- [Narrator] From Facebook's rebranding,
to the ongoing craze over NFT's.
It seems like everyone's talking
about the metaverse these days.
Some people dismiss it as the latest fad,
while others think it's the next evolution
in human interaction,
but what actually is the metaverse,
and will it really change everything, as we know it?
(upbeat music)
Let's start with the term itself.
Metaverse was first coined by author Neal Stephenson,
in his 1992 science fiction novel, Snow Crash.
Stephenson depicts a not so distant future
where people use 3D avatars of themselves
to live out their lives in a virtual domain.
Stevenson didn't invent the idea.
Nor was he the last science fiction creator to speculate
on the concept of metaverse.
Some of the best visual examples of what
the metaverse could look like
can be seen in movies like, Ready Player One,
and Ralph Breaks the Internet.
Both of these films give the audience a glimpse
of the internet as a virtual city,
a digital world, you can walk inside.
So what's the difference between the metaverse
and the internet as it exists right now?
The internet is currently a two dimensional experience,
with users browsing web pages,
and streaming content to a variety of screens.
The metaverse will likely be
the next evolution of that experience.
An immersive world, powered by virtual reality technologies
that allow users to participate,
and have ownership in the internet,
in a more meaningful and connected way.
While a VR headset doesn't define the metaverse,
advances in VR technology have certainly helped us realize
the possibilities.
With companies like Microsoft and Oculus
bringing relatively affordable VR to consumers
across the globe.
According to CNBC, as of 2020,
there are 26 million VR headsets
in the hands of consumers, worldwide.
Even AR has become mainstream.
Many smartphones, use the technology to give their consumers
a 3D experience through apps like Pokemon Go,
Snapchat, and House.
But, VR, and AR, aren't the only components
of the metaverse.
One of its core functions is to be an open world
where users feel empowered to shape their own experiences
and have ownership of their digital data.
One example of how this could look, is Decentraland.
A decentralized blockchain based virtual world,
which provides its users,
the tools to build out and live in a digital city.
A not-for-profit organization, Decentraland,
has worked with companies like Coca-Cola,
Domino's, and Atari, to help them
establish their presence in the metaverse.
Every user who owns real estate, names, currency,
or wearables, in Decentraland,
actually has a say in how the virtual world is run.
Similarly companies like Sandbox, Star Atlas,
and Somnium Space, are also creating digital worlds
where users can build out cities, shops, games,
and turn virtual money into real-world value,
through NFT's.
Recently Decentraland hosted a first of its kind
four day music festival with over 80 artists,
including Paris Hilton, and Deadmau5,
performing live via avatars on virtual stages.
The video game Fortnite,
has helped to popularize virtual concerts,
hosting big names like Ariana Grande,
and Marshmallow for end game events.
And Justin Bieber, partnered with Wave,
for a recent concert where fans watching at home
could actually interact with him in real time.
The metaverse is also set to reshape retail.
With companies offering AR and VR versions of their stores,
simulations of their products,
and even digital copies for their shoppers avatars.
Take for example, ROBLOX,
a video game platform founded in 2004,
which has made giant moves in the retail arena.
They partnered with Vans, to create a virtual skate park,
and with Gucci, for the Gucci Garden,
where users can purchase clothing and accessories
for their avatars.
Even Chipotle has jumped on board,
opening a store in ROBLOX,
where people can dine in game, and receive a coupon
for a free burrito in real life.
Etsy recently made their first moves into the metaverse,
with the Etsy House.
A virtual home curated with items from Etsy's top stores,
where users can walk through and shop.
Beauty Counter and Klarna partnered to offer, Better Beauty,
a livestream series aimed at blending in store,
and online shopping experiences.
Research done by Core Site, shows that livestream shopping
will be a $25 billion industry by 2023.
That's no small number.
And with the metaverse creating a more even playing field
for small and large brands alike,
companies are gonna have to push the limits of their
creativity to keep the attention and engagement
of their new customers.
And of course, as virtual shopping grows,
consumers will need a place to show off
their avatar's fresh fits.
As shifts towards remote and hybrid work have taken over,
we all realize that Zoom has its limitations.
Companies and classrooms have started thinking about
better ways to facilitate collaboration and engagement
from beyond the confines of a physical space.
Through the use of VR headsets and powerful,
innovative software, users from across the globe
can meet together in real time and experience a more
accessible, hands-on, collaboration and learning.
Fully realized, the metaverse would create a level
of global connectivity that we've never experienced before.
And while reaching that full potential, is still years away,
the building blocks are being put into place now,
and there couldn't be a better time
to jump in and make your mark.
We're sailing uncharted waters here,
which may seem daunting to some,
but like the internet before it,
the metaverse is coming, and quickly.
So put on your best digital Gucci,
grab a virtual concert ticket,
and meet us in the metaverse.
(upbeat music)