integrate in this way, if they do not, or ignore the financial benefits of doing so.
Meta seems to be pushing eastward to avoid any commercial conflict or rule-setting by certain platforms, establishing new rules, managing all Metavers partners. Meta has been heavily criticized for Apple’s restrictions on the iOS app, which is a similar issue that has been pointed out here – unless regulations are created within the Metaverse framework at the moment, it will become increasingly difficult to enforce any rules once on any system, and Its recognized rules are in place.
So basically, Metaverse is still a long way off, and a lot needs to happen to create it by imagining Meta as a universal, interoperable, virtual reality alternative.
In other words, don’t go too far ahead of yourself in Metaverse and throw your money into the latest trends. Evaluate each one as it comes, consider it appropriate for your business. But don’t trust someone who tries to sell you on Metaverse already here, and already ready for the brand.
You can read the full analysis group white paper HereAnd Nick Clegg’s long medium essay on Metavers Shift Here.
