What is the metaverse and are we living in it?
The metaverse hype is dead. When Mark Zuckerberg first announced Facebook would be renamed to Meta in October 2021, interest in virtual worlds skyrocketed. Now, in 2024, it’s safe to say that interest in ‘the metaverse’ has been entirely eclipsed by AI.
The ‘hype’ might be over, but that hasn’t stopped major brands from taking advantage of the opportunities posed by metaverse-related tech, including VR, gaming and more. Just consider the upcoming launch of the Apple Vision Pro, Midjourney 6’s photorealistic updates, the rise of Obsess’s self-service online stores. Our reality is increasingly enmeshed with the virtual, which itself increasingly reflects our reality. Top brands know that. That’s why they’re experimenting and placing their bets on different virtual platforms.
If you’re looking to join these companies and get ahead of the curve, you’re in the right place. We’ll offer you a quick summary of what the ‘metaverse’ is, how it informs our reality, and what consumer trends are developing in this space.
Ready to know what opportunities virtual worlds can offer you? Keep scrolling.
What is the metaverse?
Since the term was coined in Neal Stephenson’s sci-fi novel, the definition of ‘metaverse’ has been hotly contested. Many are even in favour of axing the term entirely, though no other word seems ready to replace it.
At its most basic, the metaverse can be defined as an interconnected virtual world. At a more conceptual level, it describes an all-encompassing, unlimited virtual world used on a scale that we cannot begin to fathom. Some use the term to describe creative gaming platforms, like Roblox or Fortnite. Others use it to talk of virtual reality experiences or a Web3 economy.
Regardless of how you define the metaverse, what is evident is we’re not going to suddenly wake up to an all-consuming, limitless virtual world tomorrow. Rather, we’ve been moving towards and into the metaverse slowly for over half a century.
So, are we living in the metaverse?
If the metaverse is, at its core, a virtual environment, yes.
You may be skeptical of this but think of how real interactions through social media can feel. Actions taken online now have offline consequences. Even in the days of AOL, people truly felt a sense of community online. You can stretch this even farther back into the 80s, when 86% of young Americans played arcade games and people felt solidarity with the names on a virtual scoreboard. All of these can be considered precursors to today’s virtual worlds - proto-metaverses.
As one blog elegantly put it, ‘most of us already live in a Metaverse to varying degrees’.
It’s a daunting fact, but both adults as well as children spend about 6-8 hours in front of screens. Our world is already tangled up with the digital. Where things become interesting is that younger generations are shifting where they spend their time online. The platforms they prefer are starting to look a lot more like the higher concept of the ‘metaverse’ on a mass scale. Examining the trends they’re starting to favour is key to mapping out our path towards an increasingly virtual future.
What does the future of the metaverse look like?
So, how are Gen Z and Gen Alpha spending their time online and why does that suggest we’re moving even closer to a metaverse en-masse?
Firstly, these younger generations are meeting their friends in interactive, 3D, video game worlds. They’re starting to favour more active forms of entertainment, as opposed to passive doom scrolling or watching TV. Of the 6 hours kids aged 5-16 spend online, nearly a third are spent playing video games. That doesn’t even count smartphone or internet games. In the US, 75% of children aged 9-12 play Roblox regularly. The fastest growing age group on Roblox? 17-to-24 year olds. There’s a cross-generational demand for interactive, multi-dimensional, social virtual worlds.
More than that, online identities and interactions are also more likely to cross over into our realities. Take a look at Ralph Lauren x Fortnite’s P-Wing Boot. These boots can be used virtually in Fortnite or purchased for real-life use. Another great example is Elton John’s virtual concert in Roblox, which has seen over 2.6 million visits and became the most popular concert in the platform’s history. These sorts of marketing initiatives that take place in both the real world and online are increasingly common, if not expected. At the end of the day, there are 3.09 billion gamers worldwide. Much like with social media, trends in video games are bound to start affecting consumer habits.
Overall, the future of the metaverse and what that might hold for us could be an entire article in itself. The possibilities will lead you down the road of endless speculation. You’ll find endless articles online about whether the metaverse will become a ‘corporate, dystopian hellscape’. Others have said ‘the mundane world we live in will mutate into something more glorious’.
What is clear is that interconnected, virtual experiences are only going to become more popular and immersive. Brands and companies able to offer seamless, authentic, and convenient virtual experiences that deliver real value to their users will see much more success with future audiences.
Key takeaways
So, are we living in the metaverse? I certainly think so, but that depends on your definition of the metaverse.
If, at its most basic, the metaverse is an interactive virtual world, we’re already living in it. However, we’re only at the beginning of the virtual age. We’ve still got a way to go before we see the world’s population making use of an all-powerful, virtual platform for all aspects of life.
What is clear is the world isn’t going back. Younger generations know how fun, social and engaging virtual worlds can be in the gaming and entertainment sector. Smart brands are already taking advantage of this and leveraging virtual platforms to engage with these new audiences. It’s only a matter of time before these young people get older and expect the same seamless, online experiences of all sectors, not just entertainment.
It’s anyone’s guess what comes next. But those who get ahead, do the research, and sow their seeds early will be rewarded.