You’ve probably heard the term ‘metaverse’ float in and out of conversation. Whether your favourite fashion brand competed in the first Metaverse Fashion Week, or your company has taken post-covid working to a whole new dimension on Horizon Worlds, industries across the board are dipped their toes into the metaverse.
However, while over 500,000 people have tweeted about the metaverse, only 16% of people could tell you what it actually is. Users can already dive into immersive gaming on Roblox and take a walk in a virtual shopping centre in Decentraland, yet there are still so many misconceptions surrounding the metaverse.
According to Meta, the metaverse is “the next evolution of social connection.” As a virtual environment constructed to mimic a form of reality, the metaverse is tipped to become the next hub of online communication and commodification.
Stick with us as we bust some of the biggest metaverse myths and unlock VR’s true potential in a digital tomorrow.
Myth 1: The metaverse is owned by Meta
While the names are similar, Meta does not own the metaverse. The short answer is no one, and everyone, owns the metaverse. As a decentralised concept – meaning no single entity owns the space – the metaverse is an open playing field for any developer, 3D modeller, artist or investor.
“Just as no one truly owns the internet, no one person or company owns the metaverse,” claim experts at Inside Telecom. “But there are companies and people who hold massive sway and contribute more to its maintenance and creation than any other company.”
Meta is one of these companies. Formally known as Facebook, the largest social media platform on the planet, Meta’s metaverse debut has been in the form of Horizon Worlds. As a virtual socialising space, home to popular brands like Wendy’s and MINI, Horizon Worlds has taken off as a platform for global communication, remote working and even gaming. But they only influence their own metaverse space: other spaces, from Decentraland to Somnium Space, are completely independent of Meta.
And while Meta, and platforms like Roblox and Fortnite, might be more influential than others, the metaverse has an infinite amount of space for new concepts and ideas and will continue to evolve as time goes on.
Myth 2: The metaverse is a real place
The idea of a world packed full of your favourite brands, products, places, and people sounds as if you could physically move in – but you won’t be catching a plane to the metaverse anytime soon, at least not a physical one.
The metaverse certainly exists, but as a virtual place. While users may feel as if they are transported to an immersive parallel dimension, the metaverse can be described as a 3D version of the internet.
“The metaverse is a 3D version of the Internet and computing at large,” says metaverse theorist Matthew Ball.
“The next elevation of user interface and user experience is into 3D. If we think of mobile as placing a computer in our pocket and the internet being available at all times, think of the metaverse as always being within a computer and inside the internet.”
Whether you tap into the metaverse via gaming platforms such as Roblox or Minecraft or plan to socialise as an avatar in Horizon Worlds, each of these spaces is accessed online and in parallel to the physical world around us.
Myth 3: The metaverse is only for gamers
The metaverse is home to some of the world’s most popular games like Fortnite, Axie Infinity and Minecraft. Using a VR headset, users are instantly thrown into immersive world-building and realistic gameplay, enhancing the gaming experience from start to finish.
With over 3 billion gamers in the world, it’s no surprise that the metaverse has become a game changer for the industry. As users are able to physically step into virtual dimensions and use their own hands to fight the enemy, the positive buzz from gamers across the globe has driven the metaverse’s journey into the mainstream.
However, as we step into 2023, the metaverse has become so much more. As a number of brands, including Gucci, Dolce & Gabbana and FIAT unlock the virtual door, opportunities within the metaverse are endless for companies and consumers.
Metaverse users can now interact with branded worlds such as Gucci Vault in The Sandbox and even buy a car in a completely virtual space!
FIAT made history in 2022 when it opened up the world’s first metaverse-powered car dealership.
In partnership with Touchcast and Microsoft, users can explore the brand’s newest 500 La Prima by Bocelli in an encapsulating 360-degree setting, engage with 3D virtual features, and even complete a sale, all without stepping out of their front door.
Myth 4: You need a VR headset
So, what do you do if you can’t afford an Oculus Quest 2 for £399? The myth that the metaverse can only be accessed via VR-powered headsets isn’t quite true.
Like the internet, the metaverse can be accessed in a number of different ways. Dive in deep using a VR headset or enhance the world around you using an AR-powered app: as long as you have a mobile or desktop device, you can enter popular platforms like Minecraft and Decentraland at the touch of a button.
Before a VR-powered metaverse entered the mainstream, users were already finding ways to interact and engage with a 3D environment using augmented reality.
Can you remember Pokémon GO? Described by its creators as a real-life metaverse, Pokémon GO allowed users to explore their physical surroundings and find AR-generated Pokémon using just their phone screen.
Myth 5: The metaverse will replace the real world
Did you know that 50% of 18-29-year-olds anticipate that they will spend more time in a digital space in 2023?
As more demographics enter the metaverse, many high street and luxury brands are quickly following. But the metaverse hasn't replaced the high street – instead, it has extended opportunities for retailers and a whole new generation of consumers.
Take Forever 21 as an example. After becoming part of the fashion district in Decentraland’s first Metaverse Fashion Week in 2022, the high street brand has since launched its Forever 21 Shop City on Roblox. On the popular metaverse platform, users can not only purchase and sell branded clothes but also build their own personal store.
Three quarters of global retailers claim that the metaverse has had a positive impact on their profits from brand awareness and engagement alone.
As the metaverse grows in popularity, could a new rival high street actually be on the cards?
A metaverse-made future
A richer online experience is on the cards for metaverse enthusiasts in 2023. As a concept that aims to change the way we interact with the digital world, the metaverse is quickly seeping into every industry and finding new ways to pop up in day-to-day life.
While there are still plenty of sceptics, 74% of adults are considering entering the metaverse, despite its many myths.
As gamers jump inside their consoles and more of us explore ‘metaverse malls’ and more, it won't be long before the metaverse walks side-by-side with the real world, enhancing all aspects of our day-to-day lives.
