What an amazing yet volatile year 2021 has been for the metaverse, blockchain and Web3 spaces! Today, let’s take some time to reflect review the year 2021 via key highlights in the Metaverse and Web3.0. Let’s go~
Another similar campaign is the Double 11 “metaverse symphony,” which is conducted by a digital avatar of Beethoven. Musicians are playing virtual instruments (in the form of NFTs) that feature brands such as a Bobbi Brown trumpet or Coca-Cola drums. Consumers can buy these virtual products separately with Alipay.
These are early experiments of using the metaverse and NFTs in B2C marketing use cases — far from mature or sophisticated but a smart move for Alibaba to test the waters by involving brands and launching something new on Singles’ Day (https://www.forrester.com/blogs/metaverse-nfts-sustainability-and-loyalty-highlights-of-singles-day-2021/).
There are several variations between the different metaverse perspectives. These differences speak to the purpose of the different organizations, the means by which they intend to go to market, and more. Microsoft, for example, will be integrating its AR Mesh technology into Teams, providing a different “view” into the Teams environment for all Teams users. We have also done an in-depth article on workspaces in the metaverse, detailing what Big Tech are doing in the metaverse to deal with zoom fatigue for workers.
On August 13th, Epic Games, the maker of Fortnite sued Apple over the 30% fee for in-game purchases. Facebook announced in December 2020 that it will support Epic Games in the lawsuit because they also had issues trying to release products with in-app purchases on the Apple app store ().
Web 3.0 is developing dynamically. Now, an increasing attention in the cryptocurrency market can be spotted to the extent that some countries even decided to adopt Bitcoin as a legal tender. This only means that crypto is taking up the world.
In this regard, crypto markets will only continue to develop and grow rapidly. Also, new concepts of meta-reality crossovers that we can’t even fathom will be created. It will influence people’s everyday life, including transportation, jobs, education, food, and even religion. The crypto metaverse can be a huge opportunity for the crypto market. In an open, decentralized virtual reality world cryptocurrencies and NFT could gain even more followers.
With the metaverse having an independent, whole economy of its own, cryptocurrency and digital currency will likely become the key transactional method. The most widely known cryptocurrencies today are Bitcoin and Ethereum, but the list of digital currencies will likely become more and more diverse as new ones are introduced continuously. Either way, such currencies will be key to trading across the real world and the digital world, all while being supported and distributed by technologies such as blockchain.
Amongst the companies that are already first comers in this new metaverse economy are gaming companies — namely Epic with its Fortnite game that has been completely transforming virtual games as players know it by creating a convincing, realistic world around the game. Some of the game’s biggest initiatives sparking the metaverse were the concerts, the game hosted, including shows with Travis Scott and more recently Ariana Grande. Other industries will be swift to follow Fortnight’s lead, as the lines between reality and digital get increasingly blurred.
Another great example of the how the metaverse is starting to manifest itself in entertainment was John Legend’s recent Bigger Love virtual concert that used the Wave XR’s technology to broadcast a virtual John Legend, raise funds for charity and was seen by 500,000 live attendees.
The evolution of metaverse will also give impact, if not redefine, the way people work. Undoubtedly, the Covid-19 pandemic has already been the biggest test for the corporate world, shifting work and employees to remote collaboration in no time and forcing people to merge their real and virtual personas. Furthermore, people across the globe saw the even more abrupt rise of platforms like Zoom and Slack, which enabled collaboration at a distance and across time differences and proved to be key in fighting for high levels of engagement and productivity in difficult times.
As our lives return back to normal (normal lives prior Covid-19), although not fully the same, some things won’t easily change – and one thing that’s certain is that people have discovered that working remotely opens the door to new opportunities for collaboration, growth and success, even though it all seemed scary at the start of the global pandemic.
The future of work in the metaverse is much more efficient, streamlined, and convenient for employees and employers alike. One can say that the future of commerce won’t be the same as well. While after the pandemic, online shopping and deliveries have become the new standard, the metaverse will only accelerate this trend. Consumers will no longer need to frequent physical stores to try new products before purchasing. VR and AR experiences will allow exploration of brands and their offerings from the comfort of customers’ homes. Then again, the metaverse will also enable more interactive in-store experiences. VR and AR sets will make it possible to try numerous products within the store, whether the product is in stock or not.
These potentials are no longer imaginary — and they haven’t been for a while. One of the best examples of how the metaverse is already here without us realizing it is Snapchat. From customized filters that allow brands to connect with consumers on deeper levels to Snapchat’s study that reveals users would like to see more of such interactive content, it’s clear the future is here already even if people don’t fully realize it yet.
The “metaverse” might be seen as a recent catchphrase in 2021, but unlike many others, it has its roots in society already. With Covid-19 speeding up large-scale digitization and forcing people around the world to immerse themselves into the digital world, the metaverse is not a fictional, sci-fi future anymore. Actually, it’s one of the possibilities that is closer to a full-swing realization than any other.
There are of course questions about what the metaverse will mean for privacy, whether it will be inclusive, and how to mitigate harmful content and environments that could be created. Because the metaverse is in the initial phases of progress, there is an opportunity now to shape in these attributes by design.
The idea of the metaverse may sound promising, which is why many of the world’s leading technology companies are investing in its development. If it can come to fruition, it is conceivable that it will convert consumer and enterprise behavior.
Thank you for joining us on this journey in Web3.0 and the metaverse.
At IKIGUIDE, we believe that NFT, metaverse and GameFi projects will see a massive boom in 2022. We fully intend to focus on individual GameFi projects moving forward, analysing GameFi projects using the IKIGUIDE framework. We will be launching our youtube channel officially on 1st January 2022, and you can subscribe to it here!
Do stay tuned for more updates, and our team at IKIGUIDE wishes you an exciting 2022 filled with new achievements and growth together ahead! 🙂