Deep Dive Into Metaverse
The metaverse has long entered our lives, starting with masks on Instagram or Viber. However, we have never, until now, thought about it, but how deep can it penetrate into everyday life?
It turns out that it is already deep enough.
Potentially, the metaworld has unlimited possibilities, as this completely new market will begin to duplicate or replace our usual processes and platforms, such as e-commerce. Simply put, most advertising, goods and services will begin to migrate into the digital universe. Reasons:
- Companies are accustomed to diversifying their revenues;
- It is profitable for entrepreneurs to earn in new markets that are actively developing, because investments have a huge return;
- Digital content is much cheaper (just compare the actual construction of an amusement park and the work of several specialists in creating a computer program);
- The business cycle is significantly accelerated, investments are revolving faster;
- Ability to reach users without reference to their territorial distribution;
- A completely new economy, goods and services are being created that will only exist in the digital world;
- A single space for work, leisure, communication, learning, creativity is created;
- Technology companies have begun developing and manufacturing augmented reality products (including Nvidia, Intel, Cisco and Apple).
Analysts at Bloomberg Intelligence have estimated that the potential of the metauniverse market for the next 10–15 years is a capitalization of 800 billion US dollars.
But, let us remind you, 5–10 years ago almost no one invested in this sector, and the final potential is unknown.
For example, the results of the third quarter of the total monthly audience of Meta services (Facebook, Instagram, WhatsApp, Messenger) is 2.91 billion users.
By 2030, analysts predict access to the services of the metaverse of at least 5 billion people! In the future, mobile internet, cloud technology, payments, education, financial transactions, property relations and many other aspects of our lives are migrating to the digital world.
What professions will be involved? Who will lose their jobs?
Unfortunately, in the next 5–10 years, humanity will enter a state of greatest turbulence since the Second World War.
The past two generations have existed in conditions of stable development. In contrast, the last decade has been characterized by a high density of scientific discoveries.
These changes are already taking place more actively than the most rapid development of technology in the war years in the middle of the XX century. And the dynamics suggest that the pace will only increase. However, although such shocks are positive, we cannot avoid some risks:
- Climate deterioration;
- Completion or depletion of mineral deposits;
- Loss of security of personal data;
- Loss of reputation and personality;
- Deterioration of currency systems;
- Risk of loss of global stability;
- Reduction or complete cessation of industries (primarily offline services, industry);
- Vulnerability in legal matters;
- Inability of the authorities to adequately respond to the introduction of new technologies;
- Risk of total lag;
- Stratification of society;
- Radicalization of the population.
‘Real-world business” will be the first to suffer. In fact, it is very easy to identify all those who will suffer the greatest losses, it is enough to look at the consequences of the pandemic. Most public facilities were closed or operated with quarantine restrictions. The results are obvious — the loss of tourist flow, closed restaurants, decreased real demand for most goods and services.
In the future, this trend will only intensify. Why buy expensive clothes if all your “friends” are in Metaverse? Digital NFT, avatars, various personal enhancements in the metaworld will cost hundreds, thousands of times more than in the real world.
For example, Republic Realm has sold a virtual super yacht at the OpenSea NFT auction, which can only be visited in the gaming metaworld The Sandbox. The cost was 146 ETH — about 650 thousand dollars.
The demand for the following professions will increase significantly:
- Game developers and game designers;
- Computer Systems Analysts;;
- Specialists in 3D graphics;
- E-sportsmen;
- Bloggers, digital content producers;
- Blockchain specialists;
- Online therapists and health professionals;
- Fashion designers;
- Auditors;;
- Developers of robots, gadgets for the metaverse;
- Smart Home Designers;
- Cybersecurity specialists.
One thing is for sure — the Great Permutation awaits us all, when people will overestimate their capabilities, the demand for certain talents and abilities will grow, and employees will change their work schedule.
In fact, these are positive changes, but it all depends on the implementation of the latest ideas around the world. In the transition period there will be an avalanche of bankruptcies, business closures, economic crises, social unrest, but progress in this area is inevitable.
How will the metaverse affect the marketing and advertising industry?
Good. We all will make a lot of money!
New classes of digital consumer goods will emerge. Not the Excalibur sword or magical armor but clothes and accessories. For a business meeting, you can wear a Thierry Mugler suit that you bought with real money.
Manufacturers of many physical products will be forced to respond by creating digital copies or exiting the market.
More products — more work for marketers.
A new communication channel will emerge
The Metaverse will change our behavior as consumers. Consider how brands have reacted to the advent of social media. The same thing will happen with the advent of the metaverse — millions of companies will rush into the new digital world and no one will know what to do.
More channels — more work for marketers.
There will be new demand
And that means new competition for this demand. The share of digital purchases will increase due to instant distribution in the metaverse. A consumer from Sydney will be able to buy a digital accessory, although it was painted in Kyiv.
More competition — more work for marketers.
