Metaverse and Social Media
The Metaverse is bringing a new age to the internet. However, the concept of the Metaverse is not new. The term was coined by Neal Stephenson, an author who first used the phrase “Metaverse” in 1992 in the novel “Snow Crash.” The novel describes how people use virtual avatars to meet in environments and 3-D models. Today, Metaverse is creating new opportunities, risks, and challenges for marketers, investors, and others.
Facebook’s name change to Meta makes its transformation from a social media giant into a multifaceted conglomerate. Meta declared that it would continue to pursue its core goals within the Metaverse. In a nutshell, Meta in social media is creating a VR-enabled social network. What does this mean for the industry of social media? Does that mean there are new opportunities for social media platforms that are already successful in the Metaverse? Or will there be new players who can create innovative, metaverse social media?
This article is a comprehensive guide to explain Metaverse and impact of Metaverse in social media.
- What is Metaverse?
- How does Metaverse Work?
- What technologies are used in Metaverse?
- Metaverse and Social media
- Benefits of Metaverse for Social media
- Will Metaverse take over social media?
What is Metaverse?
The Metaverse is a virtual open space that combines digital and physical reality. It is persistent physically and offers enhanced immersive experiences. It allows for activities that are performed in isolation (such as buying digital land, constructing virtual homes, or participating in virtual social experiences). The Metaverse will eventually be home to these activities. It is, therefore, device independent and not controlled by one vendor. It is a virtual economy that operates independently of any vendor.
The Metaverse is the internet as it exists today; but three dimensional, immersive and experiential. It integrates augmented reality with virtual world. This means that internet users will not only be able to view content on a screen in two dimensions but can also experience it in 3D via a VR ( Virtual Reality) headset. Users could, for example, shop in a virtual mall from their homes and buy items from brands such as Gucci and Adidas.
A user can also attend an event such as Metaverse Fashion Week and decide to build a house to rent out or to open a shop that sells eCommerce products. These virtual worlds allow users to purchase and sell items using both fungible and non-fungible tokens (NFTs), and transactions are recorded on the Blockchain.
The Metaverse is a combination of multiple trends and technologies. Some of these include:
- Augmented reality (AR)
- Virtual reality (VR)
- Internet of Things
- AR cloud
- Artificial Intelligence (AI)
- Non-fungible Tokens (NFT)
- Spatial technologies
- Head-mounted displays (HMDs)
There are currently four major metaverse worlds:
But there are always new metaverses that are emerging, which can create both opportunities and threats. Decentraland boasts approximately 300,000 monthly active users, while Sandbox boasts 500,000 monthly active users. Both have attracted significant capital inflows and interest.
How does Metaverse Work?
Jon Radoff, a novelist, entrepreneur and game designer, proposed a seven-tiered conceptual framework that would define the Metaverse’s value chain.
The Metaverse is made up of seven layers, according to the framework.
- Creator economy
- Spatial computing
- Human interface
Let’s go over each one below.
The Metaverse will offer us an abundance of three-dimensional (3D) and two-dimensional (2D) experiences that we are currently unable to experience.
The Metaverse ecology continues to have both inbound and outbound discovery systems. Inbound discovery is when people actively search for information. Outbound marketing is sending messages to people, regardless of whether they have requested them.
To design and build tools, the creators of previous internet versions needed programming knowledge. However, web application frameworks make it possible to create web applications without programming. Interestingly, the number of web creators is growing rapidly.
Spatial computing combines AR and VR, and Microsoft’s HoloLens technology is a great example of this technology. If you aren’t able to purchase Hololens yet, consider using face filters on Instagram for spatial computing.
A distributed computing ecosystem and microservices enable developers to leverage online capabilities. Decentralized Metaverse has one key feature: all assets and user activity are recorded in Blockchains. Transactions are irreversible and anyone can see them. This allows user to create their avatars and monetize them in the Metaverse.
Interface with the human brain
You can use AR to get information about your surroundings, create maps and even share AR experiences with others by just gazing at the physical world. This combination of spatial computing, human interface, and AR allows you to receive and use maps.
The technological infrastructure is essential for other layers to exist. It includes 6G and 5G networks to reduce congestion and increase the available bandwidth.
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What technology is used in Metaverse?
Technologies like artificial intelligence (AI), IoT, AR, VR, Blockchain, 3D modeling, spatial and Edge computing made the latest Metaverse development possible. We will describe each of them below.
