What is The Metaverse, and How Does It Work?

THE METAVERSE IS COMING, and it’s not a tagline for another sci-fi movie. Metaverse is an already existing, ever-growing virtual world with millions of global users. Below is everything you need to know if you still wonder what it is all about and how to prepare for the metaverse.

Not too long ago, many of us would not have imagined people investing thousands of dollars in virtual sneakers and earning even more by simply taking thousands of steps daily. Still, millions of global users have done so, and now they own a pair of sneakers that don’t exist but generate revenue for them. Similarly, others have already made a fortune from owning and selling a digital currency. A 12-year-old boy became a millionaire off original images known as NFTs, so whether metaverse is coming; is no longer the question rather than what is it and how does it work?

Are We Already in Metaverse?

Whether or not we are already in the metaverse is a question with a no definite answer, but whether or not the metaverse already exists does have a clear ‘yes’ answer. Metaverse is still being built, so what’s it going to look like is hard to predict, but unquestionably, it has the potential to change the world.

Metaverse Explained

Back in the day, when computers connected to the internet for the first time, it’d be impossible to predict its future and its impact on our daily lives. Similarly, as the metaverse is still in its infancy, it’s hard to give it one definition or set clear expectations. Still, in its simple terms, it’s a virtual universe with 3d virtual worlds users can access through Virtual Reality (VR) and Augmented Reality (AR) headsets.

Simply put, the metaverse is a 3d version of the internet. If using the internet, you can connect with others in 2D; in the metaverse, you’ll’ be able to enter using a full-body 3d avatar and meet others in 3d space.

For now, the term metaverse still means many different things for different people. For some, it’s a 3d online marketplace. Others think it’s another short-lived pyramid scheme, and for some, it’s simply the future of both the world and the marketplace.

Will Metaverse Affect Your Business?

Even though it’s difficult to predict where metaverse takes us in the future, without a doubt, it will affect any company, and maybe more so eCommerce businesses.

Since businesses have started using the internet to sell their goods online, two different shopping worlds have emerged: online and in-store shopping. Some customers have remained loyal to the in-store shopping experience, while others preferred online shopping due to convenience and because they could purchase their favorite items even without leaving home. eCommerce lacked physical experience, including touching and smelling the products and trying them on.

Scent-tech optimists claim that once metaverse truly arrives and matures, consumers will be able to smell things there, like in a physical world. Inventions like haptic gloves will also allow users to touch things. 

Does it sound like two worlds – eCommerce and traditional commerce have united in one? Not yet, but the early stages of eCommerce have already arrived in the metaverse.

eCommerce in Metaverse

As you might have guessed, the eCommerce giant Amazon has already jumped on the bandwagon to join metaverse. The company has incorporated early metaverse technology into its marketplace with its newest AR shopping tool, Room Decorator. The AR tool allows consumers to use their devices to see what furniture or other home decors on Amazon will look like in their space. They can view multiple products simultaneously and snap pictures to view them later.

Sokin, a leading financial service provider that enables global payments for both consumers and businesses,  is launching full eCommerce payments in the metaverse for the first time. It will allow brands and companies to grow from their physical store to the virtual world. The payment provider claims no single metaverse world exists where consumers can shop for their favorite brands. Therefore, Sokin is building its metaverse community to process eCommerce transactions.

In the metaverse eCommerce, consumers will be able to shop and communicate with brands in the three-dimensional world.

“Sokin’s metaverse world will host different brands and businesses for visitors to access, for example, a football club, entertainment or fashion brand” – Vroon Modgill, founder and chief executive officer at Sokin.

The Biggest Metaverse Projects So Far

Facebook rebranded itself to Meta to match its strategic plan to create a metaverse. Consumers will spend increasing parts of their lives in this virtual world based on AI and virtual reality (VR) technology. The company has more skin in the game than any other project by having invested $10 billion in 2021 and planning to hire10,000 engineers over the next five years to build metaverse.

“Our goal is to help the metaverse reach a billion people and billions of dollars in commerce in the next decade.” – said, Mark Zuckerberg.

Other big companies securing their spots in the metaverse include – Nvidia, Microsoft, Alphabet, Roblox, Snap, and Adobe Systems. With so many large investors, the race to build the metaverse worlds has begun, and it’s the best time to prepare and craft your plan to join the new virtual universe.

How Can Businesses Prepare for Metaverse?

As we all are about to immerse in the metaverse, now it’s the best time to prepare your business and learn how you can use the new channel for your brand.

Here are some of the things you can do to prepare:

● Explore the Metaverse

The first and the easiest way to learn more about metaverse is to explore it yourself. You’ll be able to do that even without fancy technologies but only with your smartphone. Becoming part of the metaverse will allow you to learn more about it so that you can brainstorm ideas and know-how your brand can insert itself into the new reality.

● Develop a strategy

Unquestionably, your brands need a well-built strategy that will cover how and when your company will join the metaverse and what experiences it will offer in the newly evolved meta-universe.

● Invest in Metaverse Real Estate

Even if you don’t yet plan to open your store in the metaverse, you can already invest in virtual property there. The possibilities with metaverse spaces are endless, and you can even rent it out until your business is ready to utilize the virtual property itself. However, like in the real world, real estate in the metaverse is pretty expensive. The cheapest parcel of land you can get in one of the most famous metaverse worlds – The Sandbox costs more than $14,000.

Will We Be Living in Metaverse Soon?

While there’s no definite answer to whether or not we will be living in the metaverse, it’s evident that a large portion of the worldwide population will soon begin spending considerable time daily there. Here, people will socialize, attend events, invest, sell, shop for goods, or even work. The future of the metaverse is yet to come, and until then, it’s challenging to predict what it brings. Still, the new reality will likely transform and reshape nearly every aspect of our lives.