Opinion
We need to stop calling the metaverse a destination
Some see the metaverse as the replacement of the internet in its entirety, others see it as the future of all brand interactions, eliminating the use of physical environments entirely — particularly in retail. So, what really is the metaverse? Gustavo Quiroga explores the answers.
The metaverse has become the industry buzzword of 2022. In fact, research shows the use of the term has skyrocketed across boardrooms globally. However, despite interest peaking, there’s still a profound gap in its universal definition. And without a clear definition, its adoption and subsequent market potential will stumble. Bloomberg predicts that by 2024, the market size of the metaverse will reach US$800 billion, so it’s about time we get on the same page.
Some see the metaverse as the replacement of the internet in its entirety, others see it as the future of all brand interactions, eliminating the use of physical environments entirely — particularly in sectors such as retail. So, what really is the metaverse? Well to start, it should not be called a destination or a place; at best it is a new channel through which we will engage with customers and each other.
My current definition is that the metaverse is an evolving convergence of digital (e.g. online), virtual and physical worlds that is made possible by any combination of enabling technologies such as virtual reality (VR), augmented reality (AR), NFTs, crypto and more. The outcome of which is a world experience greater than anyone one of these worlds on its own. What differentiates this definition is the term “convergence” — there are some destinations such as Decentraland and Fortnite, which are metaverses but not “the metaverse” in and of itself.
Whilst we might already be interacting to some extent within the metaverse, to truly experience its power we require virtual reality headsets to create more immersive experiences that can seamlessly connect between adjacent worlds. Currently, the scale of such infrastructure hasn’t been adopted in society.
As we evolve towards a converged meta state with the adoption of VR and AR hardware, we will eventually get to a point where the metaverse has the potential to become a destination in that we will transcend in and out of it on call. But, for now, we believe the metaverse should be used and referenced as a super-channel through which brands can build and offer new hyper-immersive customer experiences. One could say, it’s similar to the way in which ‘social media’ has become a channel. So, time to dip our toes into the water as to what the metaverse can offer.
Blending the physical and digital world is not new to brands. However, the metaverse is unique in that it introduces a virtual dimension too, it’s really the best of the best pulled together. What used to be small additions of digital touchpoints has now evolved into a digital twin of reality to experience the art of the possible. Rather than replacing physical experiences, the metaverse becomes an extension to them.
Successful use cases are particularly prevalent in the art industry, where brands have leveraged the metaverse to develop priceless non-fungible token (NFT) artworks. Unlike the physical world where proof of authenticity requires expert verification — and even then is subjective to the authenticator’s opinion and experience — NFTs are built on the blockchain and can be immediately traced back to the point of their inception. Not only does this help eliminate artwork fraud, but so too does it help eliminate the footprint of unnecessary physical touchpoints in order to appreciate artistry.
Earlier this year at MET:AMS the International Anti-Fur Coalition launched UNFUR, a campaign to end the cruelty of fur fashion. The campaign identified and leveraged the metaverse as a substitute for real and faux fur use in fashion by creating a series of digital fashion pieces as NFTs. In turn, customers were able to appreciate the art form of fur fashion, without the need for harming animals in the physical world.
New research reveals that olfactory reception — which plays a central role in a human’s sense of smell — has the potential to be enabled by vibrations. This opens up the potential for environments such as the metaverse to create a ‘digital nose’ for users. Should this come to fruition, the possibilities of the metaverse will truly become limitless in immersing the senses and becoming one step closer to eliminating the need to engage in the physical world.
By applying a customer-centric mindset to how the metaverse can amplify experiences, brands can begin to harness the true power of its potential as a new channel. To those that picture the metaverse as a futuristic utopia, stop. We are already living in the metaverse. Yes, the metaverse may grow and live up to its expectation as a sole destination one day, but until then it needs to work as an extension to physical experiences to create holistic, frictionless customer experiences. Only then will the metaverse’s potential begin to be utilised and brand gravity begin to grow.
Gustavo Quiroga, APAC general manager at Mobiquity
We encourage all opinion pieces from authors which promote debate and a critical response.
Right or wrong – whatever your view on NFTs – they are part of our industry, and we should be addressing them, questioning them, and holding them to account.
Thank you for your contribution in this regard. Similarly, we encourage all our commenters to continue to provide thoughtful responses and, where possible, to put their own names to their opinions too.
“Unlike the physical world where proof of authenticity requires expert verification — and even then is subjective to the authenticator’s opinion and experience — NFTs are built on the blockchain and can be immediately traced back to the point of their inception. Not only does this help eliminate artwork fraud, but so too does it help eliminate the footprint of unnecessary physical touchpoints in order to appreciate artistry.”
The idea that NFTs (the most fraud-ridden piece of technology, possibly of all time?) is somehow going to eliminate artwork fraud, is hilarious.
You can trace back the ownership of the NFT itself to the source, but this isn’t in and of itself proof of any type of relationship between the artwork and the person who minted the NFT.
The entire space is absolutely rife with fraudulently-stolen artworks that are being minted by random scammers. Opensea (the largest NFT art marketplace) has admitted that more than 80% of their NFTs minted using their tool were plagiarized, fake, or spam.
Mumbrella – I have to believe that you can achieve a higher standard than this. Literally one google search for ‘nft art fraud’ would be more than enough research to instantly debunk this kind of thing.
User ID not verified.