What is Metaverse Social Media?
The term “Metaverse” was first used around 3 decades ago by Neal Stephenson, the American fiction writer in his 1992 cyberpunk novel “Snow Crash”. Little did anyone know then the disruptive potential of the term as Stephenson referred to a fictional VR meeting space where humans could interact and escape the increasingly depressing affairs of the real world.
Today, the pace at which the digital Universe is grabbing the limelight is breathtaking. Ever since, social media behemoths and tech giants across the globe have shown interest in this parallel virtual universe and its potential.
Metaverse — the Lure of the Other World
Metaverse provides a virtual interactive space that is an amalgamation of digital as well as real-world experiences. Metaverse enables users, digital platforms and businesses to exist, connect with, and interact in a virtual world that integrates virtual and augmented reality in three dimensions. You can enter, exist, and participate in activities through avatars that can move, speak, and/or perform actions much like in a virtual video game. Users can create and build digital assets including “land” or property through virtual currencies. There are no mediators in this self-sustained virtual economy.
Let’s look at the immersive experiences that you can enjoy in the metaverse.
1. Networking
Metaverse offers an avatar-oriented-platform to interact, socialize and meet like-minded people. The space mimics a social platform primarily. If users don’t get an opportunity to interact with each other, then the reality in the “virtual reality” won’t be real enough. Roblox, a digital gaming platform, is an example. Individual users can socialize via game play, test skills, meet fellow aspirants etc.
2. Invest and start a business.
Cryptocurrency encloses numerous digital currencies functioning via the blockchain system. Cryptocurrency is decentralized and unregulated and not nationalized. Non Fungible Tokens, digital signatures which are unique, are a critical pillar of the Metaverse enabling individuals to make purchases in the Metaverse. and excellent avenues for individuals and organizations to get involved and contribute to its growth. Since NFTs and cryptocurrencies are global one can make investments or begin new business ventures.
3. Shop
Almost anything can now be purchased using cryptocurrency. Individuals even receive initial paycheck in Ethereum and Bitcoin! The possibilities of shopping are immense in Metaverse whether it is buying NFTs or playing as avatars creating your digital real estate world in Roblox. This way, the shopping options of Metaverse are virtually limitless.
How does Metaverse Work?
Novelist, the entrepreneur, & game designer Jon Radoff who writes extensively on emerging platforms like Web3, segregates Metaverse into seven fundamental layers as per the metaverse economy, mapping a meticulous outline for its architecture.
They are:
● The Discovery
● Experience
● Creator economy
● Decentralization
● Spatial computing
● Infrastructure
● Human interface
The most recent development of the Metaverse was made possible by the use of technologies such as the internet of things/ IoT, Artificial Intelligence/AI, Virtual Reality and Augmented Reality, 3D Modeling, Blockchain, Spatial and Edge computing.
Metaverse v/s Social media
Over the last two decades, social media has emerged as pivotal for the social existence of human beings. People can interact with one another, conduct business, and digitally share the things that interest them without traveling or moving out. The rigid boundaries that existed between video sharing, posting, texting, and online forums have begun to merge on popular platforms, drawing billions of users.
With the introduction of Metaverse, social media will become more immersive.
As Mark Zuckerberg defined, metaverse experience will become more immersive with the latitude to engage in anything one can imagine, socialize, play, shop, learn or work.
Compared to mainstream platforms like social media, the metaverse is more of a niche product. With metaverse platforms like Sandbox, Decentraland, Bloktopia etc, that promote gaming, monetizing content and applications or purchase spaces/lands, there will eventually be a paradigm shift from social media to metaverse platforms for better immersive experiences. Though it is too early to say if metaverse will replace social networks, it definitely will open up new social and financial benefits.
Benefits of Metaverse for Social media
The Metaverse presents a significant opportunity for financial gain for businesses specializing in social media. It will allow them to expand their user base, and tap into the rich potential of the generation of digital babies. This hi-tech generation who were born into an era of digital technology will predictably invest more and participate in online activities.
Brands from several industries, such as fashion (e.g., Nike and Gucci), finance (JP Morgan and HSBC), including technology (e.g., Accenture), are taking the plunge into the Metaverse hoping to attract users from these specific demographics.
It is essential for business houses to initiate partnerships with Metaverse social media, even though many brands are still attempting to determine which experiences are optimal for the dominant demographic in Metaverse. This demonstrates that businesses have the potential to utilize the expanding social media into Metaverse by offering new options for customers.
Metaverse or Social Media: the clash of clans
The one significant difference between the metaverse and social media is that the former is a completely self-sustained universe that gives a completely immersive experience. Meanwhile, Metaverse is still home to several specialized social media networks that leverage Metaverse’s advantages to create innovative user experiences.
For instance, Gravity lets users choose their news streams and pays them cryptocurrency tokens for using the platform. Metaverse social media companies moving away from centralized ownership may benefit the most from this concept. The new internet revolution is all about owning one’s data, (firms) making profit, and (customers) getting rewarded for their loyalty. Blockchain, NFT contracts, & social networking all work together to create a linked web.
Even if Metaverse appears to be gradually transforming the social media platforms today, it will have a profound impact in the long run. New technologies and ideas will emerge as brands and businesses take advantage of the Metaverse. Social media will transform from 2D into 3D ushering in immersive online interactions and new ways to do things. As new possibilities lineup, it will surely unleash more creativity
Takeaway
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