Artificial intelligence combined with Metaverse technology provides a stable infrastructure while providing actionable information to the top layers. NVIDIA technology is a great example of how AI can be critical in creating digital spaces that allow for social interaction in the Metaverse. AI technologies, such as retinal identification to provide online biometric security and Neuralinks to help understand how humans think, will be used to train AI Agents. Once AI systems and agents have been established, the Metaverse will offer context-aware solutions which provide valuable insights for Metaverse users. These AI agents will also evolve with the Metaverse. They will integrate with the Metaverse to improve interaction, security, develop new technologies, chip design, optimize virtual spaces, guide AI, and many other functions.
Internet of things
IoT will enable the Metaverse to interact with the real world, but it will also be a 3D user interface that IoT devices can use, which will allow for a more personal IoT experience. The Metaverse and Internet of Things both aid organizations in making data-driven decisions with minimal mental effort. Through the Internet of things, humans, things, information and activities will all be connected in one Metaverse. It will provide data and interactions that are consumer-oriented to AR systems as well as the Metaverse. The Internet of Things will enable extraordinary human-machine interactions by giving people power and allowing them to use all of their senses to follow instructions and perform activities. For example, a user can look at a TV and make a gesture to turn it on.
Augmented and Virtual reality ( AR and VR)
A Metaverse is a combination of technologies such as AR, VR and AI to allow users to enter the virtual world.
Augmented reality technology allows virtual objects to be embedded into the real world. Virtual reality (VR) allows you to immerse yourself in a 3D virtual world or 3D reconstruction by 3D computer modeling. It is a simulated experience that allows you to use technology to travel, play, and experience a virtual world. This can be done using video, sound, motion tracking, and headsets. Virtual Reality, a digitally generated environment, will be crucial in the realization of the Metaverse. It is based on the idea that a virtual world exists parallel to the natural one.
Experts believe that VR will be integral to Metaverse’s virtual environment. Through VR, a set of technologies allows for interactive experiences and enhanced versions of real-world environments. These technologies superimpose digital data and images, visual elements, and sound onto the physical world. You might be curious about how to enter the Metaverse, and augmented and virtual reality technologies can help you get into the dynamic digital 3D world.
Blockchain in the Metaverse is a necessity. Blocks in a Blockchain are used to store information in information chains that contain information blocks. They work with a consensus algorithm such as proof of work (PoW) or proof of stake (PoS). This algorithm allows blocks to be added to the chains without compromising the integrity of the decentralized system. The Metaverse would benefit from a similar consensus. It will then be able to manage the incalculable amount of data required for the creation of the 3D world. Decentralized applications can also be made possible by blockchains. The Metaverse will continue to evolve to allow users to interact with, create, and manage applications using the Blockchain network.
Metaverse will also need a digital currency for transactions, and Cryptocurrencies will be used as the de-facto mode of payment in this virtual world.
Non-Fungible token (NFT)
NFTs are making headlines already. An NFT is a unique, non-interchangeable unit that stores data on the Blockchain. It leverages smart contracts and represents ownership of individual items. NFTs can tokenize art, music, videos, collectibles, or even real estate. NFTs are unique in that only one asset can be owned at a given time. Together with NFTs, Metaverse will create virtual ownership and provide security for your digital assets.
3D modeling uses computer graphics to create a 3-dimensional digital representation of any surface. Metaverse’s 3D Reality is essential to ensure its users’ comfort. To create a 3D world takes a lot of graphic design and image collection. The 3D graphics used in games such as The Sandbox ( SAN) give the illusion that the player is actually playing the game. The Metaverse must be built upon the same foundation.
Spatial and Edge computing
Spatial computing is the practice of using physical space as a computer interface. Microsoft is a leader in spatial computing in the Metaverse with technologies such as the HoloLens. Edge computing, on the other hand, is a network-based cloud computing paradigm and service delivery paradigm. Edge offers end-users computation, storage and data solutions such as cloud computing services.
It is crucial to keep the user engaged and immersed in the Metaverse to deliver the same experience as in real life. This means that the user should have a response time lower than what can be detected by humans. Edge computing allows for quick response times by hosting computing resources and communication infrastructures near the users.
