Unsure about the metaverse? Here’s what you (might) need to know

Looking back, it’s funny to imagine a time where anyone would doubt the potential of the internet or social media.?

But that’s exactly what happened.

In 2000, UK newspaper the?Daily Mail?asked if the internet was a “passing fad” that “millions” were giving up on.?The Irish Independent?posed the same question of Facebook nine years later.?

Today, that same doubt is being aimed at the metaverse; on the one hand it’s?an idea that will change everything. On the other, it’s “an?amorphous concept that?no one really wants”.?

So which is it?

While the first ‘real’ metaverse isn’t here yet, we’ve done research into both sides of the argument to give you the low down on its potential. Using our Core dataset and our November 2021?Zeitgeist?survey, we set out to answer the following questions:

• Just what is the metaverse?
• Are consumers actually interested in it?
• What are the potential benefits?
• What are the future obstacles?

What exactly is the metaverse?

The term ‘metaverse’ was coined in the 1992 science fiction novel,?Snow Crash; taking the form of a colossal, spherical planet that users access through virtual reality technology. It has shops, real estate, and its inhabitants typically choose an avatar different to their real-life appearance.

Sound familiar??

If so, that’s probably because a lot of these ideas already exist in gaming.

Fortnite?is perhaps the most well-known example – players have been going to?concerts?and buying?branded merch?in-game for some time now.?

We already have some evidence that the metaverse will build on these qualities. In late 2021,?Meta revealed a first look at its upcoming service, with VR, avatars, and virtual activities all on show. For the time being, it’s the best example we can give of what a metaverse might look like, and we’ll lean on it where we can.

There’s plenty of pop culture influences too, think films like?The Matrix?to?Ready Player One, but only time will tell what the finished product looks like. Even existing VR services like?Decentraland, although a similar concept, are only rough examples rather than ‘true’ metaverses.

These spaces are almost certain to change in the future; the internet doesn’t look the same as it did in its infancy, so why should the metaverse be any different?

Consumers are keen to give it a try.

In 9 markets, knowledge of the metaverse is split almost equally into three groups: 33% who understand the concept, 37% who have heard of it but aren’t sure what it means, and 30% who aren’t sure at all.

Awareness (in any capacity) drops off significantly among those aged 45+ – just 18% are aware or familiar with the term – but we can take this as a promising sign the metaverse isn’t just a service built with the youngest consumers in mind.

What really matters is whether consumers are willing to take part.

Over half of consumers say they are interested in participating in the metaverse, with 1 in 3 of those who haven’t heard of it before still said they wanted to be involved.

It’s definitely a concept that has appeal.

This is super important because there’s always the possibility that the first metaverse might not meet everyone’s expectations – full of activities for one audience, but unappealing to others. Thankfully, there are?many companies?working in this space, so there may be more than one metaverse to look forward to.?

In this pre-metaverse stage, it’s important for brands to familiarize themselves with early adopters; even if we know little about what it will actually look like, we can get an idea of the individuals who will use it.

First and foremost, they’re status seekers. Just shy of 1 in 3 say standing out in a crowd is important to them and they’re 18% more likely to say brands should help them improve their reputation. The gaming landscape is full of examples here; loads of games reward their players with exclusive content when they complete a limited time challenge, or offer in-game content for those who pre-order games ahead of release.

Meta, after?buying a number of gaming studios and tech start-ups?over the past few years, is in pole position to build on these characteristics. When its metaverse rolls out, it can lean on its battle royale title,?Population: One, to entice newcomers with content that stragglers won’t have access to.

Future would-be participants are also community-minded; over 1 in 5 buy products to access the community around them.

Exclusivity may be important but they want to find others like them in order to showcase this. Platforms like Discord, Reddit, and Telegram (popular with this audience) have become powerful touchpoints for brands to build niche communities more easily.

The bottom line here is that these individuals don’t want to miss out on the latest thing – why should brands be any different?

The metaverse already has a lot to live up to.

It’s interesting that consumers are so eager to take part in something they know so little about.?

Information might be thin on the ground but a key takeaway from Meta’s presentation was that the metaverse would be a highly social space; one where consumers can “learn and collaborate in ways that go beyond what we can imagine.” It’s safe then to see the metaverse as a new form of social media, meaning it’s never too early to nail down the most important?social media trends.?

If this is the case then the metaverse would be revolutionary; 98% of global consumers use any form of social media, with a further 58% discovering new products through these platforms alone (the likes of ads, blog posts, branded social sites etc).

If the metaverse can capture even a fraction of this engagement, then it’s hard to find a reason to not be involved.

And like social media, it’s likely we’ll have many metaverses to choose from down the line; offering diverse platforms with specific niches and target audiences that expand the playing field for brands.

But let’s look closer; what do consumers?think?the metaverse will accomplish?

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