Here’s how big brands can avoid Metaverse FOMO in 2022
It’s only been a few months since Facebook changed its name to Meta and the term metaverse is everywhere. From High Street fashion brands to commercial banks, everyone wants to be part of the metaverse and have worked to build their presence in the digital world.
While the metaverse has largely focused on house prices which have skyrocketed in recent years, the year ahead promises more than just housing booms. Here’s what to expect from the Metaverse in 2022.
More realistic avatars
Something that needs immediate attention in the near future is that metaverse avatars are moving away from their emoji-like looks to more realistic looks. Avatar customizations could be a million dollar market, but in the future Metaverse users would like their avatars to resonate with their real identities.
If Meta and Microsoft are really looking at the metaverse where people will come to work and interact with others, then avatars need to look more like real people doing real things. Legless avatars can work in a game, but if you’re expecting a CEO to talk about the company’s new offerings, they can’t float across the stage.
More popular names to join Metaverse
Critics of the Metaverse might believe it really has nothing new to offer and is more like old wine in a new bottle, but that probably won’t stop the big brands from pumping more money in the metaverse, just out of fear of running out (FOMO).
While we’ve seen the fashion industry kick in, the beauty industry could make a splash later this year, hopefully with products for the most realistic avatars. Apart from them, big names such as Disney and even Intel are expected to make announcements about their metaverse worlds as the year progresses.
Using Alt Coins
As users begin to interact in the metaverse, the need for a medium of exchange will arise. Platform creators want to introduce their own digital currencies for use in these worlds, but since users may want to move in and out of these metaverses, a more uniform medium of exchange will also need to be available. With non-fungible tokens (NFTs) becoming a standard feature in metaverse discussions, popular altcoins like Bitcoin, Ethereum and their ilk will also follow in the metaverse.
Metaverse companies may consider sales of their AR/VR hardware as an important source of revenue at the start of their Metaverse journey. However, if the Metaverse is to grow at scale and not remain limited to a few early adopters and enthusiasts, the entry-level requirements must come down.
As with the development of technology, hardware upgrades are inevitable, but they will also require headsets to shed their bulky forms and become portable devices that are easy to use. This not only includes creating interactive visuals, but also immersive sounds to deliver a truly extended reality experience.
Coexistence of platforms with code and without code
Meta may have already spent billions of dollars building the first iterations of its metaverse, but if the metaverse is to truly grow as a decentralized entity, users must have the freedom to build their view of this world.
This would mean developing platforms that allow users to unleash their creativity without having to worry about the intricacies of coding. As with the current iteration of the World Wide Web, no-code platforms along with tech industry engineers will shape the metaverse. The race for the coming year will be to develop these no-code platforms and reach out to potential users.
The metaverse has just begun to unravel.