Metaverse and Social Media
Social media will become -ore immersive with Metaverse. Over the past 20 years, social media has become a dominant theme. It allows people to communicate, transact and share their interests virtually without having to travel. Popular platforms have attracted billions of people and blur the lines between video sharing, blogging, messaging, and forums. Many social media companies have created large networks of services and products around their core operations. Today, social media companies are being forced to rethink their strategies because they need to be different from their peers. Companies are also experiencing slow user growth due to increasing awareness about data privacy, intrusive ads, and increased attention to new concepts such as the Metaverse.
The Metaverse is an extension of social media. It will add immersion into the equation and offer new experiences for consumers. The Metaverse will bring together many familiar elements of social media, such as collaboration, commerce, live events, and immersive experiences that are based on virtual reality and augmented reality (AR).
It will take some time, however, as the Metaverse is still largely conceptual, and its underlying technologies still are in their early stages of development. To highlight potential harms to users and users’ information, regulators will be closely following the metaverse development.
Additionally, regulations will be a key issue for the Metaverse as social media is plagued by ads, misinformation, online harm, data privacy concerns, and copycat experiences. Metaverse platforms are likely to face similar problems and more as they collect biometric and other personal data from their users.
Benefits of Metaverse for Social media
Social media companies have the potential to make a lot of money from the Metaverse. It will enable them to grow their user base, particularly among Generation Hashtag, which is defined as anyone born between 1991-2005. This group is digital natives who value having a digital presence that matches their physical identity and is willing and able to invest in new technologies and services to expand online activities. Many social media companies, from video sharing to online dating, are expanding into the Metaverse to meet Generation Hashtag’s expectations. To attract this group, brands from a variety of sectors, including apparel (e.g., Nike, Gucci), banking, JP Morgan, HSBC, and technology (e.g., Accenture), are taking early positions in Metaverse. Although many brands are still trying to figure out the best experiences for this group, it is important to start partnering with social media platforms. This confirms that the Metaverse can be used to expand social media, as well as provide new opportunities for consumers and business acquisition.
On the other hand, the Metaverse is a virtual shared space that combines all virtual worlds, the Internet, and augmented reality. Users using their Metaverse avatars will join and participate the Metaverse. This will change the social media marketing landscape. Advertisers will target customers by using their online presence and virtual environment. Interactive 3-D models and new strategies will revolutionize the marketing of products. Bluemoon is an excellent example. It’s the first global collaborative NFT marketplace. It combines all aspects of VR/AR with its own Metaverse and leverages social media to empower creators and users. Bluemoon allows people to create customized VR spaces that allow them to showcase their products or brand in a new way.
In Metaverse, Virtual Search is a key concept that allows users to search for products by focusing on a specific item in a virtual space. Social media marketers will have new opportunities to offer better products that are targeted at people who need them.
Similarly, brands will be able to profit from the creation of a 3D avatar using Snapchat’s 3D avatar tool. Users can customize their Metaverse avatars with unique outfits and accessories, and virtual Magazines will feature celebrity avatars sporting unique outfits.
Social media marketers may begin creating content using augmented reality. They may partner up with producers and celebrities to sell products.
Will Metaverse take over Social media?
It would help if you shifted your perspective to understand how new organizations might take over social media within the Metaverse. The Metaverse is about interaction, whereas social media is about social media. Many platforms that were once considered gaming spaces are gradually becoming social media spaces. Roblox and Fortnite are the most popular, but there are many others.
There are still dedicated social media platforms that exist in the Metaverse. They offer a unique way to use the Metaverse’s advantages and create new uses. Gravity is one such platform. The platform’s core value is user empowerment, and it is the first social media platform that enters the Metaverse. Gravity offers users the ability to manage their news feeds and rewards them for being on the platform with crypto tokens. Gravity is ultimately a SocialFi Project. This term is perhaps the most transformative for Metaverse social media companies that represent a shift from central ownership. It ushers in an age where users own their data, companies make profits and reward loyalty. This is possible through an interconnected web that combines NFT contracts and financial services, Blockchain, and social networking.
Although it is impossible to predict when the Metaverse will replace social media networks, it will undoubtedly unlock new financial and social benefits unlike any we have ever seen.
The Metaverse will have a profound social impact. It will allow brands and businesses to explore new possibilities and unleash creativity. Although it may be an upgrade of existing social media platforms, the Metaverse will revolutionize the world over time. There will be new technologies and inventions that make use of the Metaverse’s fundamental behavioral changes. Social media will go from 2-D to 3-D and online interaction will become more immersive, allowing us to communicate with family and friends around the globe in an entirely new way.
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