Welcome to the newest buzzword flooding your feeds and tantalizing the industry, creating a sense of intrigue and raising a multitude of questions all at the same time. Say hello to the metaverse.
Many of us are turning to articles and experts for help in understanding this new virtual reality, but one question pops out among the rest: Will we find lasting meaning in the metaverse, or will it simply be another short-lived tech trend?
We’ve heard this song before
Facebook’s parent company changing its name to Meta places a serious bet that the future of social interaction will be in the metaverse. The company broadened its position after buying virtual reality headset maker Oculus in 2014, noting “it had a much bigger vision for virtual reality as the future of engagement.” It was recently reported that Meta has already generated north of $3 billion in revenue attributed to metaverse solutions, cementing the strength of its position.
Meta is banking on the success of virtual communities, but is it right?
The answer most likely lies in how we qualify the strength of a metaverse user interaction. If we focus on monetary success or equate user behavior with transactions, many brands would say that metaverse behavior so far is wildly successful.
According to The Metaverse Mindset: Consumer Shopping Insights report, 70% of people who have “visited” a virtual store made a purchase there. Knowing that metaverse platforms and their user bases are expanding rapidly, this could absolutely shift brand spending away from social media—a form of interaction that has been proven to be psychologically fraught—toward a new medium ripe with opportunities for exploration and more fruitful engagement, setting the scene for sustained interest.
The cognitive connection
The rise of the metaverse comes at an inflection point for current online communities. Why should brands continue to support social media when these platforms directly conflict with key indicators of meaningful interaction (regulating emotions) and prolonged life (less anxiety)?
But given the metaverse’s gamification, opportunity for individuality and free-form construct, it may elicit a positive impression that will deepen as tech immersion and fidelity improve. For reference, some virtual reality studies have found that such experiences can create lasting memories that parallel in-person experiences, especially in younger audiences.
At its core, can the metaverse create more meaningful social connections free of everyday stress and full of adventure? It’s a lot to get right, but it could happen.
Adoption by the masses
So far, metaverse worlds—most recently Samsung’s 837X—evoke a sense of wonder we rarely experience beyond childhood. But novelty is largely the catalyst for this excitement, so sustaining the positive sentiment for creators and users alike has to be predicated on something more significant. And it needs buy-in from brands and individuals.
Brands need to realize the limits of Web 2.0 and figure out how to push beyond today’s platforms, utilizing existing protocols and technologies to open up new pathways. Right now, there is no direct solution—there is simply a sea of options, all with their own constraints and benefits.
Consider community and experience
Without truly integrating into a metaverse community and understanding the shared values that govern the particular digital world it has entered, brands will likely be rejected or even perceived as negative forces rather than allies. Experience is showing up and playing, creating and crafting along with the rest of the community. Getting this right is the key to fostering the kind of positive emotional experience that paves the way to repeat engagement.
Metaverse believers see lasting adoption, believing the future is bright. But these online worlds will flourish if, and only if, they can bring the same emotional impact as the real world, without its hassles.